ET Q3 2025 Earnings
Reported Nov 5, 2025 at 4:20 PM ET · SEC Source
Q3 25 EPS
$0.28
MISS 15.43%
Est. $0.33
Q3 25 Revenue
$19.95B
MISS 8.49%
Est. $21.81B
vs S&P Since Q3 25
+16.1%
BEATING MARKET
ET +23.6% vs S&P +7.5%
Market Reaction
Did ET Beat Earnings? Q3 2025 Results
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 … Read more 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 data centers and power generation projects across the U.S.
Key Takeaways
- • NGL and refined products terminal volumes up 10%, setting a new Partnership record
- • NGL transportation volumes up 11%, setting a new Partnership record
- • NGL exports up 13%, setting a new Partnership record
- • Interstate natural gas transportation volumes up 8%
- • Intrastate natural gas transportation volumes up 5%
- • Midstream gathered volumes up 3%, setting a new Partnership record
- • Higher throughput and contractual rate escalations on Mariner East and Gulf Coast pipeline systems
- • Higher Permian region volumes and recently acquired assets in midstream segment
ET YoY Financials
Q3 2025 vs Q3 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% |