Enterprise Products Partners L.P. (EPD) filed its 2025 Form 10‑K on February 28, 2026, making the partnership’s audited financial statements for the year ended December 31, 2025, publicly available. The filing provides a comprehensive view of EPD’s financial performance, including revenue, net income, operating income, cash flow, and capital expenditures.
Total revenue for 2025 was $52.6 billion, a decline of $3.6 billion (≈6.4 %) from $56.2 billion in 2024. The drop was driven primarily by lower marketing revenues, while demand in core segments such as NGL pipelines remained strong. Net income attributable to common unitholders fell to $5.9 billion, or $2.66 per common unit, down $94 million from $5.9 billion ($2.69 per unit) in 2024, reflecting the revenue decline and modest margin compression.
Operating income decreased to $7.3 billion, a $72 million decline from $7.3 billion in 2024, as lower revenue offset gains from operational efficiencies. Distributable cash flow (DCF) held steady at $7.9 billion, while adjusted cash flow from operations (Adjusted CFFO) reached a record $8.7 billion, up $100 million from $8.6 billion in 2024. The partnership declared a quarterly cash distribution of $0.55 per common unit for Q4 2025, bringing total distributions for the year to $2.18 per unit, a 3.6 % increase and the 27th consecutive year of growth. Capital investments totaled $5.6 billion, including $4.4 billion for growth projects, $632 million for acquisitions, and $620 million for sustaining capital.
Segment analysis shows the NGL Pipelines & Services unit contributed $5.56 billion to gross operating margin, while Crude Oil Pipelines & Services added $1.50 billion, Natural Gas Pipelines & Services $1.56 billion, and Petrochemical & Refined Products Services $1.44 billion. Business developments included the commercial launch of the Bahia NGL Pipeline in December 2025, the sale of a 40 % interest in that pipeline to ExxonMobil, and the acquisition of Permian Basin gathering assets and Gulf Coast liquid storage for $632 million.
Co‑CEO A.J. “Jim” Teague highlighted the company’s record fourth quarter, emphasizing customer relationships as a driver of long‑term success. Analyst expectations for Q4 2025 were met with an EPS of $0.75 versus a consensus of $0.69, a beat of $0.06 (≈8.7 %). Revenue of $13.79 billion exceeded the $12.37 billion forecast by $1.42 billion (≈11.5 %). The earnings beat was attributed to resilient international demand for NGLs and record operational volumes, offsetting weaker commodity prices.
Following the earnings release, analysts adjusted their outlooks: Stifel raised its price target from $35.00 to $38.00 and maintained a “buy” rating, while Raymond James downgraded EPD from “strong‑buy” to “outperform” but set a $36.00 target. The mixed analyst response reflects confidence in the partnership’s operational execution and growth investments, tempered by concerns about commodity price volatility and the need to manage capital deployment.
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