Energy Transfer Q4 Adjusted EBITDA Up 7.7%, $4.5B CapEx Planned
Energy Transfer generated $4.2 billion in adjusted EBITDA for Q4 2025, up 7.7% year-over-year, driven by record pipeline, NGL and crude volumes and supporting $4.5 billion organic growth capital expenditure in 2025. Analysts maintain a Moderate Buy rating with a $21.36 price target, implying roughly 14% upside.
1. Q4 2025 Financial Results
Energy Transfer reported $4.2 billion of adjusted EBITDA in Q4 2025, up 7.7% year-over-year, on record transported volumes across interstate pipelines, midstream, NGL and crude segments. The company missed consensus EPS at $0.25 versus $0.34 expected, but maintained stability in fee-based cash flows and improved leverage metrics.
2. Growth Investments and Analyst Outlook
Strong demand from natural gas power generation and data centers underpins Energy Transfer’s $4.5 billion organic growth capital expenditure planned for 2025 while supporting ongoing distribution growth. Analysts rate the stock as a Moderate Buy with a $21.36 price target, reflecting about 14% upside from current levels.
3. Position in Energy Transition
Energy Transfer offers investors high-yield exposure to existing hydrocarbon infrastructure, with AI and export demand acting as incremental tailwinds rather than the core thesis. Its stable, fee-based cash flows contrast with longer-duration, carbon-free plays by focusing on today’s energy backbone.