Enterprise Products Posts $2.7B EBITDA, Beats Q4 Revenue Estimates by $1.43B
Enterprise Products reported Q4 2025 EBITDA of $2.7 billion and revenue of $13.79 billion, beating estimates by $1.43 billion, with EPS of $0.75. EPD is investing $4.4 billion in 2025 capex, ramping Neches River expansion to full ethane utilization by Q2 2026, and maintained $5.2 billion liquidity with 3.3x leverage.
1. Q4 2025 Results and Estimate Beats
Enterprise Products Partners delivered Q4 2025 results with EBITDA of $2.7 billion, revenue of $13.79 billion (surpassing consensus by $1.43 billion) and EPS of $0.75, outperforming guidance by $0.06 per share despite a 2.87% year-over-year revenue decline.
2. Project Integration and Growth Investments
Growth was driven by new asset integrations including the Mentone West and Orion projects and expansion of the NGL export franchise. The company allocated $4.4 billion to 2025 capital expenditures, focused on organic projects such as the Neches River facility expansion.
3. Liquidity, Leverage and Margin Trends
EPD held a liquidity position of $5.2 billion and maintained a 3.3x leverage ratio entering 2026. However, 2025 margins were pressured by lower oil prices and tighter propylene spreads in commodity-sensitive segments.
4. 2026–2027 Outlook
Management forecasts modest mid-single-digit growth of 3–5% in 2026, with a potential double-digit surge in 2027 as major expansions reach full capacity and ramp up ethane utilization at Neches River by Q2 2026.