About Enterprise Products Partners L.P.
Enterprise Products Partners is a key player in the U.S. energy infrastructure space, focusing on moving and handling critical energy commodities across markets.
Year-End 2025 Results
Enterprise reported net income attributable to common unitholders of $5.8 billion ($2.66 per unit) in 2025, slightly lower than $5.9 billion ($2.69 per unit) in 2024. Operational distributable cash flow (Operational DCF) remained stable at $7.9 billion in both years. Distributions for 2025 increased 3.6% to $2.175 per unit, marking the 27th consecutive year of distribution growth, with a strong 1.7x coverage ratio. The partnership retained $3.2 billion of DCF for reinvestment.
During 2025, Enterprise repurchased approximately $300 million of common units, taking cumulative buybacks under its $5.0 billion program to about $1.4 billion. Adjusted cash flow from operations (Adjusted CFFO) reached a record $8.7 billion, up from $8.6 billion in 2024, with a payout ratio of 58% including distributions and buybacks.
Total net capital investments in 2025 were $5.6 billion, primarily driven by $4.4 billion in growth projects, asset acquisitions, and sustaining capital. For 2026, organic growth capital investments are expected in the range of $1.9–$2.3 billion, while sustaining capital expenditures are projected at about $580 million. As of December 31, 2025, Enterprise had $34.7 billion in total debt and strong liquidity of approximately $5.2 billion.
Fourth Quarter 2025 Highlights
For Q4 2025, Enterprise reported net income attributable to common unitholders of $1.6 billion, in line with Q4 2024, with fully diluted earnings of $0.75 per unit. Operational DCF was $2.2 billion, supporting a 2.8% increase in quarterly distributions to $0.550 per unit, with a healthy 1.8x coverage ratio. The partnership retained $1.0 billion of DCF and repurchased $50 million of common units during the quarter. Adjusted CFFO for the quarter increased to $2.4 billion, while net capital investments totaled $1.3 billion, largely focused on growth projects and sustaining expenditures.