10-QPeriod: Q1 FY2026

ENTERPRISE PRODUCTS PARTNERS L.P. Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 7, 2026For Securities:EPDEPDU

Summary

Enterprise Products Partners L.P. (EPD) reported its first quarter 2026 financial results, showing a decrease in total revenues to $14.39 billion 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 billion 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.

Financial Highlights

39 data points
Beta

Revenue

$14.39B

25.8% Gross Margin

Net Income

$1.48B

10.3% Net Margin

Total Assets

$80.56B

Cash & Equivalents

$191.00M

Free Cash Flow

$1.47B

Financial Statements
Beta
Revenue$14.39B
Cost of Revenue$10.68B
Gross Profit$3.71B
Operating Expenses$12.57B
Operating Income$1.90B
Net Income$1.48B
Shares Outstanding (Diluted)2.19B

Key Highlights

  • 1Total 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.
  • 2Operating 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.
  • 3Net income attributable to common unitholders rose by 6.4% to $1.48 billion in Q1 2026 from $1.39 billion in Q1 2025.
  • 4Net 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.
  • 5The company announced a quarterly cash distribution of $0.55 per common unit, an increase from the prior year's $0.535 per common unit.
  • 6Total 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.
  • 7Long-term debt decreased to $31.20 billion from $32.77 billion, reflecting debt repayment activities.

Frequently Asked Questions

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.

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.

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.

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.