ENERGY TRANSFER LP (ET) FY2025 Annual Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-01-01 to 2025-12-31

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ENERGY TRANSFER LP cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.NET INCOME → Net cash from operating activities: $5,708,000,000.00Depreciation, depletion and amortization → Operating adjustments reconciliation: $5,682,000,000.00Proceeds from Equity Method Investment, Distribution → Operating adjustments reconciliation: $382,000,000.00Impairment losses and other → Operating adjustments reconciliation: $285,000,000.00Deferred Income Tax Expense (Benefit) → Operating adjustments reconciliation: $178,000,000.00Inventory valuation adjustments → Operating adjustments reconciliation: $156,000,000.00Non-cash compensation expense → Operating adjustments reconciliation: $148,000,000.00(Gains) losses on extinguishments of debt → Operating adjustments reconciliation: $34,000,000.00Other Noncash Income (Expense) → Operating adjustments reconciliation: $23,000,000.00Operating adjustments reconciliation → Net cash from operating activities: $4,441,000,000.00Operating adjustments reconciliation → Net change in operating assets and liabilities, net of effects of acquisitions and divestitures: $1,976,000,000.00Operating adjustments reconciliation → Income (Loss) from Equity Method Investments: $419,000,000.00Operating adjustments reconciliation → Distributions on unvested awards: $52,000,000.00Contributions in aid of construction costs → investing reconciliation: $100,000,000.00Distributions from unconsolidated affiliates in excess of cumulative earnings → investing reconciliation: $61,000,000.00Proceeds from sales of other assets - Other Assets → investing reconciliation: $30,000,000.00Other, net → investing reconciliation: $10,000,000.00investing reconciliation → Capital expenditures, excluding allowance for equity funds used during construction: $6,303,000,000.00investing reconciliation → Cash paid for acquisitions, net of cash received - Parkland Acquisition: $2,004,000,000.00investing reconciliation → Cash paid for acquisitions, net of cash received - Sunoco LP acquisitions of terminals: $253,000,000.00investing reconciliation → Contributions to unconsolidated affiliates: $10,000,000.00investing reconciliation → Cash paid for acquisitions, net of cash received - Other acquisitions: $4,000,000.00Net cash used in financing activities → financing reconciliation: $816,000,000.00Proceeds from borrowings → financing reconciliation: $32,870,000,000.00Preferred units issued for cash → financing reconciliation: $1,473,000,000.00Proceeds from Contributions from Affiliates → financing reconciliation: $27,000,000.00financing reconciliation → Repayments of debt: $28,052,000,000.00financing reconciliation → Distributions to partners: $4,725,000,000.00financing reconciliation → Distributions to noncontrolling interests: $1,734,000,000.00financing reconciliation → Payments for Repurchase of Preferred Stock and Preference Stock - Series A, Series C, Series D and Series E preferred units: $500,000,000.00financing reconciliation → Debt issuance costs: $119,000,000.00financing reconciliation → Distributions to redeemable noncontrolling interests: $56,000,000.00Net cash used in investing activities → investing reconciliation: $8,373,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $312,000,000.00Net cash from operating activities → Cash sources and uses: $10,149,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $1,272,000,000.00Cash sources and uses → Net cash used in investing activities: $8,373,000,000.00Cash sources and uses → Net cash used in financing activities: $816,000,000.00Net change in operating assets and liabilities, net of effects of acquisitions and divestitures: -$1,976,000,000.00Operating capital changes−$1.98 BImpairment losses and other: $285,000,000.00Asset impairments+$285.00 MNET INCOME: $5,708,000,000.00NET INCOME+$5.71 BDistributions on unvested awards: -$52,000,000.00Distributions on unvested awards−$52.00 MDeferred Income Tax Expense (Benefit): $178,000,000.00Deferred income taxes+$178.00 MOther Noncash Income (Expense): $23,000,000.00Other non-cash items+$23.00 MNon-cash compensation expense: $148,000,000.00Stock-based compensation+$148.00 MGain (Loss) on Disposition of Assets: $0.00Depreciation, depletion and amortization: $5,682,000,000.00Depreciation & amortization+$5.68 BProceeds from Equity Method Investment, Distribution: $382,000,000.00Equity-method distributions+$382.00 MInventory valuation adjustments: $156,000,000.00LIFO reserve effect+$156.00 MIncome (Loss) from Equity Method Investments: -$419,000,000.00Equity-method results−$419.00 M(Gains) losses on extinguishments of debt: $34,000,000.00Debt extinguishment gain & loss+$34.00 MNet cash from operating activities: $10,149,000,000.00Operating cash+$10.15 BOperating adjustments reconciliation: $6,888,000,000.00Proceeds from borrowings: $32,870,000,000.00Long-term debt issued+$32.87 BRepayments of debt: -$28,052,000,000.00Other long-term debt repaid−$28.05 BRepayments of Senior Debt: $0.00Payments for Repurchase of Preferred Stock and Preference Stock - Crestwood Niobrara LLC: $0.00Payments for Repurchase of Preferred Stock and Preference Stock - Series A, Series C, Series D and Series E preferred units: -$500,000,000.00Payments for Repurchase of Preferred Stock andPreference Stock - Series A, Series C, Series D andSeries E preferred units−$500.00 MPreferred units issued for cash: $1,473,000,000.00Preferred units issued for cash+$1.47 BProceeds from Contributions from Affiliates: $27,000,000.00Contributions from affiliates+$27.00 MCapital contributions from noncontrolling interests: $0.00Distributions to partners: -$4,725,000,000.00Distributions to unitholders−$4.73 BDistributions to noncontrolling interests: -$1,734,000,000.00Noncontrolling dividends−$1.73 BDistributions to redeemable noncontrolling interests: -$56,000,000.00Preferred dividends paid−$56.00 MDebt issuance costs: -$119,000,000.00Debt issuance costs−$119.00 MNet cash used in financing activities: -$816,000,000.00. Cash required to fund net payments.Financing cash−$816.00 Mfinancing reconciliation: $35,186,000,000.00Cash paid for acquisitions, net of cash received - Crestwood Acquisition: $0.00Cash paid for acquisitions, net of cash received - Edwards Lime Gathering, LLC: $0.00Cash paid for acquisitions, net of cash received - Lotus Midstream Acquisition: $0.00Cash paid for acquisitions, net of cash received - Other acquisitions: -$4,000,000.00Cash paid for acquisitions, net of cash received -Other acquisitions−$4.00 MCash paid for acquisitions, net of cash received - Parkland Acquisition: -$2,004,000,000.00Cash paid for acquisitions, net of cash received -Parkland Acquisition−$2.00 BCash paid for acquisitions, net of cash received - Sunoco LP acquisitions of terminals: -$253,000,000.00Cash paid for acquisitions, net of cash received -Sunoco LP acquisitions of terminals−$253.00 MCash paid for acquisitions, net of cash received - WTG Midstream: $0.00Contributions to unconsolidated affiliates: -$10,000,000.00Investments, net−$10.00 MCash Acquired from Acquisition: $0.00Distributions from unconsolidated affiliates in excess of cumulative earnings: $61,000,000.00Equity-method return of capital+$61.00 MCapital expenditures, excluding allowance for equity funds used during construction: -$6,303,000,000.00Capital expenditures−$6.30 BProceeds from sales of other assets - Sunoco LP West Texas Assets: $0.00Proceeds from sales of other assets - Other Assets: $30,000,000.00Proceeds from sales of other assets - Other Assets+$30.00 MContributions in aid of construction costs: $100,000,000.00Construction aid received+$100.00 MOther, net: $10,000,000.00Other investing, net+$10.00 MNet cash used in investing activities: -$8,373,000,000.00. Cash required to fund net payments.Investing cash−$8.37 Binvesting reconciliation: $8,574,000,000.00Cash sources and uses: $10,461,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $312,000,000.00Beginning cash$312.00 MEnding cash: Cash, cash equivalents, and restricted cash: $1,272,000,000.00Ending cash$1.27 BCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$3.85 BOperating cash − cash spent on productive assetsCash flow / Net income1.78×Operating cash flow ÷ net incomeNet cash change+$960.00 MEnding cash − beginning cash
Chart details

ENERGY TRANSFER LP cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025

Cash flows for Jan 1, 2025 through Dec 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2024. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2024
312,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
10,149,000,000 US dollars. Net cash provided.
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures
negative 1,976,000,000 US dollars
Impairment losses and other
285,000,000 US dollars
NET INCOME
5,708,000,000 US dollars
Distributions on unvested awards
negative 52,000,000 US dollars
Deferred Income Tax Expense (Benefit)
178,000,000 US dollars
Other Noncash Income (Expense)
23,000,000 US dollars
Non-cash compensation expense
148,000,000 US dollars
Gain (Loss) on Disposition of Assets
0 US dollars
Depreciation, depletion and amortization
5,682,000,000 US dollars
Proceeds from Equity Method Investment, Distribution
382,000,000 US dollars
Inventory valuation adjustments
156,000,000 US dollars
Income (Loss) from Equity Method Investments
negative 419,000,000 US dollars
(Gains) losses on extinguishments of debt
34,000,000 US dollars
Investing activities
negative 8,373,000,000 US dollars. Net cash used.
Cash paid for acquisitions, net of cash received - Crestwood Acquisition
0 US dollars
Cash paid for acquisitions, net of cash received - Edwards Lime Gathering, LLC
0 US dollars
Cash paid for acquisitions, net of cash received - Lotus Midstream Acquisition
0 US dollars
Cash paid for acquisitions, net of cash received - Other acquisitions
negative 4,000,000 US dollars
Cash paid for acquisitions, net of cash received - Parkland Acquisition
negative 2,004,000,000 US dollars
Cash paid for acquisitions, net of cash received - Sunoco LP acquisitions of terminals
negative 253,000,000 US dollars
Cash paid for acquisitions, net of cash received - WTG Midstream
0 US dollars
Contributions to unconsolidated affiliates
negative 10,000,000 US dollars
Cash Acquired from Acquisition
0 US dollars
Distributions from unconsolidated affiliates in excess of cumulative earnings
61,000,000 US dollars
Capital expenditures, excluding allowance for equity funds used during construction
negative 6,303,000,000 US dollars
Proceeds from sales of other assets - Sunoco LP West Texas Assets
0 US dollars
Proceeds from sales of other assets - Other Assets
30,000,000 US dollars
Contributions in aid of construction costs
100,000,000 US dollars
Other, net
10,000,000 US dollars
Financing activities
negative 816,000,000 US dollars. Net cash used.
Proceeds from borrowings
32,870,000,000 US dollars
Repayments of debt
negative 28,052,000,000 US dollars
Repayments of Senior Debt
0 US dollars
Payments for Repurchase of Preferred Stock and Preference Stock - Crestwood Niobrara LLC
0 US dollars
Payments for Repurchase of Preferred Stock and Preference Stock - Series A, Series C, Series D and Series E preferred units
negative 500,000,000 US dollars
Preferred units issued for cash
1,473,000,000 US dollars
Proceeds from Contributions from Affiliates
27,000,000 US dollars
Capital contributions from noncontrolling interests
0 US dollars
Distributions to partners
negative 4,725,000,000 US dollars
Distributions to noncontrolling interests
negative 1,734,000,000 US dollars
Distributions to redeemable noncontrolling interests
negative 56,000,000 US dollars
Debt issuance costs
negative 119,000,000 US dollars
Operating adjustment reconciliation
6,888,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
35,186,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
8,574,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
0 US dollars
Ending cash on Dec 31, 2025
1,272,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
10,461,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
960,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
1.78×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
10,149,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
cash spent on productive assets
6,303,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
3,846,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $4.44B after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash spent on productive assets equals free cash flow: 10,149,000,000 US dollars minus 6,303,000,000 US dollars equals 3,846,000,000 US dollars.
ENERGY TRANSFER LP (ET) FY2025 Annual Statement of Cash Flows Sankey chart
Free to share unchanged, with credit to Plicit.ai · CC BY-NC-ND 4.0Download PNG

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