Energy Transfer (ET) Q2 2025 Earnings
How Did ET Stock React to Q2 2025 Earnings?
Did ET Beat Earnings? Q2 2025 Results
No. Energy Transfer reported Q2 2025 earnings of $0.32 a share on Aug 6, 2025, missing the $0.33 consensus estimate by 1.8%. Revenue was $19.2B against a $21.4B estimate.
Energy Transfer delivered a mixed second quarter for 2025, with both earnings and revenue falling short of Wall Street expectations even as the partnership set operational records across its sprawling pipeline network. GAAP diluted EPS came in at $0.32, missing the $0.33 consensus estimate by 1.78%, while revenue slid 7.2% year-over-year to $19.24 billion — a 10.19% shortfall against the $21.43 billion analysts had projected. The revenue disappointment was driven in part by lower optimization gains in NGL and Refined Products and reduced Bakken Pipeline volumes weighing on crude oil transportation, though Adjusted EBITDA actually climbed to $3.87 billion from $3.76 billion a year ago, cushioned by record midstream gathered volumes and a strong rebound in Interstate Transportation. Looking ahead, management trimmed its full-year Adjusted EBITDA outlook to at or slightly below the low end of its $16.10–$16.50 billion guidance range, even as it pressed forward on approximately $5.00 billion in growth capital, including the landmark $5.30 billion Desert Southwest Pipeline — a project that underscores why some analysts see Energy Transfer as a <a href="https://247wallst.com/investing/2026/02/17/the-deal-no-one-saw-coming-why-energy-transfer-stock-will-leave-every-other-mlp-in-the-dust/">compelling long-term MLP play</a>.
- Record midstream gathered volumes up 10% year-over-year driven by Permian Basin growth and recently acquired assets
- Interstate natural gas transportation volumes up 11% on higher contracted volumes and increased demand
- Crude oil transportation volumes up 9% to new Partnership record from gathering system growth
- NGL transportation volumes up 4%, NGL exports up 5%, and NGL fractionated volumes up 5%, all setting new records
- Midstream Segment Adjusted EBITDA increased due to recently acquired assets and higher Permian volumes
- Interstate segment benefited from resolution of prior-period Panhandle rate case headwind
- Lower NGL marketing optimization gains partially offset volume-driven improvements in NGL segment
- Crude oil segment impacted by lower Bakken Pipeline volumes
What Was Energy Transfer's Outlook in Q2 2025?
Energy Transfer now expects full-year 2025 Adjusted EBITDA to be at or slightly below the lower end of its previously stated guidance range of $16.1 billion to $16.5 billion. The Partnership continues to expect 2025 growth capital expenditures to be approximately $5 billion. Major projects advancing include the $5.3 billion Transwestern Desert Southwest Pipeline expansion (expected in service Q4 2029), Hugh Brinson Pipeline Phase II, a new storage cavern at Bethel, the Nederland Flexport NGL Export Expansion (ethylene service expected Q4 2025), and ongoing Lake Charles LNG commercial agreements. Additional natural gas-fired electric generation facilities are expected to be placed into service in 2025 and 2026.
ET YoY Financials
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Revenue | $19.2B | $20.7B | −7.2% |
| Operating Income | $2.3B | $2.3B | +0.5% |
| Net Income | $1.5B | $1.3B | +11.0% |
ET Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.