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Energy Transfer Q3 Earnings Lag Estimates, Revenues Decline Y/Y
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Key Takeaways
Energy Transfer posted Q3 earnings of 28 cents per unit, down 12.5% year over year.
Q3 revenues of $19.95B missed estimates and declined 3.9% from the prior year.
The firm advanced multiple gas and oil projects to boost capacity and meet demand.
Energy Transfer (ET - Free Report) reported third-quarter 2025 adjusted earnings of 28 cents per unit, which missed the Zacks Consensus Estimate of 33 cents by 15.2%. The bottom line also decreased 12.5% from the year-ago figure of 32 cents.
Total Revenues of ET
Revenues of $19.95 billion lagged the Zacks Consensus Estimate of $22.91 billion by 12.9%. Total revenues also dropped 3.9% from the year-ago figure of $20.77 billion.
Energy Transfer LP Price, Consensus and EPS Surprise
Total costs and expenses were $17.80 billion, down 4.2% year over year. This was due to the lower cost of products sold and a decline in selling, general and administrative expenses.
Operating income totaled $2.15 billion, down 1.4% year over year.
Interest expenses, net of interest capitalized, amounted to $890 million, 7.5% higher than the prior-year level.
Energy Transfer is in the process of commissioning the third of eight 10-megawatt natural-gas-fired electric generation units in West Texas.
In August 2025, to meet the growing customer demand for reliable natural gas service, Energy Transfer announced plans to construct a new natural gas storage cavern at its Bethel storage facility near Dallas-Fort Worth. The project is expected to double the site’s working gas storage capacity to more than 12 billion cubic feet (BCF) and enter service in late 2028.
In September 2025, Energy Transfer signed agreements to expand its Price River Terminal in Utah, a project that will double the terminal’s export capacity for American Premium Uinta oil. The expansion will add new railcar loading infrastructure, a heated storage tank with roughly 120,000 barrels of capacity and two additional 6,000-foot storage unit tracks.
Ongoing Development Activities
In November 2025, Energy Transfer announced plans to build Mustang Draw II, a new natural gas processing plant in the Midland Basin with a capacity of 250 million cubic feet of gas per day (MMcf/d), along with related infrastructure. The facility is expected to enter service in the fourth quarter of 2026.
ET’s Financial Position
ET had current assets of $17.44 billion as of Sept. 30, 2025 compared with $14.20 billion as of Dec. 31, 2024.
As of Sept. 30, 2025, the firm had a long-term debt, less current maturities, of $63.1 billion compared with $59.75 billion as of Dec. 31, 2024.
As of Sept. 30, 2025, the partnership’s revolving credit facility had an aggregate $3.44 billion of available borrowing capacity.
Growth capital expenditures in the third quarter of 2025 totaled $1.14 billion, while maintenance capital expenditures amounted to $293 million.
ET’s Guidance
Energy Transfer expects its 2025 adjusted EBITDA between $16.1 billion and $16.5 billion.
For 2025, the firm anticipates its growth capital expenditures to be nearly $4.6 billion.
Energy Transfer expects to invest nearly $5 billion of growth capital in 2026.
ET’s Zacks Rank
Energy Transfer currently carries a Zacks Rank #4 (Sell).
ONEOK Inc. (OKE - Free Report) reported third-quarter 2025 operating earnings per share (EPS) of $1.49, which beat the Zacks Consensus Estimate of $1.46 by 2.1%. The bottom line also increased 26.3% from the year-ago quarter’s figure of $1.18.
Operating revenues for the quarter totaled $8.63 billion, which missed the Zacks Consensus Estimate of $10.05 billion by 14.1%. However, the top line rose 71.9% from $5.02 billion in the prior-year quarter.
Plains All American Pipeline, L.P. (PAA - Free Report) reported third-quarter 2025 adjusted earnings of 39 cents per unit, which topped the Zacks Consensus Estimate of 34 cents by 14.7%. In the year-ago quarter, the firm reported earnings of 37 cents.
Net sales of $11.58 billion lagged the Zacks Consensus Estimate of $12.96 billion by 10.6%. The top line also decreased 7% from the year-ago quarter’s figure of $12.46 billion.
CNX Resources Corporation (CNX - Free Report) reported third-quarter 2025 operating earnings of 49 cents per share, which beat the Zacks Consensus Estimate of 37 cents by 32.4%. The bottom line also increased 19.5% from 41 cents in the year-ago quarter.
The company reported revenues of $423 million, which outpaced the Zacks Consensus Estimate of $366 million by 15.6%. The top line also rose 19.5% from the prior-year quarter’s $354 million.
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Energy Transfer Q3 Earnings Lag Estimates, Revenues Decline Y/Y
Key Takeaways
Energy Transfer (ET - Free Report) reported third-quarter 2025 adjusted earnings of 28 cents per unit, which missed the Zacks Consensus Estimate of 33 cents by 15.2%. The bottom line also decreased 12.5% from the year-ago figure of 32 cents.
Total Revenues of ET
Revenues of $19.95 billion lagged the Zacks Consensus Estimate of $22.91 billion by 12.9%. Total revenues also dropped 3.9% from the year-ago figure of $20.77 billion.
Energy Transfer LP Price, Consensus and EPS Surprise
Energy Transfer LP price-consensus-eps-surprise-chart | Energy Transfer LP Quote
Highlights of ET’s Q3 Results
Total costs and expenses were $17.80 billion, down 4.2% year over year. This was due to the lower cost of products sold and a decline in selling, general and administrative expenses.
Operating income totaled $2.15 billion, down 1.4% year over year.
Interest expenses, net of interest capitalized, amounted to $890 million, 7.5% higher than the prior-year level.
Energy Transfer is in the process of commissioning the third of eight 10-megawatt natural-gas-fired electric generation units in West Texas.
In August 2025, to meet the growing customer demand for reliable natural gas service, Energy Transfer announced plans to construct a new natural gas storage cavern at its Bethel storage facility near Dallas-Fort Worth. The project is expected to double the site’s working gas storage capacity to more than 12 billion cubic feet (BCF) and enter service in late 2028.
In September 2025, Energy Transfer signed agreements to expand its Price River Terminal in Utah, a project that will double the terminal’s export capacity for American Premium Uinta oil. The expansion will add new railcar loading infrastructure, a heated storage tank with roughly 120,000 barrels of capacity and two additional 6,000-foot storage unit tracks.
Ongoing Development Activities
In November 2025, Energy Transfer announced plans to build Mustang Draw II, a new natural gas processing plant in the Midland Basin with a capacity of 250 million cubic feet of gas per day (MMcf/d), along with related infrastructure. The facility is expected to enter service in the fourth quarter of 2026.
ET’s Financial Position
ET had current assets of $17.44 billion as of Sept. 30, 2025 compared with $14.20 billion as of Dec. 31, 2024.
As of Sept. 30, 2025, the firm had a long-term debt, less current maturities, of $63.1 billion compared with $59.75 billion as of Dec. 31, 2024.
As of Sept. 30, 2025, the partnership’s revolving credit facility had an aggregate $3.44 billion of available borrowing capacity.
Growth capital expenditures in the third quarter of 2025 totaled $1.14 billion, while maintenance capital expenditures amounted to $293 million.
ET’s Guidance
Energy Transfer expects its 2025 adjusted EBITDA between $16.1 billion and $16.5 billion.
For 2025, the firm anticipates its growth capital expenditures to be nearly $4.6 billion.
Energy Transfer expects to invest nearly $5 billion of growth capital in 2026.
ET’s Zacks Rank
Energy Transfer currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
ONEOK Inc. (OKE - Free Report) reported third-quarter 2025 operating earnings per share (EPS) of $1.49, which beat the Zacks Consensus Estimate of $1.46 by 2.1%. The bottom line also increased 26.3% from the year-ago quarter’s figure of $1.18.
Operating revenues for the quarter totaled $8.63 billion, which missed the Zacks Consensus Estimate of $10.05 billion by 14.1%. However, the top line rose 71.9% from $5.02 billion in the prior-year quarter.
Plains All American Pipeline, L.P. (PAA - Free Report) reported third-quarter 2025 adjusted earnings of 39 cents per unit, which topped the Zacks Consensus Estimate of 34 cents by 14.7%. In the year-ago quarter, the firm reported earnings of 37 cents.
Net sales of $11.58 billion lagged the Zacks Consensus Estimate of $12.96 billion by 10.6%. The top line also decreased 7% from the year-ago quarter’s figure of $12.46 billion.
CNX Resources Corporation (CNX - Free Report) reported third-quarter 2025 operating earnings of 49 cents per share, which beat the Zacks Consensus Estimate of 37 cents by 32.4%. The bottom line also increased 19.5% from 41 cents in the year-ago quarter.
The company reported revenues of $423 million, which outpaced the Zacks Consensus Estimate of $366 million by 15.6%. The top line also rose 19.5% from the prior-year quarter’s $354 million.