Filing Flows › Enterprise Products Partners L.P. (EPD) › Q4 2025
Enterprise Products Partners L.P. (EPD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Enterprise Products Partners L.P. (EPD) reported revenue of $13.8B for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and +15% from the quarter before. Operating margin was 14.7%, net earnings $1.6B (11.9% of revenue).
Enterprise Products Partners L.P., Q4 2025: revenue $13.8B (-3% year over year), operating margin 14.7%, net earnings $1.6B, operating cash flow $2.5B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.8B | +15% | -3% |
| Operating profit | $2.0B | +20% | +3% |
| Net earnings | $1.6B | +23% | +2% |
| Operating cash flow | $2.5B | +42% | +5% |
| Free cash flow | $1.2B | — | -10% |
What changed
Revenue was $13.8B in Q4 2025, down 3% year over year and up 15% from the previous quarter. Crude Oil Pipelines & Services was the largest line at 40% of revenue.
Operating profit was $2.0B, a 14.7% margin (up 0.8 points year over year). Total costs fell 4% while revenue fell 3%. Net earnings were $1.6B, up 2% year over year. The effective tax rate was -0.2%.
Operating cash flow was $2.5B (up 5% year over year), 149% of net earnings. Non-cash charges added back $0.60B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items added $0.17B. Capital expenditures of $1.3B left free cash flow of $1.2B.
Questions
What was Enterprise Products Partners L.P.'s revenue in the fourth quarter 2025?
Enterprise Products Partners L.P.
Was Enterprise Products Partners L.P. profitable in the fourth quarter 2025?
Operating profit was $2.0B (14.7% of revenue) and net earnings $1.6B.
Source: Enterprise Products Partners L.P. 10-K on SEC EDGAR.