Income Statement

Revenue

-5%

+120%

10Y

Currency: USD

	Aug-2005	Nov-2005	Feb-2006	May-2006	Aug-2006	Nov-2006	Feb-2007	May-2007	Aug-2007	Nov-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Revenue
Interest Expense	101	123	139	125	151	180	206	267	0	0	153	171	261	358	378	407	437	468	489	498	588	625	671	724	708	740	785	885	929	1 018	1 115	1 138	1 199	1 221	1 226	1 265	1 323	1 369	1 425	1 489	1 575	1 643	1 691	1 726	1 758	1 804	1 858	1 892	1 908	1 922	1 915	1 948	1 993	2 055	2 179	2 247	2 291	2 331	2 343	2 344	2 334	2 327	2 314	2 301	2 290	2 267	2 237	2 249	2 268	2 306	2 366	2 429	2 484	2 578	2 687	2 808	3 004	3 125	3 206	3 309	3 371	0
Revenue	6 169 N/A	7 721 +25%	8 731 +13%	8 120 -7%	7 859 -3%	6 831 -13%	6 444 -6%	6 738 +5%	6 792 +1%	7 032 +4%	7 608 +8%	8 547 +12%	9 127 +7%	9 293 +2%	8 284 -11%	6 782 -18%	5 706 -16%	5 417 -5%	5 659 +4%	5 870 +4%	6 328 +8%	6 556 +4%	6 715 +2%	7 304 +9%	7 801 +7%	8 190 +5%	7 885 -4%	7 810 -1%	7 830 +0%	16 964 +117%	26 473 +56%	36 659 +38%	47 041 +28%	48 335 +3%	50 236 +4%	52 316 +4%	54 817 +5%	55 691 +2%	52 991 -5%	50 442 -5%	46 071 -9%	42 126 -9%	37 853 -10%	33 674 -11%	30 763 -9%	31 792 +3%	35 346 +11%	37 358 +6%	39 637 +6%	40 523 +2%	42 744 +5%	47 435 +11%	51 965 +10%	54 087 +4%	55 326 +2%	55 085 0%	54 066 -2%	54 213 +0%	52 719 -3%	46 180 -12%	42 640 -8%	38 954 -9%	44 322 +14%	52 085 +18%	58 794 +13%	67 417 +15%	70 913 +5%	81 757 +15%	88 032 +8%	89 876 +2%	88 380 -2%	80 755 -9%	78 555 -3%	78 586 +0%	81 220 +3%	83 629 +3%	83 662 +0%	82 671 -1%	82 062 -1%	80 575 -2%	79 757 -1%	85 536 +7%
Gross Profit
Cost of Revenue	(5 382)	(6 744)	(7 542)	(6 872)	(6 568)	(5 565)	(5 042)	(5 182)	(5 078)	(5 139)	(5 633)	(6 469)	(6 885)	(6 938)	(5 918)	(4 419)	(3 464)	(3 122)	(3 388)	(3 602)	(3 919)	(4 102)	(4 088)	(4 506)	(4 858)	(5 182)	(4 961)	(4 685)	(4 531)	(13 176)	(21 948)	(31 570)	(41 395)	(42 566)	(44 232)	(45 937)	(47 982)	(48 574)	(45 611)	(42 605)	(38 167)	(34 034)	(29 892)	(26 029)	(23 147)	(23 495)	(26 845)	(28 610)	(30 179)	(31 028)	(32 703)	(36 568)	(40 372)	(41 603)	(41 579)	(40 817)	(39 564)	(39 773)	(38 739)	(32 548)	(29 060)	(25 473)	(28 105)	(35 493)	(42 305)	(50 385)	(55 585)	(65 595)	(70 923)	(72 229)	(70 704)	(63 281)	(60 824)	(60 540)	(62 528)	(64 045)	(63 598)	(61 974)	(60 949)	(59 286)	(58 236)	(63 495)
Gross Profit	787 N/A	977 +24%	1 189 +22%	1 248 +5%	1 291 +3%	1 266 -2%	1 402 +11%	1 556 +11%	1 714 +10%	1 893 +10%	1 976 +4%	2 078 +5%	2 242 +8%	2 355 +5%	2 367 +0%	2 363 0%	2 242 -5%	2 295 +2%	2 272 -1%	2 268 0%	2 409 +6%	2 454 +2%	2 627 +7%	2 799 +7%	2 942 +5%	3 008 +2%	2 923 -3%	3 125 +7%	3 298 +6%	3 788 +15%	4 525 +19%	5 089 +12%	5 646 +11%	5 769 +2%	6 004 +4%	6 379 +6%	6 835 +7%	7 117 +4%	7 380 +4%	7 837 +6%	7 904 +1%	8 092 +2%	7 961 -2%	7 645 -4%	7 616 0%	8 297 +9%	8 501 +2%	8 748 +3%	9 458 +8%	9 495 +0%	10 041 +6%	10 867 +8%	11 593 +7%	12 484 +8%	13 747 +10%	14 268 +4%	14 502 +2%	14 440 0%	13 980 -3%	13 632 -2%	13 580 0%	13 481 -1%	16 217 +20%	16 592 +2%	16 489 -1%	17 032 +3%	15 328 -10%	16 162 +5%	17 109 +6%	17 647 +3%	17 676 +0%	17 474 -1%	17 731 +1%	18 046 +2%	18 692 +4%	19 584 +5%	20 064 +2%	20 697 +3%	21 113 +2%	21 289 +1%	21 521 +1%	22 041 +2%
Operating Income
Operating Expenses	(488)	(561)	(659)	(678)	(716)	(760)	(763)	(845)	(905)	(969)	(1 036)	(1 103)	(1 178)	(1 256)	(1 280)	(1 283)	(1 245)	(1 185)	(1 178)	(1 210)	(1 323)	(1 434)	(1 565)	(1 652)	(1 727)	(1 784)	(1 840)	(1 960)	(2 012)	(2 516)	(2 894)	(3 190)	(3 566)	(3 541)	(4 479)	(3 793)	(4 050)	(4 462)	(5 205)	(5 579)	(5 419)	(5 379)	(5 211)	(4 949)	(4 847)	(5 208)	(5 365)	(5 662)	(6 081)	(5 797)	(5 940)	(6 161)	(6 177)	(6 650)	(6 842)	(6 925)	(6 994)	(7 163)	(7 349)	(7 364)	(7 462)	(7 621)	(7 632)	(7 781)	(7 959)	(8 219)	(8 441)	(8 767)	(9 092)	(9 523)	(9 635)	(9 701)	(9 783)	(9 739)	(10 068)	(10 457)	(10 990)	(11 507)	(11 808)	(12 020)	(12 281)	(12 729)
Selling, General & Administrative	(64)	(79)	(152)	(155)	(163)	(166)	(123)	(140)	(154)	(170)	(178)	(182)	(186)	(200)	(207)	(217)	(206)	(179)	(173)	(183)	(210)	(281)	(247)	(261)	(282)	(279)	(376)	(405)	(420)	(586)	(572)	(645)	(722)	(726)	(623)	(626)	(667)	(750)	(777)	(830)	(812)	(864)	(843)	(789)	(831)	(817)	(836)	(867)	(818)	(770)	(753)	(756)	(792)	(702)	(778)	(740)	(686)	(854)	(751)	(747)	(750)	(847)	(708)	(717)	(739)	(955)	(847)	(874)	(1 037)	(1 130)	(1 026)	(1 043)	(916)	(1 109)	(1 007)	(1 111)	(1 174)	(1 337)	(1 205)	(1 130)	(1 101)	(1 413)
Depreciation & Amortization	(106)	(113)	(119)	(122)	(130)	(137)	(153)	(172)	(191)	(210)	(224)	(239)	(257)	(274)	(288)	(302)	(313)	(325)	(336)	(355)	(390)	(406)	(484)	(522)	(553)	(586)	(607)	(678)	(737)	(871)	(1 029)	(1 141)	(1 262)	(1 313)	(1 374)	(1 506)	(1 599)	(1 724)	(1 844)	(1 908)	(2 007)	(2 079)	(2 097)	(2 120)	(2 144)	(2 216)	(2 333)	(2 403)	(2 497)	(2 554)	(2 591)	(2 678)	(2 786)	(2 859)	(2 968)	(3 059)	(3 093)	(3 147)	(3 240)	(3 391)	(3 519)	(3 678)	(3 765)	(3 769)	(3 800)	(3 817)	(3 891)	(3 997)	(4 084)	(4 164)	(4 195)	(4 210)	(4 287)	(4 385)	(4 580)	(4 732)	(4 949)	(5 165)	(5 278)	(5 449)	(5 565)	(5 682)
Other Operating Expenses	(320)	(370)	(388)	(401)	(423)	(458)	(487)	(533)	(560)	(589)	(634)	(683)	(736)	(782)	(785)	(764)	(726)	(681)	(670)	(673)	(723)	(747)	(834)	(870)	(892)	(919)	(858)	(878)	(855)	(1 059)	(1 293)	(1 404)	(1 582)	(1 502)	(2 482)	(1 661)	(1 784)	(1 988)	(2 584)	(2 841)	(2 600)	(2 436)	(2 271)	(2 040)	(1 872)	(2 175)	(2 196)	(2 392)	(2 766)	(2 473)	(2 596)	(2 727)	(2 599)	(3 089)	(3 096)	(3 126)	(3 215)	(3 162)	(3 358)	(3 226)	(3 193)	(3 096)	(3 159)	(3 295)	(3 420)	(3 447)	(3 703)	(3 896)	(3 971)	(4 229)	(4 414)	(4 448)	(4 580)	(4 245)	(4 481)	(4 614)	(4 867)	(5 005)	(5 325)	(5 441)	(5 615)	(5 634)
Operating Income	298 N/A	415 +39%	530 +28%	570 +8%	575 +1%	506 -12%	639 +26%	711 +11%	809 +14%	924 +14%	940 +2%	974 +4%	1 063 +9%	1 099 +3%	1 087 -1%	1 080 -1%	997 -8%	1 110 +11%	1 093 -2%	1 057 -3%	1 086 +3%	1 020 -6%	1 062 +4%	1 146 +8%	1 216 +6%	1 224 +1%	1 083 -12%	1 165 +8%	1 286 +10%	1 272 -1%	1 631 +28%	1 899 +16%	2 080 +10%	2 228 +7%	1 525 -32%	2 586 +70%	2 785 +8%	2 655 -5%	2 175 -18%	2 258 +4%	2 485 +10%	2 713 +9%	2 750 +1%	2 696 -2%	2 769 +3%	3 089 +12%	3 136 +2%	3 086 -2%	3 377 +9%	3 698 +10%	4 101 +11%	4 706 +15%	5 416 +15%	5 834 +8%	6 905 +18%	7 343 +6%	7 508 +2%	7 277 -3%	6 631 -9%	6 268 -5%	6 118 -2%	5 860 -4%	8 585 +47%	8 811 +3%	8 530 -3%	8 813 +3%	6 887 -22%	7 395 +7%	8 017 +8%	8 124 +1%	8 041 -1%	7 773 -3%	7 948 +2%	8 307 +5%	8 624 +4%	9 127 +6%	9 074 -1%	9 190 +1%	9 305 +1%	9 269 0%	9 240 0%	9 312 +1%
Pre-Tax Income
Interest Income Expense	(89)	(110)	(124)	(101)	(137)	(161)	(189)	(227)	(246)	(290)	(304)	(326)	(354)	(486)	(465)	(469)	(515)	(414)	(453)	(525)	(598)	(612)	(623)	(635)	(649)	(670)	(694)	(820)	(844)	(723)	(844)	(742)	(675)	(827)	(686)	(783)	(827)	(829)	(1 082)	(1 008)	(1 118)	(1 348)	(1 379)	(1 654)	(2 094)	(2 048)	(1 985)	(1 928)	(1 577)	(2 065)	(2 080)	(2 336)	(2 281)	(1 664)	(2 184)	(2 153)	(2 422)	(2 270)	(2 492)	(2 483)	(2 486)	(2 540)	(1 981)	(2 069)	(1 880)	(1 960)	(2 009)	(1 772)	(1 735)	(1 756)	(1 918)	(2 042)	(2 090)	(2 159)	(2 229)	(2 392)	(2 627)	(2 740)	(2 836)	(2 922)	(2 964)	(3 055)
Non-Reccuring Items	(7)	1	(4)	(5)	(5)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(53)	(53)	(69)	(53)	0	0	(5)	(115)	(123)	(123)	(123)	0	(7)	(7)	(851)	0	(844)	(842)	(395)	0	0	(407)	(382)	(349)	(349)	(339)	(957)	(982)	(1 071)	(1 081)	(1 128)	(1 209)	(1 120)	(1 110)	(543)	(505)	(505)	(517)	(92)	(1 411)	(1 415)	(2 877)	(2 955)	(1 578)	(1 583)	(109)	(59)	(349)	(340)	(426)	(386)	(87)	(97)	(637)	(637)	(641)	(687)	(61)	(64)	(65)	(29)	(42)	(319)
Gain/Loss on Disposition of Assets	0	(0)	1	1	1	3	(1)	(3)	(6)	5	7	10	15	(1)	(0)	(1)	(4)	(2)	(3)	(2)	(1)	0	(5)	(5)	(5)	0	1 060	1 059	1 059	1 057	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5	0	0	0	18	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	598	598	586	0	(12)	(12)	0
Total Other Income	0	0	0	(11)	0	0	0	0	6	(2)	(19)	(2)	17	72	75	56	42	12	(7)	(10)	1	(4)	(30)	(24)	(11)	(1)	(29)	(19)	(47)	(46)	(17)	(34)	(24)	(175)	(193)	(203)	(226)	(14)	(12)	19	58	10	22	37	59	120	119	146	153	205	246	187	152	62	1	48	64	105	112	(2)	12	12	3	89	51	77	104	68	(85)	90	76	111	244	86	106	92	153	134	682	98	38	120
Pre-Tax Income	202 N/A	306 +52%	403 +31%	454 +13%	434 -4%	347 -20%	449 +29%	480 +7%	563 +17%	636 +13%	623 -2%	656 +5%	741 +13%	684 -8%	697 +2%	666 -4%	519 -22%	707 +36%	630 -11%	469 -26%	435 -7%	335 -23%	351 +5%	483 +37%	551 +14%	548 -1%	1 305 +138%	1 263 -3%	1 331 +5%	1 437 +8%	771 -46%	1 116 +45%	1 374 +23%	375 -73%	646 +72%	756 +17%	890 +18%	1 417 +59%	1 081 -24%	1 269 +17%	1 018 -20%	993 -2%	1 044 +5%	730 -30%	395 -46%	204 -48%	288 +41%	233 -19%	877 +276%	710 -19%	1 058 +49%	1 438 +36%	2 195 +53%	3 689 +68%	4 217 +14%	4 733 +12%	4 633 -2%	5 020 +8%	2 840 -43%	2 368 -17%	767 -68%	377 -51%	5 029 +1 234%	5 248 +4%	6 592 +26%	6 871 +4%	4 633 -33%	5 351 +15%	5 771 +8%	6 072 +5%	6 112 +1%	5 745 -6%	5 465 -5%	5 597 +2%	5 860 +5%	6 738 +15%	7 137 +6%	7 106 0%	7 086 0%	6 404 -10%	6 260 -2%	6 058 -3%
Net Income
Tax Provision	(4)	(26)	(27)	(25)	(23)	(4)	(3)	(5)	(11)	(13)	(16)	(22)	(12)	(4)	(5)	1	(3)	(9)	(8)	(9)	(15)	(14)	(18)	(20)	(21)	(17)	(9)	(9)	(31)	(54)	(50)	(134)	(157)	(93)	(240)	(221)	(228)	(357)	(224)	(98)	(79)	100	167	118	244	258	165	125	193	21	69	34	(71)	(4)	(140)	(106)	(212)	(195)	(97)	(162)	(149)	(237)	(284)	(267)	(303)	(184)	(100)	(104)	(109)	(204)	(284)	(306)	(301)	(303)	(321)	(440)	(452)	(541)	(493)	(345)	(343)	(350)
Income from Continuing Operations	197	280	376	428	411	343	446	475	552	622	607	634	729	680	692	667	516	698	622	460	420	321	333	463	530	531	1 296	1 254	1 300	1 383	721	982	1 217	282	406	535	662	1 060	857	1 171	939	1 093	1 211	848	639	462	453	358	1 070	731	1 127	1 472	2 124	3 685	4 077	4 627	4 421	4 825	2 743	2 206	618	140	4 745	4 981	6 289	6 687	4 533	5 247	5 662	5 868	5 828	5 439	5 164	5 294	5 539	6 298	6 685	6 565	6 593	6 059	5 917	5 708
Income to Minority Interest	(97)	(153)	(263)	(296)	(304)	(245)	(224)	(207)	(233)	(283)	(288)	(284)	(326)	(305)	(292)	(283)	(191)	(255)	(218)	(141)	(165)	(144)	(163)	(243)	(224)	(218)	(903)	(884)	(823)	(970)	(407)	(597)	(871)	(119)	(167)	(292)	(369)	(434)	(91)	(229)	108	96	9	300	413	995	939	1 213	539	(1 412)	(1 458)	(1 839)	(2 353)	(1 671)	(1 855)	(1 895)	(1 204)	(1 307)	(888)	(877)	(802)	(788)	(1 123)	(1 086)	(1 104)	(1 217)	(1 082)	(1 096)	(1 140)	(1 112)	(1 228)	(1 254)	(1 401)	(1 359)	(1 477)	(1 833)	(1 621)	(1 751)	(1 696)	(1 313)	(1 335)	(1 275)
Net Income (Common)	146 N/A	171 +17%	156 -8%	120 -23%	107 -11%	98 -8%	221 +125%	266 +21%	318 +19%	339 +7%	318 -6%	349 +10%	403 +15%	374 -7%	399 +7%	383 -4%	324 -15%	441 +36%	402 -9%	318 -21%	256 -20%	168 -34%	168 +0%	215 +28%	299 +39%	309 +3%	385 +25%	373 -3%	340 -9%	302 -11%	227 -25%	300 +32%	415 +38%	196 -53%	273 +39%	309 +13%	347 +12%	629 +81%	744 +18%	879 +18%	982 +12%	1 183 +20%	1 212 +2%	1 153 -5%	1 069 -7%	983 -8%	904 -8%	869 -4%	902 +4%	915 +1%	1 024 +12%	1 150 +12%	1 280 +11%	1 713 +34%	2 179 +27%	2 727 +25%	3 214 +18%	3 514 +9%	1 853 -47%	1 328 -28%	(184) N/A	(647) -252%	3 619 N/A	3 805 +5%	4 995 +31%	5 179 +4%	3 056 -41%	3 737 +22%	4 101 +10%	4 330 +6%	4 171 -4%	3 748 -10%	3 315 -12%	3 469 +5%	3 555 +2%	3 940 +11%	4 589 +16%	4 394 -4%	4 560 +4%	4 469 -2%	4 313 -3%	4 173 -3%
EPS (Diluted)	0.27 N/A	0.31 +15%	0.29 -6%	0.22 -24%	0.2 -9%	0.15 -25%	0.25 +67%	0.29 +16%	0.39 +34%	0.38 -3%	0.36 -5%	0.39 +8%	0.45 +15%	0.42 -7%	0.45 +7%	0.44 -2%	0.37 -16%	0.49 +32%	0.46 -6%	0.36 -22%	0.29 -19%	0.2 -31%	0.19 -5%	0.25 +32%	0.35 +40%	0.35 N/A	0.36 +3%	0.33 -8%	0.3 -9%	0.28 -7%	0.2 -29%	0.26 +30%	0.36 +38%	0.17 -53%	0.24 +41%	0.28 +17%	0.32 +14%	0.57 +78%	0.7 +23%	0.83 +19%	0.93 +12%	1.11 +19%	1.16 +5%	1.09 -6%	0.99 -9%	0.91 -8%	0.79 -13%	0.76 -4%	0.83 +9%	0.84 +1%	0.88 +5%	1.01 +15%	1.1 +9%	1.17 +6%	0.82 -30%	1.02 +24%	1.21 +19%	1.33 +10%	0.68 -49%	0.51 -25%	-0.06 N/A	-0.24 -300%	1.34 N/A	1.41 +5%	1.85 +31%	1.89 +2%	0.98 -48%	1.2 +22%	1.31 +9%	1.4 +7%	1.34 -4%	1.2 -10%	1.06 -12%	1.09 +3%	1.04 -5%	1.16 +12%	1.33 +15%	1.28 -4%	1.33 +4%	1.29 -3%	1.25 -3%	1.21 -3%

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Energy Transfer LP
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