Enterprise Products Partners (EPD) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 EBITDA of $2.7 billion and gross operating margin (GOM) of $2.74 billion, both up year-over-year, driven by strong segment performance and volume growth.

• Net income attributable to common unitholders was $1.66 billion for Q4 2025 and $5.88 billion for the full year.

• Adjusted cash flow from operations for Q4 2025 grew 5% to $2.4 billion; full-year 2025 reached a record $8.7 billion.

• Distribution per unit increased 2.8% year-over-year to $0.55 for Q4 2025; full-year distributions rose 3.6% to $2.175 per unit, marking 27 consecutive years of growth.

• Returned $5 billion to equity investors in 2025 through distributions and $300 million in buybacks.

Financial highlights

• Adjusted EBITDA for 2025 was $9.96 billion, up from $9.90 billion in 2024; adjusted CFFO reached $8.7 billion.

• Total capital investments in 2025 were $5.6 billion, including $4.4 billion for growth projects and $632 million for acquisitions.

• Total debt at year-end was $34.7 billion; consolidated liquidity stood at $5.2 billion.

• Adjusted CFFO payout ratio was 58% for 2025; operational DCF coverage of distributions was 1.7x.

• Weighted average cost of debt was 4.7%, with 98% of debt at fixed rates and 17-year average maturity.

Outlook and guidance

• Modest adjusted EBITDA and cash flow growth expected in 2026, at the lower end of the 3%-5% range; double-digit EBITDA and cash flow 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 expected at $580 million.

• Bahia NGL Pipeline expansion to 1 million BPD and extension to Exxon's Cowboy complex scheduled for completion in Q4 2027.

• Discretionary free cash flow projected to be around $1 billion in 2026, with 50%-60% allocated to buybacks and debt reduction.