Energy Transfer (ET) Q4 2025 earnings summary

Executive summary

• Achieved record FY 2025 Adjusted EBITDA of nearly $16 billion, up 3% year-over-year, with strong operational volumes and financial performance across all major segments.

• Q4 2025 Adjusted EBITDA rose 8% to $4.18 billion, with distributable cash flow stable at $2.04 billion and operational records set across NGL, crude oil, and natural gas.

• Increased Q4 2025 cash distribution per unit by over 3% to $0.3350, annualized at $1.34.

• Major growth projects underway, including the upsized Desert Southwest Pipeline, expansions at Nederland and Marcus Hook terminals, and construction of Mustang Draw II and Hugh Brinson plants.

• Suspended Lake Charles LNG development to focus on higher-return projects, but remain open to third-party opportunities.

Financial highlights

• Full-year 2025 Adjusted EBITDA reached $15.98 billion, up from $15.48 billion in 2024.

• Full-year distributable cash flow attributable to partners was $8.2 billion, slightly down from $8.4 billion in 2024.

• Q4 2025 revenues were $25.3 billion, up from $19.5 billion in Q4 2024.

• Growth capital expenditures for 2025 were approximately $4.5 billion, focused on NGL, midstream, and intrastate segments.

• Q4 2025 distributable cash flow was $2.04 billion, up from $1.98 billion year-over-year.

Outlook and guidance

• 2026 Adjusted EBITDA guidance raised to $17.45–$17.85 billion, reflecting the USA Compression acquisition and new projects.

• 2026 organic growth capital guidance set at $5–$5.5 billion, with two-thirds allocated to natural gas and NGL projects.

• Long-term annual distribution growth rate targeted at 3%-5%, with leverage maintained at 4–4.5x EBITDA.

• Fee-based margin expected to remain at ~90% in 2026, with commodity spread margin at 5-10%.