Filing Flows › Energy Transfer LP (ET) › Q2 2025
Energy Transfer LP (ET) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Energy Transfer LP (ET) reported revenue of $19.2B for the second quarter 2025 (Q2 2025), -7% from a year earlier and -8% from the quarter before. Operating margin was 12.0%, net earnings $1.2B (6.0% of revenue).
Energy Transfer LP, Q2 2025: revenue $19.2B (-7% year over year), operating margin 12.0%, net earnings $1.2B, operating cash flow $2.8B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $19.2B | -8% | -7% |
| Operating profit | $2.3B | -7% | +0.5% |
| Net earnings | $1.2B | -12% | -11% |
| Operating cash flow | $2.8B | -5% | +22% |
| Free cash flow | $1.1B | -35% | -24% |
What changed
Revenue was $19.2B in Q2 2025, down 7% year over year and down 8% from the previous quarter. Refined product sales was the largest line at 27% of revenue. Crude sales lost $1.5B year over year (down 23%), 103% of the total change.
Operating profit was $2.3B, a 12.0% margin (up 0.9 points year over year). Total costs fell 8% while revenue fell 7%. Net earnings were $1.2B, down 11% year over year. The effective tax rate was 5.1%.
Operating cash flow was $2.8B (up 22% year over year), 189% of net income including minority interests. Non-cash charges added back $1.4B of depreciation and amortization and $0.03B of share-based compensation. Capital expenditures of $1.7B left free cash flow of $1.1B.
Questions
What was Energy Transfer LP's revenue in the second quarter 2025?
Energy Transfer LP (ET) reported revenue of $19.2B for the second quarter 2025 (Q2 2025), -7% from a year earlier and -8% from the quarter before.
Was Energy Transfer LP profitable in the second quarter 2025?
Operating profit was $2.3B (12.0% of revenue) and net earnings $1.2B.
Source: Energy Transfer LP 10-Q on SEC EDGAR.