Energy Transfer (ET) Q3 2025 earnings summary

Executive summary

• Adjusted EBITDA for Q3 2025 was $3.84 billion, down from $3.96 billion year-over-year, with flat results excluding non-recurring items; distributable cash flow attributable to partners was $1.90 billion.

• Record operational volumes achieved in NGL exports (up 13%), NGL transportation (up 11%), terminal volumes (up 10%), and midstream gathering.

• Major growth projects and infrastructure expansions are underway in natural gas, NGL, and crude segments, with significant demand from data centers and power plants.

• Multiple long-term contracts signed, including with Oracle, Entergy, and Fermi America, supporting over 6 Bcf/d of pipeline capacity.

• Completed the acquisition of Parkland by Sunoco LP, expanding international fuel distribution; TanQuid acquisition expected to close in Q4 2025.

Financial highlights

• Q3 2025 revenue was $19.95 billion, down from $20.77 billion year-over-year; nine-month revenue was $60.22 billion.

• Year-to-date adjusted EBITDA reached $11.8 billion, up from $11.6 billion in 2024.

• Distributable Cash Flow attributable to partners for Q3 was $1.90 billion.

• Organic growth capital spend for the first nine months was $3.1 billion, with $711 million for maintenance.

• Quarterly cash distribution of $0.3325 per unit declared for Q3 2025, up over 3% year-over-year.

Outlook and guidance

• 2025 organic growth capital guidance reduced to $4.6 billion from $5 billion, with $5 billion expected for 2026, mostly for natural gas projects.

• 2025 adjusted EBITDA expected to be slightly below the lower end of the $16.1–$16.5 billion guidance range, excluding Parkland acquisition.

• Expect interstate pipeline segment percentage to increase as new projects are constructed.

• Growth project backlog expected to generate mid-teen returns, with major earnings impact in 2026–2027.

• Sunoco LP and USAC expect combined maintenance and growth capital of at least $703 million in 2025.