Energy Transfer ( NYSE: ET) delivered a mixed fourth quarter 2025 performance, posting $25.32 billion in revenue while net income declined to $928 million, down from $1.08 billion year-over-year. The midstream giant reported $0.25 EPS and adjusted EBITDA of $4.18 billion, representing an 8% increase from the prior year quarter. Despite the earnings decline, Energy Transfer achieved multiple operational records.
Global monthly active users (MAUs) -- 619 million, up 12%, marking the tenth consecutive record quarter. MAUs by region -- 105 million in US and Canada, up 4%; 158 million in Europe, up 9%; 356 million in Rest of World, up 16%. Q4 revenue -- $1.3 billion, a 14% increase (13% on constant currency), with global ad impressions rising 41% and ad pricing declining 19% due to international mix shifts.
Proprietary revenue growth -- Proprietary revenue increased 17% in fiscal 2025 and 23% in fiscal Q4 (period ended Dec. 31, 2025), outperforming overall trends. Network channel revenue decline -- The network channel saw approximately a 60% year-over-year decline, which management expects to stabilize at lower levels for fiscal 2026. Total revenue outlook -- Full-year revenue is guided to low single-digit percentage growth (1%-3%), with an expected flat to slightly down fiscal second quarter and mid-single-digit growth in the second half as network revenue stabilizes.
Adjusted EBITDA -- $12 million, representing a 61% increase year over year, driven by cost management and digital growth. Adjusted EBITDA Margin -- 9.4%, up from 5.3%, highlighting improved profitability. Equity Investment -- $50 million in gross proceeds was raised via private placement at $3.25 per share, materially strengthening the balance sheet. Interest Rate Reduction -- The credit agreement was amended to lower the interest rate on $455 million of debt from 9% to 5% for five years, generating an estimated $18 million in annual interest savings and up to approximately $90 million over five years.
Revenue -- $496.8 million for Q3 2025, up 15% year over year, with growth attributed to increased advertiser traction on the Realize platform. Ex-TAC Gross Profit -- Ex-TAC gross profit was $176.8 million for Q3 2025, up 6.3% year over year; growth was driven by Realize and higher advertising spend from scaled advertisers. Adjusted EBITDA -- Adjusted EBITDA was $48.2 million for Q3 2025, with a 27.3% margin; reflects company focus on cost discipline and strategic investments to support expansion.
