Cash Flow Statement

Operating Cash Flow

+12%

+38%

10Y

Currency: USD

	Aug-2005	Nov-2005	Feb-2006	May-2006	Aug-2006	Nov-2006	Feb-2007	May-2007	Aug-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	147	186	158	121	107	99	222	267	319	381	408	486	619	680	692	667	516	698	622	460	421	337	332	459	525	528	1 290	1 258	1 164	1 274	635	898	1 288	315	441	603	717	1 124	897	1 169	937	1 093	1 208	860	663	0	(17)	(320)	397	2 366	2 536	3 048	3 681	3 420	4 111	4 686	4 456	4 825	2 681	2 145	583	140	4 745	4 981	6 289	6 687	4 533	5 247	5 662	5 868	5 828	5 439	5 164	5 294	5 539	6 298	6 685	6 565	6 593	6 059	5 917	5 708
Depreciation & Amortization	107	137	118	121	130	137	153	172	191	230	168	183	201	274	288	302	313	325	336	355	390	406	459	509	528	586	601	658	731	871	1 029	1 141	1 262	1 313	1 374	1 506	1 599	1 724	1 844	1 908	2 007	2 079	2 148	2 120	2 144	2 216	2 282	2 403	2 497	2 554	2 591	2 678	2 786	2 859	2 968	3 059	3 093	3 147	3 240	3 391	3 519	3 678	3 765	3 769	3 800	3 817	3 891	3 997	4 084	4 164	4 195	4 210	4 287	4 385	4 580	4 732	4 949	5 165	5 278	5 449	5 565	5 682
Change in Deffered Taxes	(2)	4	0	2	(7)	(7)	0	(11)	(7)	(7)	(5)	(3)	(6)	(8)	(4)	0	(1)	8	3	0	0	4	0	0	4	1	(1)	5	38	51	56	115	258	43	(69)	(139)	(267)	(50)	79	141	49	242	176	88	70	(177)	(94)	(41)	(102)	(1 871)	(1 920)	(1 859)	(1 806)	(7)	103	60	183	217	161	204	185	210	234	218	250	141	107	115	100	187	208	214	216	203	217	124	181	276	193	228	179	178
Stock-Based Compensation	0	0	0	0	60	0	0	0	0	0	8	12	14	26	25	29	33	26	26	26	27	31	35	38	42	42	43	43	42	47	51	50	56	61	65	74	78	82	85	90	90	91	69	66	69	70	96	94	100	99	95	107	105	105	111	108	108	113	106	118	121	121	127	113	109	111	119	117	118	115	116	118	126	130	139	142	144	151	142	145	148	148
Other Non-Cash Items	(57)	(24)	123	216	181	79	(12)	(33)	3	100	(97)	(18)	(16)	66	146	75	97	44	72	134	43	81	116	67	144	105	(836)	(801)	(565)	(567)	306	317	33	897	779	572	677	608	782	793	1 003	818	816	757	719	1 555	1 605	2 136	1 818	1 708	1 370	1 041	1 131	516	865	824	877	258	1 861	1 739	3 308	3 286	1 540	1 645	67	2	184	244	273	334	181	234	38	124	20	(525)	(160)	(304)	(222)	320	49	557
Cash Taxes Paid	8	11	11	36	38	38	41	17	9	15	3	12	11	5	6	10	11	15	6	0	0	9	0	0	0	27	0	0	0	23	0	0	0	58	0	0	0	345	0	0	0	72	0	0	0	(229)	0	0	0	50	0	0	0	508	0	0	0	31	0	0	0	(64)	0	0	0	41	0	0	0	54	0	0	0	103	0	0	0	206	0	0	0	103
Cash Interest Paid	91	0	108	182	160	193	255	260	284	329	281	264	274	331	346	337	399	441	461	0	0	547	685	896	1 037	728	758	795	0	997	1 536	1 605	1 941	1 256	1 272	1 317	1 256	1 416	0	0	0	1 800	0	0	0	1 922	0	0	0	1 914	0	0	0	1 870	0	0	0	1 932	0	0	0	2 092	0	0	0	2 188	0	0	0	2 167	0	0	0	2 298	0	0	0	2 884	0	0	0	3 136
Change in Working Capital	(157)	(336)	(138)	(264)	(100)	130	66	144	248	111	91	216	110	132	179	44	31	(352)	(248)	(78)	69	260	61	(55)	63	158	46	(16)	(196)	(551)	(697)	(691)	(813)	(149)	393	645	353	(231)	(681)	(1 618)	(1 182)	(1 164)	(870)	(342)	(273)	(174)	(450)	(694)	(44)	(197)	757	755	47	245	(864)	(397)	(436)	(391)	126	(158)	(50)	47	404	749	923	515	(338)	(877)	(667)	(1 502)	(381)	116	(108)	(451)	(379)	(918)	(1 443)	(196)	(1 191)	(913)	(869)	(1 976)
Cash from Operating Activities	38 N/A	(32) N/A	258 N/A	190 -26%	311 +63%	432 +39%	422 -2%	541 +28%	755 +39%	816 +8%	565 -31%	864 +53%	909 +5%	1 144 +26%	1 302 +14%	1 088 -16%	956 -12%	724 -24%	786 +9%	872 +11%	930 +7%	1 088 +17%	971 -11%	984 +1%	1 263 +28%	1 378 +9%	1 099 -20%	1 105 +1%	1 172 +6%	1 078 -8%	1 329 +23%	1 780 +34%	2 028 +14%	2 419 +19%	2 918 +21%	3 187 +9%	3 079 -3%	3 175 +3%	2 921 -8%	2 393 -18%	2 814 +18%	3 068 +9%	3 478 +13%	3 483 +0%	3 323 -5%	3 420 +3%	3 326 -3%	3 484 +5%	4 566 +31%	4 560 0%	5 334 +17%	5 663 +6%	5 839 +3%	7 033 +20%	7 183 +2%	8 232 +15%	8 173 -1%	8 056 -1%	8 069 +0%	7 321 -9%	7 545 +3%	7 361 -2%	10 688 +45%	11 362 +6%	11 329 0%	11 162 -1%	8 377 -25%	8 726 +4%	9 452 +8%	9 051 -4%	10 031 +11%	10 213 +2%	9 597 -6%	9 555 0%	9 977 +4%	9 711 -3%	10 212 +5%	11 506 +13%	10 651 -7%	11 143 +5%	10 841 -3%	10 149 -6%
Investing Cash Flow
Capital Expenditures	(197)	(240)	(376)	(588)	(680)	(830)	(968)	(969)	(1 097)	(1 507)	(1 036)	(1 276)	(1 508)	(2 055)	(1 836)	(1 589)	(1 251)	(749)	(605)	(865)	(1 170)	(1 510)	(1 670)	(1 675)	(1 617)	(1 810)	(2 125)	(2 310)	(2 817)	(3 271)	(3 437)	(3 481)	(3 536)	(3 505)	(3 686)	(4 138)	(4 715)	(5 381)	(6 597)	(7 425)	(8 355)	(9 386)	(9 176)	(8 928)	(8 575)	(7 771)	(7 231)	(6 927)	(8 020)	(8 444)	(8 773)	(9 104)	(7 493)	(7 407)	(6 820)	(6 686)	(6 413)	(5 960)	(6 431)	(6 034)	(5 809)	(5 130)	(4 207)	(3 667)	(3 146)	(2 822)	(2 876)	(2 851)	(3 269)	(3 381)	(3 482)	(3 652)	(3 318)	(3 134)	(3 076)	(3 011)	(3 396)	(4 164)	(4 593)	(5 441)	(5 652)	(6 303)
Other Items	(935)	(876)	169	(26)	(564)	(1 535)	(1 576)	(1 606)	(1 061)	(431)	30	58	68	39	(155)	(390)	(551)	(597)	(623)	(391)	(347)	(320)	(184)	(2 114)	(2 151)	(2 064)	(3 615)	(1 553)	(1 334)	(925)	698	584	2 120	1 158	1 238	1 557	(1 373)	(1 414)	(1 982)	(2 375)	(1 026)	(708)	(275)	(268)	(802)	(1 694)	(88)	(362)	156	2 800	4 438	5 129	5 135	3 539	341	(194)	(322)	(974)	(962)	(721)	(563)	232	231	203	202	47	(535)	(549)	(676)	(641)	(72)	(1 107)	(988)	(1 191)	(1 642)	226	(2 003)	(1 740)	(1 313)	(2 211)	(244)	(2 070)
Cash from Investing Activities	(1 131) N/A	(1 116) +1%	(207) +81%	(615) -197%	(1 244) -102%	(2 365) -90%	(2 544) -8%	(2 575) -1%	(2 158) +16%	(1 939) +10%	(1 006) +48%	(1 218) -21%	(1 440) -18%	(2 016) -40%	(1 990) +1%	(1 979) +1%	(1 802) +9%	(1 346) +25%	(1 228) +9%	(1 256) -2%	(1 518) -21%	(1 830) -21%	(1 854) -1%	(3 788) -104%	(3 768) +1%	(3 874) -3%	(5 741) -48%	(3 862) +33%	(4 151) -7%	(4 196) -1%	(2 739) +35%	(2 897) -6%	(1 416) +51%	(2 347) -66%	(2 448) -4%	(2 581) -5%	(6 088) -136%	(6 795) -12%	(8 579) -26%	(9 800) -14%	(9 381) +4%	(10 094) -8%	(9 451) +6%	(9 196) +3%	(9 377) -2%	(9 465) -1%	(7 319) +23%	(7 289) +0%	(7 864) -8%	(5 644) +28%	(4 335) +23%	(3 975) +8%	(2 358) +41%	(3 868) -64%	(6 479) -68%	(6 880) -6%	(6 735) +2%	(6 934) -3%	(7 393) -7%	(6 755) +9%	(6 372) +6%	(4 898) +23%	(3 976) +19%	(3 464) +13%	(2 944) +15%	(2 775) +6%	(3 411) -23%	(3 400) +0%	(3 945) -16%	(4 022) -2%	(3 554) +12%	(4 759) -34%	(4 306) +10%	(4 325) 0%	(4 718) -9%	(2 785) +41%	(5 399) -94%	(5 904) -9%	(5 906) 0%	(7 652) -30%	(5 896) +23%	(8 373) -42%
Financing Cash Flow
Net Issuance of Common Stock	508	0	501	500	105	0	(26)	135	372	607	195	35	373	373	564	917	579	936	1 215	932	1 844	1 552	1 105	1 952	1 068	1 903	2 231	1 319	1 984	1 103	910	1 591	1 129	1 419	1 036	191	1 190	2 057	3 105	3 886	2 666	2 825	2 632	2 421	3 432	2 559	2 709	2 461	2 612	3 750	2 932	3 703	2 979	1 378	1 382	1 228	779	755	2 335	1 555	1 555	1 580	0	889	889	858	0	(31)	(31)	0	0	0	0	0	(932)	(3 466)	(3 466)	(3 466)	0	(500)	973	973
Net Issuance of Debt	1 232	1 304	130	622	929	1 984	2 411	2 225	1 383	864	614	791	1 317	1 315	941	820	519	522	399	339	(205)	311	707	2 189	2 816	1 998	4 078	3 079	2 636	4 022	2 647	1 917	1 414	983	1 238	2 284	4 356	4 489	6 089	6 595	6 471	6 627	5 162	4 959	3 669	1 658	(747)	(448)	129	85	(752)	(1 643)	(2 309)	53	2 529	1 928	2 128	2 482	1 156	2 150	1 962	307	(2 657)	(5 079)	(6 048)	(6 051)	(2 093)	(1 892)	(1 764)	(843)	(2 096)	41	684	714	3 621	3 455	5 135	4 741	2 929	3 157	3 911	4 818
Cash Paid for Dividends	(672)	0	(34)	(71)	(101)	(141)	(181)	(224)	(277)	(324)	(286)	(465)	(569)	(756)	(834)	(788)	(817)	(852)	(886)	(910)	(976)	(1 051)	(1 116)	(1 201)	(1 258)	(1 305)	(1 365)	(1 445)	(1 524)	(1 683)	(1 835)	(1 965)	(2 098)	(2 161)	(2 241)	(2 371)	(2 522)	(2 726)	(2 943)	(3 114)	(3 273)	(3 425)	(3 573)	(2 323)	(1 703)	(3 788)	(3 082)	(3 749)	(3 760)	(3 971)	(3 986)	(4 002)	(4 117)	(3 141)	(3 675)	(4 158)	(4 543)	(1 650)	(1 632)	(1 709)	(1 747)	(2 851)	(2 475)	(2 141)	(1 837)	(1 898)	(2 100)	(2 343)	(2 633)	(3 047)	(3 440)	(3 799)	(4 053)	(4 248)	(4 375)	(4 486)	(4 557)	(4 623)	(4 628)	(4 644)	(4 694)	(4 725)
Other	(24)	(688)	(647)	(622)	(6)	196	(26)	(24)	(23)	(216)	(21)	(23)	(21)	(25)	(6)	(12)	(12)	(8)	(7)	(6)	(37)	(52)	(54)	(71)	(42)	(60)	(151)	(126)	(113)	(78)	9	(23)	(52)	(95)	(107)	(97)	(84)	57	260	429	614	758	696	(482)	120	5 498	4 680	5 456	4 330	1 089	1 001	394	(111)	(1 372)	(958)	(424)	11	(2 837)	(2 868)	(2 852)	(2 879)	(1 423)	(1 421)	(1 440)	(1 351)	(1 327)	(875)	(989)	(1 066)	(1 218)	(1 722)	(1 719)	(1 734)	(1 792)	(1 957)	(2 109)	(2 140)	(2 103)	(2 005)	(1 912)	(1 860)	(1 882)
Cash from Financing Activities	1 044 N/A	1 124 +8%	(51) N/A	430 N/A	926 +116%	2 143 +131%	2 178 +2%	2 111 -3%	1 455 -31%	931 -36%	502 -46%	339 -33%	1 100 +225%	907 -18%	664 -27%	936 +41%	269 -71%	599 +122%	720 +20%	354 -51%	626 +77%	760 +21%	642 -16%	2 868 +347%	2 585 -10%	2 536 -2%	4 792 +89%	2 828 -41%	2 984 +6%	3 364 +13%	1 731 -49%	1 520 -12%	393 -74%	146 -63%	(74) N/A	7 N/A	2 940 +41 900%	3 877 +32%	6 511 +68%	7 796 +20%	6 478 -17%	6 785 +5%	4 917 -28%	4 575 -7%	5 518 +21%	5 927 +7%	3 560 -40%	3 720 +4%	3 311 -11%	953 -71%	(805) N/A	(1 548) -92%	(3 558) -130%	(3 082) +13%	(722) +77%	(1 426) -98%	(1 625) -14%	(1 250) +23%	(1 009) +19%	(856) +15%	(1 109) -30%	(2 387) -115%	(6 553) -175%	(7 771) -19%	(8 347) -7%	(8 418) -1%	(4 210) +50%	(5 255) -25%	(5 494) -5%	(5 108) +7%	(7 258) -42%	(5 477) +25%	(5 103) +7%	(5 326) -4%	(3 643) +32%	(6 606) -81%	(5 028) +24%	(5 451) -8%	(6 238) -14%	(3 899) +37%	(1 670) +57%	(816) +51%
Change in Cash
Net Change in Cash	(49) N/A	(25) +50%	1 N/A	5 +771%	(7) N/A	210 N/A	56 -73%	78 +39%	51 -34%	(192) N/A	61 N/A	(15) N/A	570 N/A	35 -94%	(24) N/A	45 N/A	(576) N/A	(24) +96%	278 N/A	(30) N/A	38 N/A	18 -53%	(241) N/A	64 N/A	80 +24%	40 -50%	150 +276%	70 -54%	5 -93%	246 +5 308%	321 +30%	403 +26%	1 005 +149%	218 -78%	396 +82%	613 +55%	(69) N/A	257 N/A	853 +232%	389 -54%	(89) N/A	(241) -171%	(1 056) -338%	(1 138) -8%	(536) +53%	(118) +78%	(433) -267%	(85) +80%	13 N/A	(131) N/A	194 N/A	140 -28%	(77) N/A	83 N/A	(18) N/A	(74) -311%	(187) -153%	(128) +32%	(333) -160%	(290) +13%	64 N/A	76 +19%	159 +109%	127 -20%	38 -70%	(31) N/A	756 N/A	71 -91%	13 -82%	(79) N/A	(781) -889%	(23) +97%	188 N/A	(96) N/A	1 616 N/A	320 -80%	(215) N/A	151 N/A	(1 493) N/A	(408) +73%	3 275 N/A	960 -71%
Free Cash Flow
Free Cash Flow	(158) N/A	(273) -72%	(118) +57%	(398) -237%	(369) +7%	(398) -8%	(546) -37%	(428) +22%	(342) +20%	(692) -102%	(471) +32%	(412) +13%	(599) -45%	(911) -52%	(534) +41%	(501) +6%	(294) +41%	(25) +91%	181 N/A	6 -96%	(241) N/A	(422) -75%	(699) -66%	(690) +1%	(354) +49%	(432) -22%	(1 027) -138%	(1 205) -17%	(1 645) -36%	(2 193) -33%	(2 108) +4%	(1 701) +19%	(1 508) +11%	(1 086) +28%	(768) +29%	(951) -24%	(1 636) -72%	(2 206) -35%	(3 676) -67%	(5 032) -37%	(5 541) -10%	(6 318) -14%	(5 698) +10%	(5 445) +4%	(5 252) +4%	(4 351) +17%	(3 905) +10%	(3 443) +12%	(3 454) 0%	(3 884) -12%	(3 439) +11%	(3 441) 0%	(1 654) +52%	(374) +77%	363 N/A	1 546 +326%	1 760 +14%	2 096 +19%	1 638 -22%	1 287 -21%	1 736 +35%	2 231 +29%	6 481 +190%	7 695 +19%	8 183 +6%	8 340 +2%	5 501 -34%	5 875 +7%	6 183 +5%	5 670 -8%	6 549 +16%	6 561 +0%	6 279 -4%	6 421 +2%	6 901 +7%	6 700 -3%	6 816 +2%	7 342 +8%	6 058 -17%	5 702 -6%	5 189 -9%	3 846 -26%

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Energy Transfer LP
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Cash Flow Statement

Cash Flow Statement
Energy Transfer LP

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Energy Transfer LP NYSE:ET

Cash Flow Statement

Cash Flow Statement Energy Transfer LP

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Cash Flow Statement
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