Enterprise Products Partners (EPD) Q4 2025 earnings summary

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.