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

Energy Transfer reported stronger third-quarter results on November 3, 2026, as rising transportation, gathering and natural gas liquids volumes lifted operating performance. The partnership also raised its full-year 2026 adjusted EBITDA outlook, according to the Energy Transfer investor relations release.

Quarterly cash generation strengthens

Adjusted EBITDA reached USD 5.03 billion for the quarter ended September 30, compared with USD 3.84 billion a year earlier. Adjusted distributable cash flow attributable to the partners rose to USD 2.52 billion from USD 1.90 billion.

Net income attributable to partners increased to USD 1.21 billion from USD 1.02 billion. Basic net income per common unit was USD 0.33, compared with USD 0.28 in the prior-year quarter.

Volume growth supports revised outlook

Intrastate transportation volumes rose 14% and reached a new partnership record, while midstream gathered volumes increased 6% to another record. NGL transportation volumes advanced 6%, NGL exports gained 9% and NGL fractionation volumes rose 5%.

Energy Transfer now expects full-year 2026 adjusted EBITDA of USD 19.7 billion to USD 19.9 billion, up from its previous range of USD 18.8 billion to USD 19.1 billion. The updated outlook includes stronger base-business performance and a benefit from previously disputed natural gas purchases expected to be recognized in the fourth quarter.

Capital needs remain elevated

Growth capital spending is expected to range from USD 5.4 billion to USD 5.6 billion in 2026 and reach approximately USD 7 billion in 2027. The higher investment plan supports pipeline, processing and export infrastructure but also keeps execution and funding requirements in focus for investors.

US equities trade within the broader S&P 500 market environment, where energy infrastructure companies remain sensitive to volumes, commodity conditions and capital spending.