Equity Profile

ET

Energy Transfer LP

EnergyOil & Gas Storage & Transportation$71.5B

Aug5Wed

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Energy Transfer LP (ET) operates in the energy sector, focusing on the storage and transportation of oil and gas. With a market cap of $71 billion, the company plays a crucial role in the energy supply chain, which is vital for both domestic and global markets.

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and financial health, which investors closely monitor.

N/A

Revenue

Revenue figures provide insight into the company's operational performance and market demand for its services.

N/A

Wall Street expectations, options signals, track record, and call prep available with Pro.

ET Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

25%

Avg EPS Surprise

-7.59%

Avg Stock Reaction

+0.09%

Last Quarter Recap

In Q1 2026, Energy Transfer reported an EPS of $0.35, which was below the expected $0.38, resulting in a 1.54% increase in stock price the following day. The company has shown mixed performance in recent quarters, with several misses on EPS estimates.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, expectations for Energy Transfer's upcoming earnings are cautious, given its recent performance and lack of analyst estimates. Investors are likely looking for signs of recovery in profitability and revenue growth.

Bull Case

If Energy Transfer can exceed EPS expectations and show strong revenue growth, it could signal a rebound in demand for its services, leading to increased investor confidence.

Bear Case

Conversely, if the company continues to miss EPS estimates and shows weak revenue performance, it could lead to further declines in stock price and investor sentiment.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q2-2026?

Given the company's recent trend of missing EPS estimates, this figure will be critical in assessing its financial health and ability to meet investor expectations.

How has revenue changed compared to last quarter?

Revenue trends will provide insight into demand for Energy Transfer's services and overall market conditions, which are crucial for future growth.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Energy Transfer's ability to rebound from recent earnings misses, particularly if there are signs of increased demand in the energy sector.

Supporting Evidence

The options market is pricing a 5.73% move, suggesting higher volatility than the stock has historically exhibited.

The company has a history of surprising investors positively after a string of misses, which could lead to a significant upside.

Key Risk

If the EPS comes in above $0.40, it could shift the narrative and lead to a reevaluation of the company's growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will be pivotal in determining whether Energy Transfer can regain investor confidence after a series of earnings misses.

Bull Confirmed If

An EPS of $0.40 or higher would indicate a strong recovery in profitability.

Bear Confirmed If

An EPS below $0.30 would confirm ongoing struggles and could lead to further stock declines.

Pre-Earnings Positioning

Options Market

Implied Move

±5.73%

Historical Avg

±1.8%

Pricing rich

The options market is pricing in a significant move of approximately 5.73%, indicating uncertainty about the upcoming earnings report.

Options are pricing ±5.7% while ET has averaged ±1.8% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.2%

30d HV

21.5%

Calls (1.5M)P/C Ratio: 0.07Puts (697K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich setup in Energy

n=30

Fade rate: 17 of 29 (59%)

This setup has occurred 30 times across Energy in the last 2 years. 17 of 29 faded and 12 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 3.5%, with a raw directional average of -0.0% (roughly flat historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Energy Transfer beats expectations, history suggests the stock could rise by around 0.49% on the following day, confirming a positive turnaround.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await further clarity from management commentary.

Miss

If the company misses expectations again, history suggests a potential decline of about 0.15% in stock price, reinforcing negative sentiment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on demand trends in the oil and gas sector.
2Management's outlook on future revenue growth and profitability.
3Details on cost management strategies and their impact on margins.
4Insights into any new projects or expansions that could drive future growth.
5Responses to analyst questions regarding recent performance and market conditions.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and financial health, which investors closely monitor.

N/A

Revenue

Revenue figures provide insight into the company's operational performance and market demand for its services.

N/A

Wall Street expectations, options signals, track record, and call prep available with Pro.

ET Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

25%

Avg EPS Surprise

-7.59%

Avg Stock Reaction

+0.09%

Last Quarter Recap

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If Energy Transfer can exceed EPS expectations and show strong revenue growth, it could signal a rebound in demand for its services, leading to increased investor confidence.

Bear Case

Conversely, if the company continues to miss EPS estimates and shows weak revenue performance, it could lead to further declines in stock price and investor sentiment.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q2-2026?

Given the company's recent trend of missing EPS estimates, this figure will be critical in assessing its financial health and ability to meet investor expectations.

How has revenue changed compared to last quarter?

Revenue trends will provide insight into demand for Energy Transfer's services and overall market conditions, which are crucial for future growth.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Energy Transfer's ability to rebound from recent earnings misses, particularly if there are signs of increased demand in the energy sector.

Supporting Evidence

The options market is pricing a 5.73% move, suggesting higher volatility than the stock has historically exhibited.

The company has a history of surprising investors positively after a string of misses, which could lead to a significant upside.

Key Risk

If the EPS comes in above $0.40, it could shift the narrative and lead to a reevaluation of the company's growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will be pivotal in determining whether Energy Transfer can regain investor confidence after a series of earnings misses.

Bull Confirmed If

An EPS of $0.40 or higher would indicate a strong recovery in profitability.

Bear Confirmed If

An EPS below $0.30 would confirm ongoing struggles and could lead to further stock declines.

Pre-Earnings Positioning

Options Market

Implied Move

±5.73%

Historical Avg

±1.8%

Pricing rich

The options market is pricing in a significant move of approximately 5.73%, indicating uncertainty about the upcoming earnings report.

Options are pricing ±5.7% while ET has averaged ±1.8% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.2%

30d HV

21.5%

Calls (1.5M)P/C Ratio: 0.07Puts (697K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich setup in Energy

n=30

Fade rate: 17 of 29 (59%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Energy Transfer beats expectations, history suggests the stock could rise by around 0.49% on the following day, confirming a positive turnaround.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await further clarity from management commentary.

Miss

If the company misses expectations again, history suggests a potential decline of about 0.15% in stock price, reinforcing negative sentiment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on demand trends in the oil and gas sector.
2Management's outlook on future revenue growth and profitability.
3Details on cost management strategies and their impact on margins.
4Insights into any new projects or expansions that could drive future growth.
5Responses to analyst questions regarding recent performance and market conditions.