Energy Transfer stock: Q3 EBITDA jumps 31%, outlook raised

Energy Transfer reported stronger third-quarter results on November 3, 2026, and raised its full-year outlook. In its third-quarter results release, the partnership said adjusted EBITDA reached 5.03 billion USD for the period ended September 30, compared with 3.84 billion USD a year earlier.

Higher earnings, larger investment plans

Adjusted distributable cash flow attributable to Energy Transfer partners rose to 2.52 billion USD from 1.90 billion USD. Both figures are adjusted, non-GAAP measures, so investors should read them alongside net income and operating cash flow. Net income attributable to partners increased to 1.21 billion USD from 1.02 billion USD, while basic net income per common unit was 0.33 USD.

Management now expects full-year 2026 adjusted EBITDA of 19.7 billion USD to 19.9 billion USD, compared with the previous range of 18.8 billion USD to 19.1 billion USD. The midpoint therefore increased by 850 million USD. The revised range strengthens the partnership's operating outlook, although it remains a forward-looking estimate.

Energy Transfer expects growth capital spending of 5.4 billion USD to 5.6 billion USD in 2026 and about 7 billion USD in 2027. The higher investment plan gives the partnership room to expand its infrastructure network, while also increasing the importance of project execution and capital discipline.

Operating volumes provided additional support. Intrastate transportation volumes rose 14 percent to a partnership record, midstream gathered volumes increased 6 percent to another record, NGL transportation volumes gained 6 percent and NGL exports rose 9 percent.

US energy infrastructure shares remain linked to the broader S&P 500 market backdrop.

Investors will next focus on the partnership's execution of its 2026 and 2027 growth program, including project timing, contracted volumes and the ability to convert infrastructure investment into recurring cash generation. More news and analyses on Energy Transfer stock.