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Sep 30
Enterprise Products Q3 2025 Earnings Report
Enterprise Products reported steady earnings in Q3 2025 despite margin pressures and maintenance-related impacts.
Key Takeaways
Enterprise Products posted solid financials with $1.34 billion in net income and maintained strong operating performance, driven by record volume growth in natural gas and NGLs. However, lower sales margins and operational headwinds weighed on results.
Net income for Q3 2025 was $1.34 billion, down slightly from $1.42 billion last year.
EPS was $0.61 per unit, compared to $0.65 in Q3 2024.
Natural gas processing volumes reached a record 8.057 billion cubic feet per day.
Buyback authorization increased from $2 billion to $5 billion, with $3.6 billion capacity remaining.
Enterprise Products
Enterprise Products
Forward Guidance
Enterprise expects continued volume growth and capital project completions to support cash flow in 2026, while temporary operational headwinds may subside.
Positive Outlook
- Completion of Neches River Terminal Phase 1 contributed to ethane export records.
- NGL Pipeline 14 ramping up in October 2025.
- Bahia NGL pipeline expected online in November 2025.
- Strong free cash flow inflection expected in 2026.
- Buyback program expanded with $3.6 billion capacity remaining.
Challenges Ahead
- Q3 margin impacted by lower sales and processing spreads.
- LPG export fees declined due to contract recontracting.
- PDH 2 turnaround affected utilization and results.
- Three-month delay in NGL fractionator construction.
- Reduced Adjusted FCF compared to prior year.