Energy Transfer LP

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.