Energy Transfer stock outlook rises after Q3 EBITDA surge

Published on 11/11/2026 at 16:59 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Energy Transfer stock follows a stronger third quarter with adjusted EBITDA up 31 percent. Management raised its 2026 outlook.

Q3 results lift 2026 outlook

Adjusted EBITDA rose 31 percent year over year to 5.03 billion dollars in the quarter ended September 30.
Energy Transfer raised its 2026 adjusted EBITDA outlook and plans approximately 7 billion dollars of growth capital investment in 2027.

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

Energy Transfer stock was quoted under ticker ET on the TXSE. The earnings release was issued before the November 11 publication date and describes the third-quarter reporting period rather than a new trading session.

Higher volumes support quarterly performance

Distributable cash flow attributable to partners, as adjusted, increased to 2.52 billion dollars from 1.90 billion dollars. Net income attributable to partners rose to 1.21 billion dollars from 1.02 billion dollars, while basic net income per common unit increased to 0.33 dollars from 0.28 dollars.

Operating momentum was broad. Intrastate transportation volumes rose 14 percent and reached a new partnership record, while midstream gathered volumes increased 6 percent to another record. NGL transportation volumes climbed 6 percent, NGL exports advanced 9 percent and NGL fractionation volumes grew 5 percent.

Management raises full-year target

Energy Transfer now expects 2026 adjusted EBITDA of 19.7 billion to 19.9 billion dollars, compared with its previous range of 18.8 billion to 19.1 billion dollars. The partnership also expects 5.4 billion to 5.6 billion dollars of growth capital spending in 2026 and approximately 7 billion dollars in 2027.

The outlook increases the earnings base available to support Energy Transfer's distribution and expansion program, but adjusted EBITDA and distributable cash flow are non-GAAP measures. Investors should therefore assess them alongside net income, operating cash flow, capital spending and leverage.

Projects extend infrastructure growth

Energy Transfer said the Vaquero Midstream acquisition, announced in October for approximately 2.6 billion dollars, is expected to close in the fourth quarter subject to regulatory approval and customary closing conditions. The partnership also highlighted the Hugh Brinson Pipeline, the Bear II processing plant and the South Mississippi Pipeline Project as part of its expansion program.