Energy Transfer LP Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Energy Transfer Q4 & Full-Year 2025 Earnings Summary

Financial Performance

  • Full-year 2025 adjusted EBITDA was approximately $16 billion, up 3% from $15.5 billion in 2024 and a partnership record.
  • Full-year 2025 distributable cash flow (DCF), as adjusted, was $8.2 billion versus $8.4 billion in 2024, down slightly year over year.
  • Q4 2025 adjusted EBITDA was $4.2 billion, higher than $3.9 billion in Q4 2024.
  • Q4 2025 DCF was approximately $2 billion, flat compared with Q4 2024.
  • Approximately $90 million in net negative one-time impacts affected Q4 results, with over $70 million expected to reverse into Q1 2026.

Operational Highlights

  • Record 2025 volumes across interstate, midstream, NGL, and crude segments.
  • Record NGL exports from Nederland and Marcus Hook terminals.
  • Q4 2025 saw records in fractionation throughput, LPG exports, crude transportation, and Nederland terminal volumes.

Segment Performance (Q4 2025 vs. Q4 2024)

  • NGL & Refined Products: $1.1 billion in adjusted EBITDA, flat year over year. One-time regulatory benefit (+$56M) offset by hedge timing (-$58M) and fog-related delays (-$14M), both expected to reverse in Q1 2026.
  • Midstream: $720 million, up from $705 million, due to higher volumes; partly offset by a $14 million one-time regulatory fee impact.

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Operator: Good morning, and welcome to the Energy Transfer Fourth Quarter 2025 Earnings Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Tom Long, Co-Chief Executive Officer. Please go ahead. Thomas Long: Thank you, operator, and good morning, everyone, and welcome to the Energy Transfer Fourth Quarter 2025 Earnings Call. I'm also joined today by Mackie McCrea and other members of the senior management team who are here to help answer your questions after our prepared remarks. Hopefully, you saw the press release we issued earlier this morning. As a reminder, our earnings release contains an update to guidance and a thorough MD&A that goes through the segment results in detail, and we encourage everyone to look at the release, as well as the slides posted to our website to gain a full understanding of the quarter and our growth opportunities. As a reminder, we will be making forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These statements are based upon our current beliefs as well as certain assumptions and information currently available to us and are discussed in more details in our Form 10-K for the year ended December 31, 2025, which we expect to file later this week. I'll also refer to adjusted EBITDA and distributable cash flow, or DCF, both of which are non-GAAP financial measures. You'll find a reconciliation of our non-GAAP measures on our webs

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