ET Q4 2025

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

Energy Transfer delivered a mixed but strategically eventful fourth quarter, posting earnings per unit of $0.25 on revenue of $25.32 billion as net income attributable to partners slipped to $928 million from $1.08 billion a year earlier, weighed dow… Read more Energy Transfer delivered a mixed but strategically eventful fourth quarter, posting earnings per unit of $0.25 on revenue of $25.32 billion as net income attributable to partners slipped to $928 million from $1.08 billion a year earlier, weighed down by $277 million in impairment charges tied to the suspension of the Lake Charles LNG export project. Despite that headline pressure, the underlying business demonstrated durability, with adjusted EBITDA climbing 8% to $4.18 billion, reflecting the fee-based model's insulation from commodity swings. The partnership's strategic pivot away from Lake Charles toward higher-confidence infrastructure, including the upsized Desert Southwest expansion now targeting 2.3 Bcf/d at an estimated $5.60 billion, signals a deliberate reallocation of capital. New long-term natural gas supply agreements to serve Oracle's data centers, ramping toward roughly 900 MMcf/d across three facilities, add a compelling demand growth thread to the outlook. Looking ahead, Energy Transfer raised its 2026 adjusted EBITDA guidance to $17.45 billion to $17.85 billion, supported by $5.00 billion to $5.50 billion in planned growth capital spending.