Enterprise Products Partners L.P. (NYSE:EPD) reported weaker third-quarter earnings as lower commodity prices and softer margins weighed on results, even as strong pipeline volumes and a major buyback expansion underscored the company's confidence in long-term demand.

The U.S. pipeline operator posted earnings of 61 cents per share, below analysts’ expectations of 68 cents. That compares with 65 cents per share a year earlier.

Quarterly revenue fell 12.7% to $12.02 billion from $13.78 billion a year ago, but came in slightly ahead of estimates of $11.93 billion.

Also read: Enterprise Products Partners Posts Strong Cash Flow, Reaffirms Capex Plan

The company’s total gross operating margin was $2.4 billion in the third quarter of 2025, compared with $2.5 billion in the third quarter of 2024.

The company reported operating income of $1.69 billion for the quarter, down from $1.78 billion in the year-ago quarter. Adjusted EBITDA totaled $2.41 billion, compared with $2.44 billion in the same quarter of the previous year.

Distributable cash flow (DCF) was $1.8 billion in the ...