Summary
Enterprise Products Partners L.P. (EPD) reported financial results for the nine months ended September 30, 2025, showing a decrease in total revenues to $38.8 billion from $42.0 billion in the prior year, largely due to lower marketing revenues driven by decreased commodity prices. Despite the revenue decline, the company's operational performance remained robust, with net income attributable to common unitholders at $4.17 billion for the nine-month period, down slightly from $4.28 billion in the same period last year. The company's extensive midstream infrastructure, covering natural gas, NGLs, crude oil, and petrochemicals, continues to generate strong fee-based earnings, contributing to a stable distribution coverage ratio of 1.6x. EPD also demonstrated active capital allocation, with significant investments in growth projects and a substantial increase in its unit repurchase program, signaling confidence in future cash flows and a commitment to returning capital to unitholders.
Financial Highlights
39 data points| Revenue | $12.02B |
| Cost of Revenue | $8.59B |
| Gross Profit | $3.43B |
| Operating Expenses | $10.43B |
| Operating Income | $1.69B |
| Net Income | $1.33B |
| Shares Outstanding (Diluted) | 2.19B |
Key Highlights
- 1Total revenues for the nine months ended September 30, 2025, decreased to $38.8 billion from $42.0 billion in the prior year, primarily due to lower marketing revenues resulting from decreased commodity prices.
- 2Net income attributable to common unitholders was $4.17 billion for the first nine months of 2025, a slight decrease from $4.28 billion in the comparable period of 2024.
- 3The company's distributable cash flow (DCF) for the nine months ended September 30, 2025, was $5.78 billion, supporting a distribution coverage ratio of 1.6x.
- 4Capital expenditures for the nine months ended September 30, 2025, totaled $4.32 billion, up from $3.49 billion in the prior year, with significant investments in growth capital projects like natural gas processing trains and export facilities.
- 5Enterprise Products Partners announced an increase in its 2019 Buyback Program authorization from $2.0 billion to $5.0 billion, with $3.6 billion remaining capacity as of the reporting date, indicating a strong commitment to returning capital to unitholders.
- 6The company successfully placed new natural gas processing trains (Orion and Mentone West 1) and the first phase of its Neches River Ethane/Propane Export Facility into service, enhancing its midstream capabilities.
- 7Total assets grew slightly to $77.8 billion from $77.2 billion, while total liabilities also saw a modest increase, driven by debt issuances, with long-term debt standing at $31.1 billion.