Energy Transfer stock gets higher 2026 outlook after Q3 surge

Energy Transfer reported stronger third-quarter results on November 3, 2026, and raised its full-year outlook. The partnership's adjusted EBITDA reached 5.03 billion US dollars for the quarter ended September 30, up 31 percent from a year earlier, according to the Energy Transfer press release.

Higher volumes support performance

Distributable cash flow attributable to Energy Transfer partners, as adjusted, rose to 2.52 billion US dollars from 1.90 billion US dollars in the prior-year quarter. Intrastate transportation volumes increased 14 percent and midstream gathered volumes rose 6 percent, both reaching partnership records. NGL transportation, exports and fractionation volumes also increased year over year.

Revenue climbed to 37.10 billion US dollars from 19.95 billion US dollars. Net income attributable to partners reached 1.21 billion US dollars, compared with 1.02 billion US dollars a year earlier. Adjusted EBITDA and distributable cash flow are non-GAAP measures used by the partnership to assess operating performance.

Guidance moves higher

Energy Transfer now expects full-year adjusted EBITDA of 19.7 billion to 19.9 billion US dollars, compared with its previous range of 18.8 billion to 19.1 billion US dollars. The new midpoint is 850 million US dollars above the earlier midpoint. The revised outlook includes stronger base-business performance and approximately 285 million US dollars related to previously disputed natural gas purchases expected to be recognized in the fourth quarter. It excludes any contribution from the pending Vaquero Midstream acquisition.

The partnership expects 5.4 billion to 5.6 billion US dollars of growth capital investment in 2026 and approximately 7 billion US dollars in 2027. For investors, the higher outlook improves the near-term earnings picture, while the larger investment program increases the importance of project execution and demand growth.

Projects expand future capacity

Energy Transfer said it reached a positive final investment decision on the South Mississippi Pipeline Project, a planned 1.2 billion cubic feet per day system expected to enter service in 2030. The partnership also cited new processing, pipeline and fractionation projects as it expands its US energy infrastructure network.

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Energy Transfer's raised outlook and expanding project pipeline strengthen the growth case, but investors will continue to watch capital deployment, regulatory approvals and the timing of new infrastructure entering service.