Analyst Consensus ?
ConsensusBuy45 ratings
Bullish3475.6%
Neutral920.0%
Bearish24.4%
Enterprise Products Partners L.P. · EPD · FY2025 Q4 · Calendar Q1 2026
EPD Posts Record Q4 EBITDA as New Assets Support Growth Outlook
The supplied call analysis supports a measured growth case: newly commissioned and expanding assets, long-term customer contracts and producer activity underpin management’s outlook. The case depends on timely project ramp-up and continued volume growth, while commodity spreads and Waha price volatility remain meaningful counterweights.
Reported Before market openNYSEEnergy
$82.38B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.75
Consensus $0.69
EPS surprise
+8.7%
Reported versus consensus
Reported revenue
$13.79B
Consensus $12.36B
Revenue surprise
+11.6%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+4.6%
Event window
SPY move
-0.8%
Same window
Abnormal move
+5.5%
Stock minus SPY
Volume
3.4×
Versus trailing sessions
Subsequent drift
+7.3%
Up to 20 sessions
EPDSPY benchmark
Ask FN2 about EPD FY2025 Q4
Transcript, numbers and history already loaded
Why did EPD rise 4.6% after beating EPS estimates in FY2025 Q4?What changed in EPD's guidance and outlook in FY2025 Q4?Give me the bull and bear case for EPD after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The Q4 analysis describes record EBITDA of $2.7 billion despite weaker commodity spreads, and highlights full contractual coverage for ethane export trains and the Neches River Phase 2 expansion. Relative to the prior-quarter analysis, the update places more emphasis on ramping recently commissioned capacity, the Exxon partnership around Bahia and the OxyRock acquisition as contributors to the forward growth profile.
Guidance delta
The analysis characterizes guidance sentiment as maintained. It describes modest 2026 EBITDA growth, with a 3–5% range discussed, and a stronger 2027 outlook that depends on commodity conditions, project ramp-up and acquired volumes; no change to guidance is identified.
Key takeaways
- Record Q4 EBITDA and cash generation are presented as evidence of asset-base resilience amid weaker commodity spreads.
- Management’s growth case centers on Neches River, Bahia and additional Permian and Delaware capacity, supported by long-term agreements.
- Capital returns remain a priority, while 2026 capital spending is expected to rise to support projects and acquisitions.
Management priorities
- Ramp ethane export and Neches River capacity, including the Phase 2 expansion.
- Advance gathering, processing and pipeline projects in the Permian and Delaware basins.
- Balance distributions and buybacks with elevated capital spending and acquired growth opportunities.
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Analyst 52W Price Targets
$38.15Previous close
$27Low
$35.36Average
$45High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Nov 2, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Hold | Hold | Maintain | Oct 30, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Oct 8, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Sep 22, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Aug 18, 2026 |
| TD Cowen | Hold | Hold | Maintain | Aug 3, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | May 12, 2026 |
| Citigroup | Buy | Buy | Maintain | May 1, 2026 |
| Stifel | Buy | Buy | Maintain | Apr 29, 2026 |
| Jefferies | Hold | Hold | Maintain | Mar 31, 2026 |
| Wells Fargo | Overweight | Equal Weight | Upgrade | Mar 25, 2026 |
| Barclays | Overweight | Overweight | Maintain | Mar 5, 2026 |
| Wolfe Research | Underperform | Peer Perform | Downgrade | Jan 14, 2026 |
| Raymond James | Outperform | Strong Buy | Downgrade | Jan 5, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jul 11, 2025 |
| UBS | Buy | Buy | Maintain | Oct 5, 2023 |
| Tudor Pickering | Hold | Buy | Downgrade | Oct 19, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | May 12, 2022 |
| Evercore ISI Group | In Line | Outperform | Downgrade | Apr 4, 2022 |
| TD Securities | Buy | Buy | Maintain | Apr 6, 2021 |
| SMBC Nikko | Outperform | Outperform | Maintain | Dec 3, 2020 |
| Piper Sandler | Overweight | Overweight | Maintain | Oct 9, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jul 30, 2020 |
| CFRA | Buy | Buy | Maintain | Apr 29, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Aug 1, 2019 |
| Piper Jaffray | Overweight | Overweight | Maintain | Jul 17, 2019 |
| Johnson Rice | Neutral | Neutral | Maintain | May 30, 2019 |
| Goldman Sachs | Buy | Neutral | Upgrade | Apr 3, 2019 |
| Bank of America | Buy | Buy | Maintain | Oct 15, 2018 |
| B of A Securities | Buy | Buy | Maintain | Oct 15, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Deutsche Bank | Buy | Buy | Maintain | Apr 20, 2018 |
| Seaport Global | Neutral | Neutral | Maintain | Oct 10, 2017 |
| Guggenheim | Buy | Buy | Maintain | Apr 18, 2017 |
| Ladenburg Thalmann | Buy | Buy | Maintain | Nov 16, 2016 |
| Bernstein | Outperform | Outperform | Maintain | May 11, 2016 |
| BMO Capital | Outperform | Outperform | Maintain | Apr 19, 2016 |
| Mitsubishi UFJ | Overweight | Overweight | Maintain | Mar 31, 2016 |
| Scotia Howard Weil | Outperform | Sector Outperform | Maintain | Jan 6, 2016 |
| DA Davidson | Buy | Buy | Maintain | Jul 23, 2015 |
| Oppenheimer | Outperform | Outperform | Maintain | Aug 27, 2014 |
| Argus Research | Buy | Buy | Maintain | May 6, 2014 |
| Clarksons Platou | Outperform | Outperform | Maintain | Jul 19, 2013 |
| Wunderlich Securities | Buy | Buy | Maintain | Apr 19, 2013 |
| Wunderlich | Buy | Buy | Maintain | Apr 19, 2013 |
| Global Hunter Securities | Buy | Accumulate | Maintain | Apr 17, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $38.15. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Capital One Financial | Analyst unavailable | $42 | $38.44 | +10.1% | Sep 22, 2026 |
| Melius Research | Analyst unavailable | $42 | $38.47 | +10.1% | Sep 22, 2026 |
| Morgan Stanley | Analyst unavailable | $41 | $38.7 | +7.5% | Aug 18, 2026 |
| Morgan Stanley | Analyst unavailable | $40 | $38.73 | +4.8% | Jul 21, 2026 |
| UBS | Manav Gupta | $45 | $36.58 | +18.0% | Jun 17, 2026 |
| Goldman Sachs | John Mackay | $38 | $36.45 | -0.4% | Jun 17, 2026 |
| Morgan Stanley | Analyst unavailable | $43 | $40.06 | +12.7% | May 20, 2026 |
| Goldman Sachs | Analyst unavailable | $39 | $38.29 | +2.2% | May 14, 2026 |
| Scotiabank | Brandon Bingham | $40 | $37.9 | +4.8% | May 12, 2026 |
| Morgan Stanley | Analyst unavailable | $42 | $37.18 | +10.1% | Apr 14, 2026 |
| Scotiabank | Brandon Bingham | $37 | $35.06 | -3.0% | Feb 5, 2026 |
| RBC Capital | Analyst unavailable | $40 | $34.96 | +4.8% | Feb 4, 2026 |
| Jefferies | Julien Dumoulin-Smith | $34 | $34.63 | -10.9% | Feb 4, 2026 |
| Barclays | Analyst unavailable | $38 | $34.63 | -0.4% | Feb 4, 2026 |
| Jefferies | Analyst unavailable | $33 | $32.04 | -13.5% | Jan 12, 2026 |
| Raymond James | Justin Jenkins | $36 | $32.16 | -5.6% | Jan 5, 2026 |
| Goldman Sachs | John Mackay | $32 | $31.99 | -16.1% | Dec 19, 2025 |
| Morgan Stanley | Robert Kad | $34 | $32.01 | -10.9% | Dec 2, 2025 |
| Morgan Stanley | Analyst unavailable | $33 | $31.5 | -13.5% | Aug 26, 2025 |
| Mizuho Securities | Gabriel Moreen | $38 | $31.89 | -0.4% | Jul 11, 2025 |
| Scotiabank | Analyst unavailable | $35 | $32.75 | -8.3% | Mar 6, 2025 |
| Truist Financial | Neal Dingmann | $40 | $31.92 | +4.8% | Jan 3, 2025 |
| Bank of America Securities | Jean Ann Salisbury | $35 | $29.19 | -8.3% | Oct 17, 2024 |
| RBC Capital | Elvira Scotto | $36 | $29.17 | -5.6% | Oct 16, 2024 |
| Wells Fargo | Michael Blum | $35 | $28.86 | -8.3% | Aug 1, 2024 |
| Scotiabank | Tristan Richardson | $32 | $29.88 | -16.1% | Apr 4, 2024 |
| Mizuho Securities | Analyst unavailable | $32 | $26.13 | -16.1% | May 3, 2022 |
| Raymond James | Analyst unavailable | $31 | $25.61 | -18.7% | May 3, 2022 |
| Truist Financial | Analyst unavailable | $27 | $25.99 | -29.2% | May 2, 2022 |
| Wells Fargo | Analyst unavailable | $30 | $25.78 | -21.4% | Apr 28, 2022 |
| Morgan Stanley | Analyst unavailable | $31 | $26.06 | -18.7% | Apr 26, 2022 |
| Evercore ISI | Todd Firestone | $30 | $24.1 | -21.4% | Feb 8, 2022 |
| Morgan Stanley | Robert Kad | $27 | $22.95 | -29.2% | Jan 7, 2022 |
| TD Securities | Linda Ezergailis | $29 | $21.82 | -24.0% | Nov 3, 2021 |
| Bank of America Securities | Chase Mulvehill | $31 | $23.55 | -18.7% | Oct 19, 2021 |
| Barclays | Theresa Chen | $27 | $22.42 | -29.2% | Jul 20, 2021 |
Track every rating change on EPD the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationEnterprise Products Partners L.P. delivers essential midstream energy services, connecting both producers and consumers of diverse commodities such as natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. Its operations are structured across four distinct business segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services. The NGL Pipelines & Services division focuses on natural gas processing and associated NGL marketing. This segment oversees 19 natural gas processing facilities situated across Colorado, Louisiana, Mississippi, New Mexico, Texas, and Wyoming. Furthermore, it manages an extensive network of NGL pipelines, fractionation plants, storage sites for NGLs and related products, and NGL marine export/import terminals. Within the Crude Oil Pipelines & Services segment, the company manages crude oil pipelines, along with storage and marine terminals.…
Historical context
All EPD earningsEnergy peers this season
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|---|---|---|---|---|
| CVX Chevron Corporation | FY2026 Q3 · Calendar Q4 2026 | +8.4% | +1.8% | Chevron posts strong Q3 as production, cash flow and AI value rise |
| XOM Exxonmobil Holdings Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.7% | +2.2% | ExxonMobil Highlights Refining, LNG and Cash Returns in Q3 |
| IMO Imperial Oil Limited | FY2026 Q3 · Calendar Q4 2026 | +6.4% | +5.5% | Imperial Oil: downstream strength and low-carbon growth lead Q3 |
| CCJ Cameco Corporation | FY2026 Q3 · Calendar Q4 2026 | -101.4% | -7.9% | Cameco keeps nuclear-growth thesis intact as Key Lake outage weighs |
| BP BP p.l.c. | FY2026 Q3 · Calendar Q4 2026 | +22.6% | +0.1% | BP Q3: Strong profit, lower debt, safety risks persist |
| FSLR First Solar, Inc. | FY2026 Q3 · Calendar Q4 2026 | +13.5% | -1.4% | First Solar: Margin gains offset lower volume outlook |
Latest beats and misses
Who reports nextBeat on EPS
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- FRTFY2026 Q3 · October 30, 2026+3.9% EPS-1.1% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
Get the EPD recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-02T09:20:44.967215+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-02T09:20:44.964429+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-02. For educational purposes only; not investment advice.