v3.26.1
Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity EQUITY
Energy Transfer Common Units
Changes in Energy Transfer common units during the three months ended March 31, 2026 were as follows:
Number of Units
Number of common units at December 31, 20253,440.0 
Common units issued under the distribution reinvestment plan0.7 
Common units vested under equity incentive plans and other0.4 
Number of common units at March 31, 20263,441.1 
Energy Transfer Repurchase Program
During the three months ended March 31, 2026, Energy Transfer did not repurchase any of its common units under its current buyback program. As of March 31, 2026, $880 million remained available to repurchase under the current program.
Energy Transfer Distribution Reinvestment Program
During the three months ended March 31, 2026, distributions of $12 million were reinvested under the distribution reinvestment program. As of March 31, 2026, a total of 35.7 million Energy Transfer common units remained available to be issued under currently effective registration statements in connection with the distribution reinvestment program.
Cash Distributions on Energy Transfer Common Units
Distributions declared and/or paid with respect to Energy Transfer common units subsequent to December 31, 2025 were as follows:
Quarter EndedRecord DatePayment DateRate
December 31, 2025February 6, 2026February 19, 2026$0.3350 
March 31, 2026May 8, 2026May 20, 20260.3375 
Energy Transfer Preferred Units
As of March 31, 2026 and December 31, 2025, Energy Transfer’s outstanding preferred units included 550,000 Series B Preferred Units, 1,484,780 Series G Preferred Units, 900,000 Series H Preferred Units and 41,464,179 Series I Preferred Units.
The following table summarizes changes in the Energy Transfer Preferred Units:
Preferred Unitholders
Series BSeries GSeries HSeries ITotal
Balance, December 31, 2025$556 $1,488 $893 $419 $3,356 
Distributions to partners(18)— — (9)(27)
Net income9 26 15 9 59 
Balance, March 31, 2026$547 $1,514 $908 $419 $3,388 
Preferred Unitholders
Series B
Series F (1)
Series GSeries HSeries ITotal
Balance, December 31, 2024$556 $496 $1,488 $893 $419 $3,852 
Distributions to partners(18)— — — (9)(27)
Net income9 8 26 15 9 67 
Balance, March 31, 2025$547 $504 $1,514 $908 $419 $3,892 
(1)The Partnership’s Series F Fixed Rate Reset Cumulative Redeemable Perpetual Preferred Units were redeemed in May 2025.
Cash Distributions on Energy Transfer Preferred Units
Distributions declared on the Energy Transfer Preferred Units were as follows:
Period EndedRecord DatePayment Date
Series B (2)
Series G (2)
Series H (2)
Series I (1)
December 31, 2025February 1, 2026February 15, 2026$33.125 $— $— $0.2111 
March 31, 2026May 1, 2026May 15, 2026— 35.630 32.500 0.2111 
(1)The record date and payment date shown above apply to all Energy Transfer Preferred Units, except for the Series I Preferred Units. For the period ended December 31, 2025, the cash distribution on Series I Preferred Units was paid on February 17, 2026 to unitholders of record as of the close of business on February 4, 2026. For the period ended March 31, 2026, the cash distribution on Series I Preferred Units will be paid on May 15, 2026 to unitholders of record as of the close of business on May 4, 2026.
(2)Series B, Series G and Series H distributions are currently paid on a semi-annual basis. Distributions on the Series B Preferred Units will begin to be paid quarterly on February 15, 2028.
Noncontrolling Interests
The Partnership’s consolidated financial statements include noncontrolling interests in SunocoCorp, Sunoco LP and USAC, as well as other non-wholly owned consolidated joint ventures. The following sections describe cash distributions made by our publicly traded subsidiaries, SunocoCorp, Sunoco LP and USAC, all of which are required to distribute all cash on hand (less appropriate reserves determined by the boards of directors of their respective general partners) subsequent to the end of each quarter.
SunocoCorp Cash Distributions
Distributions on SunocoCorp’s common units declared and/or paid by SunocoCorp subsequent to December 31, 2025 were as follows:
Quarter EndedPayment DateRate
December 31, 2025February 19, 2026$0.9317 
March 31, 2026May 20, 20260.9899 
Sunoco LP Cash Distributions
Distributions on Sunoco LP’s common units and Class D Units declared and/or paid by Sunoco LP subsequent to December 31, 2025 were as follows:
Quarter EndedPayment DateRate
December 31, 2025February 19, 2026$0.9317 
March 31, 2026May 20, 20260.9899 
Distributions on Sunoco LP’s Series A Preferred Units were as follows:
Record DatePayment DateRate
March 2, 2026March 18, 2026$39.3800 
USAC Cash Distributions
Distributions on USAC’s common units declared and/or paid by USAC subsequent to December 31, 2025 were as follows:
Quarter EndedPayment DateRate
December 31, 2025February 6, 2026$0.525 
March 31, 2026May 8, 20260.525 
Accumulated Other Comprehensive Income
The following table presents the components of AOCI, net of tax:
March 31,
2026		December 31,
2025
Available-for-sale securities$32 $30 
Foreign currency translation adjustment(24)(12)
Actuarial gains related to pensions and other postretirement benefits54 54 
Investments in unconsolidated affiliates, net10 10 
Total AOCI included in partners’ capital, net of tax$72 $82