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

Published on 11/06/2026 at 10:44 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Energy Transfer stock gains a stronger full-year outlook after a robust quarter. Management also outlined higher growth capital for 2027.

Higher cash generation lifts outlook

Energy Transfer reported stronger third-quarter operating performance for the period ended September 30, 2026.
The partnership raised its full-year outlook and plans a larger growth investment program for 2027.
Higher pipeline volumes and new infrastructure supported the quarter across several operating segments.

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Energy Transfer reported stronger third-quarter results on November 3, 2026, and raised its full-year outlook. In its third-quarter results release, the partnership said adjusted EBITDA rose 31 percent year over year to 5.03 billion US dollars for the period ended September 30.

Stronger quarter across key segments

Net income attributable to partners increased to 1.21 billion US dollars from 1.02 billion US dollars a year earlier. Distributable cash flow attributable to partners, as adjusted, reached 2.52 billion US dollars, up from 1.90 billion US dollars.

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

Full-year guidance moves higher

Energy Transfer now expects 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. The partnership also expects 2026 growth capital spending of 5.4 billion to 5.6 billion US dollars and approximately 7 billion US dollars in 2027.

The updated outlook gives investors a clearer view of the partnership's capital intensity. Energy Transfer is expanding its infrastructure base while relying on higher contracted volumes, increased utilization and demand from growing energy consumption in the United States.

Projects add to the growth pipeline

Energy Transfer said the Hugh Brinson Pipeline's first phase entered full service ahead of schedule, while the second phase remains targeted for completion in the first quarter of 2027. The partnership also highlighted new processing capacity in the Midland Basin, the planned Bear II plant and the South Mississippi Pipeline project, which is expected to enter service in 2030.