Flagship explainer

How ENERGY TRANSFER LP makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$85.5B · 100%Cost of revenue$63.5B · 74%Gross profit$22.0B · 26%Operating income$9.0B · 11%Income before tax$4.8B · 6%Income tax$350M · 0%Net income$4.4B · 5%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$85.5B100%
Cost of revenue$63.5B74%
$22.0B26%
$9.0B11%
Income before tax$4.8B6%
Income tax$350M0%
$4.4B5%
Source: · event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set
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