Using the latest TTM figures, Energy Transfer shows a gross margin of 21.3%, an operating margin of 9.2%, an EBITDA margin of 12.9%, and a net margin of 4.4%. Gross margin had the largest decline, falling by 5.7 percentage points, while the other available margins also weakened.
ET margin history
Over the last 3 years, Energy Transfer recorded average margins of 24.45% gross, 10.71% operating, 15.57% EBITDA, and 5.33% net. The current gross, operating, EBITDA, and net margins are all below their three-year averages.
ET margin expansion
The strongest decline was in gross margin, which fell by 5.7 percentage points. The other available margins also declined.
ET Gross margin
Energy Transfer recorded an average gross margin of 24.45% across the last 3 years. The current gross margin stands at 21.3%, 3.2 percentage points below its three-year average. Gross margin was highest at 27% in Sep 2025 and lowest at 21.3% in Sep 2026.
ET Operating margin
Energy Transfer's operating margin averaged 10.71% across the past 3 years. Compared with its three-year average, Energy Transfer's current operating margin is 9.2% and is 1.5 percentage points below its three-year average. Over the last 3 years, Energy Transfer's operating margin peaked at 11.6% in Sep 2025 and reached a low of 9.2% in Sep 2026.
ET EBITDA margin
Looking back over the last 3 years, Energy Transfer recorded an average EBITDA margin of 15.57%. Energy Transfer currently reports an EBITDA margin of 12.9%, 2.7 percentage points below its three-year average. The highest EBITDA margin for Energy Transfer was 17.4% in Sep 2025, while the lowest was 12.9% in Sep 2026.
ET Net margin
Energy Transfer's net margin averaged 5.33% in the last 3 years. The current net margin stands at 4.4%, 0.9 percentage points below its three-year average. Over the last 3 years, Energy Transfer's net margin peaked at 6.1% in Sep 2024 and reached a low of 4.4% in Sep 2026.
ET margin group comparison
Energy Transfer's gross margin of 21.3% is below the Energy sector and the industry average. Compared to its Energy sector average of 42.7%, Energy Transfer's gross margin is 50% lower.
ET margin peer comparison
Frequently asked questions
What is Energy Transfer's gross margin?
For the period ending Sep 30, 2026, ET recorded a gross margin of 21.3%.
What is Energy Transfer's operating margin?
For the period ending Sep 30, 2026, ET recorded an operating margin of 9.2%.
What is Energy Transfer's EBITDA margin?
As of Sep 30, 2026, ET has an EBITDA margin of 12.9%.
What is Energy Transfer's net margin?
The current net margin for ET is 4.4% as of Sep 30, 2026.
What are the average margins of ET?
Energy Transfer's average margins over the last 3 years were 24.5% gross, 10.7% operating, 15.6% EBITDA, and 5.3% net.
What are the highest historical margins of ET?
In the last 5 years, the highest margins reported by ET were 27% gross in Sep 2025, 13% operating in Dec 2021, 17.4% EBITDA in Sep 2025, and 8.1% net in Dec 2021.
What are the lowest historical margins of ET?
Looking back across 5 years, ET reached its lowest margins at 19.4% gross in Sep 2022, 8.6% operating in Dec 2022, 12.5% EBITDA in Sep 2022, and 4.4% net in Sep 2026.