Energy Transfer (ET) Net Margin (2009 - 2026)
Energy Transfer (ET) posted Net Margin of 4.3% for Q1 2026, down 84.3% on a QoQ basis from 27.38% in Q4 2025, and down 167.0% year-over-year from 6.42% in Q1 2025.
Energy Transfer (ET) Net Margin (2009 - 2026) Analysis & Trends
Energy Transfer's Net Margin history runs 18 years deep, the most recent figure standing at 4.3% for Q1 2026.
- Quarterly Net Margin fell 167.0% year-over-year to 4.3% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 5.86% (up 31.0% YoY) and the FY2025 annual result came in at 4.88%, down 44.0% from the prior year.
- Net Margin was 4.3% for Q1 2026 at Energy Transfer, down from 27.38% in the prior quarter.
- Across five years, Net Margin topped out at 27.38% in Q4 2025 and bottomed at 2.25% in Q3 2023.
- A 5-year average of 6.27% and a median of 5.16% in 2024 frame the typical range for Net Margin.
- Annual changes were most pronounced in 2022 — Net Margin slumped 1366 bps — and 2025, when it jumped 2222 bps.
- Energy Transfer's Net Margin stood at 5.12% in 2022, then grew by 15 bps to 5.86% in 2023, then retreated by 12 bps to 5.16% in 2024, then surged by 431 bps to 27.38% in 2025, then slumped by 84 bps to 4.3% in 2026.
- Business Quant data shows ET's Net Margin at 4.3% in Q1 2026, 27.38% in Q4 2025, and 4.81% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | DHT Holdings | 2,706.13 Bn | 2,706.00 Bn | 167.16 Mn | 88.32% |
| 2 | Flex LNG | 1,674.16 Bn | 1,673.77 Bn | 61.79 Mn | 21.07% |
| 3 | Kinder Morgan | 112.74 Bn | 113.82 Bn | 3.07 Bn | 19.97% |
| 4 | Enbridge | 89.82 Bn | 89.03 Bn | 6.70 Bn | 7.47% |
| 5 | Enterprise Products Partners | 83.97 Bn | 82.82 Bn | - | 10.40% |
| 6 | Tc Energy | 72.76 Bn | 73.95 Bn | 1.36 Bn | 0.05% |
| 7 | Energy Transfer | 70.27 Bn | 69.30 Bn | 6.62 Bn | 4.30% |
| 8 | Targa Resources | 61.30 Bn | 61.34 Bn | 1.70 Bn | 11.71% |
| 9 | Oneok | 61.15 Bn | 61.02 Bn | 8.98 Bn | 8.07% |
| 10 | Mplx | 58.39 Bn | 56.89 Bn | 1.95 Bn | 39.25% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 4.30% |
| Dec 31, 2025 | 27.38% |
| Sep 30, 2025 | 4.81% |
| Jun 30, 2025 | 5.67% |
| Mar 31, 2025 | 5.97% |
| Dec 31, 2024 | 5.16% |
| Sep 30, 2024 | 5.37% |
| Jun 30, 2024 | 5.70% |
| Mar 31, 2024 | 5.03% |
| Dec 31, 2023 | 5.86% |
| Sep 30, 2023 | 2.25% |
| Jun 30, 2023 | 4.35% |
| Mar 31, 2023 | 5.28% |
| Dec 31, 2022 | 5.12% |
| Sep 30, 2022 | 3.92% |
| Jun 30, 2022 | 4.70% |
| Mar 31, 2022 | 5.67% |
| Dec 31, 2021 | 4.40% |
| Sep 30, 2021 | 3.21% |
| Jun 30, 2021 | 3.57% |