NYSE$ET
Energy Transfer LP · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Energy Transfer reported Q4 2025 net income of $928M ($0.25 per unit) and adjusted EBITDA of $4.18B.
Net income attributable to partners was $928 million ($0.25 per common unit) versus $1.08 billion a year ago. Adjusted EBITDA rose 8% to $4.18 billion; distributable cash flow was $2.04 billion. Volumes grew across NGL, crude, and gas systems; the partnership raised its quarterly distribution to $0.3350 per unit.
- Adjusted EBITDA $4.18B (+8% YoY).
- NGL fractionation and crude transportation set volume records.
- Q4 distribution $0.3350 per unit (+3% YoY).
- 2026 adjusted EBITDA guide $17.45–$17.85B.
Headline financials
Revenue & EPS history
Energy Transfer · Revenue · Quarterly
$25.3B
Forward guidance
Management suspended Lake Charles LNG to prioritize natural gas pipeline projects and raised 2026 adjusted EBITDA guidance after the J-W Power acquisition.
Tailwinds
- Diverse fee-based segments; ~40% EBITDA from gas assets.
- Long-term data-center gas supply agreements with Oracle.
- Florida Gas Transmission expansion projects fully contracted.
Headwinds
- GAAP net income down YoY on one-time items.
- Lake Charles LNG development paused.
- Growth capex $5.0–$5.5B in 2026.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
+0.4%
Avg return
Earnings day
-0.8%
Avg return
5 days after
-0.4%
Avg return
30 days after
52%
34 / 65 earnings
Positive
+16.5%
Q3 2016
Best reaction
-6.7%
Q1 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.5% | -3.7% | -4.8% | |
| Q4 2025 | -0.7% | +1.2% | +1.1% | |
| Q3 2025 | -0.4% | -1.2% | -0.7% | |
| Q2 2025 | -1.3% | -2.6% | -2.6% | |
| Q1 2025 | +6.8% | +10.3% | +13.4% | |
| Q4 2024 | -0.8% | +0.9% | -5.5% | |
| Q3 2024 | +3.0% | +2.0% | +14.0% | |
| Q2 2024 | +1.6% | -2.8% | -0.6% | |
| Q1 2024 | +0.6% | -1.9% | -4.0% | |
| Q4 2023 | +3.3% | +4.2% | +9.9% | |
| Q3 2023 | +3.7% | +2.7% | +5.6% | |
| Q2 2023 | -3.3% | -2.6% | +2.6% | |
| Q1 2023 | -1.9% | -4.3% | -2.4% | |
| Q4 2022 | -0.3% | -1.7% | -8.4% | |
| Q3 2022 | -3.2% | -3.7% | -2.6% | |
| Q2 2022 | -1.4% | -3.4% | +4.3% | |
| Q1 2022 | +1.2% | -7.8% | +0.9% | |
| Q4 2021 | +0.5% | -1.2% | -3.7% | |
| Q3 2021 | -6.1% | -4.9% | -16.3% | |
| Q2 2021 | -4.4% | -4.4% | -0.3% | |
| Q1 2021 | +9.9% | +6.5% | +20.4% | |
| Q4 2020 | -2.6% | +7.3% | +14.7% | |
| Q3 2020 | -2.5% | +1.8% | +26.0% | |
| Q2 2020 | -4.1% | -5.8% | -9.6% | |
| Q1 2020 | -1.7% | -5.8% | +14.8% | |
| Q4 2019 | -1.3% | -9.1% | -58.7% | |
| Q3 2019 | -4.3% | -5.5% | -9.2% | |
| Q2 2019 | +3.5% | -1.3% | -1.3% | |
| Q1 2019 | -1.5% | -2.2% | -6.9% | |
| Q4 2018 | -0.5% | -1.6% | -1.5% | |
| Q3 2018 | +1.0% | -3.1% | -10.4% | |
| Q2 2018 | -1.8% | -4.7% | -5.9% | |
| Q1 2018 | -1.7% | -0.4% | +5.6% | |
| Q4 2017 | +1.0% | -1.0% | -13.7% | |
| Q3 2017 | -1.5% | -3.3% | -10.0% | |
| Q2 2017 | +2.1% | -1.8% | +3.1% | |
| Q1 2017 | -6.7% | -3.6% | -6.9% | |
| Q4 2016 | -0.4% | -0.5% | -0.8% | |
| Q3 2016 | +16.5% | +20.2% | +22.7% | |
| Q2 2016 | +0.9% | +5.7% | +12.3% | |
| Q1 2016 | +8.6% | — | — | |
| Q4 2015 | +2.7% | — | — | |
| Q3 2015 | -6.1% | — | — | |
| Q2 2015 | -4.8% | — | — | |
| Q1 2015 | +0.3% | — | — | |
| Q4 2014 | +0.8% | — | — | |
| Q3 2014 | +3.5% | — | — | |
| Q2 2014 | +2.5% | — | — | |
| Q1 2014 | +5.7% | — | — | |
| Q4 2013 | -2.3% | — | — | |
| Q3 2013 | +0.4% | — | — | |
| Q2 2013 | +1.9% | — | — | |
| Q1 2013 | +2.7% | — | — | |
| Q4 2012 | +4.5% | — | — | |
| Q3 2012 | +0.4% | — | — | |
| Q2 2012 | +0.3% | — | — | |
| Q1 2012 | +1.5% | — | — | |
| Q4 2011 | -0.4% | — | — | |
| Q3 2011 | +2.9% | — | — | |
| Q2 2011 | +1.7% | — | — | |
| Q1 2011 | +1.4% | — | — | |
| Q4 2010 | +0.1% | — | — | |
| Q3 2010 | -0.2% | — | — | |
| Q2 2010 | -4.6% | — | — | |
| Q1 2010 | +2.6% | — | — |
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