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ENTERPRISE PRODUCTS PARTNERS L.P.EPD

Sector
Energy
Industry
Natural Gas Transmission
Exchange
NYSE

Stock Price $EPD

Latest filings

You are here#10 of 25 in Energy by market cap

Filing record · 2016–202610-K1110-Q328-K128

EPD filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 128 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Aug ’17Aug ’17
  2. Leadership change8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Aug ’21Aug ’21
  4. Material agreement8-K · Jun ’25Jun ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2011
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  20. $52.60B
YoY changeLargest recent move+50.0%in FY21Latest −6.4%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All EPD Financial Metrics54 metrics

Income Statement15

Balance Sheet22

Cash Flow13

Per Share4

02—Overview

ENTERPRISE PRODUCTS PARTNERS L.P. Financial Overview 2021–2025

Updated Jul 10, 2026

Enterprise Products Partners L.P. signaled immense confidence in its underlying cash engine by expanding its unit buyback program from $2.0 billion to $5.0 billiona in Q3 2025, underscoring an unyielding commitment to shareholder returns. The core investment thesis is clear: the partnership's integrated midstream network leverages fee-based contracts and targeted capacity expansions to deliver resilient profitability, insulating its operations from heavy commodity price volatility.

The business systematically expanded its footprint over recent years, growing total assets from $67.53 billion at the close of FY2021 to $77.90 billionb by the end of FY2025. This long-term growth was fueled by strategic capital deployment, including the $3.25 billion acquisition of Navitas Midstream and continuous infrastructure investments in the Permian Basin. Even as lower average sales prices compressed total revenues from $42.0 billion down to $38.8 billion during the first nine months of FY2025, EPD generated enough fee-based earnings to maintain a 1.6x distribution coverage ratio and preserve $5.2 billion in year-end consolidated liquidity. Investors seeking stability in the midstream energy sector rewarded this operational discipline, pricing the stock at $32.06 at the close of FY2025.

Recent Developments (Q4 2025 and Q1 2026)

Enterprise Products Partners demonstrated strong cost management in Q1 2026, growing operating income by 7.5% to $1.90 billionc despite a 6.7% drop in total revenues to $14.39 billion. Net income to common unitholders rose 6.4% to $1.48 billion, allowing the partnership to increase its quarterly distribution to $0.55 per unit and expand its total asset base to $80.56 billion. On the leadership front, the company announced that Co-CEO Jim Teague will retire on January 4, 2027, leaving Randy Fowler as the sole CEO. Additionally, the operating subsidiary secured a new $1.5 billion revolving credit agreement in March 2026.

Bulls point to the partnership’s ability to boost operating profits through improved efficiencies even amid lower marketing revenues. Conversely, bears highlight a sharp 36.6% plunge in net operating cash flow to $1.47 billiond during Q1 2026, alongside a relatively rich valuation of 31.7x earnings as of May 7, 2026.

What to watch: operating cash flow stabilization in upcoming quarters; the executive transition to a single CEO structure.

03—Filings

Recent SEC Filings

  1. 8-KENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Material Agreement (Jul 30, 2026)Enterprise Products Partners L.P. (NYSE: EPD) reported a strong second quarter 2026, with record net income attributable to common unitholders of $1.8 billion ($0.84 per diluted unit, up 28%), record Adjusted EBITDA of $2.8 billion (up 17%), and record Operational DCF of $2.3 billion, which provided 1.9x coverage of distributions declared. Total gross operating margin rose to a record $3.0 billion, driven by record pipeline volumes (14.7 MMBPD equivalent, up 8%), record marine terminal volumes (2.8 MMBPD, up 33%), higher NGL marketing and natural gas processing margins, and the ramp-up of Frac 14 and the Neches River Terminal expansion. Management also cited elevated commodity prices, with WTI averaging $92.71/barrel in Q2 2026 versus $63.87 a year earlier, and noted that Middle East hostilities drove temporary export demand in April and May. Capital allocation remained active. Enterprise approved two new 300 MMcf/d Permian gas processing plants and a 150 MBPD NGL fractionator at Mont Belvieu, bringing organic growth projects under construction to $6.5 billion. Management guided 2026 growth capital spending of $2.9 to $3.4 billion (net of $599 million of asset sale proceeds) and $600 million of sustaining capital. Shareholder returns continued through a $0.56 quarterly distribution per unit ($2.24 annualized, up 2.8%) and $159 million of Q2 unit repurchases, with 34% of the $5.0 billion buyback program utilized. The 12-month payout ratio, including buybacks, was 56% of Adjusted CFFO. Separately, on July 28, 2026, operating subsidiary Enterprise Products Operating LLC entered into an additional $1.0 billion revolving credit facility, guaranteed by the Partnership and maturing March 26, 2027. This raises total available borrowing capacity to $5.2 billion. Total debt principal outstanding was $33.5 billion at June 30, 2026, up from $33.1 billion a year earlier. Investors should note that a meaningful portion of Q2 operating cash flow was affected by working capital swings, with a $666 million unfavorable operating accounts effect in the quarter, and that the cash flow metrics are non-GAAP measures.
  2. 8-KENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Executive Changes (Jul 1, 2026)Enterprise Products Partners L.P. (NYSE: EPD) disclosed in an 8-K filed July 1, 2026 that Co-Chief Executive Officer A. James "Jim" Teague intends to retire effective January 4, 2027. The board of the general partner has named W. Randall "Randy" Fowler, the other Co-CEO, to succeed Teague as sole Chief Executive Officer upon his retirement. The change is a planned, orderly succession rather than a departure driven by operational or financial problems, and the filing contains no changes to the Partnership's financial results, guidance, or distribution policy. Fowler is a long-tenured insider, having joined the Partnership in 1999, served as a director of the general partner since 2011, and held the Co-CEO role since 2020. He previously served as CFO on two stints (2007 to 2015 and 2018 to 2024), which gives him deep financial and capital-allocation experience. Management also noted that Teague will remain fully engaged for roughly six months of transition activities before retiring. The press release credits Teague with growing enterprise value from $1.8 billion to nearly $120 billion over his 28-year tenure, and with building transparent Mont Belvieu pricing hubs for ethylene and polymer-grade propylene. Governance changes are also part of the announcement. The Office of the Chairman, a management oversight group serving as liaison between the board and senior management, will be expanded after Teague's retirement. Its membership will include Randa Duncan Williams (non-executive Chairman), Hank Bachmann (Vice Chairman), Fowler as CEO, Michael C. "Tug" Hanley as Chief Commercial Officer, and R. Daniel Boss as Chief Financial Officer. For investors, the key points are continuity of leadership, a long transition runway, and a board-level structure that keeps the existing senior team in place.
  3. 8-KENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Financial Results (Apr 28, 2026)Enterprise Products Partners L.P. (EPD) reported a strong first quarter 2026, with operating income of $1.9 billion (up 8%), net income attributable to common unitholders of $1.5 billion ($0.68 per diluted unit, up 6%), and Adjusted EBITDA of $2.7 billion (up 10%). Total gross operating margin rose to $2.6 billion from $2.4 billion, led by natural gas processing and marketing, NGL fractionation, and new Permian assets. The partnership set 12 operational records during the quarter, including natural gas processing inlet volumes of 8.3 Bcf/d and NGL fractionation volumes of 1.9 MMBPD. Growth was partly offset by lower EHT LPG loading fees, lower crude oil margins, and a planned turnaround at the Octane Enhancement facility. Cash flow metrics were also solid. Operational DCF was $2.1 billion, providing 1.8x coverage of distributions declared, and total DCF was $2.7 billion, which includes about $596 million of proceeds from the final payment on the 40% Bahia NGL pipeline sale to ExxonMobil. The partnership retained $1.5 billion of DCF and repurchased $116 million of common units, with 31% of the $5.0 billion buyback program used cumulatively. The distribution was raised 2.8% to $0.55 per common unit ($2.20 annualized). Total debt principal was $34.2 billion, and consolidated liquidity was $3.3 billion as of March 31, 2026. Management highlighted visibility for further growth, including two new 300 MMcf/d Permian natural gas processing plants expected online in 2027 and approximately $5.3 billion of major growth projects under construction. Management also cited stronger U.S. energy export demand following disruptions to Middle East exports, and the Neches River terminal is beginning commissioning. For 2026, growth capital spending net of asset sale proceeds is guided to $2.3 to $2.6 billion, and sustaining capital expenditures to $580 million. This filing is an Item 2.02 earnings release furnished under Exhibit 99.1; it contains no new financial statements beyond those in the press release.
  4. 8-KENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Material Agreement (Mar 27, 2026)Enterprise Products Partners L.P. (EPD), through its operating subsidiary Enterprise Products Operating LLC (EPO), has entered into a new 364-Day Revolving Credit Agreement. This agreement replaces a similar facility that matured on March 27, 2026, and provides EPO with access to up to $1.5 billion, with a potential to increase this by $200 million to $1.7 billion under certain conditions. The credit facility is unsecured but is guaranteed by EPD. The proceeds can be used for general corporate purposes including working capital, capital expenditures, and acquisitions. The new credit agreement matures on March 26, 2027, with an option for EPO to extend the entire outstanding balance as a non-revolving term loan for an additional year, maturing on March 26, 2028. The terms of the agreement include variable interest rates, facility fees based on EPO's senior debt credit rating, and customary covenants. Importantly, the agreement contains provisions that could restrict EPO's ability to pay cash distributions if an event of default occurs and continues.
  5. 8-KENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Financial Results (Feb 3, 2026)Enterprise Products Partners (EPD) reported record fourth-quarter 2025 operating performance and a full-year 2025 that was broadly flat versus 2024. For 2025, net income attributable to common unitholders was $5.8 billion ($2.66 per fully diluted unit) versus $5.9 billion ($2.69) in 2024, while Adjusted CFFO reached a record $8.7 billion and Operational DCF was steady at $7.9 billion. Distributions declared for 2025 rose 3.6% to $2.175 per unit, marking the 27th consecutive year of growth, with Operational DCF covering distributions 1.7 times. Management retained $3.2 billion of DCF to reinvest and bought back about $300 million of units in 2025, bringing cumulative repurchases under the $5.0 billion program to roughly $1.4 billion. Growth investment was substantial: 2025 total capital investments net of asset sales were $5.6 billion, including $4.4 billion of growth capex and $632 million for Permian gathering and Gulf Coast liquid storage acquisitions. The Bahia NGL Pipeline began operations in December 2025, and a 40% interest was sold to ExxonMobil, with planned expansion to 1 million BPD and extension to Exxon's Cowboy complex targeted for Q4 2027. For 2026, organic growth capex net of asset sales is guided to $1.9 billion to $2.3 billion, with asset sales of roughly $600 million expected to offset higher growth spending. Management expects the resulting free cash flow to go toward debt reduction and unit buybacks. Total debt principal stood at $34.7 billion at year-end with about $5.2 billion of consolidated liquidity. Fourth-quarter results were strong on volumes: total equivalent pipeline volumes hit a record 14.1 million BPD, natural gas processing inlet volumes a record 8.1 Bcf/d, and NGL fractionation a record 1.9 million BPD. Gross operating margin rose to $2.7 billion from $2.6 billion, led by Natural Gas Pipelines and Petrochemical & Refined Products, while Crude Oil Pipelines declined $64 million on lower Texas crude margins. Q4 net income attributable to common unitholders was $1.6 billion ($0.75 per unit), essentially flat year over year.
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04—See also

Related Companies

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