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Energy Transfer ET Q3 2025 earnings

Reported November 5, 2025 · After market close

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

Next report

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

Financials

Q3 2025

Income statement

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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

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

Cash flow

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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

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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

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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

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

FAQ

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 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 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.