Energy Transfer (ET) Q1 2025 earnings summary

Executive summary

• Adjusted EBITDA for Q1 2025 was $4.10 billion, up 6% year-over-year, driven by strong volumes in midstream, crude, natural gas, and NGL pipelines, as well as robust NGL exports.

• Net income attributable to partners reached $1.32 billion for Q1 2025, up from $1.24 billion year-over-year; basic net income per common unit was $0.37.

• Distributable cash flow attributable to partners was $2.31 billion for Q1 2025.

• Major growth projects, including Flexport NGL export expansion, Permian processing plant expansions, and the Hugh Brinson Pipeline, are underway, with earnings ramping up in 2026-2027.

• Sunoco LP announced major acquisitions, including Parkland for $9.1B and TanQuid for $540M, both expected to close in H2 2025.

Financial highlights

• Q1 2025 adjusted EBITDA: $4.10 billion (vs. $3.88–$3.9 billion Q1 2024).

• Q1 2025 net income attributable to partners: $1.32 billion, up from $1.24 billion.

• Distributable cash flow: $2.31 billion for Q1 2025.

• Growth capital expenditures for Q1 2025 totaled $954–$955 million; maintenance capex was $165–$166 million.

• Quarterly cash distribution increased to $0.3275 per unit, up over 3% year-over-year.

Outlook and guidance

• 2025 adjusted EBITDA guidance: $16.1–$16.5 billion, reflecting a diversified, fee-based business model.

• Organic growth capital projects expected to total ~$5 billion in 2025, with most projects online by 2025-2026 and earnings ramping in 2026-2027.

• CapEx flexibility allows for deferral if market conditions warrant; 2026 sanctioned CapEx currently projected at less than half of 2025’s level.