Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $31.8B | $40.5B | $54.1B | $54.2B | $39.0B | $67.4B | $89.9B | $78.6B | $82.7B | $85.5B |
| Revenue growth | — | 27.5% | 33.5% | 0.2% | -28.1% | 73.1% | 33.3% | -12.6% | 5.2% | 3.5% |
| Operating income | $1.85B | $2.72B | $5.40B | $7.20B | $2.98B | $8.79B | $7.74B | $8.29B | $9.14B | $9.03B |
| Operating margin | 5.8% | 6.7% | 10.0% | 13.3% | 7.7% | 13.0% | 8.6% | 10.6% | 11.1% | 10.6% |
| Net income | $995M | $954M | $1.75B | $3.52B | -$648M | $5.47B | $4.76B | $3.94B | $4.81B | $4.43B |
| Net margin | 3.1% | 2.4% | 3.2% | 6.5% | -1.7% | 8.1% | 5.3% | 5.0% | 5.8% | 5.2% |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.32B | $4.43B | $7.51B | $8.06B | $7.36B | $11.2B | $9.05B | $9.55B | $11.5B | $10.1B |
| Capital expenditures | $7.77B | $8.44B | $7.41B | $5.96B | $5.13B | $2.82B | $3.38B | $3.13B | $4.16B | $6.30B |
| Free cash flow | -$4.45B | -$4.01B | $99.0M | $2.10B | $2.23B | $8.34B | $5.67B | $6.42B | $7.34B | $3.85B |
| Share buybacks | $0.00 | $0.00 | $0.00 | $25.0M | $0.00 | $31.0M | $0.00 | $0.00 | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $467M | $336M | $419M | $291M | $367M | $336M | $257M | $161M | $312M | $1.27B |
| Total assets | $78.9B | $86.2B | $88.4B | $99.0B | $95.1B | $106B | $106B | $114B | $125B | $141B |
| Long-term debt | $42.6B | $43.7B | $43.4B | $51.0B | $51.4B | $49.0B | $48.3B | $51.4B | $59.8B | $68.3B |
| Shareholders' equity | $22.4B | $30.1B | $31.0B | $33.9B | $31.4B | $39.3B | $40.7B | $43.9B | $46.0B | $49.0B |
Every figure is extracted from Energy Transfer LP’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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