E

ENERGY TRANSFER LP

ET-PI · CIK 0001276187

18 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$85.54B3.5%
FY2025
Net income (FY)
$4.43B7.9%
FY2025
Free cash flow (FY)
$3.85B47.6%
FY2025
The story, charted

The shape of the business

FY2008–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$50BFY2008 · Revenue $9.29B · Net income $375.0M · 0001193125-11-049530 · filed 2011-02-28FY08Revenue $9.29BNet income $375.0M0001193125-11-049530 · filed 2011-02-28FY2009 · Revenue $5.42B · Net income $442.5M · 0001276187-12-000011 · filed 2012-02-22FY09Revenue $5.42BNet income $442.5M0001276187-12-000011 · filed 2012-02-22FY2010 · Revenue $6.56B · Net income $193.0M · 0001276187-13-000010 · filed 2013-03-01FY10Revenue $6.56BNet income $193.0M0001276187-13-000010 · filed 2013-03-01FY2011 · Revenue $8.19B · Net income $310.0M · 0001276187-14-000009 · filed 2014-02-27FY11Revenue $8.19BNet income $310.0M0001276187-14-000009 · filed 2014-02-27FY2012 · Revenue $16.96B · Net income $304.0M · 0001276187-15-000014 · filed 2015-03-02FY12Revenue $16.96BNet income $304.0M0001276187-15-000014 · filed 2015-03-02FY2013 · Revenue $48.34B · Net income $196.0M · 0001276187-16-000132 · filed 2016-02-29FY13Revenue $48.34BNet income $196.0M0001276187-16-000132 · filed 2016-02-29FY2014 · Revenue $55.69B · Net income $633.0M · 0001276187-17-000023 · filed 2017-02-24FY14Revenue $55.69BNet income $633.0M0001276187-17-000023 · filed 2017-02-24FY2015 · Revenue $36.10B · Net income $1.19B · 0001276187-18-000011 · filed 2018-02-23FY15Revenue $36.10BNet income $1.19B0001276187-18-000011 · filed 2018-02-23FY2016 · Revenue $31.79B · Net income $995.0M · 0001276187-19-000011 · filed 2019-02-22FY16Revenue $31.79BNet income $995.0M0001276187-19-000011 · filed 2019-02-22FY2017 · Revenue $40.52B · Net income $954.0M · 0001276187-20-000011 · filed 2020-02-21FY17Revenue $40.52BNet income $954.0M0001276187-20-000011 · filed 2020-02-21FY2018 · Revenue $54.09B · Net income $1.75B · 0001276187-21-000034 · filed 2021-02-19FY18Revenue $54.09BNet income $1.75B0001276187-21-000034 · filed 2021-02-19FY2019 · Revenue $54.21B · Net income $3.52B · 0001276187-22-000020 · filed 2022-02-18FY19Revenue $54.21BNet income $3.52B0001276187-22-000020 · filed 2022-02-18FY2020 · Revenue $38.95B · Net income −$648.0M · 0001276187-23-000014 · filed 2023-02-17FY20Revenue $38.95BNet income −$648.0M0001276187-23-000014 · filed 2023-02-17FY2021 · Revenue $67.42B · Net income $5.47B · 0001276187-24-000024 · filed 2024-02-16FY21Revenue $67.42BNet income $5.47B0001276187-24-000024 · filed 2024-02-16FY2022 · Revenue $89.88B · Net income $4.76B · 0001276187-25-000018 · filed 2025-02-14FY22Revenue $89.88BNet income $4.76B0001276187-25-000018 · filed 2025-02-14FY2023 · Revenue $78.59B · Net income $3.94B · 0001276187-26-000013 · filed 2026-02-19FY23Revenue $78.59BNet income $3.94B0001276187-26-000013 · filed 2026-02-19FY2024 · Revenue $82.67B · Net income $4.81B · 0001276187-26-000013 · filed 2026-02-19FY24Revenue $82.67BNet income $4.81B0001276187-26-000013 · filed 2026-02-19FY2025 · Revenue $85.54B · Net income $4.43B · 0001276187-26-000013 · filed 2026-02-19FY25Revenue $85.54BNet income $4.43B0001276187-26-000013 · filed 2026-02-19FY25Revenue $85.54BNet income $4.43B0001276187-26-000013 · filed 2026-02-19FY09FY11FY13FY15FY17FY19FY21FY23FY25

revenue 9.2× since FY2008 · net margin 4.0% → 5.2%

MarginsNet marginFCF margin
-10%0%10%FY2008 · Net margin 4.0% · FCF margin -9.8%FY08Net margin 4.0%FCF margin -9.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 8.2% · FCF margin -0.5%FY09Net margin 8.2%FCF margin -0.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 2.9% · FCF margin -6.4%FY10Net margin 2.9%FCF margin -6.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 3.8% · FCF margin -5.3%FY11Net margin 3.8%FCF margin -5.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 1.8% · FCF margin -12.9%FY12Net margin 1.8%FCF margin -12.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 0.4% · FCF margin -2.2%FY13Net margin 0.4%FCF margin -2.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 1.1% · FCF margin -4.0%FY14Net margin 1.1%FCF margin -4.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 3.3% · FCF margin -16.9%FY15Net margin 3.3%FCF margin -16.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 3.1% · FCF margin -14.0%FY16Net margin 3.1%FCF margin -14.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 2.4% · FCF margin -9.9%FY17Net margin 2.4%FCF margin -9.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 3.2% · FCF margin 0.2%FY18Net margin 3.2%FCF margin 0.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 6.5% · FCF margin 3.9%FY19Net margin 6.5%FCF margin 3.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin -1.7% · FCF margin 5.7%FY20Net margin -1.7%FCF margin 5.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 8.1% · FCF margin 12.4%FY21Net margin 8.1%FCF margin 12.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 5.3% · FCF margin 6.3%FY22Net margin 5.3%FCF margin 6.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 5.0% · FCF margin 8.2%FY23Net margin 5.0%FCF margin 8.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 5.8% · FCF margin 8.9%FY24Net margin 5.8%FCF margin 8.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 5.2% · FCF margin 4.5%FY25Net margin 5.2%FCF margin 4.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 5.2%FCF margin 4.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 5.2% · free cash flow 4.5% of revenue

Cash engineOperating cash flowFree cash flow
$0$10BFY2008 · OCF $1.14B · FCF −$911.1M · 0001193125-11-049530 · filed 2011-02-28FY08OCF $1.14BFCF −$911.1M0001193125-11-049530 · filed 2011-02-28FY2009 · OCF $723.5M · FCF −$25.2M · 0001276187-12-000011 · filed 2012-02-22FY09OCF $723.5MFCF −$25.2M0001276187-12-000011 · filed 2012-02-22FY2010 · OCF $1.09B · FCF −$422.0M · 0001276187-13-000010 · filed 2013-03-01FY10OCF $1.09BFCF −$422.0M0001276187-13-000010 · filed 2013-03-01FY2011 · OCF $1.38B · FCF −$432.0M · 0001276187-14-000009 · filed 2014-02-27FY11OCF $1.38BFCF −$432.0M0001276187-14-000009 · filed 2014-02-27FY2012 · OCF $1.08B · FCF −$2.19B · 0001276187-15-000014 · filed 2015-03-02FY12OCF $1.08BFCF −$2.19B0001276187-15-000014 · filed 2015-03-02FY2013 · OCF $2.42B · FCF −$1.09B · 0001276187-16-000132 · filed 2016-02-29FY13OCF $2.42BFCF −$1.09B0001276187-16-000132 · filed 2016-02-29FY2014 · OCF $3.17B · FCF −$2.21B · 0001276187-17-000023 · filed 2017-02-24FY14OCF $3.17BFCF −$2.21B0001276187-17-000023 · filed 2017-02-24FY2015 · OCF $2.98B · FCF −$6.09B · 0001276187-18-000011 · filed 2018-02-23FY15OCF $2.98BFCF −$6.09B0001276187-18-000011 · filed 2018-02-23FY2016 · OCF $3.32B · FCF −$4.45B · 0001276187-19-000011 · filed 2019-02-22FY16OCF $3.32BFCF −$4.45B0001276187-19-000011 · filed 2019-02-22FY2017 · OCF $4.43B · FCF −$4.01B · 0001276187-19-000011 · filed 2019-02-22FY17OCF $4.43BFCF −$4.01B0001276187-19-000011 · filed 2019-02-22FY2018 · OCF $7.51B · FCF $99.0M · 0001276187-19-000011 · filed 2019-02-22FY18OCF $7.51BFCF $99.0M0001276187-19-000011 · filed 2019-02-22FY2019 · OCF $8.06B · FCF $2.10B · 0001276187-22-000020 · filed 2022-02-18FY19OCF $8.06BFCF $2.10B0001276187-22-000020 · filed 2022-02-18FY2020 · OCF $7.36B · FCF $2.23B · 0001276187-23-000014 · filed 2023-02-17FY20OCF $7.36BFCF $2.23B0001276187-23-000014 · filed 2023-02-17FY2021 · OCF $11.16B · FCF $8.34B · 0001276187-24-000024 · filed 2024-02-16FY21OCF $11.16BFCF $8.34B0001276187-24-000024 · filed 2024-02-16FY2022 · OCF $9.05B · FCF $5.67B · 0001276187-25-000018 · filed 2025-02-14FY22OCF $9.05BFCF $5.67B0001276187-25-000018 · filed 2025-02-14FY2023 · OCF $9.55B · FCF $6.42B · 0001276187-26-000013 · filed 2026-02-19FY23OCF $9.55BFCF $6.42B0001276187-26-000013 · filed 2026-02-19FY2024 · OCF $11.51B · FCF $7.34B · 0001276187-26-000013 · filed 2026-02-19FY24OCF $11.51BFCF $7.34B0001276187-26-000013 · filed 2026-02-19FY2025 · OCF $10.15B · FCF $3.85B · 0001276187-26-000013 · filed 2026-02-19FY25OCF $10.15BFCF $3.85B0001276187-26-000013 · filed 2026-02-19FY25OCF $10.15BFCF $3.85B0001276187-26-000013 · filed 2026-02-19’09’13’17’21’25

FY2025: $10.15B operating cash − $6.30B capex = $3.85B free cash flow

Returns on capitalReturn on equityReturn on assets
0%5%10%15%FY2009 · ROE 13.7% · ROA 3.6%FY09ROE 13.7%ROA 3.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 3.1% · ROA 1.1%FY10ROE 3.1%ROA 1.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 4.2% · ROA 1.5%FY11ROE 4.2%ROA 1.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 1.9% · ROA 0.6%FY12ROE 1.9%ROA 0.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 1.2% · ROA 0.4%FY13ROE 1.2%ROA 0.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 2.8% · ROA 1.0%FY14ROE 2.8%ROA 1.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 5.0% · ROA 1.7%FY15ROE 5.0%ROA 1.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 4.4% · ROA 1.3%FY16ROE 4.4%ROA 1.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 3.2% · ROA 1.1%FY17ROE 3.2%ROA 1.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 5.7% · ROA 2.0%FY18ROE 5.7%ROA 2.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 10.4% · ROA 3.6%FY19ROE 10.4%ROA 3.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE -2.1% · ROA -0.7%FY20ROE -2.1%ROA -0.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 13.9% · ROA 5.2%FY21ROE 13.9%ROA 5.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 11.7% · ROA 4.5%FY22ROE 11.7%ROA 4.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 9.0% · ROA 3.5%FY23ROE 9.0%ROA 3.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 10.5% · ROA 3.8%FY24ROE 10.5%ROA 3.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 9.0% · ROA 3.1%FY25ROE 9.0%ROA 3.1%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 9.0%ROA 3.1%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 14% (FY2009) → 9% (FY2025) · on assets 3.1%

The receipts