Description

Enterprise Products Partners: A $2.7 Billion EBITDA Quarter Masks Underlying Spread Pressure

Enterprise Products Partners L.P. reported a fourth quarter 2025 adjusted EBITDA of $2.7 billion, surpassing its previous record set in the fourth quarter of 2024. For the full year, adjusted cash flow from operations reached a near-record $8.7 billion, with net income attributable to common unitholders at $1.6 billion for the quarter. The company declared a fourth-quarter distribution of $0.55 per common unit, reflecting a 2.8% increase over the same period the prior year, and returned approximately $5 billion of capital to equity investors in 2025, predominantly through distributions and $300 million of buybacks. The partnership repurchased about $50 million of common units in Q4, representing around 29% utilization of its $5 billion buyback authorization.