Energy Transfer (ET) Operating Expenses (2009 - 2026)
Energy Transfer's (ET) quarterly Operating Expenses came in at $24.8 billion in Q1 2026, up 1808.24% YoY from $1.3 billion in Q1 2025, and up 152.3% on a QoQ basis from -$47.4 billion in Q4 2025.
Energy Transfer (ET) Operating Expenses (2009 - 2026) Analysis & Trends
Energy Transfer (ET) has 18 years of Operating Expenses data on file, last reported at $24.8 billion in Q1 2026.
- Quarterly Operating Expenses rose 1808.24% year-over-year to $24.8 billion in Q1 2026, while the trailing twelve-month figure through Mar 2026 was -$4.1 billion (down 103.83% YoY) and the FY2025 annual result came in at $5.9 billion, down 92.02% from the prior year.
- Operating Expenses climbed to $24.8 billion in Q1 2026, from -$47.4 billion in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $69.8 billion in Q4 2024 to a low of -$47.6 billion in Q4 2023.
- A 5-year average of $7.1 billion and a median of $1.5 billion in 2025 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2022 — Operating Expenses surged 2648.79% — and 2023, when it plunged 3607.08%.
- Tracing ET's Operating Expenses over 5 years: stood at $1.4 billion in 2022, then sank by 3607.08% to -$47.6 billion in 2023, then jumped by 246.8% to $69.8 billion in 2024, then slumped by 167.9% to -$47.4 billion in 2025, then soared by 152.3% to $24.8 billion in 2026.
- The last three Operating Expenses figures came in at $24.8 billion (Q1 2026), -$47.4 billion (Q4 2025), and $1.5 billion (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Kinder Morgan | 112.69 Bn | 112.57 Bn | 3.07 Bn | 3.13 Bn |
| 2 | Enbridge | 111.13 Bn | 109.64 Bn | 5.23 Bn | 19.09 Bn |
| 3 | Enterprise Products Partners | 83.45 Bn | 82.54 Bn | - | 16.13 Bn |
| 4 | Energy Transfer | 72.53 Bn | 71.50 Bn | 7.40 Bn | 30.76 Bn |
| 5 | Tc Energy | 66.12 Bn | 58.56 Bn | 1.24 Bn | 851.61 Mn |
| 6 | Mplx | 60.19 Bn | 59.16 Bn | 2.73 Bn | 1.93 Bn |
| 7 | Oneok | 60.00 Bn | 59.84 Bn | 2.81 Bn | 4.00 Mn |
| 8 | Targa Resources | 59.13 Bn | 59.00 Bn | 2.14 Bn | 354.10 Mn |
| 9 | Cheniere Energy | 56.04 Bn | 54.79 Bn | 5.29 Bn | 1.44 Bn |
| 10 | Venture Global | 34.44 Bn | 31.22 Bn | 2.92 Bn | 2.39 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 30.76 Bn |
| Mar 31, 2026 | 24.79 Bn |
| Dec 31, 2025 | -47.40 Bn |
| Sep 30, 2025 | 1.53 Bn |
| Jun 30, 2025 | 16.93 Bn |
| Mar 31, 2025 | 1.30 Bn |
| Dec 31, 2024 | 69.81 Bn |
| Sep 30, 2024 | 18.59 Bn |
| Jun 30, 2024 | 18.43 Bn |
| Mar 31, 2024 | 1.14 Bn |
| Dec 31, 2023 | -47.56 Bn |
| Sep 30, 2023 | 1.11 Bn |
| Jun 30, 2023 | 1.09 Bn |
| Mar 31, 2023 | 16.93 Bn |
| Dec 31, 2022 | 1.36 Bn |
| Sep 30, 2022 | 973.00 Mn |
| Jun 30, 2022 | 23.83 Bn |
| Mar 31, 2022 | 18.65 Bn |
| Dec 31, 2021 | 989.00 Mn |
| Sep 30, 2021 | 898.00 Mn |