Energy Transfer (ET) Q3 2025 Earnings
How Did ET Stock React to Q3 2025 Earnings?
Did ET Beat Earnings? Q3 2025 Results
No. Energy Transfer reported Q3 2025 earnings of $0.28 a share on Nov 5, 2025, missing the $0.33 consensus estimate by 15.4%. Revenue was $20.0B against a $21.8B estimate.
Energy Transfer delivered a disappointing third quarter, missing on both top and bottom lines as one-time headwinds overshadowed record operational volumes across its pipeline network. The Partnership posted EPS of $0.28, falling 15.43% short of the $0.33 consensus estimate, while revenue of $19.95 billion trailed expectations by 8.49% and declined 3.9% year-over-year. The single most material drag was a combination of absent one-time items — most notably a $70 million business interruption claim that had boosted the midstream segment in Q3 2024 — alongside narrower price spreads in intrastate transportation that pulled Adjusted EBITDA down to $3.84 billion from $3.96 billion a year ago. Bright spots were genuine: NGL transportation volumes surged 11% and exports climbed 13%, both setting Partnership records. Looking ahead, management trimmed its full-year 2025 Adjusted EBITDA outlook to slightly below its prior $16.10–$16.50 billion range, even as it ramps growth capital toward $5.00 billion in 2026 to capture surging natural gas demand from <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/">data centers and power generation</a> projects across the U.S.
- NGL and refined products terminal volumes up 10%, setting a new Partnership record
- NGL transportation volumes up 11%, setting a new Partnership record
- NGL exports up 13%, setting a new Partnership record
- Interstate natural gas transportation volumes up 8%
- Intrastate natural gas transportation volumes up 5%
- Midstream gathered volumes up 3%, setting a new Partnership record
- Higher throughput and contractual rate escalations on Mariner East and Gulf Coast pipeline systems
- Higher Permian region volumes and recently acquired assets in midstream segment
What Was Energy Transfer's Outlook in Q3 2025?
Energy Transfer now expects full-year 2025 Adjusted EBITDA to come in slightly below the lower end of its previously stated guidance range of $16.1 billion to $16.5 billion. The Partnership expects 2025 growth capital expenditures to be approximately $4.6 billion and plans to invest approximately $5 billion in growth capital in 2026, with the majority directed toward natural gas-related infrastructure projects to support data center and power generation demand across Texas and the broader U.S.
ET YoY Financials
| Metric | Q3 2025 | Q3 2024 | Year over year |
|---|---|---|---|
| Revenue | $20.0B | $20.8B | −3.9% |
| Operating Income | $2.2B | $2.2B | −1.4% |
| Net Income | $1.3B | $1.2B | +9.2% |
ET Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.