01—Abstract
Summary
Summary of the 10-Q filed May 7, 2026. Cited figures are marked; the original filing is the authoritative source.
Enterprise Products Partners L.P.
(EPD) reported its first quarter 2026 financial results, showing a decrease in total revenues to $14.39 billiona from $15.42 billion in the prior year's first quarter. This decline was primarily driven by lower marketing revenues across NGLs, petrochemicals, refined products, and natural gas, though a significant increase in crude oil marketing revenues partially offset this.
Despite the revenue dip, operating income saw a healthy increase to $1.90 billionb from $1.76 billion, and net income rose to $1.50 billion from $1.41 billion, largely due to a substantial increase in net cash flow from operating activities and a decrease in cost of sales. The partnership also continued its capital expenditure program, with growth capital projects focusing on expanding NGL and natural gas infrastructure, and announced a quarterly cash distribution of $0.55 per common unit.
02—Key points
Key Highlights
- Total revenues decreased by 6.7% to $14.39 billion for Q1 2026 compared to $15.42 billion for Q1 2025, mainly due to lower marketing revenues.
- Operating income increased by 7.5% to $1.90 billion for Q1 2026 from $1.76 billion in Q1 2025, driven by improved operating efficiencies and cost management.
- Net income attributable to common unitholders rose by 6.4% to $1.48 billion in Q1 2026 from $1.39 billion in Q1 2025.
- Net cash provided by operating activities saw a significant decrease of 36.6% to $1.47 billion in Q1 2026 from $2.31 billion in Q1 2025, primarily due to changes in operating accounts.
- The company announced a quarterly cash distribution of $0.55 per common unit, an increase from the prior year's $0.535 per common unit.
- Total assets grew to $80.56 billion as of March 31, 2026, from $77.90 billion as of December 31, 2025, indicating continued investment in infrastructure.
- Long-term debt decreased to $31.20 billion from $32.77 billion, reflecting debt repayment activities.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q1 FY2026, Enterprise Products Partners L.P. kept $0.10.
- Revenue$14.39B100.0%
- Cost of revenue−$10.68B74.2%
- Gross profit$3.71B25.8%
- Operating costs−$1.81B12.6%
- Operating income$1.90B13.2%
- Interest, other & tax−$413.0M2.9%
- Net income$1.48B10.3%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed May 7, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $14.39B$15.42B | −6.7% |
| Cost of Revenue | $10.68B$12.01B | −11.1% |
| Gross Profit | $3.71B$3.41B | +8.7% |
| Operating Expenses | $12.57B$13.75B | −8.6% |
| Operating Income | $1.90B$1.76B | +7.6% |
| Net Income | $1.48B$1.39B | +6.4% |
| Shares Outstanding (Diluted) | 2.19B2.19B | −0.2% |
05—Questions
Frequently Asked Questions
What was the primary driver for the change in Enterprise Products Partners' total revenues in the first quarter of 2026 compared to the first quarter of 2025?
The primary driver for the decrease in total revenues was lower marketing revenues across several segments, particularly NGLs, petrochemicals, refined products, and natural gas. This was partially offset by an increase in crude oil marketing revenues.
How did the company's profitability change in the first quarter of 2026?
Despite a decrease in revenues, the company's profitability improved. Operating income increased by 7.5% to $1.90 billion, and net income attributable to common unitholders rose by 6.4% to $1.48 billion, indicating effective cost management and operational efficiencies.
What is the outlook for capital expenditures and distributions?
The company plans significant organic capital investments of $2.9 to $3.2 billion for growth projects in 2026. They also announced a quarterly cash distribution of $0.55 per common unit for the first quarter of 2026, an increase from the previous year.
How has the company managed its debt obligations?
Enterprise Products Partners has reduced its long-term debt to $31.20 billion as of March 31, 2026, down from $32.77 billion at the end of 2025. They also refinanced their credit facilities, maintaining borrowing capacity.
06—Continue