Energy Transfer (ET) Q4 2025 earnings summary

Executive summary

• Achieved record FY 2025 Adjusted EBITDA of nearly $16 billion, up 3% year-over-year, with strong operational and financial performance across all major segments and record operational volumes.

• Q4 2025 Adjusted EBITDA rose 8% to $4.18 billion, with distributable cash flow at $2.04 billion and quarterly cash distribution per unit up over 3% to $0.3350.

• Major growth projects underway, including the upsized Desert Southwest Pipeline, Hugh Brinson Pipeline, and Mustang Draw II plant, with significant new contracts for data centers and power plants.

• Completed USA Compression’s acquisition of J-W Power Company in January 2026, supporting raised 2026 guidance.

• Suspended Lake Charles LNG project to focus on higher-return pipeline infrastructure and potential third-party partnerships.

Financial highlights

• FY 2025 Adjusted EBITDA reached $15.98 billion, up from $15.48 billion in FY 2024.

• Distributable cash flow for 2025 was $8.2 billion, slightly down from $8.4 billion in 2024.

• Q4 2025 revenues were $25.3 billion, up from $19.5 billion in Q4 2024.

• Growth capital expenditures for 2025 were approximately $4.5 billion.

• Q4 2025 Adjusted EBITDA was $4.18 billion, up from $3.88 billion in Q4 2024.

Outlook and guidance

• 2026 Adjusted EBITDA guidance raised to $17.45–$17.85 billion, reflecting new projects and the USA Compression acquisition.

• 2026 growth capital guidance is $5–$5.5 billion, with two-thirds allocated to natural gas projects.

• Long-term annual distribution growth rate targeted at 3–5%, with leverage maintained at 4–4.5x EBITDA.