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Sep 30
Energy Transfer Q3 2025 Earnings Report
Energy Transfer reported a decrease in earnings for Q3 2025, with net income and revenue both falling compared to the same period last year.
Key Takeaways
Energy Transfer's Q3 2025 results showed a decline in both revenue and net income. Despite the drop, the company continued to expand its operations, setting volume records across several segments.
Net income attributable to partners fell to $1.02 billion from $1.18 billion a year ago
Adjusted EBITDA decreased to $3.84 billion due to one-time items
NGL transportation, terminal, and export volumes each hit new records
Growth capital expenditures reached $1.14 billion in the quarter
Energy Transfer
Energy Transfer
Energy Transfer Revenue by Segment
Energy Transfer Revenue by Geographic Location
Revenue by Segment
Interstate Transport Revenue
CapyFin.comMidstream Revenue
CapyFin.comAll Other Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Energy Transfer expects to finish 2025 slightly below its previously guided EBITDA range and plans $5 billion in growth capital investments in 2026, focusing on natural gas infrastructure.
Positive Outlook
- Expect ~$5 billion in growth capex for 2026
- Significant strategic expansion projects underway
- New long-term contracts secured with Oracle and Entergy
- Higher utilization and volume growth across key assets
- Solid distributable cash flow continues to support distributions
Challenges Ahead
- Expect to finish 2025 slightly below EBITDA guidance
- Decline in net income year-over-year
- Impacts from several one-time items hurt Q3 profitability
- Maintenance capex and ad valorem taxes increased costs
- Volume drop in some crude oil and fractionation segments