For the year ending 2025-12-31, ET had $960M increase in cash & cash equivalents over the period. $3,846M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 5,708 | 6,565 | 5,294 | 5,868 |
| Depreciation, depletion and amortization | 5,682 | 5,165 | 4,385 | 4,164 |
| Deferred income tax expense (benefit) | 178 | 276 | 203 | 187 |
| Inventory valuation adjustments | 156 | 86 | 114 | -5 |
| Non-cash compensation expense | 148 | 151 | 130 | 115 |
| Impairment losses and other | 285 | 52 | 12 | 386 |
| Other noncash income (expense) | -23 | -63 | 32 | 64 |
| Income (loss) from equity method investments | 419 | 379 | 383 | 257 |
| Impairment of investment in unconsolidated affiliates | - | - | - | 0 |
| Gain (loss) on disposition of assets | 0 | 586 | - | - |
| (gains) losses on extinguishments of debt | -34 | -12 | 2 | 0 |
| Proceeds from equity method investment, distribution | 382 | 356 | 353 | 232 |
| Distributions on unvested awards | 52 | 59 | 68 | 73 |
| Net change in operating assets and liabilities, net of effects of acquisitions and divestitures | 1,976 | 196 | 451 | 1,502 |
| Net cash provided by operating activities | 10,149 | 11,506 | 9,555 | 9,051 |
| Cash paid for acquisitions, net of cash received-Parkland Acquisition | 2,004 | - | - | - |
| Cash paid for acquisitions, net of cash received-WTGMidstream | 0 | 2,174 | - | - |
| Cash paid for acquisitions, net of cash received-Edwards Lime Gathering LLC | 0 | 84 | - | - |
| Cash acquired from acquisition | 0 | 27 | - | - |
| Cash paid for acquisitions, net of cash received-Lotus Midstream Acquisition | 0 | 0 | 930 | - |
| Cash paid for acquisitions, net of cash received-Crestwood Acquisition | 0 | 0 | 288 | - |
| Cash paid for acquisitions, net of cash received | - | 250 | 111 | 1,141 |
| Cash paid for acquisitions, net of cash received-Sunoco LPAcquisitions Of Terminals | 253 | 224 | - | - |
| Cash paid for acquisitions, net of cash received-Other Acquisitions | 4 | - | - | - |
| Capital expenditures, excluding allowance for equity funds used during construction | 6,303 | 4,164 | 3,134 | 3,381 |
| Contributions in aid of construction costs | 100 | 73 | 40 | 56 |
| Contributions to unconsolidated affiliates | 10 | 206 | 6 | 0 |
| Distributions from unconsolidated affiliates in excess of cumulative earnings | 61 | 75 | 63 | 62 |
| Proceeds from sales of other assets-Sunoco LPWest Texas Assets | 0 | 987 | - | - |
| Proceeds from sale of equity method investments | - | 0 | 0 | 302 |
| Proceeds from sales of other assets | - | - | 38 | 78 |
| Proceeds from sales of other assets-Other Assets | 30 | 24 | - | - |
| Other, net | -10 | -12 | -3 | -2 |
| Net cash used in investing activities | -8,373 | -5,904 | -4,325 | -4,022 |
| Proceeds from borrowings | 32,870 | 34,150 | 32,130 | 28,838 |
| Repayments of debt | 28,052 | 29,409 | 31,416 | 29,681 |
| Repayments of senior debt | 0 | 749 | - | - |
| Preferred units issued for cash | 1,473 | - | 0 | 0 |
| Payments for repurchase of preferred stock and preference stock-Series ASeries CSeries DAnd Series EPreferred Units | 500 | 2,645 | - | - |
| Payments for repurchase of preferred stock and preference stock-Nustar | 0 | 784 | - | - |
| Payments for repurchase of preferred stock and preference stock-Crestwood Niobrara LLC | 0 | 37 | - | - |
| Subsidiary units issued for cash | - | - | - | 0 |
| Proceeds from contributions from affiliates | 27 | 638 | - | - |
| Capital contributions from noncontrolling interests | 0 | 2 | 3 | 405 |
| Distributions to partners | 4,725 | 4,623 | 4,248 | 3,047 |
| Distributions to noncontrolling interests | 1,734 | 1,780 | 1,691 | 1,547 |
| Distributions to redeemable noncontrolling interests | 56 | 67 | 59 | 49 |
| Common units repurchased under buyback program | - | - | 0 | 0 |
| Debt issuance costs | 119 | 147 | 45 | 27 |
| Other, net | - | - | 0 | 0 |
| Net cash used in financing activities | -816 | -5,451 | -5,326 | -5,108 |
| Increase (decrease) in cash and cash equivalents | 960 | 151 | -96 | -79 |
Energy Transfer LP (ET)
Energy Transfer LP (ET)