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Energy Transfer stock gets higher outlook after Q3 EBITDA surge

Published on 11/09/2026 at 16:53 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Energy Transfer stock follows a stronger third quarter with a raised full-year outlook. Higher volumes supported the partnership's operating performance.

Energy Transfer lifts earnings outlook

  • Third-quarter adjusted EBITDA increased on higher volumes, NGL exports and stronger market conditions.
  • Management raised its 2026 adjusted EBITDA range and outlined a larger 2027 growth investment program.
  • The pending Vaquero Midstream acquisition is excluded from the revised 2026 outlook.
ET, US29273V1008, Illustration mit AI erstellt.
ET, US29273V1008, Illustration mit AI erstellt.

Energy Transfer 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 adjusted EBITDA outlook, according to the Morningstar report carrying the Business Wire release.

Quarterly cash generation improves

Adjusted EBITDA reached USD 5.03 billion for the quarter ended September 30, compared with USD 3.84 billion a year earlier. Distributable cash flow attributable to partners, as adjusted, 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.

Volumes support the revised outlook

Intrastate transportation volumes rose 14% to a new partnership record, while midstream gathered volumes increased 6%. 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 the previous range of USD 18.8 billion to USD 19.1 billion. The updated range includes stronger base-business performance and a benefit from previously disputed natural gas purchases expected to be recognized in the fourth quarter.

Investment needs remain elevated

The partnership expects growth capital spending of USD 5.4 billion to USD 5.6 billion in 2026 and approximately USD 7 billion in 2027. The larger capital program supports expansion across Energy Transfer's pipeline, processing and export infrastructure but also raises execution demands for investors.

The revised outlook excludes any contribution from the pending Vaquero Midstream acquisition, which Energy Transfer expects to close in the fourth quarter subject to regulatory approval and customary closing conditions. The partnership also announced the South Mississippi Pipeline project, backed by long-term transportation agreements and targeted for service in 2030.

Energy Transfer LP at a glance

  • Company: Energy Transfer LP
  • ISIN: US29273V1008
  • Ticker: ET
  • Listing: TXSE
  • Reporting period: Quarter ended September 30, 2026
  • Adjusted EBITDA: USD 5.03 billion, up 31% year over year
  • 2026 adjusted EBITDA outlook: USD 19.7 billion to USD 19.9 billion

US equity-market developments can be followed through the S&P 500 market overview.

More news and analyses on Energy Transfer stock cover the partnership's earnings, projects and outlook.

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