Energy Transfer Q4 adj EBITDA $4.18B (+8%), net income $928M; raises 2026 guidance

Energy Transfer LP

Net income $928M ($0.25/unit basic) vs $1.08B year ago; adj EBITDA $4.18B up 8% YoY; DCF $2.04B.
Q4 distribution increased to $0.3350/unit ($1.34 annualized), up >3% YoY.
2026 adj EBITDA guidance raised to $17.45-17.85B (prev $17.3-17.7B) due to USAC J-W Power acquisition.
Major project updates: Mustang Draw II (275 MMcf/d plant), FGT expansions (~$645M ET share), Desert Southwest pipeline ($5.6B, 2.3 Bcf/d).
Suspended Lake Charles LNG development; signed 20-yr gas transport agreements with Entergy Louisiana and Oracle data centers (900 MMcf/d).

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