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Sep 30, 2025
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
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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