Enterprise Products Partners L.P. (EPD)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$58.5B

Revenue growth

6.8%

Net income, last twelve months

$6.3B

Earnings per share

$2.88

Gross margin

25.6%

Operating margin

13.4%

Net margin

10.8%

Free cash flow

$3.5B

Market value

$82.2B

Price to earnings

13.2x

Cash

$246.0M

Debt

$33.2B

Shares outstanding

2.2B

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 29 October 2026.

• Net income rose 21 percent. Net income attributable to common unitholders was $1.6 billion, or $0.75 per diluted common unit, up 21% from the third quarter of 2025.
• Adjusted EBITDA rose to $2.8 billion. Adjusted EBITDA was $2.8 billion in the third quarter of 2026, compared with $2.4 billion in the third quarter of 2025.
• Total gross operating margin reached $2.7 billion. Total gross operating margin was $2.7 billion, up $350 million from the third quarter of 2025.
• Operational DCF covered distributions 1.9 times. Operational DCF was $2.3 billion, up 27%, and covered distributions declared for the quarter 1.9 times.
• Permian gas processing inlet volumes hit records. Permian Basin natural gas processing inlet volumes were a record 4.6 Bcf/d, up 12%. Total natural gas processing inlet volumes were a record 8.5 Bcf/d, up 6%.
• NGL Pipelines & Services margin rose. NGL Pipelines & Services gross operating margin was $1.5 billion, compared with $1.3 billion a year earlier.
• Delaware processing margin increased. Delaware Basin processing margin rose $31 million, driven by 359 MMcf/d more fee-based natural gas processing volume.
• Crude oil margin edged down. Crude Oil Pipelines & Services gross operating margin was $367 million, compared with $371 million a year earlier.
• Natural gas segment margin increased. Natural Gas Pipelines & Services gross operating margin was $411 million, compared with $339 million a year earlier.
• Equivalent pipeline volumes set a record. Equivalent pipeline volumes were a record 14.8 MMBPD, up 7% from the third quarter of 2025.
• Ethane and LPG exports grew. On a combined basis, ethane export volumes rose 139 MBPD and LPG export volumes rose 149 MBPD from the prior year.
• Fractionation margin rose on Frac 14. Fractionation margin increased, mainly due to Frac 14, which was placed into service in the fourth quarter of 2025.
• Natural gas pipeline volumes set a record. Natural gas pipeline volumes were a record 22.7 TBtus/d, up 8% from 21.0 TBtus/d in the third quarter of 2025.
• NGL marketing margin rose $75 million. NGL marketing margin increased $75 million, mainly on higher average sales margins from export and processing-related marketing strategies.

Company events

The newest 8-K filings of 386 held.

Every filing

The newest filings with the SEC of 820 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

1,697 funds held it at 30 Jun 2026: 575 added and 434 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Williams Companies, Inc. (WMB): revenue $12.2B, market value $90.8B
• National Grid plc (NGG): revenue $23.7B, market value $85.5B
• Kinder Morgan, Inc. (KMI): revenue $18.3B, market value $74.8B
• TC Energy Corporation (TRP): revenue $10.9B, market value $65.7B
• Targa Resources Corp. (TRGP): revenue $16.7B, market value $65.6B
• Western Midstream Partners, LP (WES): revenue $4.3B, market value $18.6B
• DT Midstream, Inc. (DTM): revenue $1.3B, market value $12.7B
• Antero Midstream Corp. (AM): revenue $1.3B, market value $9.8B
• Archrock, Inc. (AROC): revenue $1.5B, market value $5.6B
• Kodiak Gas Services, Inc. (KGS): revenue $1.4B, market value $4.9B

What the company does

Enterprise Products Partners L.P. is a publicly traded Delaware limited partnership. Its common units trade on the New York Stock Exchange under the symbol EPD. It provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals and refined products. The partnership was formed in April 1998, and its network of pipelines, plants, storage and terminals links supply basins in the United States, Canada and the Gulf of Mexico with domestic consumers and international markets. It has no employees of its own and relies on about 8,000 personnel of EPCO.

How the business is organised

The partnership reports four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services and Petrochemical & Refined Products Services. It does substantially all of its business through Enterprise Products Operating LLC (EPO) and that company's subsidiaries. A general partner, Enterprise GP, manages the partnership and holds a non-economic interest. EPCO and its privately held affiliates owned approximately 32.5% of the common units at 31 December 2025.

Marketing activities support every segment. Their main purpose is to raise the volumes moving through the partnership's assets, which adds fee-based earnings for each segment. They also take part in supply and demand opportunities as a supplemental source of earnings.

Natural gas liquids

Natural gas processing plants in Colorado, Louisiana, Mississippi, New Mexico, Texas and Wyoming remove NGLs from raw gas. Processing contracts are fee-based, commodity-based or a mix of the two. Under commodity-based terms the partnership keeps some of the extracted NGLs as payment.

NGL pipelines total about 18,850 miles, including the Mid-America Pipeline System at 7,120 miles. NGL fractionators separate mixed NGLs into purity products, with total plant capacity of 1,817 MBPD. Net usable storage for NGLs and related products is 218.5 MMBbls, and 169.5 MMBbls of that is in 37 salt dome caverns in the Mont Belvieu area.

Crude oil and natural gas

The crude oil business owns pipelines of about 5,650 miles in Oklahoma, New Mexico and Texas. They include the Midland-to-ECHO System, the West Texas System and a 50% interest in the Seaway Pipeline. The crude oil export assets at the Enterprise Hydrocarbons Terminal (EHT) on the Houston Ship Channel can load up to 2.9 MMBPD.

The natural gas business has gathering and transmission systems totalling about 21,430 miles, with 14.1 Bcf of usable storage. Its Texas Intrastate System and Acadian Gas System deliver gas to local distribution companies, electric utility plants and industrial customers. Gas marketing earns the spread between sales prices and purchase and other costs.

Petrochemicals, refined products and marine

The partnership runs propylene fractionation units and two propane dehydrogenation (PDH) plants. Each plant can produce up to 1.65 billion pounds per year of polymer grade propylene. Its butane isomerization units in the Mont Belvieu area process up to 116 MBPD. It also operates octane enhancement, isobutane dehydrogenation and high purity isobutylene facilities.

The TE Products Pipeline is an approximately 2,770-mile system that mainly carries refined products from the upper Texas Gulf Coast to Seymour, Indiana. The Texas Western Products System carries refined products to West Texas, New Mexico, Colorado and Utah. An ethylene export terminal at Morgan's Point can load up to 1.5 million tons of ethylene per year. The marine transportation business has 64 tow boats and 156 tank barges on inland and intracoastal waterways.

Who buys from it and who it competes with

About 89% of revenues from these customers came from companies that were investment grade rated or backed by letters of credit.

Processing and marketing compete with independent processors, major integrated oil companies and financial institutions with commodity trading platforms. Pipelines compete with other pipelines, barges, rail and trucks. Fractionation competes mainly on the fee charged. The marine business competes on performance and price.

Regulation and people

The Federal Energy Regulatory Commission (FERC) regulates interstate liquids pipelines under the Interstate Commerce Act, and rates must be just and reasonable. Certain intrastate gas pipelines fall under the Natural Gas Policy Act of 1978. The Department of Transportation, through its Pipeline and Hazardous Materials Safety Administration, regulates pipeline safety. The Jones Act governs the marine fleet, and OSHA and the Environmental Protection Agency (EPA) set safety and environmental rules.

Of the EPCO personnel working in the business, approximately 13% are female and approximately 33% are minorities. The company reports a Total Recordable Incident Rate of 0.36 for 2025.

*From Enterprise Products Partners's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1061219/000106121926000006/epd-20251231.htm)*

From the company's 10-K.