Energy Transfer's third-quarter revenue rose 86% to $37.10 billion, beating the $31.61 billion analyst estimate, while adjusted EBITDA increased 31% year over year. The company raised its 2026 adjusted EBITDA outlook and announced a $2.6 billion Vaquero Midstream acquisition.
Energy Transfer reported third-quarter revenue of $37.10 billion, up 86% and above the $31.61 billion analyst consensus. Adjusted EBITDA rose 31% year over year, and earnings per share were $0.33.
The company raised its 2026 adjusted EBITDA guidance to $19.7 billion-$19.9 billion from $18.8 billion-$19.1 billion. It expects 2026 growth capital expenditures of $5.4 billion-$5.6 billion and about $7 billion in 2027, and announced the $2.6 billion acquisition of Vaquero Midstream.
Energy Transfer said intrastate transportation, midstream gathering, NGL transportation, NGL exports and fractionation volumes all set records in the quarter. Early volumes and third-party contracts on the recently in-service Hugh Brinson Pipeline contributed to intrastate results, while higher NGL prices and export volumes supported its NGL and refined products segment.
