10-KPeriod: FY2025

ENTERPRISE PRODUCTS PARTNERS L.P. Annual Report, Year Ended Dec 31, 2025

Filed February 27, 2026For Securities:EPDEPDU

Summary

Enterprise Products Partners L.P. (EPD) reported its fiscal year results ending December 31, 2025. The company demonstrated resilience across its diversified midstream energy infrastructure segments, which include NGL, Crude Oil, Natural Gas, and Petrochemical & Refined Products services. Despite a slight decrease in total revenues year-over-year, primarily driven by lower marketing revenues due to softer commodity prices, the company maintained strong operational performance. EPD's strategic focus on fee-based contracts and growth capital projects continues to underpin its financial stability. Key developments during the year included significant expansion projects for NGL pipelines and terminals, as well as the acquisition of additional natural gas gathering pipelines in the Midland Basin. The company also highlighted its robust liquidity position and commitment to unitholder returns through distributions and unit repurchases, underpinned by a strong balance sheet and consistent access to capital markets. Management expressed confidence in continued operational performance and growth opportunities throughout 2026, driven by favorable long-term energy demand trends.

Financial Highlights

40 data points
Beta

Revenue

$52.60B

26.7% Gross Margin

Net Income

$5.81B

11.0% Net Margin

Total Assets

$77.90B

Cash & Equivalents

$969.00M

Free Cash Flow

$8.59B

Financial Statements
Beta
Revenue$52.60B
Cost of Revenue$38.57B
Gross Profit$14.03B
Operating Expenses$45.69B
Operating Income$7.27B
Net Income$5.81B
Shares Outstanding (Diluted)2.19B

Key Highlights

  • 1EPD maintains a diversified midstream energy asset network spanning NGL, Crude Oil, Natural Gas, and Petrochemical & Refined Products services.
  • 2Total revenues decreased slightly in 2025 compared to 2024, primarily due to lower marketing revenues resulting from reduced average sales prices for NGLs, crude oil, and petrochemicals/refined products.
  • 3Gross operating margin remained strong, demonstrating operational resilience, with NGL Pipelines & Services showing stable performance and Natural Gas Pipelines & Services experiencing significant growth.
  • 4The company completed several key growth capital projects in 2025, including NGL export facility phases, new natural gas processing trains, and expansion of the Bahia NGL Pipeline.
  • 5EPD acquired approximately 200 miles of natural gas gathering pipelines in the Midland Basin from an affiliate of Occidental Petroleum.
  • 6The company maintained a strong liquidity position with $5.2 billion in consolidated liquidity at year-end 2025, supported by $4.2 billion in available borrowing capacity and $969 million in unrestricted cash.
  • 7EPD reaffirmed its commitment to unitholder returns, with a declared quarterly cash distribution of $0.55 per common unit for Q4 2025 and continued unit repurchases under its $5 billion authorized buyback program.

Frequently Asked Questions

EPD's total revenues decreased in 2025 compared to 2024, mainly due to a $4.8 billion reduction in marketing revenues. This decrease was primarily caused by lower average sales prices for NGLs, crude oil, and petrochemicals/refined products. However, higher sales volumes and increased revenues from midstream services across various segments, particularly NGL and natural gas transportation, partially offset this decline.

In 2025, EPD focused on strategic growth and expansion. Key developments included the sale of a 40% interest in the Bahia NGL Pipeline to ExxonMobil, the acquisition of approximately 200 miles of natural gas gathering pipelines in the Midland Basin, and the placement into service of new natural gas processing trains and export facilities. The company also announced and advanced projects to expand LPG export capacity and NGL pipeline capabilities, demonstrating a commitment to enhancing its integrated midstream network.

EPD maintains a strong financial position characterized by robust liquidity and a commitment to capital discipline. At the end of 2025, the company had $5.2 billion in consolidated liquidity, with $4.2 billion in available borrowing capacity. Approximately 98.3% of its debt portfolio is fixed-rate with a weighted-average cost of 4.7% and an average maturity of 16.8 years. EPD also continued to repurchase its common units under its buyback program and declared consistent cash distributions to unitholders, signaling confidence in its ongoing operational performance and ability to access capital markets.

For 2026, EPD anticipates continued growth driven by constructive fundamentals in crude oil and natural gas markets, particularly in the U.S. Permian Basin. The company expects increasing demand for its midstream services due to growing production volumes and rising global energy demand. EPD has significant growth capital projects scheduled for completion, which are expected to further leverage its asset base and create additional opportunities. Management remains confident in the company's ability to navigate market dynamics through its integrated asset portfolio, strong customer relationships, and disciplined financial management.