# ENERGY TRANSFER LP (ET) · Edgar & Edgarette company card

> Energy Transfer (ET) grew revenue 3.5% in FY2025 to $85.5 billion, operating margin 10.6% against a 27.9% median for natural gas transmission, equity 34.7% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1276187 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/ET) · [JSON](https://www.pops4.com/boards/company/ET.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $85.5B |
| Revenue growth, 1 year | 3.5% |
| Revenue growth per year | 6.1% |
| Operating margin | 10.6% (prior year 11.1%) |
| Net margin | 6.7% |
| Operating cash flow | $10.1B |
| Capital spending | $6.3B |
| Free cash flow | $3.8B |
| Cash | $1.3B |
| Long-term debt | $68.3B |
| Total assets | $141.3B |
| Total equity | $49.0B |
| Equity ÷ assets | 34.7% |
| Return on equity | 11.6% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Piotroski F: 5 of 9 (middling)
- Health Harbor boat: Sound ship · one warning sign · slow and jumpy: growing slower than its size class, with revenue that swings more
- Cash Compass: Fading · slow and jumpy, lagging its peers

## Edgarette's reading

Exposure: revenue $85.5B (FY2025), total debt $68.3B. Experience: revenue up 3.5% on the year, up 6.1% a year over 4 years; operating margin 10.6%, down from 11.1%. Soundness: equity 34.7% of assets, return on equity 11.6%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $69.5B and $99.4B next year (method v4.1: its own 4-year record of growth weighed at 50% against $10B+ filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $59.4B to $114.7B. A statistical range, not company guidance. Against peers (13 filers, $50M+ revenue, natural gas transmission): operating margin 10.6% against a 27.9% median; growth 3.5% against 12.2%.

Range logged 2026-09-26, receipt e8af63e0f270a720, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 3.01 Exchange listing notice or transfer: 1, latest 2026-09-10 ([filing](https://www.sec.gov/Archives/edgar/data/1276187/000127618726000044/0001276187-26-000044-index.htm))
- Item 5.02 Director or officer change: 1, latest 2026-06-03 ([filing](https://www.sec.gov/Archives/edgar/data/1276187/000127618726000030/0001276187-26-000030-index.htm))

## Recent filings

- 8-K · filed 2026-11-03 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1276187/000127618726000066/0001276187-26-000066-index.htm)
- 8-K · filed 2026-09-10 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1276187/000127618726000044/0001276187-26-000044-index.htm)
- 10-Q · filed 2026-08-06 · [filing](https://www.sec.gov/Archives/edgar/data/1276187/000127618726000038/0001276187-26-000038-index.htm)
- 8-K · filed 2026-08-04 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1276187/000127618726000033/0001276187-26-000033-index.htm)
- 8-K · filed 2026-07-21 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1276187/000119312526309155/0001193125-26-309155-index.htm)
- 8-K · filed 2026-07-08 · 1.01 Entry into a Material Definitive Agreement; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1276187/000119312526298149/0001193125-26-298149-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001276187.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1276187

## Cite

POPS4, Edgar & Edgarette: ENERGY TRANSFER LP (ET) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/ET. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.