Energy Transfer's first quarter 2026 Adjusted EBITDA surged 20% to $4.94 billion, prompting a raise in full-year guidance.

Energy Transfer reported first quarter 2026 revenue of $27.8 billion, beating estimates, while EPS of $0.35 missed expectations. The partnership delivered strong growth in key profitability metrics, with Adjusted EBITDA increasing 20% year-over-year and Distributable Cash Flow attributable to partners rising to $2.7 billion.

Key Highlights

• Adjusted EBITDA grew 20% year-over-year to $4.94 billion, significantly exceeding analyst estimates of $4.4 billion, driven by record volumes and strong performance across most segments.
• Full-year 2026 Adjusted EBITDA guidance was raised to a range of $18.2 billion to $18.6 billion, up from the previous range of $17.45 billion to $17.85 billion.
• The partnership set several new records for volumes, including a 19% increase in NGL and refined products terminal volumes, a 12% increase in NGL transportation volumes, and an 8% increase in crude oil transportation volumes.