Energy Transfer Boosts 2026 EBITDA Guidance on Strong Q1 Performance — Energy Transfer LP

Event summary

Energy Transfer reported Q1 2026 net income of $1.25 billion, down from $1.32 billion in Q1 2025, but Adjusted EBITDA rose 20% to $4.94 billion.
Distributable Cash Flow attributable to partners increased 17% year-over-year to $2.70 billion.
The company raised its full-year 2026 Adjusted EBITDA guidance to $18.2 billion–$18.6 billion, up from $17.45 billion–$17.85 billion.
Growth capital expenditures for 2026 are expected to range from $5.5 billion to $5.9 billion.
Key operational highlights include record volumes in NGL and refined products terminals, NGL exports, and crude oil transportation.

The big picture

Energy Transfer's Q1 2026 results reflect strong operational performance and strategic investments in infrastructure, particularly in NGL and crude oil transportation. The company's raised EBITDA guidance underscores its confidence in sustained demand for midstream services, despite a slight dip in net income. The focus on growth capital expenditures highlights Energy Transfer's commitment to expanding its asset base to capture long-term market opportunities.

What we're watching

Infrastructure Expansion: The pace at which Energy Transfer can execute on its $5.5 billion–$5.9 billion growth capital plan will determine its ability to meet updated EBITDA guidance.
Market Demand: Whether the company can sustain record volumes in NGL exports and crude oil transportation amid potential market volatility.
Financial Flexibility: How Energy Transfer's $3.45 billion available borrowing capacity will support its growth initiatives and debt management.