Energy Transfer LP
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
ET$19.09+0.9%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
(Dollars in millions, except per unit data)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| REVENUES: | ||||
| Refined product sales | $5,849 | $5,566 | $15,987 | $17,066 |
| Crude sales | 5,296 | 6,476 | 15,769 | 19,872 |
| NGL sales | 4,285 | 4,707 | 14,427 | 14,336 |
| Gathering, transportation and other fees | 3,126 | 3,105 | 9,211 | 9,031 |
| Natural gas sales | 1,015 | 505 | 3,654 | 1,820 |
| Other | 383 | 413 | 1,168 | 1,005 |
| Total revenues | 19,954 | 20,772 | 60,216 | 63,130 |
| COSTS AND EXPENSES: | ||||
| Cost of products sold | 14,562 | 15,612 | 44,079 | 47,818 |
| Operating expenses | 1,532 | 1,358 | 4,174 | 3,723 |
| Depreciation, depletion and amortization | 1,440 | 1,324 | 4,191 | 3,791 |
| Selling, general and administrative | 268 | 297 | 813 | 889 |
| Impairment losses | 1 | — | 8 | 50 |
| Total costs and expenses | 17,803 | 18,591 | 53,265 | 56,271 |
| OPERATING INCOME | 2,151 | 2,181 | 6,951 | 6,859 |
| OTHER INCOME (EXPENSE): | ||||
| Interest expense, net of interest capitalized | (890) | (828) | (2,564) | (2,318) |
| Equity in earnings of unconsolidated affiliates | 116 | 102 | 313 | 285 |
| Losses on extinguishments of debt | (12) | — | (31) | (11) |
| Gain (loss) on interest rate derivative | — | (6) | — | 6 |
| Gain on sale of Sunoco LP West Texas assets | — | — | — | 598 |
| Other, net | 14 | 74 | 8 | 104 |
| INCOME BEFORE INCOME TAX EXPENSE | 1,379 | 1,523 | 4,677 | 5,523 |
| Income tax expense | 87 | 89 | 207 | 405 |
| NET INCOME | 1,292 | 1,434 | 4,470 | 5,118 |
| Less: Net income attributable to noncontrolling interests | 259 | 238 | 918 | 1,337 |
| Less: Net income attributable to redeemable noncontrolling interests | 14 | 13 | 47 | 44 |
| NET INCOME ATTRIBUTABLE TO PARTNERS | 1,019 | 1,183 | 3,505 | 3,737 |
| General Partner’s interest in net income | 1 | 1 | 3 | 3 |
| Preferred Unitholders’ interest in net income | 59 | 67 | 189 | 294 |
| Loss on redemption of preferred units | — | — | 8 | 54 |
| Common Unitholders’ interest in net income | $959 | $1,115 | $3,305 | $3,386 |
| NET INCOME PER COMMON UNIT: | ||||
| Basic | $0.28 | $0.33 | $0.96 | $1.00 |
| Diluted | $0.28 | $0.32 | $0.96 | $0.99 |
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