Filing Flows › Energy Transfer LP (ET) › Q4 2025
Energy Transfer LP (ET) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Energy Transfer LP (ET) reported revenue of $25.3B for the fourth quarter 2025 (Q4 2025), +30% from a year earlier and +27% from the quarter before. Operating margin was 8.2%, net earnings $928M (3.7% of revenue).
Energy Transfer LP, Q4 2025: revenue $25.3B (+30% year over year), operating margin 8.2%, net earnings $928M, operating cash flow $1.9B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $25.3B | +27% | +30% |
| Operating profit | $2.1B | -3% | -9% |
| Net earnings | $928M | -9% | -14% |
| Operating cash flow | $1.9B | -26% | -27% |
What changed
Revenue was $25.3B in Q4 2025, up 30% year over year and up 27% from the previous quarter.
Operating profit was $2.1B, a 8.2% margin (down 3.5 points year over year). Operating profit fell $0.20B even though revenue rose $5.8B versus a year earlier, so costs grew faster than sales. Total costs grew 35% against revenue growth of 30%. The fastest-growing cost line was Cost of revenue (+37%). Net earnings were $0.93B, down 14% year over year. The effective tax rate was 10.4%.
Operating cash flow was $1.9B (down 27% year over year), 153% of net income including minority interests. Non-cash charges added back $1.5B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.87B. Capital expenditures of $2.1B exceeded it, leaving free cash flow of −$0.23B.
Questions
What was Energy Transfer LP's revenue in the fourth quarter 2025?
Energy Transfer LP (ET) reported revenue of $25.3B for the fourth quarter 2025 (Q4 2025), +30% from a year earlier and +27% from the quarter before.
Was Energy Transfer LP profitable in the fourth quarter 2025?
Operating profit was $2.1B (8.2% of revenue) and net earnings $928M.
Source: Energy Transfer LP 10-K on SEC EDGAR.