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Enterprise Products Partners L.p. (EPD) stock

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NYSE: EPD NYSE Oil & Gas Storage & Transportation Next results ~February 2, 2027

C+ Fundamentals grade

Enterprise Products Partners L.p. is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$30

Cash-flow model

Base case. Range ~$19–$45 across our lower- and higher-growth cases (0.3%–10.3% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 23% above our base value.

Price used: $37.37, November 2, 2026

Enterprise Products Partners L.p. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Enterprise Products Partners files

Where Enterprise Products Partners L.p. stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $58.5bn, up 6.8% on a year earlier, against a decline of 9.3% a quarter earlier. Free-cash-flow margin fell to 5.9% from 7.7% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 4 financial-health checks. Our cash-flow model value is $30.25 a share, against a share price of $37.02. At that price, our model says the market is pricing in about 8.1% a year of cash-flow growth for five years, close to the 7.5% a year revenue growth it has delivered.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 2, 2027 (estimated)

Enterprise Products Partners L.p.'s trailing-twelve-month revenue grew 6.8% year on year, with a free-cash-flow margin of 5.9%. Where it stands out: change in growth rate of +16.1pp ranks 5 of 29 oil & gas storage & transportation companies we cover.

Our discounted-cash-flow model values the business at ~$30 per share in the base case (~$19–$45 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 17.8% while net income grew 7.5%: a 25pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 16.1 points higher than a quarter earlier.

Things to watch

  • Weak cash conversion. Free cash flow was 55% of net income over the last 12 months.
  • Below peers: operating margin. Operating margin of 13.4% ranks 21 of 27 oil & gas storage & transportation companies we cover (median 28.1%).

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.76 against an average estimate of $0.73: beat by 2.9%
Revenue
$18.27bn, up 60.8% on a year earlier
Share reaction
+1.7% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
growth capital spending $2.9bn to $3.4bn (2026); sustaining capital expenditures $650m (2026)
Next report
October 29, 2026; average EPS estimate $0.81

Enterprise Products Partners' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.0%
  • 1 week+2.5%
  • 1 month+4.8%
  • This year+23.7%
  • 1 year+28.8%
  • 5 years+138.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$58.5B
Operating margin
13.4%
Net margin
10.8%
EPS (TTM, diluted)
$2.88

Growth

Revenue growth
+6.8%
Change in growth rate
+16.1 pts
Share count change
−0.2%

Cash

Free cash flow (TTM)
$3.5B
FCF margin
5.9%
Stock pay % of revenue
0.4%

Earnings

Last results
October 29, 2026
Next results (est.)
February 2, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Enterprise Products Partners L.p. valuation models and calculator

What the price is pricing in

The share price implies about 8.2% a year of cash-flow growth for five years.That is close to the 7.5% a year revenue growth Enterprise Products Partners has delivered.

  • Priced in8.2%
  • Last 12 months6.8%
  • 3 years a year3.8%
  • 5 years a year7.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($37.52, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$30
Price used
$37.52close November 3, 2026
Implied change
▼ 19%
Uncertainty
High

How we got here: a discounted-cash-flow model of Enterprise Products Partners L.p.'s free cash flow after stock-based pay with after-tax interest added back ($4.9B, FY2026 Q2 TTM), growing 8.1% and 4.8% in the next two years (forecasts, guidance and its record), then back to 5.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$19–~$45 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Enterprise Products Partners L.p.'s free cash flow after stock-based pay ( $4.9B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Enterprise Products Partners L.p. as an operating company, with every model that fits that kind of business. Cost of equity 7.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.56 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$30 ~$19–$45 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$47 ~$40–$63 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$36 ~$30–$47 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Enterprise Products Partners L.p. with Oil & Gas Storage & Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −37%
  • Revenue growth 5 points higher ▲ +48%
  • Free-cash-flow margin 1 point lower ▼ −19%
  • Last year's free-cash-flow margin change, if it persists ▼ −25%
  • Discount rate 1 point higher ▼ −22%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $17$28$44$64$90$124
8.5% $9$18$29$43$62$86
10% $5$11$20$31$45$63

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$11.84$13.31$13.87$13.69$16.69$12.75$15.48$18.31$21.55$27.59$30.20$37.37
Market value$23.7bn$27.8bn$29.9bn$29.9bn$36.7bn$28.1bn$34.1bn$40.3bn$47.3bn$60.5bn$66.1bn$81.7bn
+ Net debt (− = net cash)$22.7bn$23.8bn$24.8bn$26.1bn$27.5bn$29.1bn$27.0bn$28.5bn$28.8bn$31.6bn$33.7bn$33.3bn
Enterprise value$46.4bn$51.6bn$54.7bn$56.0bn$64.3bn$57.2bn$61.1bn$68.8bn$76.1bn$92.1bn$99.8bn$115.0bn
Multiples
Price / sales 0.9x1.2x1.0x0.8x1.1x1.0x0.8x0.7x1.0x1.1x1.3x1.4x
Price / earnings 9.4x11.1x10.7x7.2x8.0x7.4x7.4x7.3x8.6x10.3x11.4x13.0x
Price / free cash flow 137.8x25.7x19.1x15.7x18.5x10.8x5.4x6.6x11.0x16.9x22.3x23.6x
EV / EBITDA 9.2x10.1x9.8x7.8x8.0x8.0x7.8x7.9x8.7x9.9x10.7x11.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

62 /100

Moderate moat

How hard Enterprise Products Partners's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Net income has been a median 7.4% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 25.3%, moving by 4.5 percentage points (standard deviation) across 9 years.

  • Durability 13 / 20

    Operating margin has been a median 13.4%; its worst year was 12.3%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 7.8% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 0.8% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.06 +14% $62.8bn +19%
Next $3.20 +5% $65.2bn +4%

Next year's EPS estimate has moved +2.1% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +5.9% on 90 days ago. In the last 30 days, 2 analysts raised Enterprise Products Partners L.p.'s forecast and 0 cut it.

Consensus EPS forecast Enterprise Products Partners L.p., last 90 days
$2.80 $2.90 $3.00 $3.10 $3.20 $3.30 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.89 Current fiscal year, 60 days ago: $3.03 Current fiscal year, 30 days ago: $3.05 Current fiscal year, 7 days ago: $3.07 Current fiscal year, Now: $3.06 $3.06 Next fiscal year, 90 days ago: $3.14 Next fiscal year, 60 days ago: $3.16 Next fiscal year, 30 days ago: $3.18 Next fiscal year, 7 days ago: $3.17 Next fiscal year, Now: $3.20 $3.20

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.89$3.14
60 days ago $3.03$3.16
30 days ago $3.05$3.18
7 days ago $3.07$3.17
Now $3.06$3.20

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.73 $0.76 +2.9%
Jun 2026 $0.77 $0.79 +2.8%
Mar 2026 $0.73 $0.73 −0.8%
Dec 2025 $0.69 $0.75 +8.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Growth capital spending 2026 $2.9bn to $3.4bn Raised vs about 600m
    “Growth capital spending for 2026, net of $600 million of proceeds from asset sales, is expected to be in the range of $2.9 to $3.4 billion; and $650 million for sustaining capital expenditures” source
  • Sustaining capital expenditures 2026 about $650m Raised vs about 600m
    “Growth capital spending for 2026, net of $600 million of proceeds from asset sales, is expected to be in the range of $2.9 to $3.4 billion; and $650 million for sustaining capital expenditures” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Enterprise Products Partners L.p.'s revenue by +8.1% next year and +4.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.5%, weight 66%) and the company's own record (+5.3%, weight 34%) . How the weights are set.

Analyst recommendations

23 analysts, Oct 2026
Buy1043%
Hold1252%
Sell14%

Monthly trend

  1. Oct 2026371223
  2. Sep 2026371223
  3. Aug 202638921
  4. Jul 202638921

Counts of recommendations published by analysts covering Enterprise Products Partners L.p., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
5.17
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
26%
of shares
Held by insiders
33.0%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +28.8%

$29.00 on October 31, 2025 to $37.37

ThenNowEffect
Revenue (last 12 months) $54.8bn $58.5bn +6.8%
Net margin 10.7% 10.8% +0.7%
P/E multiple 10.8x 13.0x +19.6%
Share count 2191m 2186m +0.2%

Biggest factor: p/e multiple.

Last 3 years +71.5%

$21.79 on November 3, 2023 to $37.37

ThenNowEffect
Revenue (last 12 months) $52.2bn $58.5bn +12.0%
Net margin 10.4% 10.8% +3.8%
P/E multiple 8.8x 13.0x +46.8%
Share count 2197m 2186m +0.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
EPD+21%+18%+18%+28%+10%+24%
Industry peers (median)+41%+22%+9%+27%+10%+22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
EPD67%58%67%75%75%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
EPD−15%−18%−7%−12%−15%−10%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 58% from July 22, 2019 to March 18, 2020. Getting back needed a 138% gain, reached on February 11, 2022, 695 days after the low.

Price behaviour

52-week range
$28.47 – $38.80
From 52-week high
−3.7%
vs 50-day average
+0.7%
vs 200-day average
+3.1%
Volatility (1 year)
19%
Beta vs S&P 500
-0.26

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±1.6%
After a week
6 up, 5 down
typical move ±1.7%
After a month
7 up, 4 down
typical move ±4.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +1.7% −2.1% — —
July 30, 2026 −0.1% +2.4% −0.1% +2.4%
April 28, 2026 +1.5% −0.5% +2.2% −0.5%
February 3, 2026 +6.3% −1.3% +6.3% +12.7%
October 30, 2025 +0.7% −0.8% +1.3% +6.4%
July 28, 2025 −0.4% −0.3% +0.1% +2.2%
April 29, 2025 −3.0% +0.7% −2.8% +1.3%
February 4, 2025 −0.3% +1.1% +0.2% −1.1%
October 29, 2024 +0.4% −0.1% +2.4% +17.6%
July 30, 2024 −1.1% +1.1% −0.9% −0.2%
April 30, 2024 −3.0% −1.9% −0.8% −1.7%
February 1, 2024 −0.4% +2.4% −1.9% +3.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Enterprise Products Partners L.p.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.08× the last 60 days’ realised volatility , richer than 29% of the 229 stocks we screen today.
  • Calls are priced 3 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

EPD Enterprise Products Partners L.p. Grade C+ $37.40

Own 100 shares, sell the $40.00 call expiring December 18, 2026 (46 days) for $0.22 a share — $22.00 per contract.

Previous session · Bid $0.22, ask $0.27, quoted Mon 2 Nov, 17:22 New York time with EPD at $37.40. Option prices move with the shares: check the live chain at your broker before trading.

  • If EPD ends below $40.00: you keep your shares and the $22.00 — 0.6% extra on the position, 4.7% a year at that pace.
  • If it ends above $40.00: your shares are sold at $40.00, a total return of 7.5% including the premium — at or above our value of ~$30.
$282 $0 −$744 Our value $30.00 Break-even $37.18 Price $37.40
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$22.00
Annualised
4.7%
Break-even
$37.18
Max gain
$282
Chance of selling
~21%

Collar

Own the shares, buy the $37.00 put and sell the $40.00 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.56 a share ($56.00 per contract of 100 shares).
  • Worst case at expiry: -2.6%, if the shares fall below $37.00 (-1.1% from today).
  • Best case at expiry: +5.5%, if the shares rise above $40.00 (+7.0%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $30.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Enterprise Products Partners L.p. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Enterprise Products Partners L.p.
$45B $50B $55B $60B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $48.7B Revenue (TTM), FY23 Q4: $49.7B Revenue (TTM), FY24 Q1: $52B Revenue (TTM), FY24 Q2: $54.9B Revenue (TTM), FY24 Q3: $56.6B Revenue (TTM), FY24 Q4: $56.2B Revenue (TTM), FY25 Q1: $56.9B Revenue (TTM), FY25 Q2: $54.8B Revenue (TTM), FY25 Q3: $53B Revenue (TTM), FY25 Q4: $52.6B Revenue (TTM), FY26 Q1: $51.6B Revenue (TTM), FY26 Q2: $58.5B $58.5B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $48.7B
FY23 Q4 $49.7B
FY24 Q1 $52B
FY24 Q2 $54.9B
FY24 Q3 $56.6B
FY24 Q4 $56.2B
FY25 Q1 $56.9B
FY25 Q2 $54.8B
FY25 Q3 $53B
FY25 Q4 $52.6B
FY26 Q1 $51.6B
FY26 Q2 $58.5B
Revenue growth, TTM YoY Enterprise Products Partners L.p.
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -12.8% Revenue growth, TTM YoY, FY23 Q4: -14.6% Revenue growth, TTM YoY, FY24 Q1: -9.7% Revenue growth, TTM YoY, FY24 Q2: 5.1% Revenue growth, TTM YoY, FY24 Q3: 16.2% Revenue growth, TTM YoY, FY24 Q4: 13.1% Revenue growth, TTM YoY, FY25 Q1: 9.3% Revenue growth, TTM YoY, FY25 Q2: -0.2% Revenue growth, TTM YoY, FY25 Q3: -6.4% Revenue growth, TTM YoY, FY25 Q4: -6.4% Revenue growth, TTM YoY, FY26 Q1: -9.3% Revenue growth, TTM YoY, FY26 Q2: 6.8% 6.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -12.8%
FY23 Q4 -14.6%
FY24 Q1 -9.7%
FY24 Q2 5.1%
FY24 Q3 16.2%
FY24 Q4 13.1%
FY25 Q1 9.3%
FY25 Q2 -0.2%
FY25 Q3 -6.4%
FY25 Q4 -6.4%
FY26 Q1 -9.3%
FY26 Q2 6.8%
Operating margin (TTM) Enterprise Products Partners L.p.
12.5% 13% 13.5% 14% 14.5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 13.9% Operating margin (TTM), FY23 Q4: 13.9% Operating margin (TTM), FY24 Q1: 13.5% Operating margin (TTM), FY24 Q2: 13.1% Operating margin (TTM), FY24 Q3: 12.9% Operating margin (TTM), FY24 Q4: 13.1% Operating margin (TTM), FY25 Q1: 12.8% Operating margin (TTM), FY25 Q2: 13.3% Operating margin (TTM), FY25 Q3: 13.6% Operating margin (TTM), FY25 Q4: 13.8% Operating margin (TTM), FY26 Q1: 14.4% Operating margin (TTM), FY26 Q2: 13.4% 13.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 13.9%
FY23 Q4 13.9%
FY24 Q1 13.5%
FY24 Q2 13.1%
FY24 Q3 12.9%
FY24 Q4 13.1%
FY25 Q1 12.8%
FY25 Q2 13.3%
FY25 Q3 13.6%
FY25 Q4 13.8%
FY26 Q1 14.4%
FY26 Q2 13.4%
FCF margin (TTM) Enterprise Products Partners L.p.
4% 6% 8% 10% 12% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 10.1% FCF margin (TTM), FY23 Q4: 8.7% FCF margin (TTM), FY24 Q1: 8.5% FCF margin (TTM), FY24 Q2: 6.6% FCF margin (TTM), FY24 Q3: 6.4% FCF margin (TTM), FY24 Q4: 6.4% FCF margin (TTM), FY25 Q1: 6.6% FCF margin (TTM), FY25 Q2: 7.7% FCF margin (TTM), FY25 Q3: 5.8% FCF margin (TTM), FY25 Q4: 5.6% FCF margin (TTM), FY26 Q1: 4.3% FCF margin (TTM), FY26 Q2: 5.9% 5.9%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 10.1%
FY23 Q4 8.7%
FY24 Q1 8.5%
FY24 Q2 6.6%
FY24 Q3 6.4%
FY24 Q4 6.4%
FY25 Q1 6.6%
FY25 Q2 7.7%
FY25 Q3 5.8%
FY25 Q4 5.6%
FY26 Q1 4.3%
FY26 Q2 5.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Enterprise Products Partners took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $52.6B
  2. Cost of revenue $38.6B · 73.3%
  3. Gross profit $14B · 26.7%
  4. Other operating costs $6.5B · 12.4%
  5. Operating income $7.3B · 13.8%
  6. Interest and other $1.4B · 2.7%
  7. Net income $5.8B · 11.0%

Shares of revenue. Source: Enterprise Products Partners's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 25.5 33.7 44.3 42.6 47.7 48.0 27.0 23.0 29.2 36.5 32.8 27.2 40.8 58.2 49.7 56.2 52.6 58.5
Gross profit — — — — — — — 7.3 7.8 9.7 10.7 10.5 10.9 12.4 12.7 13.6 14.0 15.0
EBITDA 2.7 3.1 3.9 4.2 4.7 5.1 5.1 5.1 5.6 7.2 8.0 7.1 7.8 8.7 8.8 9.3 9.4 10.0
Operating income 1.9 2.1 2.9 3.1 3.5 3.8 3.5 3.6 3.9 5.4 6.1 5.0 6.1 6.9 6.9 7.3 7.3 7.9
Net income 0.2 0.3 2.0 2.4 2.6 2.8 2.5 2.5 2.8 4.2 4.6 3.8 4.6 5.5 5.5 5.9 5.8 6.3
Diluted EPS $0.17 $0.19 $1.19 — — — — — — — — — — — — — — $2.88
Growth (year on year)
Revenue −28.1% +32.3% +31.3% −3.9% +12.1% +0.5% −43.6% −14.8% +27.0% +24.9% −10.3% −17.0% +50.0% +42.6% −14.6% +13.1% −6.4% +6.8%
EBITDA +7.1% +16.4% +23.4% +9.0% +11.2% +9.6% −1.6% +1.5% +8.6% +29.2% +11.5% −11.5% +9.9% +11.2% +1.2% +6.0% +0.4% +7.7%
Operating income +4.7% +15.8% +33.2% +8.7% +11.5% +8.9% −6.2% +1.1% +9.7% +37.7% +12.4% −17.2% +21.2% +13.2% +0.3% +5.9% −1.0% +7.5%
Net income — — — +18.2% +7.3% +7.3% −9.6% −0.3% +11.4% +49.1% +10.0% −17.8% +22.8% +18.4% +0.8% +6.7% −1.5% +7.5%
Diluted EPS — — — — — — — — — — — — — — — — — +7.7%
Margins
Gross margin — — — — — — — 31.8% 26.5% 26.7% 32.7% 38.5% 26.8% 21.2% 25.5% 24.3% 26.7% 25.6%
EBITDA margin 10.6% 9.3% 8.7% 9.9% 9.8% 10.7% 18.7% 22.3% 19.1% 19.7% 24.5% 26.1% 19.1% 14.9% 17.7% 16.6% 17.8% 17.2%
Operating margin 7.3% 6.4% 6.5% 7.3% 7.3% 7.9% 13.1% 15.6% 13.4% 14.8% 18.5% 18.5% 15.0% 11.9% 13.9% 13.1% 13.8% 13.4%
Net margin 0.8% 1.0% 4.6% 5.7% 5.4% 5.8% 9.3% 10.9% 9.6% 11.4% 14.0% 13.9% 11.4% 9.4% 11.1% 10.5% 11.0% 10.8%
Free-cash-flow margin 3.2% 0.8% −1.2% −1.7% 1.0% 2.6% 0.6% 4.7% 5.4% 5.2% 6.1% 9.6% 15.4% 10.4% 8.7% 6.4% 5.6% 5.9%
Cash flow
Cash from operations 2.4 2.3 3.3 2.9 3.9 4.2 4.0 4.1 4.7 6.1 6.5 5.9 8.5 8.0 7.6 8.1 8.6 8.9
Capital spending 1.6 2.0 3.9 3.6 3.4 2.9 3.8 3.0 3.1 4.2 4.5 3.3 2.2 2.0 3.3 4.5 5.6 5.4
Free cash flow 0.8 0.3 −0.5 −0.7 0.5 1.3 0.2 1.1 1.6 1.9 2.0 2.6 6.3 6.1 4.3 3.6 3.0 3.5
Stock-based pay 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 —
Free cash flow after stock pay 0.8 0.2 −0.6 −0.8 0.4 1.2 0.1 1.0 1.5 1.8 1.8 2.4 6.1 5.9 4.1 3.4 2.8 —
Balance sheet
Cash 0.1 0.1 0.0 0.0 0.1 0.1 0.0 0.1 0.0 0.3 0.3 1.1 2.8 0.1 0.2 0.6 1.0 0.2
Total debt 12.4 13.6 14.5 16.2 17.4 21.4 22.7 23.9 24.8 26.4 27.9 30.1 29.8 28.6 29.0 32.2 34.7 33.5
Net debt (negative = net cash) 12.4 13.5 14.5 16.2 17.3 21.3 22.7 23.8 24.8 26.1 27.5 29.1 27.0 28.5 28.8 31.6 33.7 33.3
Diluted shares 1,240m 1,671m 1,720m 1,786m 1,843m 1,895m 1,999m 2,089m 2,154m 2,187m 2,202m 2,202m 2,203m 2,199m 2,194m 2,192m 2,188m 2,186m
Returned to shareholders
Buybacks — — — — — — — 0.0 0.0 0.0 0.1 0.2 0.2 0.3 0.2 0.2 0.3 0.4
Total returned — — — — — — — 0.0 0.0 0.0 0.1 0.2 0.2 0.3 0.2 0.2 0.3 0.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 4 checks passed · June 30, 2026
What it owns · $81.8bn
Short-term assets $15.9bnLonger-term assets $65.9bn
What it owes, and who funded it · $17.2bn
Short-term liabilities $17.2bn
  • Short-term assets cover short-term liabilities $15.9bn of assets due within a year against $17.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $246m of cash against $33.2bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $8.9bn of operating cash flow against $33.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $7.9bn against $1.5bn of interest.

From Enterprise Products Partners L.p.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$405M
Returned to shareholders
12%
of free cash flow
Buybacks, last 3 fiscal years
$707M
Diluted share count
−0.2%
year over year
Total shareholder yield
0.5%
dividends 0.0% + buybacks 0.5% of market value

Competitors: side by side with peers

Closest by revenue in oil & gas storage & transportation
Last 12 months unless stated EPD PAA OKE LNG KMI TRGP Median
Revenue, last 12 months $58.5bn $52.3bn $43.2bn $23.2bn $18.3bn $16.7bn $2.0bn
Revenue growth, last 12 months 6.8% 12.2% 36.8% 22.5% 11.7% −2.0% 8.8%
Revenue growth, 3-year average 3.8% 0.7% 35.2% −2.0% 4.9% −2.1% 4.0%
Revenue growth, latest quarter 60.8% 66.3% 44.3% 39.0% 9.3% 4.2% 10.7%
Gross margin 25.6% 7.8% 25.2% 42.6% 51.8% 43.2% 42.6%
Operating margin 13.4% 3.1% 14.2% 28.1% 29.0% 22.9% 27.3%
Operating margin, 3-year average 13.3% 2.4% 18.4% 35.9% 28.4% 18.4% 20.8%
Net margin 10.8% 5.3% 9.4% 13.1% 19.6% 13.5% 13.1%
Cash from operations / revenue 15.2% 5.7% 13.7% 30.9% 36.7% 25.6% 29.5%
Free-cash-flow margin 5.9% 4.5% 5.9% 16.3% 16.8% 4.4% 11.8%
Free-cash-flow margin, 3-year average 6.7% 4.4% 9.6% 15.8% 19.9% 3.2% 8.8%
Stock pay / revenue 0.4% 0.1% 0.4% 0.8% — 0.5% 0.5%
Change in share count −0.2% — 2.8% −5.6% 0.1% −1.5% 0.2%

Median of all 29 companies we cover in oil & gas storage & transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

29 oil & gas storage & transportation companies
Measure Company Peer median Rank
Revenue growth Growth 6.8% 8.8% 19 of 29
Change in growth rate Growth +16.1pp +0.5pp 5 of 29
Gross margin Profitability 25.6% 35.5% 10 of 15
Operating margin Profitability 13.4% 28.1% 21 of 27
Net margin Profitability 10.8% 13.1% 17 of 29
Free-cash-flow margin Cash generation 5.9% 13.6% 17 of 28
Stock pay as % of revenue Cash generation 0.4% 0.8% 7 of 20
Long-term debt as % of assets Balance sheet 38.2% 46.2% 11 of 26
Change in share count Balance sheet -0.2% 0.2% 4 of 19

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Onshore Crude Oil Pipelines and Services $20.8B 39.5% ▼ 3.8%
Ngl Pipelines and Services $17.3B 32.9% ▼ 14.6%
Petrochemical and Refined Products Services $10.4B 19.7% ▼ 8.9%
Onshore Natural Gas Pipelines and Services $4.2B 7.9% ▲ 38.7%

From Enterprise Products Partners L.p.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$20B
Institutions reporting
1,583
Shares held vs prior quarter
▲ 1.9%
Positions opened / closed
76 / 99

Top buyers and sellers, Q2 2026: 639 institutions bought and 539 sold ; the biggest buyer was Tortoise Capital Advisors, L.L.C (+3.8M shares) and the biggest seller Goldman Sachs Group Inc (−2.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Alps Advisors Inc $1.6B 43.7M 8.0% ▲ 0.3%
Invesco Ltd. $978M 26.6M 4.9% ▼ 0.1%
Blackstone Inc. $873M 23.8M 4.4% ▲ 12.6%
Morgan Stanley $818M 22.2M 4.1% ▲ 3.9%
Tortoise Capital Advisors, L.L.C. $685M 18.6M 3.4% ▲ 25.4%
Goldman Sachs Group Inc $644M 17.5M 3.2% ▼ 12.8%
Fayez Sarofim & Co $588M 16.0M 2.9% ▼ 1.2%
Energy Income Partners, LLC $508M 13.8M 2.5% ▲ 0.7%
Neuberger Berman Group LLC $498M 13.6M 2.5% ▼ 0.6%
Kayne Anderson Capital Advisors LP $473M 12.9M 2.4% ▼ 1.2%
American Century Companies Inc $435M 11.8M 2.2% ▲ 3.9%
UBS Group AG $434M 11.8M 2.2% ▼ 6.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Enterprise Products Partners L.p.'s complete shareholder register. Values are as reported by the filers ; 11 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $581,421 2 trades by 2 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $581,421 net buying
Insider Date Trade Shares Price Value
Teague Aj CO-CHIEF EXECUTIVE OFFICER March 20, 2026 Buy 2,665 $37.55 $100,071
Rutherford John R Director December 29, 2025 Buy 15,000 $32.09 $481,350

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 62 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Enterprise Products Partners L.p. shares.

  • August Pfluger(R-TX 11):Purchase, $15,001 - $50,000, traded March 13, 2026, filed April 15, 2026
  • Virginia Foxx(R-NC 5):Sale (full), $100,001 - $250,000, traded June 23, 2022, filed July 5, 2022
  • Virginia Foxx(R-NC 5):Purchase, $1,001 - $15,000, traded May 13, 2022, filed June 4, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 28, 2026
  • February 3, 2026
  • October 30, 2025
  • July 28, 2025

Recent SEC filings

Data status

When each part of this page on Enterprise Products Partners L.p. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Enterprise Products Partners L.p. in brief

What does Enterprise Products Partners L.p. do?
Enterprise Products Partners L.p. is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.
What is Enterprise Products Partners L.p.'s stock ticker?
Enterprise Products Partners L.p. trades under the ticker EPD on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Enterprise Products Partners L.p.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Enterprise Products Partners L.p. reported revenue of $58.5B, 6.8% higher than a year earlier, according to its SEC filings.
What is Enterprise Products Partners L.p.'s free cash flow?
Enterprise Products Partners L.p.'s free-cash-flow margin is 5.9% of revenue over the trailing twelve months, ranking 17 of the 28 oil & gas storage & transportation companies we cover.
What is Enterprise Products Partners L.p.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Enterprise Products Partners L.p.'s free cash flow after stock-based pay gives ~$30 per share in the base case, and ~$19–$45 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Enterprise Products Partners L.p.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Alps Advisors Inc, Invesco Ltd. and Blackstone Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Enterprise Products Partners L.p. buying back stock, and does it pay a dividend?
Enterprise Products Partners L.p. spent $405M on share repurchases over the trailing twelve months, and its diluted share count fell 0.2% over the year.
What is Enterprise Products Partners L.p.'s market cap?
On November 2, 2026, Enterprise Products Partners L.p.'s market capitalisation was about $81.7B, with a price-to-earnings ratio of 13.0 and net debt of $33.3B. Market figures come from third-party market data and may be delayed.
Who are Enterprise Products Partners L.p.'s competitors?
In our Oil & Gas Storage & Transportation peer group, the companies closest to Enterprise Products Partners L.p. are Plains ALL American Pipeline LP, Oneok, Cheniere Energy, Inc., Kinder Morgan and Targa Resources. The side-by-side comparison below sets their revenue, margins and growth against Enterprise Products Partners L.p.'s.
Are insiders buying or selling Enterprise Products Partners L.p. stock?
Over the last 12 months, Enterprise Products Partners L.p.'s directors and officers reported 2 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Enterprise Products Partners L.p.'s next earnings date?
Around February 2, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Enterprise Products Partners L.p. announces its own schedule.