Energy Transfer LP Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw record financial and operational results, prompting a raised full-year EBITDA outlook and increased growth capital guidance. New projects, contract extensions, and global market shifts position the business for sustained growth and strong demand for U.S. energy exports.
Fiscal Year 2025
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Record 2025 Adjusted EBITDA and operational volumes were achieved, with strong growth in natural gas and NGL segments. 2026 guidance was raised, major pipeline and terminal expansions are underway, and capital discipline remains a focus amid competitive and regulatory dynamics.
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Q3 2025 adjusted EBITDA was $3.84B, with record volumes in key segments and strong long-term contract growth, especially from data centers and power plants. 2025 guidance was lowered, but major projects and disciplined capital allocation are set to drive earnings growth in 2026–2027.
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Q2 2025 Adjusted EBITDA rose to $3.9B, with record volumes in several segments. Major new projects like the Desert Southwest and Hugh Brinson pipelines are underway, supporting long-term growth, while full-year EBITDA is expected at or slightly below the lower end of guidance due to Bakken and dry gas softness.
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Q1 2025 adjusted EBITDA rose to $4.1B, with strong midstream and NGL performance, while growth projects and export expansions are set to drive earnings in 2026-2027. Guidance for 2025 EBITDA remains $16.1–$16.5B, supported by a diversified, fee-based model and robust project backlog.
Fiscal Year 2024
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Adjusted EBITDA and DCF set records in 2024, with strong segment performance and robust project pipeline. 2025 guidance calls for $5B in growth capex and 5% EBITDA growth, driven by Permian, NGL, and data center demand. Major projects and M&A to fuel long-term growth.
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Q3 2024 Adjusted EBITDA rose to $3.96B, driven by record volumes and strong exports, while DCF remained flat at $1.99B. Integration of Crestwood and WTG assets is progressing, and 2024 guidance is unchanged with major growth projects underway and robust demand for natural gas and exports.
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Q2 2024 saw record Adjusted EBITDA and DCF, driven by strong segment performance and recent acquisitions. Guidance for 2024 was raised, reflecting outperformance and the WTG acquisition, while major growth projects and a JV with Sunoco LP advance.