Energy Transfer (ET) Gross Margin (2011 - 2026)
Energy Transfer (ET) reported Gross Margin of 21.55% for Q2 2026, down 5.98 percentage points from 27.52% a year earlier and down 2.30 percentage points from the prior quarter.
Powered by 
Analysis
Energy Transfer (ET) Gross Margin (2011 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Energy Transfer's Gross Margin came in at 23.58%, down 2.85 percentage points year-over-year; for FY2025, it came in at 25.77%, up 0.73 percentage points from FY2024.
- Gross Margin has increased for three consecutive years, though with a five-year change of -8.80 percentage points (FY2020 to FY2025).
- By year, Gross Margin came in at 25.03% in FY2024 (+2.07 pp), 22.96% in FY2023 (+3.33 pp), 19.63% in FY2022 (-5.62 pp) and 25.25% in FY2021 (-9.32 pp).
- The Q2 2026 figure ranks as the lowest quarterly Gross Margin since Q3 2022.
- Year over year, Gross Margin has now declined in each of the last three quarters, with an average year-over-year change of +0.26 percentage points over the last eight quarters.
- The high point for year-over-year Gross Margin in five years was Q2 2023 (a gain of 6.00 percentage points); the low point was Q3 2021 (a drop of 15.09 percentage points).
- Per Business Quant data, the three quarters before Q2 2026 came in at 23.85% (Q1 2026), 23.32% (Q4 2025) and 27.02% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 101.53 Bn | 99.08 Bn | 4.84 Bn | 22.85% |
| 2 | Enterprise Products Partners | 76.92 Bn | 75.35 Bn | - | - |
| 3 | Energy Transfer | 67.97 Bn | 61.41 Bn | 7.40 Bn | 21.55% |
| 4 | Kinder Morgan | 67.10 Bn | 68.05 Bn | 3.07 Bn | 68.62% |
| 5 | Tc Energy | 60.19 Bn | 63.26 Bn | 2.81 Bn | 98.16% |
| 6 | Targa Resources | 57.97 Bn | 57.59 Bn | 2.14 Bn | 48.15% |
| 7 | Mplx | 57.16 Bn | 50.72 Bn | 2.91 Bn | 87.77% |
| 8 | Cheniere Energy | 55.61 Bn | 55.74 Bn | 5.29 Bn | 92.34% |
| 9 | Oneok | 53.75 Bn | 52.24 Bn | 2.81 Bn | 23.30% |
| 10 | Venture Global | 31.49 Bn | 26.04 Bn | 2.92 Bn | 63.74% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 21.55% |
| Mar 31, 2026 | 23.85% |
| Dec 31, 2025 | 23.32% |
| Sep 30, 2025 | 27.02% |
| Jun 30, 2025 | 27.52% |
| Mar 31, 2025 | 25.92% |
| Dec 31, 2024 | 27.55% |
| Sep 30, 2024 | 24.84% |
| Jun 30, 2024 | 24.70% |
| Mar 31, 2024 | 23.27% |
| Dec 31, 2023 | 23.14% |
| Sep 30, 2023 | 22.57% |
| Jun 30, 2023 | 23.08% |
| Mar 31, 2023 | 23.09% |
| Dec 31, 2022 | 21.65% |
| Sep 30, 2022 | 19.28% |
| Jun 30, 2022 | 17.07% |
| Mar 31, 2022 | 21.24% |
| Dec 31, 2021 | 20.92% |
| Sep 30, 2021 | 20.86% |
API Access
Energy Transfer Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=ET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "ET", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=ET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();