ET Q4 2025 Earnings
Reported Feb 17, 2026 at 7:41 AM ET · SEC Source
Q4 25 EPS
$0.25
MISS 31.88%
Est. $0.37
Q4 25 Revenue
$25.32B
vs S&P Since Q4 25
+1.7%
BEATING MARKET
ET +6.7% vs S&P +5.0%
Full Year 2025 Results
FY 25 EPS
$1.21
MISS 9.66%
Est. $1.34
FY 25 Revenue
$85.54B
BEAT +2.03%
Est. $83.84B
Market Reaction
Did ET Beat Earnings? Q4 2025 Results
Energy Transfer delivered a split verdict in Q4 2025, posting revenue of $25.32 billion, a 29.6% jump year-over-year that cleared the $23.62 billion consensus by 7.19%, while earnings per unit of $0.25 fell well short of the $0.37 analysts had expect… Read more Energy Transfer delivered a split verdict in Q4 2025, posting revenue of $25.32 billion, a 29.6% jump year-over-year that cleared the $23.62 billion consensus by 7.19%, while earnings per unit of $0.25 fell well short of the $0.37 analysts had expected, a miss of nearly 32%. The bottom-line shortfall traced largely to $277 million in non-cash impairment charges and rising interest expense of $910 million, the latter reflecting debt taken on to finance acquisitions including the Parkland deal that turbocharged the Sunoco LP segment's Adjusted EBITDA to $646 million from $439 million a year earlier. Consolidated Adjusted EBITDA rose 8% to $4.18 billion, underscoring the durability of the partnership's fee-based model even as net income attributable to partners slipped to $928 million from $1.08 billion. Management also flagged that unfavorable NGL hedge timing in Q4 should reverse in Q1 2026, offering a near-term earnings tailwind. Looking further ahead, Energy Transfer raised its 2026 Adjusted EBITDA guidance to $17.45–$17.85 billion, and analysts have taken note of what could make Energy Transfer a standout among midstream peers, with Jefferies lifting its price target to $20 on the strength of the partnership's natural gas project pipeline.
Key Takeaways
- • NGL and refined product terminal volumes up 12% year-over-year
- • NGL transportation volumes up 5% year-over-year
- • NGL fractionation volumes up 3%, setting a new Partnership record
- • NGL exports up 12% year-over-year
- • Crude oil transportation volumes up 6%, setting a new Partnership record
- • Midstream gathered volumes up 4% year-over-year
- • Interstate natural gas transportation volumes up 4% year-over-year
- • Intrastate natural gas transportation volumes up 3% year-over-year
- • Parkland acquisition drove significant Sunoco LP segment EBITDA growth
- • Wider natural gas price spreads benefited intrastate segment
- • Higher Permian Basin plant utilization drove midstream growth
- • Fee-based margin structure limits commodity price sensitivity
ET Forward Guidance & Outlook
Energy Transfer raised its 2026 Adjusted EBITDA guidance to $17.45–$17.85 billion, up from the previous range of $17.3–$17.7 billion, with the increase solely attributable to USA Compression's acquisition of J-W Power Company. The Partnership continues to expect $5.0–$5.5 billion in growth capital expenditures for 2026, primarily on projects enhancing its natural gas network. Management expects certain Q4 timing-related items — including NGL inventory hedge settlement gains and fog-related terminal volume losses — to reverse favorably in Q1 2026.
ET YoY Financials
Q4 2025 vs Q4 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% |