Filing Flows › Energy Transfer LP (ET) › Q3 2025
Energy Transfer LP (ET) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Energy Transfer LP (ET) reported revenue of $20.0B for the third quarter 2025 (Q3 2025), -4% from a year earlier and +4% from the quarter before. Operating margin was 10.8%, net earnings $1.0B (5.1% of revenue).
Energy Transfer LP, Q3 2025: revenue $20.0B (-4% year over year), operating margin 10.8%, net earnings $1.0B, operating cash flow $2.6B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.0B | +4% | -4% |
| Operating profit | $2.2B | -7% | -1% |
| Net earnings | $1.0B | -12% | -14% |
| Operating cash flow | $2.6B | -7% | -11% |
| Free cash flow | $1.3B | +16% | -29% |
What changed
Revenue was $20.0B in Q3 2025, down 4% year over year and up 4% from the previous quarter. Refined product sales was the largest line at 29% of revenue. Crude sales lost $1.2B year over year (down 18%), 144% of the total change.
Operating profit was $2.2B, a 10.8% margin (up 0.3 points year over year). Total costs fell 4% while revenue fell 4%. The fastest-growing cost line was Other operating costs (+11%). Net earnings were $1.0B, down 14% year over year. The effective tax rate was 6.3%.
Operating cash flow was $2.6B (down 11% year over year), 199% 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 $0.20B. Capital expenditures of $1.3B left free cash flow of $1.3B.
Questions
What was Energy Transfer LP's revenue in the third quarter 2025?
Energy Transfer LP (ET) reported revenue of $20.0B for the third quarter 2025 (Q3 2025), -4% from a year earlier and +4% from the quarter before.
Was Energy Transfer LP profitable in the third quarter 2025?
Operating profit was $2.2B (10.8% of revenue) and net earnings $1.0B.
Source: Energy Transfer LP 10-Q on SEC EDGAR.