---
schema_version: "secwatch.filing_event.v1"
accession: "0001276187-25-000116"
form_type: "8-K"
ticker: "ET"
cik: "0001276187"
company_name: "Energy Transfer LP"
filed_at: "2025-11-05T23:59:59+00:00"
generated_at: "2026-05-17T00:12:02.337942+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Energy Transfer Q3 net income $1.02B, adjusted EBITDA $3.84B; guidance slightly below prior range

## Summary
- Net income attributable to partners $1.02B ($0.28 per unit) vs $1.18B a year ago; adjusted EBITDA $3.84B vs $3.96B.
- Record volumes: NGL and refined products terminal up 10%, NGL transportation up 11%, NGL exports up 13%.
- Quarterly distribution raised >3% to $0.3325/unit; 2025 growth capex ~$4.6B; 2026 capex plan ~$5B.
- Now expects adjusted EBITDA to be slightly below prior guidance range of $16.1B–$16.5B.
- Secured long-term gas supply agreements with Oracle (~900 MMcf/d) and Entergy Louisiana (250,000 MMBtu/d).

## SEC filing metadata
- accession: 0001276187-25-000116
- form_type: 8-K
- ticker: ET
- cik: 0001276187
- company_name: Energy Transfer LP
- filed_at: 2025-11-05T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1276187/000127618725000116/0001276187-25-000116-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1276187/000127618725000116/et-20251105.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001276187-25-000116
- JSON: https://secwatch.observer/filing/0001276187-25-000116.json
- Plain text: https://secwatch.observer/filing/0001276187-25-000116.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.