It has been about a month since the last earnings report for Energy Transfer LP (ET Quick QuoteET - Free Report) . Shares have added about 5.9% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Energy Transfer LP due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Energy Transfer LP before we dive into how investors and analysts have reacted as of late.

Energy Transfer Q2 Earnings Beat Estimates on NGL Growth, View Up

Energy Transfer LP reported second-quarter 2026 earnings of 59 cents per unit, beating the Zacks Consensus Estimate of 39 cents by 51.28%. The bottom line increased 84.4% from 32 cents a year ago.

Total Revenues

Revenues of $34.33 billion surpassed the consensus estimate of $31.09 billion by 10.42% and climbed 78.4% year over year. Record NGL transportation and export volumes, along with stronger crude oil and midstream activity, supported the quarter.

Energy Transfer's Segment Details

NGL and refined products transportation and services revenues increased 29.9% to $7.72 billion. Segment adjusted EBITDA rose 26.6% to $1.31 billion, reflecting stronger marketing, terminal, transportation, storage and fractionation margins.

NGL transportation volumes climbed 13% to a record 2.64 million barrels per day. Terminal volumes rose to 1.86 million barrels per day. Fractionation volumes increased 3% to 1.19 million barrels per day. Higher Permian volumes and stronger exports aided throughput.

Midstream revenues declined 10% to $2.82 billion, but segment adjusted EBITDA increased 15.1% to $884 million. Gathered volumes rose 4% to a record 22.14 million BBtu per day, helped by higher dry-gas gathering and increased Permian processing activity.

Crude oil transportation and services revenues surged 92.3% to $11.05 billion. Segment adjusted EBITDA grew 13.9% to $834 million. Transportation volumes increased 4% to a record 7.34 million barrels per day, supported by higher activity across the Texas, Permian and Bakken systems.

Intrastate transportation and storage revenues fell 36% to $596 million, while segment adjusted EBITDA increased 32.7% to $377 million. Wider basis differentials and early volumes from the Hugh Brinson Pipeline more than offset lower transported volumes and higher expenses.

Interstate transportation and storage revenues rose 3.2% to $609 million, and segment adjusted EBITDA gained 2.3% to $481 million. Higher parking, storage and liquids revenues offset lower utilization on the Trunkline, Gulf Run and Mississippi River systems.

ET's Investments Add to Earnings Growth

Revenues from the investment in the Sunoco LP segment increased 164.5% to $14.26 billion. The segment adjusted EBITDA more than doubled to $982 million, primarily reflecting recent acquisitions and higher contributions from unconsolidated affiliates.

The investment in USA Compression Partners generated revenues of $342 million, up 36.8%. The segment adjusted EBITDA advanced 30.2% to $194 million, driven by the J-W Power acquisition and growth in USAC's legacy operations.

ET's Operational Highlights

Total costs and expenses were $30.76 billion, up 81.7% year over year, mainly due to a sharp increase in the cost of products sold. Operating expenses, depreciation, depletion and amortization, and selling, general and administrative expenses also increased.

Operating income rose 54.8% to $3.57 billion. Interest expense, net of capitalized interest, increased 8% to $934 million. Net income attributable to partners advanced 79.5% to $2.09 billion.

ET's Cash Flow and Liquidity Improve

Adjusted EBITDA increased 31% to $5.07 billion. Distributable cash flow attributable to partners, as adjusted, rose 32% to $2.59 billion. Second-quarter growth capital expenditures were $1.10 billion, while maintenance capital expenditures were $307 million.

Current assets totaled $23.11 billion at June 30, 2026, compared with $18.23 billion at the end of 2025. Long-term debt, less current maturities, was $68.39 billion. The revolving credit facility had $3.76 billion of available borrowing capacity.

Energy Transfer Raises 2026 Financial Guidance

Energy Transfer now expects 2026 adjusted EBITDA of $18.8-$19.1 billion, up from the prior range of $18.2-$18.6 billion. The partnership projects growth capital spending of $5.6-$5.9 billion.

The Hugh Brinson Pipeline entered commercial service and is expected to reach full Phase I capacity of 1.5 Bcf per day by Sept. 1, 2026. ET also completed upgrades adding more than 90,000 barrels per day of capacity to the Lone Star Express pipeline and placed the Mustang Draw I processing plant into service.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 12.93% due to these changes.

VGM Scores

At this time, Energy Transfer LP has a great Growth Score of A, a score with the same score on the momentum front. Following the exact same course, the stock was allocated a grade of A on the value side, putting it in the top quintile for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Energy Transfer LP has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Energy Transfer LP belongs to the Zacks Oil and Gas - Production Pipeline - MLB industry. Another stock from the same industry, Oneok Inc. (OKE Quick QuoteOKE - Free Report) , has gained 10.1% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Oneok reported revenues of $12.05 billion in the last reported quarter, representing a year-over-year change of +52.8%. EPS of $1.53 for the same period compares with $1.34 a year ago.

For the current quarter, Oneok is expected to post earnings of $1.49 per share, indicating no change from the year-ago quarter. The Zacks Consensus Estimate has changed +2.4% over the last 30 days.

Oneok has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.