Energy Transfer LP

ETNYSEEnergy● Active

$19.37

$-0.03(-0.13%)

Market Cap$66.6B

P/E Ratio—

52W High$20.7

52W Low$16.18

Avg Volume15.2M

Open$19.46

Beta0.54

Free Cash Flow Financials Revenue

Energy Transfer LP (ET) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

ET · free cash flow · updated Jun 8, 2026

Core FCF metrics

ET · FCF · TTM · margin & CAGR

Free cash flow was $3.85B for FY2025 (fiscal year ending 2025-12-31), down 47.6% year-over-year The FCF margin was 4.7%. Five-year CAGR stands at +11.5%.

FY2025 Free Cash Flow$3.85B▼ -47.6% YoY

Trailing 12M (TTM)$3.65Btrailing 4 quarters sum

FCF Margin4.7%$3.85B ÷ revenue

3-Year CAGR-12.1%FY2022 → FY2025

5-Year CAGR+11.5%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

ET · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$10.15B(6.30B)$3.85B▼ 47.6%4.7%

FY2024$11.51B(4.16B)$7.34B▲ +14.3%8.9%

FY2023$9.55B(3.13B)$6.42B▲ +13.2%8.2%

FY2022$9.05B(3.38B)$5.67B▼ 32.0%6.3%

FY2021$11.16B(2.82B)$8.34B▲ +273.8%12.4%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

ET · P/FCF · FCF yield · FCF per share

Energy Transfer LP (ET) trades at a FCF yield of 5.48% and a price-to-free-cash-flow ratio of 19.4x. FCF per share stands at $1.00, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

5.48%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.00

TTM FCF ÷ Shares Outstanding

Price / FCF

x19.4

Share Price ÷ FCF per Share

EV / FCF (TTM)

x37.4

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

ET · cash flow statement · operating / investing / financing

For FY2025, Energy Transfer LP generated $10.15B in operating cash flow and spent 6.30B in capital expenditures, yielding $3.85B in free cash flow.

Operating Activities

+$10.15B

Cash from core business operations

2025-12-31

Investing Activities

−$8.37B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$816.0M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($10.15B) − |CapEx| (6.30B) = FCF ($3.85B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Energy)

ET vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Energy Transfer LPYOU

$3.85B-47.6%4.7%

16%

Exxon Mobil Corporation

Energy · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Energy Transfer LP (ET) reported free cash flow of $3.85B for FY2025 (fiscal year ending 2025-12-31), down 47.6% year-over-year. The FCF margin was 4.7%.

Based on available data, Energy Transfer LP has maintained positive free cash flow for at least 8 fiscal year(s). FCF peaked at $8.34B in FY2021. The 5-year CAGR stands at +11.5%.

Energy Transfer LP's FCF yield is 5.48% and price-to-FCF ratio is 19.4x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

ET free cash flow · 8 questions

Energy Transfer LP free cash flow was $3.85B for FY2025, down 47.6% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $3.65B.

ET free cash flowET FCFET FCF 2025ET free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Energy Transfer LP · Energy Transfer LP SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026