Energy Transfer LP annual operating margin
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2025
Energy Transfer LP Operating Margin Growth & History (ET)
Energy Transfer LP's operating margin was 10.55% for fiscal 2025.
View full Energy Transfer LP company overviewEnergy Transfer LP annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 10.55% | −0.50 pp |
| 2024 | 2024-12-31 | 11.05% | +0.50 pp |
| 2023 | 2023-12-31 | 10.56% | +1.95 pp |
| 2022 | 2022-12-31 | 8.61% | −4.43 pp |
| 2021 | 2021-12-31 | 13.04% | +5.39 pp |
| 2020 | 2020-12-31 | 7.65% | −5.64 pp |
| 2019 | 2019-12-31 | 13.29% | +3.30 pp |
| 2018 | 2018-12-31 | 9.99% | +3.27 pp |
| 2017 | 2017-12-31 | 6.71% | +0.89 pp |
| 2016 | 2016-12-31 | 5.82% | −0.51 pp |
| 2015 | 2015-12-31 | 6.34% | +1.90 pp |
| 2014 | 2014-12-31 | 4.44% | +1.23 pp |
| 2013 | 2013-12-31 | 3.21% | −4.81 pp |
| 2012 | 2012-12-31 | 8.02% | −7.09 pp |
| 2011 | 2011-12-31 | 15.10% | −0.82 pp |
| 2010 | 2010-12-31 | 15.92% | −4.57 pp |
| 2009 | 2009-12-31 | 20.50% | +8.67 pp |
| 2008 | 2008-12-31 | 11.82% | — |
Energy Transfer LP quarterly operating margin
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| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 10.41% | −1.59 pp |
| Q1 2026 | 2026-03-31 | 10.74% | −1.11 pp |
| Q4 2025 | 2025-12-31 | 8.20% | −3.46 pp |
| Q3 2025 | 2025-09-30 | 10.78% | +0.28 pp |
| Q2 2025 | 2025-06-30 | 12.00% | +0.91 pp |
| Q1 2025 | 2025-03-31 | 11.85% | +0.85 pp |
| Q4 2024 | 2024-12-31 | 11.66% | +1.12 pp |
| Q3 2024 | 2024-09-30 | 10.50% | −0.27 pp |
| Q2 2024 | 2024-06-30 | 11.09% | +1.07 pp |
| Q1 2024 | 2024-03-31 | 11.00% | +0.15 pp |
| Q4 2023 | 2023-12-31 | 10.54% | +1.74 pp |
| Q3 2023 | 2023-09-30 | 10.77% | +2.17 pp |
| Q2 2023 | 2023-06-30 | 10.02% | +1.87 pp |
| Q1 2023 | 2023-03-31 | 10.86% | +1.85 pp |
| Q4 2022 | 2022-12-31 | 8.81% | −0.24 pp |
| Q3 2022 | 2022-09-30 | 8.60% | −0.02 pp |
| Q2 2022 | 2022-06-30 | 8.14% | −2.43 pp |
| Q1 2022 | 2022-03-31 | 9.01% | −14.93 pp |
| Q4 2021 | 2021-12-31 | 9.05% | −4.29 pp |
| Q3 2021 | 2021-09-30 | 8.62% | +6.17 pp |
| Q2 2021 | 2021-06-30 | 10.58% | −7.63 pp |
| Q1 2021 | 2021-03-31 | 23.94% | +23.42 pp |
| Q4 2020 | 2020-12-31 | 13.34% | +27.02 pp |
| Q3 2020 | 2020-09-30 | 2.45% | −11.30 pp |
| Q2 2020 | 2020-06-30 | 18.21% | +5.09 pp |
| Q1 2020 | 2020-03-31 | 0.52% | −40.65 pp |
| Q4 2019 | 2019-12-31 | −13.67% | −24.53 pp |
| Q3 2019 | 2019-09-30 | 13.75% | +2.02 pp |
| Q2 2019 | 2019-06-30 | 13.12% | +5.14 pp |
| Q1 2019 | 2019-03-31 | 41.18% | +31.92 pp |
| Q4 2018 | 2018-12-31 | 10.86% | +8.33 pp |
| Q3 2018 | 2018-09-30 | 11.73% | +2.41 pp |
| Q2 2018 | 2018-06-30 | 7.98% | +0.09 pp |
| Q1 2018 | 2018-03-31 | 9.26% | +1.42 pp |
| Q4 2017 | 2017-12-31 | 2.53% | +5.89 pp |
| Q3 2017 | 2017-09-30 | 9.32% | +0.94 pp |
| Q2 2017 | 2017-06-30 | 7.88% | −2.97 pp |
| Q1 2017 | 2017-03-31 | 7.84% | −1.27 pp |
| Q4 2016 | 2016-12-31 | −3.35% | −6.89 pp |
| Q3 2016 | 2016-09-30 | 8.38% | +2.26 pp |
| Q2 2016 | 2016-06-30 | 10.86% | +3.13 pp |
| Q1 2016 | 2016-03-31 | 9.11% | +3.17 pp |
| Q4 2015 | 2015-12-31 | 3.54% | +2.31 pp |
| Q3 2015 | 2015-09-30 | 6.12% | +0.64 pp |
| Q2 2015 | 2015-06-30 | 7.73% | +2.26 pp |
| Q1 2015 | 2015-03-31 | 5.94% | +0.52 pp |
| Q4 2014 | 2014-12-31 | 1.22% | +2.44 pp |
| Q3 2014 | 2014-09-30 | 5.48% | +1.25 pp |
| Q2 2014 | 2014-06-30 | 5.47% | +0.13 pp |
| Q1 2014 | 2014-03-31 | 5.43% | +0.68 pp |
| Q4 2013 | 2013-12-31 | −1.21% | −5.21 pp |
| Q3 2013 | 2013-09-30 | 4.24% | −12.83 pp |
| Q2 2013 | 2013-06-30 | 5.34% | −14.11 pp |
| Q1 2013 | 2013-03-31 | 4.75% | −6.27 pp |
| Q4 2012 | 2012-12-31 | 4.00% | −11.91 pp |
| Q3 2012 | 2012-09-30 | 17.06% | +4.03 pp |
| Q2 2012 | 2012-06-30 | 19.45% | +6.25 pp |
| Q1 2012 | 2012-03-31 | 11.02% | −7.29 pp |
| Q4 2011 | 2011-12-31 | 15.90% | −2.77 pp |
| Q3 2011 | 2011-09-30 | 13.03% | +0.30 pp |
| Q2 2011 | 2011-06-30 | 13.19% | +0.04 pp |
| Q1 2011 | 2011-03-31 | 18.31% | +0.21 pp |
| Q4 2010 | 2010-12-31 | 18.67% | +3.32 pp |
| Q3 2010 | 2010-09-30 | 12.73% | −5.95 pp |
| Q2 2010 | 2010-06-30 | 13.16% | — |
| Q1 2010 | 2010-03-31 | 18.11% | — |
| Q3 2009 | 2009-09-30 | 15.36% | — |
| Q2 2009 | 2009-06-30 | 18.67% | — |
Energy Transfer LP operating margin trends
Over the last five reported fiscal years, Energy Transfer LP's operating margin increased from 7.65% to 10.55%, a change of +2.90 percentage points. The latest reported quarter, Q2 2026, shows 10.41%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Energy Transfer LP filings at SEC.gov ↗