Energy Transfer posted a strong quarter, with adjusted EBITDA of $5 billion, up 31% year over year, and distributable cash flow up 33% to $2.5 billion. Growth came from natural gas transportation, where intrastate EBITDA rose 50% to $346 million after the early completion of the Hugh Brinson Pipeline, and from NGL and refined-products EBITDA, up 16% to $1.2 billion. The company raised full-year adjusted EBITDA guidance by $850 million at the midpoint to $19.7–19.9 billion, though part of that growth came from acquisitions. Growth capital spending for 2026 was lowered to $5.4–5.6 billion, while about $7 billion is expected in 2027. Distributable cash flow of $7.8 billion through nine months covered the 6.7%-yielding distribution 2.2 times, and the company agreed to acquire Vaquero Midstream for $2.6 billion.
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