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Energy Transfer Q2 Earnings In Line With Estimates, Revenues Down Y/Y
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Key Takeaways
{\"0\":\"ET posted Q2 earnings of 32 cents per unit, in line with estimates but down 8.6% from the year-ago level.\",\"1\":\"Q2 revenues of $19.24B missed estimates by 23.8% and declined 7.2% year over year.\",\"2\":\"ET signed major LNG supply deals and advanced West Texas power projects in Q2 2025.\"}
Energy Transfer (ET - Free Report) reported second-quarter 2025 adjusted earnings of 32 cents per unit, in line with the Zacks Consensus Estimate. The bottom line decreased 8.6% from the year-ago figure of 35 cents.
Total Revenues of ET
Revenues of $19.24 billion missed the Zacks Consensus Estimate of $25.26 billion by 23.8%. Total revenues also decreased 7.2% from the year-ago figure of $20.73 billion.
Energy Transfer LP Price, Consensus and EPS Surprise
Total costs and expenses were $16.93 billion, down 8.1% year over year. This was due to lower cost of products sold.
Operating income totaled $2.3 billion, up 0.5% year over year.
Interest expense, net of interest capitalized, amounted to $865 million, 13.5% higher than the prior-year level.
Energy Transfer recently commissioned the second of eight 10-megawatt natural gas-fired electric generation facilities in West Texas. Two more of these facilities are expected to be placed into service in 2025, with the remainder in 2026.
In June 2025, Energy Transfer signed an incremental Sale and Purchase Agreement (“SPA”) with Chevron U.S.A. Inc. for additional LNG supply from its proposed Lake Charles LNG export facility. The 20-year agreement for 1 million tons per annum (mtpa) increases Chevron’s total contracted volume from Energy Transfer LNG to 3 mtpa, following the initial 2 mtpa agreement signed in December 2024.
In May 2025, Energy Transfer entered into a 20-year LNG SPA with Kyushu Electric Power Company, Inc., related to the Lake Charles LNG project, to supply 1 mtpa of LNG.
In April 2025, Energy Transfer entered into a Heads of Agreement with MidOcean Energy for the joint development of the Lake Charles LNG project, under which MidOcean would commit to fund 30% of the construction costs and be entitled to 30% of the LNG production.
ET’s Financial Position
As of June 30, 2025, the firm had a long-term debt, less current maturities of $60.75 billion compared with $59.75 billion as of Dec. 31, 2024.
As of June 30, 2025, the partnership’s revolving credit facility had an aggregate $2.51 billion of available borrowing capacity.
Growth capital expenditures in the second quarter of 2025 totaled $1.04 billion, while maintenance capital expenditures amounted to $253 million.
ET’s Guidance
Energy Transfer expects its 2025 adjusted EBITDA to be between $16.1 billion and $16.5 billion.
For 2025, the firm expects its growth capital expenditures to be approximately $5 billion.
Clearway Energy Inc. (CWEN - Free Report) recorded second-quarter 2025 earnings of 28 cents per share, which lagged the Zacks Consensus Estimate of 67 cents by 58.2%.
CWEN’s long-term (three to five years) earnings growth rate is 38.65%. The Zacks Consensus Estimate for 2025 sales is pinned at $1.45 billion, implying a year-over-year increase of 5.8%.
CNX Resources Corporation (CNX - Free Report) reported second-quarter 2025 operating earnings of 59 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 51.3%.
CNX’s long-term earnings growth rate is 53.04%. The Zacks Consensus Estimate for 2025 sales is pinned at $1.91 billion, implying a year-over-year increase of 30.2%.
ONEOK Inc. (OKE - Free Report) reported second-quarter 2025 operating earnings of $1.34 per share, which came in line with the Zacks Consensus Estimate.
OKE’s long-term earnings growth rate is 7.68%. The Zacks Consensus Estimate for 2025 sales is pinned at $34.86 billion, implying a year-over-year increase of 60.6%.
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Energy Transfer Q2 Earnings In Line With Estimates, Revenues Down Y/Y
Key Takeaways
Energy Transfer (ET - Free Report) reported second-quarter 2025 adjusted earnings of 32 cents per unit, in line with the Zacks Consensus Estimate. The bottom line decreased 8.6% from the year-ago figure of 35 cents.
Total Revenues of ET
Revenues of $19.24 billion missed the Zacks Consensus Estimate of $25.26 billion by 23.8%. Total revenues also decreased 7.2% from the year-ago figure of $20.73 billion.
Energy Transfer LP Price, Consensus and EPS Surprise
Energy Transfer LP price-consensus-eps-surprise-chart | Energy Transfer LP Quote
Highlights of ET’s Q2 Results
Total costs and expenses were $16.93 billion, down 8.1% year over year. This was due to lower cost of products sold.
Operating income totaled $2.3 billion, up 0.5% year over year.
Interest expense, net of interest capitalized, amounted to $865 million, 13.5% higher than the prior-year level.
Energy Transfer recently commissioned the second of eight 10-megawatt natural gas-fired electric generation facilities in West Texas. Two more of these facilities are expected to be placed into service in 2025, with the remainder in 2026.
In June 2025, Energy Transfer signed an incremental Sale and Purchase Agreement (“SPA”) with Chevron U.S.A. Inc. for additional LNG supply from its proposed Lake Charles LNG export facility. The 20-year agreement for 1 million tons per annum (mtpa) increases Chevron’s total contracted volume from Energy Transfer LNG to 3 mtpa, following the initial 2 mtpa agreement signed in December 2024.
In May 2025, Energy Transfer entered into a 20-year LNG SPA with Kyushu Electric Power Company, Inc., related to the Lake Charles LNG project, to supply 1 mtpa of LNG.
In April 2025, Energy Transfer entered into a Heads of Agreement with MidOcean Energy for the joint development of the Lake Charles LNG project, under which MidOcean would commit to fund 30% of the construction costs and be entitled to 30% of the LNG production.
ET’s Financial Position
As of June 30, 2025, the firm had a long-term debt, less current maturities of $60.75 billion compared with $59.75 billion as of Dec. 31, 2024.
As of June 30, 2025, the partnership’s revolving credit facility had an aggregate $2.51 billion of available borrowing capacity.
Growth capital expenditures in the second quarter of 2025 totaled $1.04 billion, while maintenance capital expenditures amounted to $253 million.
ET’s Guidance
Energy Transfer expects its 2025 adjusted EBITDA to be between $16.1 billion and $16.5 billion.
For 2025, the firm expects its growth capital expenditures to be approximately $5 billion.
ET’s Zacks Rank
Energy Transfer currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Clearway Energy Inc. (CWEN - Free Report) recorded second-quarter 2025 earnings of 28 cents per share, which lagged the Zacks Consensus Estimate of 67 cents by 58.2%.
CWEN’s long-term (three to five years) earnings growth rate is 38.65%. The Zacks Consensus Estimate for 2025 sales is pinned at $1.45 billion, implying a year-over-year increase of 5.8%.
CNX Resources Corporation (CNX - Free Report) reported second-quarter 2025 operating earnings of 59 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 51.3%.
CNX’s long-term earnings growth rate is 53.04%. The Zacks Consensus Estimate for 2025 sales is pinned at $1.91 billion, implying a year-over-year increase of 30.2%.
ONEOK Inc. (OKE - Free Report) reported second-quarter 2025 operating earnings of $1.34 per share, which came in line with the Zacks Consensus Estimate.
OKE’s long-term earnings growth rate is 7.68%. The Zacks Consensus Estimate for 2025 sales is pinned at $34.86 billion, implying a year-over-year increase of 60.6%.