FirmAtlas
Company handbook · EPD · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
EPD · CIK 1061219 · LATEST FILING: 10-Q JUN '26 · FILED AUG 7, 2026
ENTERPRISE PRODUCTS PARTNERS L.P.
$36.82
+1.25 (+3.51%)
Close, Oct 16, 2026 · 52-week $30–40
Enterprise Products Partners owns and runs pipelines, storage, processing plants and export terminals for natural gas, natural gas liquids (NGLs), crude oil, petrochemicals and refined products, mostly in the U.S. It also makes propylene and other petrochemicals.
- CustomersCompanies that produce or use natural gas, NGLs, crude oil and petrochemicals in the U.S., and buyers in other countries through its export terminals
- Cash useFY24–FY25: capex $10.2B · distributions $9.2B · acquisitions $949M · buybacks $519M
Reinvested 67% of operating cash flow · returned 149% of free cash flow
Last fiscal year
ENTERPRISE PRODUCTS PARTNERS L.P. reported revenue of $52.6B for the year ended Dec 31, 2025 (FY25), down 6.4% from FY24. Net income was $5.8B, operating cash flow $8.6B and free cash flow $3.0B. Source: 10-K filed Feb 27, 2026.
Recent developments is part of Pro: what changed after each report, with a link to the filing.
Market cap
$80.6B
P/E
12.8
EV/EBITDA
12.2x
Dist. yield
5.99%
ROIC
11.8%
Coverage
1.84x
Revenue 1Y
−6.4%/yr
EPS 1Y
−1.3%/yr
Units 1Y
−0.2%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOA. James Teague and W. Randall Fowler (co-CEOs)
HQHouston, TX
AuditorDeloitte & Touche LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
3.2%
8.7%
10.0%
21.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$20.8B deployed
Capex
$10.2B
48.8%
Acquisitions
$949M
4.6%
Distributions
$9.2B
44.1%
Buybacks
$519M
2.5%
Operating cash flow over the period: $16.7B. Total debt changed by +$2.5B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
56,219
52,596−6.4%
58,471
YoY
−6.4%
Gross profit
13,639
14,030+2.9%
14,971
Gross margin
24.3%
26.7%+2.4 pp
—
Operating income
7,338
7,266−1.0%
7,854
Operating margin
13.1%
13.8%+0.8 pp
—
D&A
1,974
2,087+5.7%
—
EBITDA
9,312
9,353+0.4%
—
EBITDA margin
16.6%
17.8%+1.2 pp
—
Interest expense
1,352
1,401+3.6%
—
Interest coverage
6.89x
6.68x−0.21x
—
Net income
5,897
5,810−1.5%
6,304
YoY
−1.5%
Net margin
10.5%
11.0%+0.6 pp
—
Earnings per unit (diluted, $)
2.69
2.66−1.3%
—
YoY
−1.3%
Balance sheet
Total assets
77,168
77,902+1.0%
81,758
Cash & short-term investments
838
1,245+48.6%
—
Net PP&E
49,062
51,359+4.7%
—
Other assets
27,268
25,298−7.2%
—
Total liabilities
48,436
48,163−0.6%
51,510
Total debt
31,896
34,395+7.8%
33,228
Other liabilities
16,540
13,768−16.8%
—
Partners’ capital
28,732
29,739+3.5%
30,248
Units outstanding (M)
2,192
2,188−0.2%
—
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
8,115
8,585+5.8%
8,860
Net income
5,970
5,876−1.6%
—
Depreciation & amortization
1,974
2,087+5.7%
—
Stock-based compensation
188
197+4.8%
—
Working capital & other
(17)
425n/m
—
Cash from investing
(5,433)
(5,491)n/m
—
Capex
(4,544)
(5,620)n/m
—
PP&E sold
14
82+485.7%
—
Acquisitions
(949)
0n/m
—
Other investing
46
47+2.2%
—
Cash from financing
(2,164)
(2,687)n/m
—
Debt raised
53,715
88,281+64.4%
—
Debt repaid
(50,546)
(85,771)n/m
—
Distributions
(4,512)
(4,678)n/m
—
Buybacks
(219)
(300)n/m
—
Other financing
(602)
(219)n/m
—
Net change in cash
518
407−21.4%
—
Free cash flow (OCF − capex)
3,571
2,965−17.0%
3,460
Where the cash went
Operating cash flow
8,115
8,585+5.8%
8,860
Reinvested in the business
5,493
5,620+2.3%
—
% of operating cash flow
67.7%
65.5%
Capex
4,544
5,620+23.7%
5,400
Acquisitions
949
0−100.0%
—
Free cash flow
3,571
2,965−17.0%
3,460
YoY
−17.0%
Returned to unitholders
4,731
4,978+5.2%
—
% of free cash flow
132.5%
167.9%
Distributions
4,512
4,678+3.7%
—
Buybacks
219
300+37.0%
—
Change in total debt
—
2,499
—
Cash left over
—
486
—
FCF conversion (FCF ÷ net income)
60.6%
51.0%−9.5 pp
—
Owner earnings
—
2,348
—
Owner earnings margin
—
4.5%
—
Buyback yield
0.3%
0.4%+0.1 pp
—
Returns & ratios
Distribution coverage
1.80x
1.84x+0.04x
—
Distribution / unit ($)
2.06
2.14+3.9%
—
Net debt / EBITDA
3.34x
3.54x+0.21x
—
Interest coverage
6.89x
6.68x−0.21x
—
ROIC (all capital)
12.1%
11.8%−0.3 pp
—
Debt / EBITDA
3.43x
3.68x+0.25x
—
Debt / equity
1.11x
1.16x+0.05x
—
ROE
20.5%
19.5%−1.0 pp
—
ROCE
11.8%
11.2%−0.7 pp
—
FCF / unit ($)
1.63
1.36−16.8%
—
EV / EBITDA (year end)
10.72x
11.04x+0.33x
—
Distribution yield (year end)
6.6%
6.7%+0.1 pp
—
Price / DCF proxy
8.71x
8.85x+0.14x
—
Net debt is 3.5x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
12,023
13,793
14,386
18,269
vs year-ago quarter
Gross profit
3,433
3,721
3,708
4,109
Gross margin
28.6%
27.0%
25.8%
22.5%
Operating income
1,686
2,024
1,895
2,249
Net income
1,338
1,644
1,482
1,840
vs year-ago quarter
Net margin
11.1%
11.9%
10.3%
10.1%
Earnings per unit (diluted, $)
—
0.75
—
—
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
77,822
77,902
80,559
81,758
Cash & equivalents
432
1,245
394
345
Total debt
33,578
34,395
33,914
33,228
Partners’ capital
29,209
29,739
29,526
30,248
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,738
2,472
1,469
3,181
Capex
1,958
1,301
983
1,158
Free cash flow
(220)
1,171
486
2,023
vs year-ago quarter