Energy Transfer stock lifts 2026 outlook after stronger third quarter

Published on 11/05/2026 at 10:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Energy Transfer stock follows a stronger third quarter with higher cash generation. The partnership also lifted its full-year outlook.

Stronger Quarter, Higher Outlook

Adjusted EBITDA reached 5.03 billion US dollars in the third quarter, up 31 percent from a year earlier.
Adjusted distributable cash flow attributable to partners rose 33 percent to 2.52 billion US dollars.
Record transportation and gathering volumes supported the upgraded full-year outlook.

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Energy Transfer reported stronger third-quarter results on Tuesday, November 3, 2026, for the period ended September 30. The partnership said net income attributable to partners reached 1.21 billion US dollars, compared with 1.02 billion US dollars a year earlier. The results were published in an Energy Transfer press release.

Cash Generation Accelerates

Adjusted EBITDA increased 31 percent to 5.03 billion US dollars from 3.84 billion US dollars in the prior-year quarter. Adjusted distributable cash flow attributable to partners rose 33 percent to 2.52 billion US dollars from 1.90 billion US dollars. Basic net income per common unit was 0.33 US dollars, compared with 0.28 US dollars a year earlier.

The reported figures include a 379 million US dollar unrealized loss from commodity risk management activities in the reconciliation to Adjusted EBITDA. That non-cash item helps explain why the partnership's adjusted operating measures showed stronger growth than the basic per-unit result alone.

Guidance Moves Higher

Energy Transfer raised its full-year 2026 Adjusted EBITDA outlook to 19.7 billion to 19.9 billion US dollars from the previous range of 18.8 billion to 19.1 billion US dollars. The partnership expects growth capital spending of 5.4 billion to 5.6 billion US dollars in 2026 and approximately 7 billion US dollars in 2027.

Operating momentum was broad. Intrastate transportation volumes rose 14 percent to a partnership record, midstream gathering volumes increased 6 percent to another record, NGL transportation volumes gained 6 percent and NGL exports climbed 9 percent. The Hugh Brinson Pipeline contributed to higher intrastate volumes and transportation fees after entering service.

Projects Add Long-Term Capacity

Energy Transfer also highlighted the South Mississippi Pipeline Project, which has a positive final investment decision and long-term transportation agreements supporting a planned 1.2 billion cubic feet per day of capacity. The project is expected to enter service in 2030, subject to the ongoing binding open season and final sizing.

The partnership announced a quarterly cash distribution of 0.3425 US dollars per common unit for the September quarter, its twentieth consecutive increase. For broader market context, see current S&P 500 market coverage.

Further company coverage is available in more news and analyses on Energy Transfer stock.