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

Energy Transfer LP reported stronger third-quarter results on November 3, 2026, as higher pipeline activity, midstream volumes and NGL exports lifted operating performance. The partnership also raised its full-year outlook for adjusted EBITDA.

According to the Energy Transfer earnings release, net income attributable to partners reached 1.21 billion US dollars for the quarter ended September 30, compared with 1.02 billion US dollars a year earlier. Basic net income per common unit was 0.33 US dollars, up from 0.28 US dollars.

Higher volumes support quarterly performance

Adjusted EBITDA rose to 5.03 billion US dollars from 3.84 billion US dollars, while adjusted distributable cash flow attributable to partners increased to 2.52 billion US dollars from 1.90 billion US dollars. Both are non-GAAP measures that Energy Transfer uses to assess operating performance and cash available to partners.

Intrastate transportation volumes increased 14% to a partnership record. Midstream gathered volumes rose 6%, NGL transportation volumes increased 6%, and NGL exports advanced 9%. The company attributed the operating gains to higher volumes, new and upgraded processing plants, greater pipeline utilization and stronger market conditions.

Energy Transfer lifts 2026 outlook

Energy Transfer now expects full-year 2026 adjusted EBITDA of 19.7 billion to 19.9 billion US dollars, compared with its previous range of 18.8 billion to 19.1 billion US dollars. Growth capital spending is expected at 5.4 billion to 5.6 billion US dollars in 2026 and approximately 7 billion US dollars in 2027.

The partnership also highlighted its approximately 2.6 billion US dollar acquisition of Vaquero Midstream, which is expected to close in the fourth quarter of 2026 subject to customary conditions. In addition, Energy Transfer reached a positive final investment decision on the South Mississippi Pipeline, a planned 1.2 Bcf/d project with an expected cost of approximately 1.6 billion US dollars and projected service in 2030.

Distribution growth remains part of the case

Energy Transfer announced a quarterly cash distribution of 0.3425 US dollars per common unit for the September quarter, an increase of more than 3% from the year-earlier quarter. The partnership said this was its twentieth consecutive quarterly increase.

For investors, the higher outlook points to stronger expected operating cash generation, while the larger capital program increases execution and funding demands. Energy Transfer's results remain closely tied to contracted transportation, processing capacity, export activity and market conditions.