Q4 25 EPS
$0.75
BEAT +5.28%
Est. $0.71
Q4 25 Revenue
$13.79B
vs S&P Since Q4 25
+9.8%
BEATING MARKET
EPD +14.3% vs S&P +4.5%
Full Year 2025 Results
FY 25 EPS
$2.66
BEAT +0.90%
Est. $2.64
FY 25 Revenue
$52.60B
BEAT +1.06%
Est. $52.04B
Market Reaction
Did EPD Beat Earnings? Q4 2025 Results
Enterprise Products Partners capped 2025 with a record-setting fourth quarter, posting earnings per unit of $0.75 against a consensus estimate of $0.71, a 5.28% beat, while revenue of $13.79 billion topped expectations of $13.24 billion by 4.18%, eve… Read more Enterprise Products Partners capped 2025 with a record-setting fourth quarter, posting earnings per unit of $0.75 against a consensus estimate of $0.71, a 5.28% beat, while revenue of $13.79 billion topped expectations of $13.24 billion by 4.18%, even as the top line slipped 2.9% from the prior-year period. The standout driver was broad-based volume growth across the midstream platform, highlighted by record natural gas processing inlet volumes of 8.1 Bcf/d, record NGL fractionation of 1.9 million barrels per day, and record total pipeline volumes of 14.1 million BPD-equivalent, metrics that translated into record quarterly gross operating margin, net income, and cash flow. The Natural Gas Pipelines & Services segment was particularly notable, with gross operating margin surging to $445 million from $323 million a year earlier, fueled by higher natural gas marketing margins and a 641 BBtus/d jump in Permian gathering volumes. Enterprise's 27th consecutive year of distribution growth underscored the partnership's capital return commitment, while management projects 2026 net organic growth capital of $1.9 billion to $2.3 billion, anchored by expansion of the Bahia NGL Pipeline and emerging demand from AI data centers and industrial reshoring.
Key Takeaways
- • Record natural gas processing inlet volumes of 8.1 Bcf/d in Q4 2025
- • Record NGL fractionation volumes of 1.9 million BPD
- • Record total pipeline transportation volumes of 14.1 million BPD-equivalent
- • Record ethane marine terminal volumes of 334 MBPD
- • Natural Gas Pipelines & Services gross operating margin increased $122 million year-over-year to $445 million
- • Higher natural gas marketing margins and Permian gathering volumes driving Natural Gas segment improvement
- • Refined products pipeline volumes increased 184 MBPD year-over-year
- • Fee-based natural gas processing volumes increased 4% to 7.3 Bcf/d
EPD YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
EPD Revenue by Segment
With YoY comparisons, source: SEC Filings
“Enterprise completed 2025 with a record fourth quarter. Record natural gas processing inlet volume of 8.1 Bcf/d, record NGL fractionation volume of 1.9 million BPD, record ethane marine terminal volume of 334 MBPD and record total pipeline volume of 14.1 million BPD-equivalent were some of the ten operational records for the quarter. This volume growth led to increases in gross operating margin in our NGL, refined products and natural gas pipeline businesses that resulted in record gross operating margin, record net income attributable to common unitholders and record cash flow performance for the quarter, which were slightly better than our record performance in the fourth quarter of 2024.”
— Jim Teague, Q4 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% |