Energy Transfer (ET) Operating Margin (2009 - 2026)
Energy Transfer's (ET) quarterly Operating Margin came in at 10.41% in Q2 2026, down 159.0% on a YoY basis from 17.64% in Q2 2025, and down 3.09% quarter-over-quarter from 10.74% in Q1 2026.
Powered by 
Analysis
Energy Transfer (ET) Operating Margin (2009 - 2026) Analysis & Trends
Energy Transfer (ET) has reported Operating Margin for 18 consecutive years, with 10.41% the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, Operating Margin fell 159.0% year-over-year to 10.41%; the trailing twelve-month figure through Jun 2026 stood at 12.65% (up 116.0% YoY), and the FY2025 full-year result was 10.55%, down 50.0% from the prior year.
- Operating Margin fell to 10.41% in Q2 2026 per ET's latest filing, from 10.74% in the prior quarter.
- Across five years, Operating Margin topped out at 65.49% in Q4 2025 and bottomed at 8.14% in Q2 2022.
- Historically, Operating Margin has averaged 13.46% across 5 years, with a median of 10.75% in 2023.
- The sharpest annual moves came in 2022 and 2025: Operating Margin sank 1493 bps in 2022, then surged 5383 bps in 2025.
- Over 5 years, Operating Margin stood at 8.81% in 2022, then increased by 20 bps to 10.54% in 2023, then increased by 11 bps to 11.66% in 2024, then surged by 462 bps to 65.49% in 2025, then sank by 84 bps to 10.41% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 10.41%, 10.74%, and 65.49% for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Kinder Morgan | 111.69 Bn | 112.81 Bn | 3.07 Bn | 30.06% |
| 2 | Enterprise Products Partners | 84.07 Bn | 83.21 Bn | - | 12.31% |
| 3 | Energy Transfer | 74.03 Bn | 73.00 Bn | 7.40 Bn | 10.41% |
| 4 | Tc Energy | 65.16 Bn | 64.62 Bn | 1.80 Bn | - |
| 5 | Targa Resources | 62.18 Bn | 62.19 Bn | 2.14 Bn | 27.80% |
| 6 | Mplx | 60.51 Bn | 59.48 Bn | 2.73 Bn | 41.61% |
| 7 | Oneok | 60.16 Bn | 60.09 Bn | 2.81 Bn | 13.22% |
| 8 | Enbridge | 54.38 Bn | 54.88 Bn | 5.23 Bn | 9.93% |
| 9 | Pembina Pipeline | 28.12 Bn | 27.76 Bn | 933.00 Mn | 37.45% |
| 10 | Gas Transporter Of The South | 21.92 Bn | -3,019.13 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 10.41% |
| Mar 31, 2026 | 10.74% |
| Dec 31, 2025 | 65.49% |
| Sep 30, 2025 | 10.78% |
| Jun 30, 2025 | 12.00% |
| Mar 31, 2025 | 11.85% |
| Dec 31, 2024 | 11.66% |
| Sep 30, 2024 | 10.50% |
| Jun 30, 2024 | 11.09% |
| Mar 31, 2024 | 11.00% |
| Dec 31, 2023 | 10.54% |
| Sep 30, 2023 | 10.77% |
| Jun 30, 2023 | 10.02% |
| Mar 31, 2023 | 10.86% |
| Dec 31, 2022 | 8.81% |
| Sep 30, 2022 | 8.60% |
| Jun 30, 2022 | 8.14% |
| Mar 31, 2022 | 9.01% |
| Dec 31, 2021 | 9.05% |
| Sep 30, 2021 | 8.62% |