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Enterprise Products Partners (EPD) investor relations material
Enterprise Products Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Adjusted EBITDA for Q3 2025 was $2.4 billion, with distributable cash flow of $1.8 billion and 1.5x coverage; $635 million of DCF was retained.
Net income attributable to common unitholders was $1.3 billion, or $0.61 per unit, for Q3 2025, down from $1.4 billion in Q3 2024.
Distribution per unit increased 3.8% year-over-year to $0.545, payable November 14th.
Major projects, including Frac 14, Bahia Pipeline, and Neches River Terminal, are coming online, with some delays pushing upside into Q4 and 2026.
Buyback authorization was increased by $3 billion to $5 billion, with $3.6 billion remaining capacity.
Financial highlights
Q3 2025 gross operating margin was $2.39 billion, with adjusted cash flow from operations at $2.1 billion.
$250 million in buybacks for the first nine months of 2025; $80 million repurchased in Q3.
Total capital returned to unitholders over the last 12 months was $5 billion, with a payout ratio of 58% of adjusted cash flow from operations.
Total capital investments in Q3 were $2 billion, including $1.2 billion for growth projects and $583 million for the Occidental Midland Basin acquisition.
Total debt outstanding was $33.9 billion as of September 30, 2025, with a weighted average cost of 4.7% and $3.6 billion in liquidity.
Outlook and guidance
Organic growth capital expenditures for 2025 and 2026 expected at $4.5 billion and $2.2–$2.5 billion, respectively.
Sustaining capital expenditures for 2025 expected at $525 million.
Management expects 2026 to be an inflection point for free cash flow as major capital projects conclude.
Leverage ratio at 3.3x, above target due to recent capital investments, but expected to return to target range by year-end 2026.
Major capital projects under construction total $5.1 billion, including new gas processing plants and export terminal expansions.
Buyback program utilization post-2026 FCF inflection
Impact of PDH2 restart on Q4 margins?
What drove lower sales and processing margins?
Buyback strategy: programmatic vs. opportunistic?
Confidence in PDH plant reliability for 2026?
Permian growth drivers and infrastructure needs?
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Next Enterprise Products Partners earnings date
Q4 20254 Feb, 2026
Next Enterprise Products Partners earnings date
Q4 20254 Feb, 2026
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Frequently asked questions
Owner of more than 43,000 miles of pipelines
With pipelines that span over 43,000 miles, this company is one of the dominant players in the midstream oil industry. They have a diversified portfolio of assets, including pipelines, storage facilities, transportation services, and refineries. Surprisingly enough, the company expects oil demand in 2040 to be even higher than it is today.
Dan Duncan and two partners founded Enterprise Products Company in 1968 to market natural gas liquids on a wholesale scale.
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