Logo

EPD

Enterprise Products Partners L.P.

EPD

Enterprise Products Partners L.P. • NYSE
$32.74 ▲ 0.65% (+0.21)
Market Cap $70.91 B
52w High $34.56
52w Low $27.77
Dividend Yield 2.16%
P/E 12.4
Volume 2.71M
Outstanding Shares 2.17B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $12.023B ▲ $-29M ▼ $1.339B ▼ 11.137% ▼ $0.61 ▼ $2.357B ▼
Q2-2025 $11.363B ▼ $68M ▲ $1.436B ▲ 12.638% ▲ $0.66 ▲ $2.445B ▲
Q1-2025 $15.417B ▲ $-24M ▲ $1.394B ▼ 9.042% ▼ $0.64 ▼ $2.334B ▼
Q4-2024 $14.201B ▲ $-47M ▼ $1.623B ▲ 11.429% ▲ $0.74 ▲ $2.55B ▲
Q3-2024 $13.775B $-11M $1.417B 10.287% $0.64 $2.348B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $206M ▼ $77.822B ▲ $47.772B ▲ $29.209B ▲
Q2-2025 $870M ▲ $77.442B ▲ $47.523B ▲ $29.066B ▲
Q1-2025 $220M ▼ $75.406B ▼ $45.631B ▼ $28.915B ▲
Q4-2024 $583M ▼ $77.168B ▲ $47.579B ▲ $28.732B ▲
Q3-2024 $1.434B $75.062B $45.904B $28.349B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.368B ▼ $1.738B ▼ $-1.935B ▼ $-467M ▼ $-664M ▼ $-220M ▼
Q2-2025 $1.454B ▲ $2.061B ▼ $-1.274B ▼ $-145M ▲ $642M ▲ $762M ▼
Q1-2025 $1.394B ▼ $2.314B ▼ $-1.047B ▲ $-1.651B ▼ $-384M ▲ $1.252B ▼
Q4-2024 $1.62B ▲ $2.358B ▲ $-2B ▼ $-1.193B ▼ $-835M ▼ $1.299B ▲
Q3-2024 $1.501B $2.072B $-1.152B $319M $1.239B $898M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Intersegment Eliminations
Intersegment Eliminations
 $0 ▲$0 ▲$0 ▲$-33340.00M ▼
NGL Pipelines and Services
NGL Pipelines and Services
 $20.70Bn ▲$22.42Bn ▲$-17000.00M ▼$21.05Bn ▲
Onshore Crude Oil Pipelines and Services
Onshore Crude Oil Pipelines and Services
 $16.89Bn ▲$15.74Bn ▼$0 ▼$16.90Bn ▲
Onshore Natural Gas Pipelines and Services
Onshore Natural Gas Pipelines and Services
 $1.07Bn ▲$1.45Bn ▲$0 ▼$1.17Bn ▲
Petrochemical and Refined Products Services
Petrochemical and Refined Products Services
 $8.62Bn ▲$10.87Bn ▲$7.90Bn ▼$6.25Bn ▼
Eliminations
Eliminations
 $-33090.00M ▲$-35070.00M ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Enterprise’s income statement shows a business that has become steadily more profitable over time, despite swings in energy prices. Revenue has moved up sharply from early in the period, with a dip in the middle years and then a recovery, but what really stands out is that operating profit and net income have risen consistently. This suggests the “toll‑road” style model is working: volumes and contracted fees matter more than commodity prices. Margins have held up well even when sales pulled back, pointing to good cost control and strong contract structures. Overall, the earnings profile looks stable, with gradual improvement rather than big step‑changes, which is attractive for an infrastructure‑like business but still exposed to economic and volume cycles.

Balance Sheet

Balance Sheet The balance sheet reflects a large, capital‑intensive infrastructure company with meaningful but manageable debt. Total assets have grown steadily as new projects come online, and partner equity has increased each year, indicating that retained profits are being reinvested and the capital base is strengthening. Debt levels are sizable but have stayed within a relatively narrow band over time, which fits the profile of a midstream operator that uses long‑term borrowing to fund long‑lived assets. Cash on hand is usually kept modest, implying reliance on steady cash generation and credit market access rather than large idle cash balances. Overall, the balance sheet looks disciplined rather than conservative, with leverage that appears intentional and supported by stable assets and contracts.

Cash Flow

Cash Flow Cash flow is a key strength. Operating cash flow has been consistently strong across the entire period, even in weaker industry conditions, which backs up the idea of fee‑based, long‑term contracts. Free cash flow has been positive in every year, although it has moved around as capital spending rises and falls with the project pipeline. Periods of higher investment clearly depress free cash flow but are balanced by earlier years with more excess cash, indicating a cycle of funding new infrastructure from internally generated funds. The recent uptick in capital spending suggests a renewed growth phase, but so far it still appears to be comfortably covered by the cash the business throws off. The overall picture is of a company that reliably converts earnings into cash and generally funds growth without stretching itself too thin.

Competitive Edge

Competitive Edge Enterprise sits near the top tier of North American midstream operators, with a very wide and durable competitive moat. Its integrated system of pipelines, storage, processing plants, and export terminals creates a “one‑stop shop” for customers, making it hard and expensive for rivals to displace. The company is especially strong in natural gas liquids, anchored by its dominant position around the Mont Belvieu hub, which is a central pricing and logistics point for the industry. The fee‑based, long‑term contract model reduces exposure to commodity price swings and supports predictable cash flows, a meaningful edge versus more price‑sensitive peers. Diversification across natural gas, NGLs, crude, and petrochemicals adds resilience when one segment is under pressure. Main competitive risks include regulatory changes, competition for new projects from other large midstream players, and longer‑term uncertainty around fossil fuel demand, but its scale and entrenched position give it significant staying power.

Innovation and R&D

Innovation and R&D Innovation at Enterprise is less about traditional lab research and more about engineering, process optimization, and smart capital deployment. The company has developed and applied technologies like butylene isomerization that squeeze more value out of existing hydrocarbon streams, lifting margins rather than just chasing volume growth. Its move further into petrochemicals, such as propylene and related products, shows a strategic use of chemistry and process technology to capture higher‑value markets rather than remaining a pure transporter. Ongoing investment in export terminals and expanded fractionation capacity reflects a forward‑looking bet on the U.S. as a long‑term energy and feedstock exporter. Early optionality around lower‑carbon opportunities, such as potential roles in carbon management or hydrogen transport, provides a path to adapt if the energy mix shifts, though these areas are still emerging and uncertain. Overall, innovation is practical and commercially focused, aimed at deepening the moat rather than transforming the business model overnight.

Summary

Taken together, Enterprise looks like a mature, infrastructure‑style energy business with steady growth characteristics. Earnings have trended upward with relatively stable margins, the balance sheet shows deliberate but not excessive use of debt, and cash generation has been both strong and resilient. Its integrated network, dominant NGL position, and fee‑based contracts underpin a strong competitive position that is difficult to replicate. At the same time, the company is not standing still: it continues to invest heavily in export capacity and higher‑value petrochemical projects, while keeping an eye on potential low‑carbon opportunities. Key things to watch include how well it continues to fill new assets with long‑term contracts, its discipline in taking on new debt for growth projects, and how shifts in global energy demand and regulation affect volumes over the coming decade.

NEWS

November 20, 2025 · 11:13 AM UTC

Enterprise Elects Hanley as Chief Commercial Officer

Read more

November 20, 2025 · 7:00 AM UTC

Enterprise Announces Expansion and Extension of Bahia NGL Pipeline; ExxonMobil to Acquire Joint Interest

Read more

November 11, 2025 · 2:30 PM UTC

Technical Glass Products Continues Sustainability Efforts with Latest EPD

Read more

November 10, 2025 · 5:56 PM UTC

Enterprise to Participate in Investor Conferences

Read more

November 10, 2025 · 5:50 PM UTC

Enterprise Prices $1.65 Billion Aggregate Principal Amount of Senior Notes

Read more