ET Q2 2025 Earnings
Reported Aug 6, 2025 at 4:17 PM ET · SEC Source
Q2 25 EPS
$0.32
MISS 1.78%
Est. $0.33
Q2 25 Revenue
$19.24B
MISS 10.19%
Est. $21.43B
vs S&P Since Q2 25
+5.3%
BEATING MARKET
ET +19.3% vs S&P +14.0%
Market Reaction
Did ET Beat Earnings? Q2 2025 Results
Energy Transfer delivered a mixed second quarter for 2025, with both earnings and revenue falling short of Wall Street expectations even as the partnership set operational records across its sprawling pipeline network. GAAP diluted EPS came in at $0.… Read more Energy Transfer delivered a mixed second quarter for 2025, with both earnings and revenue falling short of Wall Street expectations even as the partnership set operational records across its sprawling pipeline network. GAAP diluted EPS came in at $0.32, missing the $0.33 consensus estimate by 1.78%, while revenue slid 7.2% year-over-year to $19.24 billion, a 10.19% shortfall against the $21.43 billion analysts had projected. The revenue disappointment was driven in part by lower optimization gains in NGL and Refined Products and reduced Bakken Pipeline volumes weighing on crude oil transportation, though Adjusted EBITDA actually climbed to $3.87 billion from $3.76 billion a year ago, cushioned by record midstream gathered volumes and a strong rebound in Interstate Transportation. Looking ahead, management trimmed its full-year Adjusted EBITDA outlook to at or slightly below the low end of its $16.10–$16.50 billion guidance range, even as it pressed forward on approximately $5.00 billion in growth capital, including the landmark $5.30 billion Desert Southwest Pipeline, a project that underscores why some analysts see Energy Transfer as a compelling long-term MLP play.
Key Takeaways
- • Record midstream gathered volumes up 10% year-over-year driven by Permian Basin growth and recently acquired assets
- • Interstate natural gas transportation volumes up 11% on higher contracted volumes and increased demand
- • Crude oil transportation volumes up 9% to new Partnership record from gathering system growth
- • NGL transportation volumes up 4%, NGL exports up 5%, and NGL fractionated volumes up 5%, all setting new records
- • Midstream Segment Adjusted EBITDA increased due to recently acquired assets and higher Permian volumes
- • Interstate segment benefited from resolution of prior-period Panhandle rate case headwind
- • Lower NGL marketing optimization gains partially offset volume-driven improvements in NGL segment
- • Crude oil segment impacted by lower Bakken Pipeline volumes
ET YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
ET Revenue by Segment
With YoY comparisons, source: SEC Filings
ET Earnings Trends
ET vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ET EPS Trend
Earnings per share: estimate vs actual
ET Revenue Trend
Quarterly revenue: estimate vs actual
ET Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 MISS FY | $0.37 | $0.25 | -31.88% | $25.32B | — |
| FY Full Year | $1.34 | $1.21 | -9.66% | $85.54B | +2.03% |
| Q3 25 MISS | $0.33 | $0.28 | -15.43% | $19.95B | -8.49% |
| Q2 25 MISS | $0.33 | $0.32 | -1.78% | $19.24B | -10.19% |
| Q1 25 BEAT | $0.35 | $0.36 | +1.58% | $21.02B | -2.41% |