Energy Transfer LP (NYSE: ET) released its third‑quarter 2025 financial results today, November 6, 2025, following a conference call that took place on Wednesday, November 5, 2025. The partnership reported net income attributable to partners of $1.02 billion for the three months ended September 30, 2025, compared with $1.18 billion for the same period in 2024, and a net income per common unit of $0.28 versus $0.33 a year earlier.
Adjusted EBITDA for the quarter was $3.84 billion, down 3% from $3.96 billion in 2024, while distributable cash flow attributable to partners was $1.90 billion, a 4% decline from $1.99 billion in the prior year. Growth capital expenditures totaled $1.14 billion and maintenance capital expenditures were $293 million, reflecting the partnership’s ongoing investment in its diversified midstream portfolio.
The decline in adjusted EBITDA and net income was largely driven by one‑time items, including a $160 million recognition related to Winter Storm Uri and other non‑recurring charges. Despite the lower earnings, the partnership still generated robust cash flow, which supports its ability to maintain or potentially increase distributions to unit holders.
The earnings release provides investors with a clear view of Energy Transfer’s financial performance and capital allocation strategy for the quarter, offering insight into the partnership’s operational resilience and its capacity to fund future growth projects while sustaining shareholder returns.
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