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Energy Transfer vs Southern: revenue, profit, margins and growth compared

Energy Transfer brought in $85.5B of revenue in fiscal 2025, Southern $29.6B in fiscal 2025. Revenue changed by +3.5% at Energy Transfer and +10.4% at Southern on the year before, so Southern grew faster. Energy Transfer kept 5.2% of its revenue as net profit, Southern 14.7%. Free cash flow was $3.8B at Energy Transfer and -$2.9B at Southern.

Side by side, latest fiscal year

ETSO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$85.5B$29.6B
Revenue growth+3.5%+10.4%
Net income$4.4B$4.3B
Net margin5.2%14.7%
Free cash flow$3.8B-$2.9B
Free cash flow margin4.5%-9.9%
Earnings per share (diluted)n/a$3.92
Cash$1.3B$1.6B
Debt$68.3B$71.9B
Price to earningsn/a21.1
Market value$69.5B$95.3B
Dividend yieldn/a3.55%
Rank by revenue in sector#1 of 109 · Utilities#5 of 109 · Utilities

Over the years

Revenue
ET FY2018: $54.1BET FY2019: $54.2BET FY2020: $39BET FY2021: $67.4BET FY2022: $89.9BET FY2023: $78.6BET FY2024: $82.7BET FY2025: $85.5BSO FY2018: $25.2BSO FY2019: $22.6BSO FY2020: $21.1BSO FY2021: $23.5BSO FY2022: $29.3BSO FY2023: $25.3BSO FY2024: $26.8BSO FY2025: $29.6BFY18FY19FY20FY21FY22FY23FY24FY25
ET $85.5BSO $29.6B
Net income
ET FY2018: $1.7BET FY2019: $3.5BET FY2020: -$648MET FY2021: $5.5BET FY2022: $4.8BET FY2023: $3.9BET FY2024: $4.8BET FY2025: $4.4BSO FY2018: $2.2BSO FY2019: $4.7BSO FY2020: $3.1BSO FY2021: $2.4BSO FY2022: $3.5BSO FY2023: $4BSO FY2024: $4.4BSO FY2025: $4.3BFY18FY19FY20FY21FY22FY23FY24FY25
ET $4.4BSO $4.3B
Net margin
ET FY2018: 3.2%ET FY2019: 6.5%ET FY2020: -1.7%ET FY2021: 8.1%ET FY2022: 5.3%ET FY2023: 5.0%ET FY2024: 5.8%ET FY2025: 5.2%SO FY2018: 8.8%SO FY2019: 21.0%SO FY2020: 14.8%SO FY2021: 10.2%SO FY2022: 12.0%SO FY2023: 15.7%SO FY2024: 16.4%SO FY2025: 14.7%FY18FY19FY20FY21FY22FY23FY24FY25
ET 5.2%SO 14.7%
Revenue growth
ET FY2019: +0.2%ET FY2020: -28.1%ET FY2021: +73.1%ET FY2022: +33.3%ET FY2023: -12.6%ET FY2024: +5.2%ET FY2025: +3.5%SO FY2019: -10.5%SO FY2020: -6.6%SO FY2021: +11.2%SO FY2022: +24.8%SO FY2023: -13.8%SO FY2024: +6.0%SO FY2025: +10.4%FY19FY20FY21FY22FY23FY24FY25
ET +3.5%SO +10.4%
Free cash flow
ET FY2018: $99MET FY2019: $2.1BET FY2020: $2.2BET FY2021: $8.3BET FY2022: $5.7BET FY2023: $6.4BET FY2024: $7.3BET FY2025: $3.8BSO FY2018: -$1.1BSO FY2019: -$1.8BSO FY2020: -$826MSO FY2021: -$1.4BSO FY2022: -$1.6BSO FY2023: -$1.5BSO FY2024: $833MSO FY2025: -$2.9BFY18FY19FY20FY21FY22FY23FY24FY25
ET $3.8BSO -$2.9B

Fiscal years as each company reports them; the two may end in different months.

Questions about Energy Transfer and Southern

Which is bigger by revenue, Energy Transfer or Southern?

Energy Transfer is bigger by revenue: $85.5B in fiscal 2025, against $29.6B for Southern in fiscal 2025.

Which keeps more of its revenue as profit, Energy Transfer or Southern?

Energy Transfer had a net margin of 5.2% in fiscal 2025; Southern had 14.7% in fiscal 2025.

Which grew revenue faster, Energy Transfer or Southern?

In their latest fiscal years revenue changed by +3.5% at Energy Transfer and +10.4% at Southern.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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