Energy Transfer forecasts adjusted EBITDA of $17.3-$17.7 billion in 2026, a 7.5%-9.9% increase, after 2025 EBITDA was slightly below its $16.1-$16.5 billion guidance. The MLP plans to boost 2026 growth capex to $5-$5.5 billion, fund projects including NGL expansions and the Desert Southwest pipeline, and target 3%-5% annual distribution growth.