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Energy Transfer Q1 Earnings Lag Estimates, Revenues Increase Y/Y
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Key Takeaways
ET Q1 adjusted earnings were 35 cents per unit, missing estimates and down from 36 cents a year ago.
Energy Transfer revenues rose 32.1% to $27.77B, but still came in below the consensus estimate.
Energy Transfer raised 2026 adjusted EBITDA guidance to $18.2B-$18.6B and growth capex to $5-$5.9B.
Energy Transfer (ET - Free Report) reported first-quarter 2026 adjusted earnings of 35 cents per unit, which missed the Zacks Consensus Estimate of 38 cents by 7.9%. The bottom line also decreased 2.8% from the year-ago figure of 36 cents.
Total Revenues of ET
Revenues of $27.77 billion lagged the Zacks Consensus Estimate of $29.29 billion by 5.2%. Total revenues rose 32.1% from the year-ago figure of $21.02 billion.
Energy Transfer LP Price, Consensus and EPS Surprise
Total costs and expenses were $24.79 billion, up 33.8% year over year. This increase was due to the higher cost of products sold, operating expenses, depreciation, depletion and amortization, as well as a rise in selling, general and administrative expenses.
Operating income totaled $2.98 billion, up 19.8% year over year.
Interest expenses, net of interest capitalized, amounted to $947 million, up 17.1% from the prior-year level.
In the first quarter, the partnership placed its Gateway NGL Pipeline debottlenecking project into service, enabling higher deliveries of Delaware Basin volumes to Energy Transfer’s NGL fractionation complex at Mont Belvieu.
In February 2026, Florida Gas Transmission (“FGT”), an Energy Transfer-operated joint venture, completed Open Seasons for two new projects backed by 15 to 25-year agreements with anchor shippers. The FGT Phase IX project includes about 90 miles of pipeline looping and compression facilities, with an expected capacity of 525 million cubic feet of gas per day (MMcf/d). Subject to conditions and a final investment decision, the South Florida project involves a roughly 40-mile pipeline extension with an expected capacity of 230 MMcf/d, along with compression and a new meter station.
Ongoing Development Activities at ET
Energy Transfer has initiated construction of a new 3-million-barrel ethane storage cavern at its Mont Belvieu NGL fractionation complex. Expected to be in service in the second half of 2027, the project will support the company’s ninth fractionator and future ethane export expansions.
The partnership’s 275 MMcf/d Mustang Draw I processing plant is currently under commissioning and is expected to enter full service in June 2026.
ET’s Financial Position
ET had current assets of $22.26 billion as of March 31, 2026 compared with $18.23 billion as of Dec. 31, 2025.
As of March 31, 2026, the firm had a long-term debt, less current maturities, of $69.32 billion compared with $68.31 billion as of Dec. 31, 2025.
As of March 31, 2026, the partnership’s revolving credit facility had an aggregate of $3.45 billion of available borrowing capacity.
Growth capital expenditures in the first quarter of 2026 totaled $1.53 billion, while maintenance capital expenditures amounted to $175 million.
ET’s Guidance
Energy Transfer now expects its 2026 adjusted EBITDA to be between $18.2 billion and $18.6 billion compared with the previous range of $17.45-$17.85 billion.
Energy Transfer now expects to invest $5-$5.9 billion of growth capital in 2026.
National Fuel Gas Company (NFG - Free Report) reported second-quarter fiscal 2026 adjusted operating earnings of $2.71 per share, which missed the Zacks Consensus Estimate of $2.85 by 4.91%. The bottom line increased 13.39% from the year-ago quarter’s reported figure of $2.39.
NFG reported sales of $858.4 million, which beat the Zacks Consensus Estimate of $830 million by 3.41%. The top line increased 17.59% from the prior-year recorded figure of $730 million.
TotalEnergies SE (TTE - Free Report) reported first-quarter 2026 operating earnings of $2.45 (€2.10) per share, which surpassed the Zacks Consensus Estimate of $1.99 by 23.1%. The bottom line improved 34% from the year-ago figure of $1.83 (€1.74).
Total revenues for the first quarter were $49.51 billion, which increased from the year-ago reported figure of $47.9 billion by 3.36%. The metric beat the Zacks Consensus Estimate of $46.85 billion by 5.9%.
CNX Resources Corporation (CNX - Free Report) reported first-quarter 2026 operating earnings of $1.21 per share, which beat the Zacks Consensus Estimate of 93 cents by 30.11%. The bottom line increased 55.13% in the year-ago quarter.
The company reported revenues of $722 million, which topped the Zacks Consensus Estimate of $522 million by 38.31%. The top line rose 63.72% from the prior-year quarter’s $441 million.
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Energy Transfer Q1 Earnings Lag Estimates, Revenues Increase Y/Y
Key Takeaways
Energy Transfer (ET - Free Report) reported first-quarter 2026 adjusted earnings of 35 cents per unit, which missed the Zacks Consensus Estimate of 38 cents by 7.9%. The bottom line also decreased 2.8% from the year-ago figure of 36 cents.
Total Revenues of ET
Revenues of $27.77 billion lagged the Zacks Consensus Estimate of $29.29 billion by 5.2%. Total revenues rose 32.1% from the year-ago figure of $21.02 billion.
Energy Transfer LP Price, Consensus and EPS Surprise
Energy Transfer LP price-consensus-eps-surprise-chart | Energy Transfer LP Quote
Highlights of ET’s Q1 Results
Total costs and expenses were $24.79 billion, up 33.8% year over year. This increase was due to the higher cost of products sold, operating expenses, depreciation, depletion and amortization, as well as a rise in selling, general and administrative expenses.
Operating income totaled $2.98 billion, up 19.8% year over year.
Interest expenses, net of interest capitalized, amounted to $947 million, up 17.1% from the prior-year level.
In the first quarter, the partnership placed its Gateway NGL Pipeline debottlenecking project into service, enabling higher deliveries of Delaware Basin volumes to Energy Transfer’s NGL fractionation complex at Mont Belvieu.
In February 2026, Florida Gas Transmission (“FGT”), an Energy Transfer-operated joint venture, completed Open Seasons for two new projects backed by 15 to 25-year agreements with anchor shippers. The FGT Phase IX project includes about 90 miles of pipeline looping and compression facilities, with an expected capacity of 525 million cubic feet of gas per day (MMcf/d). Subject to conditions and a final investment decision, the South Florida project involves a roughly 40-mile pipeline extension with an expected capacity of 230 MMcf/d, along with compression and a new meter station.
Ongoing Development Activities at ET
Energy Transfer has initiated construction of a new 3-million-barrel ethane storage cavern at its Mont Belvieu NGL fractionation complex. Expected to be in service in the second half of 2027, the project will support the company’s ninth fractionator and future ethane export expansions.
The partnership’s 275 MMcf/d Mustang Draw I processing plant is currently under commissioning and is expected to enter full service in June 2026.
ET’s Financial Position
ET had current assets of $22.26 billion as of March 31, 2026 compared with $18.23 billion as of Dec. 31, 2025.
As of March 31, 2026, the firm had a long-term debt, less current maturities, of $69.32 billion compared with $68.31 billion as of Dec. 31, 2025.
As of March 31, 2026, the partnership’s revolving credit facility had an aggregate of $3.45 billion of available borrowing capacity.
Growth capital expenditures in the first quarter of 2026 totaled $1.53 billion, while maintenance capital expenditures amounted to $175 million.
ET’s Guidance
Energy Transfer now expects its 2026 adjusted EBITDA to be between $18.2 billion and $18.6 billion compared with the previous range of $17.45-$17.85 billion.
Energy Transfer now expects to invest $5-$5.9 billion of growth capital in 2026.
ET’s Zacks Rank
Energy Transfer currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Sector Releases
National Fuel Gas Company (NFG - Free Report) reported second-quarter fiscal 2026 adjusted operating earnings of $2.71 per share, which missed the Zacks Consensus Estimate of $2.85 by 4.91%. The bottom line increased 13.39% from the year-ago quarter’s reported figure of $2.39.
NFG reported sales of $858.4 million, which beat the Zacks Consensus Estimate of $830 million by 3.41%. The top line increased 17.59% from the prior-year recorded figure of $730 million.
TotalEnergies SE (TTE - Free Report) reported first-quarter 2026 operating earnings of $2.45 (€2.10) per share, which surpassed the Zacks Consensus Estimate of $1.99 by 23.1%. The bottom line improved 34% from the year-ago figure of $1.83 (€1.74).
Total revenues for the first quarter were $49.51 billion, which increased from the year-ago reported figure of $47.9 billion by 3.36%. The metric beat the Zacks Consensus Estimate of $46.85 billion by 5.9%.
CNX Resources Corporation (CNX - Free Report) reported first-quarter 2026 operating earnings of $1.21 per share, which beat the Zacks Consensus Estimate of 93 cents by 30.11%. The bottom line increased 55.13% in the year-ago quarter.
The company reported revenues of $722 million, which topped the Zacks Consensus Estimate of $522 million by 38.31%. The top line rose 63.72% from the prior-year quarter’s $441 million.