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Energy Transfer ET Q4 2025 Annual earnings

Reported February 17, 2026 · Before market open

Revenue$25.3BBeat by $1.3BDiluted EPS$0.25Miss by $0.12
Revenue estimate$24.0B
EPS estimate$0.37

Next report

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

Financials

Q4 2025

Income statement

See full
Revenue$25.3B+29.6%
Gross profit$5.9B+9.7%
Operating income$2.1B-8.9%
Net income$928.0M-13.8%
EPS (diluted)$0.25-13.8%

Balance sheet

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Cash & equivalents$1.3B+308%
Total debt$70.2B+15.8%
Total assets$141.29B+12.7%

Cash flow

See full
Operating cash flow$1.9B-26.7%
CapEx$2.1B+44.2%
Free cash flow--100%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$56.62B-15.6%
Enterprise value$125.55B-1.4%
P/E12.8×-1.2×
P/S0.7×-0.1×

Profitability

See full
Gross margin25.8%+0.7pp
Operating margin10.6%-0.5pp
Net margin5.2%-0.6pp
FCF margin4.8%-4.1pp

Returns & leverage

See full
Current ratio1.2×+0.1×

Segments

By segment

See full
Investment in Sunoco LP$8.6B+63.2%
Crude oil transportation and services$8.5B+36.3%
NGL and refined products transportation and services$6.2B-3.2%
Midstream$2.7B-13.9%
Intrastate transportation and storage$902.0M+10.0%

By product

See full
Refined product sales$8.2B+65.0%
Crude sales$7.7B+40.4%
NGL sales$4.6B-3.3%
Gathering, transportation and other fees$3.2B+7.2%
Natural gas sales$1.0B+9.2%

Versus estimates

Revenue

Q1 2026$27.8BBeat by $2.0B
Q4 2025$25.3BBeat by $1.3B
Q3 2025$20.0BMiss by $2.0BQ2 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 $0.05
Q4 2025$0.25Miss by $0.12
Q3 2025$0.28Miss by $0.05Q2 2025$0.32Miss by $0.01Q1 2025$0.36Beat by $0.00Q4 2024$0.29Miss by $0.06

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Questions, answered.

When did Energy Transfer report Q4 2025 earnings?
Energy Transfer (ET) reported Q4 2025 earnings on February 17, 2026 before market open.
What were Energy Transfer's Q4 2025 revenue and EPS?
Energy Transfer reported revenue of $25.3B and diluted EPS of $0.25 for Q4 2025.
Did Energy Transfer beat estimates in Q4 2025?
Revenue beat the consensus estimate of $24.0B by $1.3B. EPS missed the consensus estimate of $0.37 by $0.12.
How did Energy Transfer's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 29.6% from $19.5B a year earlier and diluted EPS declined 13.8% from $0.29.
Where can I find Energy Transfer's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001276187-26-000004) and the 10-K periodic report (0001276187-26-000013) directly on SEC EDGAR. The filing index links above go to sec.gov.