Filing Flows › Energy Transfer LP (ET) › Q1 2025
Energy Transfer LP (ET) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Energy Transfer LP (ET) reported revenue of $21.0B for the first quarter 2025 (Q1 2025), -3% from a year earlier and +8% from the quarter before. Operating margin was 11.9%, net earnings $1.3B (6.3% of revenue).
Energy Transfer LP, Q1 2025: revenue $21.0B (-3% year over year), operating margin 11.9%, net earnings $1.3B, operating cash flow $2.9B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $21.0B | +8% | -3% |
| Operating profit | $2.5B | +9% | +5% |
| Net earnings | $1.3B | +23% | +7% |
| Operating cash flow | $2.9B | +13% | -23% |
| Free cash flow | $1.7B | +51% | -43% |
What changed
Revenue was $21.0B in Q1 2025, down 3% year over year and up 8% from the previous quarter. NGL sales was the largest line at 27% of revenue. Crude sales lost $1.4B year over year (down 20%), 229% of the total change.
Operating profit was $2.5B, a 11.9% margin (up 0.8 points year over year). Total costs fell 4% while revenue fell 3%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $1.3B, up 7% year over year. The effective tax rate was 2.3%.
Operating cash flow was $2.9B (down 23% year over year), 170% of net income including minority interests. Non-cash charges added back $1.4B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.21B. Capital expenditures of $1.2B left free cash flow of $1.7B.
Questions
What was Energy Transfer LP's revenue in the first quarter 2025?
Energy Transfer LP (ET) reported revenue of $21.0B for the first quarter 2025 (Q1 2025), -3% from a year earlier and +8% from the quarter before.
Was Energy Transfer LP profitable in the first quarter 2025?
Operating profit was $2.5B (11.9% of revenue) and net earnings $1.3B.
Source: Energy Transfer LP 10-Q on SEC EDGAR.