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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Enterprise Products Partners
Enterprise Products Partners (EPD) investor relations material
Enterprise Products Partners Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Achieved record Q4 2025 EBITDA of $2.7 billion and gross operating margin of $2.74 billion, with net income attributable to common unitholders of $1.66 billion for Q4 and $5.88 billion for the full year.
Returned $5.0 billion to equity investors in 2025 through distributions and buybacks, with a 2.8% increase in quarterly distribution year-over-year and 27 consecutive years of distribution growth.
Adjusted cash flow from operations for Q4 grew 5% to $2.4 billion; full-year 2025 reached a record $8.7 billion.
Major new assets brought online in 2025, including Frac 14, Mentone West, Orion, Neches River Terminal, and Bahia NGL pipeline.
Maintained a leverage ratio of 3.3x and consolidated liquidity of $5.2 billion at year-end.
Financial highlights
Adjusted EBITDA for 2025 was $9.96 billion, up from $9.90 billion in 2024; Q4 2025 adjusted EBITDA was $2.7 billion, up 4% year-over-year.
Adjusted CFFO payout ratio was 58% for 2025, with operational DCF coverage of distributions at 1.7x.
Total capital investments, net of asset sales, were $5.6 billion in 2025, including $4.4 billion for growth projects.
Total debt principal outstanding at $34.7 billion as of year-end.
Free cash flow for 2025 was $3.0 billion, with adjusted FCF at $3.13 billion.
Outlook and guidance
Modest adjusted EBITDA and cash flow growth expected in 2026, at the lower end of the 3%-5% range; double-digit (around 10%) growth projected for 2027 as new assets reach full utilization.
Growth capital expenditures for 2026 expected at $2.5-$2.9 billion, netting to $1.9-$2.3 billion after asset sale proceeds; sustaining capital expenditures for 2026 forecast at $580 million.
Bahia NGL Pipeline expansion to 1 million BPD and extension to Exxon's Cowboy complex scheduled for completion in Q4 2027.
Free cash flow after capex and distributions in 2026 expected to support debt reduction and buybacks.
$4.8 billion of major capital projects under construction, including new gas processing plants and pipeline expansions.
What drives the 2026 organic growth capex increase?
New demand drivers for natural gas systems?
How do lower NGL prices affect gross margin?
Largest drivers for 2027 10% EBITDA growth?
Rationale for 50-60% FCF to buybacks in 2026?
How EPD monetizes Waha price volatility
Partial view of Summaries dataset, powered by Quartr API
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Next Enterprise Products Partners earnings date
Q1 202628 Apr, 2026
Enterprise Products Partners
Next Enterprise Products Partners earnings date
Q1 202628 Apr, 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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