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Call sheet · Q2'26

Energy Transfer (ET)

Q2'26 earnings call · held August 4, 2026 · compared with the Q1'26 call · management-credibility review
9/12
Disclosure score
3 medium flags
Financial quality
Bottom line
The full-year adjusted EBITDA midpoint rose $550M to $18.95B. The useful next step is to reconcile recurring contributors and the DCF bridge, rather than call the entire guidance change a quarterly beat. Oklahoma negotiations were described at 250 MMcf/d versus 400 previously, but scope and signed projects must be reconciled before inferring lost demand. Hugh Brinson has entered commercial service; full Phase 1 capability remains a separate conditional milestone.

The 30-second version

  • The guidance midpoint rises $550M
  • Oklahoma negotiations need a scope reconciliation
  • Hugh Brinson starts service; full capacity remains a next test

What changed this quarter

MetricQ1'26Q2'26Change
Adjusted EBITDA (quarter)$4.9B, vs $4.1B in Q1'25$5.1B, vs $3.9B in Q2'25Sequential +$200M, y/y growth accelerating
DCF (quarter)$2.7B, vs $2.3B Q1'25$2.6B, vs $2.0B Q2'25Sequential DECLINE despite EBITDA rising
FY26 Adj EBITDA guidance$18.2-18.6B midpoint $18.4B$18.8-19.1B midpoint $18.95BMidpoint increased $550M, from $18.4B to $18.95B
FY26 growth capex guidance$5.5-5.9B$5.6-5.9BFloor raised $100M, range narrowed to top end
H1 organic capex spendQ1 alone: $1.5BH1 total: $2.6B, implying ~$1.1B in Q2Implied H2 spend $3.0B-$3.3B, about 15%-27% above H1, on the stated comparable scope
NGL & Refined Products EBITDA$1.2B$1.3B, vs $1.0B Q2'25Sequential growth, driven by $212M premium/margin pickup
Midstream EBITDA$887M, down from $925M Q1'25$884M, up from $768M Q2'25Flat sequentially; year-over-year growth is not a guidance beat
Crude Oil EBITDA$869M$834M, vs $732M Q2'25Sequential decline of $35M
Interstate EBITDA$519M$481MSequential decline of $38M
Intrastate EBITDA$437M, incl $100M one-time winter storm$377M, incl $113M basis differential + $17M Hugh Brinson commissioningSequential decline of $60M; basis and commissioning drivers require separate recurrence analysis

Accountability tracked

9 new promises made3 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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