Energy Transfer Stock Earnings Reports

Energy Transfer reported a strong Q1 2026: adjusted EBITDA of ~$4.9 billion (vs. $4.1B a year ago) and adjusted DCF attributable to partners of ~$2.7 billion (vs. ~$2.3B). Management raised full-year 2026 adjusted EBITDA guidance to $18.2B–$18.6B (up ~ $750M at midpoint) citing a $500M+ beat in Q1 and capture of full-year optimization targets early. Organic growth capital guidance was increased to $5.5B–$5.9B (ex SUN and USAC), driven by new projects (e.g., Springerville Lateral, Desert Southwest, FGT Phase 9, Hugh Brinson, Permian processing expansions) and accelerated timing on several initiatives. Segment highlights: record midstream gathering, NGL fractionation and export volumes, and crude transportation; NGL & refined products EBITDA rose to ~$1.2B; midstream ~ $887M; crude oil ~ $869M; interstate and intrastate gas ~ $519M and $437M, respectively. Management emphasized strong project backlog, long-term contracted growth (many projects under long-term agreements), expected mid-teens returns on growth projects, and operational positioning to capture upside during market volatility (notably increased global demand redirected to U.S. supplies amid Middle East conflict). Financial priorities remain capital discipline, targeting long-term annual distribution growth of 3%–5% and maintaining leverage of 4.0x–4.5x EBITDA. Near-term risks/considerations for investors: commodity price and hedge timing exposure (noted inventory gains may reverse as hedge losses come in Q2), regulatory and FID gating items on some projects, and execution risk on multiple large-scale projects to hit timelines and budgets.