Energy Transfer LP Q3 2025 Earnings Recap

ET Q3 2025 November 6, 2025

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Energy Transfer's third quarter performance reflected stability with adjusted EBITDA at $3.84 billion, despite slight declines year-over-year, driven by strong volumes in midstream and NGL operations.

Earnings Per Share Miss

$0.28 vs $0.33 est.

-16.0% surprise

Revenue Miss

19954000000 vs 21920911190 est.

-9.0% surprise

Market Reaction

1-Day -0.24%

5-Day -1.24%

30-Day -0.47%

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Key Takeaways

Flat adjusted EBITDA year-over-year due to various volume records in midstream gathering and NGL transportation.
DCF attributable to partners reached approximately $1.9 billion, maintaining strong cash flow.
Organic growth capital expenditures for 2025 are now projected at $4.6 billion, revised down from $5 billion, with significant investments slated for natural gas segments.
Strong project pipeline continues, with strategic expansions such as the Desert Southwest pipeline and the Hugh Brinson Pipeline supporting long-term growth.
Mid-teen anticipated returns from growth projects expected to contribute to earnings in 2026 and 2027.

This summary was generated by AI from the official earnings call transcript and is provided for informational purposes only. It does not constitute financial advice. For the complete transcript and financial data, visit ET on AllInvestView.

Next Q1 2026