Enterprise Products Partners (NYSE:EPD) reported fourth-quarter earnings that surpassed Wall Street expectations, as record volumes across its natural gas and liquids pipelines offset a slight year-over-year decline in full-year profitability.
The Houston-based midstream giant posted net income of $0.75 per common unit for the quarter ended Dec. 31, 2025, beating the $0.6989 consensus analyst estimate.
Quarterly revenue reached $13.79 billion, significantly ahead of the $12.49 billion forecast.
The performance was driven by ten new operational records, including record natural gas processing inlet volumes of 8.1 billion cubic feet per day and NGL fractionation volumes of 1.9 million barrels per day.
For the full year 2025, Enterprise reported a net income of $5.8 billion, or $2.66 per unit, compared to $5.9 billion in 2024.
Despite the minor earnings dip, the partnership maintained its streak of rewarding unitholders, marking its 27th consecutive year of distribution growth with a 3.6% increase in annual payouts to $2.175 per unit.
The company’s "self-funding" model remained intact, as it generated $7.9 billion in operational distributable cash flow (DCF), providing a healthy 1.7x coverage of its distributions.