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Energy Transfer ET Q2 2025 earnings

Reported August 6, 2025 · After market close

Revenue$19.2BMiss by $3.3B
EPS$0.32Miss by $0.01
Revenue estimate$22.5B
EPS estimate$0.33

Next report

Nov 3, 2026 (in a month)
Revenue estimate$30.8B
EPS estimate$0.40

Financials

Q2 2025

Income statement

See full
Revenue$19.2B-7.2%
Gross profit$5.3B+3.4%
Operating income$2.3B+0.5%
Net income$1.2B-11.5%
EPS (diluted)$0.32-8.6%

Balance sheet

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Cash & equivalents$242.0M-62.8%
Total debt$61.6B+5.4%
Total assets$125.02B+3.0%

Cash flow

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Operating cash flow$2.8B+21.7%
CapEx$1.7B+105%
Free cash flow$1.1B-24.4%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$60.71B+11.1%
Enterprise value$122.04B+8.6%
P/E12.8×+0.6×
P/S0.8×+0.1×

Profitability

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Gross margin26.4%+3.0pp
Operating margin11.5%+0.6pp
Net margin5.9%+0.6pp
FCF margin7.1%-0.9pp

Returns & leverage

See full
Current ratio1.2×0.0×

Segments

By segment

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NGL and refined products transportation and services$5.9B+2.5%
Crude oil transportation and services$5.7B-22.0%
Investment in Sunoco LP$5.4B-12.7%
Midstream$3.1B+25.0%
Intrastate transportation and storage$931.0M+46.2%

By product

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Refined product sales$5.2B—
Crude sales$5.0B—
NGL sales$4.5B+2.8%
Gathering, transportation and other fees$3.1B—
Natural gas sales$1.1B+130%

FAQ

When did Energy Transfer report Q2 2025 earnings?
Energy Transfer (ET) reported Q2 2025 earnings on August 6, 2025 after market close.
What were Energy Transfer's Q2 2025 revenue and EPS?
Energy Transfer reported revenue of $19.2B and eps of $0.32 for Q2 2025.
Did Energy Transfer beat estimates in Q2 2025?
Revenue missed the consensus estimate of $22.5B by $3.3B. EPS missed the consensus estimate of $0.33 by $0.01.
How did Energy Transfer's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 7.2% from $20.7B a year earlier and eps declined 8.6% from $0.35.
Where can I find Energy Transfer's Q2 2025 SEC filings?
You can read the 8-K earnings release (0001276187-25-000080) and the 10-Q periodic report (0001276187-25-000086) directly on SEC EDGAR. The filing index links above go to sec.gov.