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Dec 31, 2025
Energy Transfer Q4 2025 Earnings Report
Energy Transfer reported a net income of $928 million and an adjusted EBITDA of $4.18 billion for the fourth quarter of 2025.
Key Takeaways
Energy Transfer LP reported strong financial results for the fourth quarter of 2025, with an 8% increase in Adjusted EBITDA to $4.18 billion and a net income of $928 million. The partnership saw significant volume growth across its NGL, crude oil, and natural gas transportation segments, setting new records in NGL fractionation and crude oil transportation.
Net income attributable to partners for Q4 2025 was $928 million, compared to $1.08 billion for the same period last year.
Adjusted EBITDA increased by 8% to $4.18 billion in Q4 2025, up from $3.88 billion in Q4 2024.
Distributable Cash Flow attributable to partners, as adjusted, was $2.04 billion in Q4 2025, an increase from $1.98 billion in Q4 2024.
Growth capital expenditures in Q4 2025 were $1.40 billion, with maintenance capital expenditures at $355 million.
Revenue by Segment
Forward Guidance
Energy Transfer expects its 2026 Adjusted EBITDA to range between $17.45 billion and $17.85 billion, an increase from the previous range. The partnership plans to invest $5.0 billion to $5.5 billion in growth capital for 2026, primarily focused on enhancing its natural gas network.
Positive Outlook
- Adjusted EBITDA for 2026 is expected to increase, ranging from $17.45 billion to $17.85 billion.
- The updated Adjusted EBITDA estimate is solely attributable to USA Compression's acquisition of J-W Power Company.
- The partnership plans to invest $5.0 billion to $5.5 billion in growth capital for 2026, primarily on projects enhancing its natural gas network.
- Construction is underway on Mustang Draw II, a new 275 MMcf/d processing plant, expected in service in Q4 2026.
- Energy Transfer commenced natural gas deliveries to Oracle's data center near Abilene, Texas, under long-term agreements.
Challenges Ahead
- The Lake Charles LNG export project development was suspended to reallocate capital to other infrastructure projects.
- The FGT Phase IX Project is expected to be in-service in Q4 2028, indicating a longer-term return on investment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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