Energy Transfer (NYSE:ET) Issues Quarterly Earnings Results

Posted by Chris Copeland on Feb 18th, 2026

Energy Transfer (NYSE:ET – Get Free Report) announced its earnings results on Tuesday. The pipeline company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.09), FiscalAI reports. The company had revenue of $25.32 billion during the quarter, compared to analyst estimates of $23.56 billion. Energy Transfer had a net margin of 5.66% and a return on equity of 10.71%. The firm’s revenue for the quarter was up 29.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.29 EPS.

Here are the key takeaways from Energy Transfer’s conference call:

Record adjusted EBITDA of nearly $16.0 billion in 2025 (up 3% YoY) was reported while distributable cash flow fell slightly to $8.2 billion, and Q4 DCF was roughly flat versus a year ago.
Management set 2026 organic growth capital guidance of $5.0–$5.5 billion (ex-Sun and USA Compression), with roughly two‑thirds directed to natural gas projects and ~25% to NGL/refined products, citing long‑term contracted projects that target mid‑teen returns.
Major pipeline projects were updated — the Desert Southwest was upsized to 48″ (up to 2.3 Bcf/d, ~$5.6 billion cost, in service by Q4 2029) and the Hugh Brinson pipeline is ~75% complete with phase one expected in Q4 2026 and phase two in Q1 2027 (west→east fully contracted, growing backhaul upside).
NGL/export momentum is accelerating with record NGL fractionation throughput and LPG exports, first ethylene cargoes from the Nederland Flex Port expansion, and Permian processing (Mustang Draw 1 & 2) coming into service through 2026.
Energy Transfer has suspended development of the Lake Charles LNG project to preserve capital discipline, though it remains open to third‑party development or alternate terminal uses, reducing near‑term LNG upside from ET.

Energy Transfer Stock Performance

Shares of Energy Transfer stock opened at $18.58 on Wednesday. The business’s 50 day moving average price is $17.29 and its 200 day moving average price is $17.14. The company has a market cap of $63.79 billion, a price-to-earnings ratio of 14.86, a PEG ratio of 0.97 and a beta of 0.66. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.14 and a current ratio of 1.41. Energy Transfer has a one year low of $14.60 and a one year high of $20.51.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 19th. Investors of record on Friday, February 6th will be given a dividend of $0.335 per share. The ex-dividend date is Friday, February 6th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. This represents a $1.34 dividend on an annualized basis and a yield of 7.2%. Energy Transfer’s dividend payout ratio (DPR) is 107.20%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ET shares. JPMorgan Chase & Co. decreased their price target on shares of Energy Transfer from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Monday, November 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Energy Transfer in a research note on Wednesday, December 24th. Jefferies Financial Group restated a “hold” rating on shares of Energy Transfer in a research report on Wednesday. Royal Bank Of Canada raised Energy Transfer to a “moderate buy” rating in a research note on Monday, December 15th. Finally, UBS Group reissued a “buy” rating on shares of Energy Transfer in a research note on Wednesday, January 7th. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Energy Transfer has an average rating of “Moderate Buy” and a consensus price target of $21.27.

View Our Latest Analysis on ET

Institutional Investors Weigh In On Energy Transfer

A number of hedge funds have recently modified their holdings of the company. Guggenheim Capital LLC raised its stake in Energy Transfer by 6.7% during the fourth quarter. Guggenheim Capital LLC now owns 58,207 shares of the pipeline company’s stock worth $960,000 after purchasing an additional 3,654 shares during the period. KCM Capital Inc purchased a new stake in shares of Energy Transfer in the 4th quarter valued at approximately $9,894,000. Tortoise Capital Advisors L.L.C. increased its holdings in shares of Energy Transfer by 0.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 38,675,828 shares of the pipeline company’s stock worth $637,764,000 after buying an additional 103,245 shares during the last quarter. Lazard Asset Management LLC raised its position in shares of Energy Transfer by 24.5% during the 4th quarter. Lazard Asset Management LLC now owns 24,516 shares of the pipeline company’s stock valued at $404,000 after buying an additional 4,822 shares during the period. Finally, Cetera Investment Advisers raised its position in shares of Energy Transfer by 7.6% during the 4th quarter. Cetera Investment Advisers now owns 2,185,998 shares of the pipeline company’s stock valued at $36,047,000 after buying an additional 154,352 shares during the period. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Key Energy Transfer News

Here are the key news stories impacting Energy Transfer this week:

Positive Sentiment: TD Cowen raised its price target to $21 and moved to a “buy” rating, signaling ~13% upside from the current level and giving institutional momentum to the name.
Positive Sentiment: Analysts and commentators highlight Energy Transfer’s record 2025 results and argue the firm’s 7.2% yield is supported by durable cash flow, organic projects and a large project backlog—this underpins income-seeking buyers. Energy Transfer’s Record Results Put Its 7.2%-Yielding Dividend on a Rock-Solid Foundation
Positive Sentiment: Multiple write-ups argue that selling ET on the Q4 EPS miss could be short-sighted because revenue, throughput and backlog point to durable EBITDA and distribution support. Selling Energy Transfer stock on Q4 earnings miss may be a mistake
Neutral Sentiment: Q4 earnings materials and the conference-call transcript are available for investors who want management’s color on growth capex, backlog and distribution strategy; these will be watched for guidance clarity. Energy Transfer (ET) Q4 2025 Earnings Transcript
Neutral Sentiment: Coverage pieces framing ET as a core income play in the energy-transition debate (vs. growth-oriented power names) are driving interest from yield-focused investors but may not change fundamentals immediately. Value or Growth: 2 Ways to Invest in the Energy Transition
Negative Sentiment: EPS missed consensus: Q4 GAAP/adjusted EPS came in at $0.25 vs. $0.34 expected—this is the primary near-term negative that prompted some selling after the print. Energy Transfer Q4 earnings report and call
Negative Sentiment: Net income declined year-over-year (roughly $928M vs. $1.08B prior year), which highlights margin pressure despite top-line growth—this will concern investors focused on near-term profitability. The Deal No One Saw Coming: Why Energy Transfer Stock Will Leave Every Other MLP in the Dust

About Energy Transfer

(Get Free Report)

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.