Q2 25 EPS
$0.66
BEAT +3.90%
Est. $0.64
Q2 25 Revenue
$11.36B
MISS 19.84%
Est. $14.18B
vs S&P Since Q2 25
+15.5%
BEATING MARKET
EPD +28.7% vs S&P +13.1%
Market Reaction
Did EPD Beat Earnings? Q2 2025 Results
Enterprise Products Partners delivered a beat-and-miss quarter in Q2 2025, posting adjusted EPS of $0.66 against a consensus estimate of $0.64, a 3.90% beat, while revenue of $11.36 billion fell short of the $14.18 billion estimate by 19.84% and decl… Read more Enterprise Products Partners delivered a beat-and-miss quarter in Q2 2025, posting adjusted EPS of $0.66 against a consensus estimate of $0.64, a 3.90% beat, while revenue of $11.36 billion fell short of the $14.18 billion estimate by 19.84% and declined 15.7% year-over-year from $13.48 billion. The revenue shortfall, however, was largely a commodity price story rather than an operational one: WTI crude averaged just $63.87 per barrel versus $80.57 in Q2 2024, compressing top-line figures across segments. Underneath the headline numbers, Enterprise set five operational records, including natural gas processing plant inlet volumes of 7.8 Bcf/d and crude oil pipeline volumes of 2.6 million BPD, reinforcing the partnership's standing as a durable midstream income vehicle. Distributable cash flow grew 7% to $1.94 billion, covering the $0.55 per unit distribution 1.6 times. Looking ahead, approximately $6 billion in organic growth projects are slated to enter service in H2 2025, with full-year capital investment guided at $4.00 billion to $4.50 billion.
Key Takeaways
- • Record natural gas processing plant inlet volumes of 7.8 Bcf/d driven by Permian and Haynesville Basins
- • Record natural gas pipeline volumes of 20.4 TBtus/d, up 9% YoY
- • Record crude oil pipeline volumes of 2.6 million BPD
- • Record refined products and petrochemical pipeline volumes of 1.0 million BPD
- • Fee-based natural gas processing volumes increased 10% to record 7.3 Bcf/d
- • NGL pipeline volumes increased 5% to 4.6 million BPD
- • NGL marine terminal volumes increased 8% to 942 MBPD
- • Natural gas marketing gross operating margin increased $75 million YoY
- • Strong fee-based asset performance offset lower commodity prices and marketing headwinds
EPD YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
EPD Revenue by Segment
With YoY comparisons, source: SEC Filings
“In a seasonally weaker quarter challenged with macroeconomic, geopolitical, and commodity price headwinds, Enterprise reported solid earnings and cash flow. Our assets continued to perform setting five new operating records. Notably, driven by the Permian and Haynesville Basins, we reported record natural gas processing plant inlet volumes of 7.8 Bcf/d, record natural gas pipeline volumes of 20.4 TBtus/d, and record crude oil pipeline volumes of 2.6 million BPD. Additionally, our refined products and petrochemical pipelines had record volumes of 1.0 million BPD.”
— Jim Teague, Q2 2025 Earnings Press Release
EPD Earnings Trends
EPD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
EPD EPS Trend
Earnings per share: estimate vs actual
EPD Revenue Trend
Quarterly revenue: estimate vs actual
EPD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $0.68 | — | $14.39B | — |
| Q4 25 BEAT FY | $0.71 | $0.75 | +5.28% | $13.79B | — |
| FY Full Year | $2.64 | $2.66 | +0.90% | $52.60B | +1.06% |
| Q3 25 | — | $0.61 | — | $12.02B | — |
| Q2 25 BEAT | $0.64 | $0.66 | +3.90% | $11.36B | -19.84% |
| Q1 25 MISS | $0.71 | $0.64 | -10.25% | $15.42B | +10.12% |