Enterprise Products Partners (EPD) Q3 2025 earnings summary

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.