Skip to content
OpenCapital
Get started

Energy Transfer ET Q3 2025 earnings

Reported November 5, 2025 · After market close

Revenue$20.0BMiss by $2.0BDiluted EPS$0.28Miss by $0.05
Revenue estimate$21.9B
EPS estimate$0.33

Next report

Aug 4, 2026 (In 3 weeks)
Revenue estimate$28.7B
EPS estimate$0.37

Financials

Q3 2025

Income statement

See full
Revenue$20.0B-3.9%
Gross profit$5.4B+4.5%
Operating income$2.2B-1.4%
Net income$1.0B-13.9%
EPS (diluted)$0.28-12.5%

Balance sheet

See full
Cash & equivalents$3.6B+1,095%
Total debt$64.0B+6.5%
Total assets$129.33B+3.9%

Cash flow

See full
Operating cash flow$2.6B-10.5%
CapEx$1.3B+19.4%
Free cash flow$1.3B-28.7%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$58.9B+8.9%
Enterprise value$119.3B+4.8%
P/E12.9×+2.2×
P/S0.7×+0.1×

Profitability

See full
Gross margin27%+3.0pp
Operating margin11.6%+0.8pp
Net margin5.7%-0.3pp
FCF margin6.5%-1.6pp

Returns & leverage

See full
Current ratio1.4×+0.3×

Segments

By segment

See full
Crude oil transportation and services$6.0B-17.3%
Investment in Sunoco LP$6.0B+4.9%
NGL and refined products transportation and services$5.9B0.0%
Midstream$3.0B+8.5%
Intrastate transportation and storage$869.0M+28.2%

By product

See full
NGL sales$4.3B-9.0%
Natural gas sales$1.0B+101%

Versus estimates

Revenue

Q1 2026$27.8BBeat by $2.0BQ4 2025$25.3BBeat by $1.3B
Q3 2025$20.0BMiss by $2.0B
Q2 2025$19.2BMiss by $3.3BQ1 2025$21.0BMiss by $518.3MQ4 2024$19.5BMiss by $1.9B

Diluted EPS

Q1 2026$0.35Miss by $0.05Q4 2025$0.25Miss by $0.12
Q3 2025$0.28Miss by $0.05
Q2 2025$0.32Miss by $0.01Q1 2025$0.36Beat by $0.00Q4 2024$0.29Miss by $0.06

Ask the moment Energy Transfer reports.

Connect your AI and ask the moment the filing drops. It reads the release, surfaces what management said, and gives you its own read.

Connect your AI
Harbor at dusk
Claude

Questions, answered.

When did Energy Transfer report Q3 2025 earnings?
Energy Transfer (ET) reported Q3 2025 earnings on November 5, 2025 after market close.
What were Energy Transfer's Q3 2025 revenue and EPS?
Energy Transfer reported revenue of $20.0B and diluted EPS of $0.28 for Q3 2025.
Did Energy Transfer beat estimates in Q3 2025?
Revenue missed the consensus estimate of $21.9B by $2.0B. EPS missed the consensus estimate of $0.33 by $0.05.
How did Energy Transfer's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 3.9% from $20.8B a year earlier and diluted EPS declined 12.5% from $0.32.
Where can I find Energy Transfer's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001276187-25-000111) and the 10-Q periodic report (0001276187-25-000119) directly on SEC EDGAR. The filing index links above go to sec.gov.