Energy Transfer (ET) Operating Expenses (2009 - 2026)
Energy Transfer (ET) posted Operating Expenses of $30.76 billion for Q2 2026, up 81.7% from $16.93 billion a year earlier and up 24.1% from the prior quarter.
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Analysis
Energy Transfer (ET) Operating Expenses (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Expenses at Energy Transfer was $96.6 billion, up 35.4% year-over-year; for FY2025, it was $76.51 billion, up 4.0% from FY2024.
- Annual Operating Expenses shows a five-year compound annual growth rate of 16.3% (FY2020 to FY2025).
- In prior years, Energy Transfer's Operating Expenses was $73.53 billion in FY2024 (+4.6%), $70.29 billion in FY2023 (-14.4%), $82.14 billion in FY2022 (+40.1%) and $58.63 billion in FY2021 (+63.0%).
- The Q2 2026 figure stands as the highest quarterly Operating Expenses in data going back to Q2 2009.
- On a year-over-year basis, Operating Expenses has increased in each of the last three quarters, with growth averaging 16.1% over the last eight quarters.
- The strongest year-over-year quarter for Operating Expenses in the past five years was Q4 2021, with growth of 95.1%; the weakest was Q2 2023, with a decline of 30.8%.
- According to Business Quant data, Operating Expenses for the three prior quarters was $24.79 billion (Q1 2026), $23.24 billion (Q4 2025) and $17.8 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 102.52 Bn | 100.06 Bn | 4.84 Bn | 19.09 Bn |
| 2 | Enterprise Products Partners | 79.27 Bn | 77.71 Bn | - | 16.13 Bn |
| 3 | Energy Transfer | 69.21 Bn | 62.65 Bn | 7.40 Bn | 30.76 Bn |
| 4 | Kinder Morgan | 68.17 Bn | 69.12 Bn | 3.07 Bn | 3.13 Bn |
| 5 | Tc Energy | 61.09 Bn | 64.16 Bn | 2.81 Bn | -1.06 Bn |
| 6 | Targa Resources | 59.48 Bn | 59.10 Bn | 2.14 Bn | 354.10 Mn |
| 7 | Mplx | 58.45 Bn | 52.01 Bn | 2.91 Bn | 1.93 Bn |
| 8 | Oneok | 55.88 Bn | 54.37 Bn | 2.81 Bn | 4.00 Mn |
| 9 | Cheniere Energy | 55.70 Bn | 55.83 Bn | 5.29 Bn | 1.44 Bn |
| 10 | Venture Global | 32.11 Bn | 26.66 Bn | 2.92 Bn | 2.39 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 30.76 Bn |
| Mar 31, 2026 | 24.79 Bn |
| Dec 31, 2025 | 23.24 Bn |
| Sep 30, 2025 | 17.80 Bn |
| Jun 30, 2025 | 16.93 Bn |
| Mar 31, 2025 | 18.53 Bn |
| Dec 31, 2024 | 17.26 Bn |
| Sep 30, 2024 | 18.59 Bn |
| Jun 30, 2024 | 18.43 Bn |
| Mar 31, 2024 | 19.25 Bn |
| Dec 31, 2023 | 18.37 Bn |
| Sep 30, 2023 | 18.51 Bn |
| Jun 30, 2023 | 16.49 Bn |
| Mar 31, 2023 | 16.93 Bn |
| Dec 31, 2022 | 18.70 Bn |
| Sep 30, 2022 | 20.97 Bn |
| Jun 30, 2022 | 23.83 Bn |
| Mar 31, 2022 | 18.65 Bn |
| Dec 31, 2021 | 16.97 Bn |
| Sep 30, 2021 | 15.23 Bn |
API Access
Energy Transfer Operating Expenses 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=operating-expenses&ticker=ET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=ET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();