ENTERPRISE PRODUCTS PARTNERS L.P. EPD

Utilities SIC 4922 - Natural Gas Transmission NAICS Transportation and Warehousing › Pipeline Transportation › Pipeline Transportation of Natural Gas derived NYSE

We are a publicly traded Delaware limited partnership, the common units of which are listed on the New York Stock Exchange ("NYSE") under the ticker symbol "EPD." Our preferred units are not publicly traded. We were formed in April 1998 to own and operate certain natural gas liquids ("NGLs") related businesses of EPCO and are a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products. We are owned by our limited partners (preferred and common unitholders) from an economic perspective. Enterprise GP, which owns a non-economic general partner interest in us, manages our Partnership. We conduct substantially all of our business operations through EPO and its consolidated subsidiaries.

Last close 37.08 2026-10-23
Market cap $80.07B 2026-06-30 share count
52-week range 30.02 - 40.16

Valuation FY2025 figures against the last close

P/S1.5x
P/E—
P/FCF27.0x
EV/EBITDA12.1x
Dividend yield—
Diluted EPS—

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Crude Oil Pipelines & Services
  • NGL Pipelines & Services
  • Petrochemical & Refined Products Services
  • Natural Gas Pipelines & Services
Revenue by segment, 4 categories over 3 years. The same figures are in the table below. FY2025 Crude Oil Pipelines & Services, FY2025: 20.8B (39.5%) 39% Crude Oil Pipelines & Services NGL Pipelines & Services, FY2025: 17.3B (32.9%) 33% NGL Pipelines & Services Petrochemical & Refined Products Services, FY2025: 10.4B (19.7%) 20% Natural Gas Pipelines & Services, FY2025: 4.2B (7.9%) 8% FY2024 Crude Oil Pipelines & Services, FY2024: 21.6B (38.4%) 38% NGL Pipelines & Services, FY2024: 20.3B (36.1%) 36% Petrochemical & Refined Products Services, FY2024: 11.4B (20.2%) 20% Natural Gas Pipelines & Services, FY2024: 3B (5.3%) 5% FY2023 Crude Oil Pipelines & Services, FY2023: 19.3B (38.9%) 39% NGL Pipelines & Services, FY2023: 17.6B (35.5%) 35% Petrochemical & Refined Products Services, FY2023: 9B (18.0%) 18% Natural Gas Pipelines & Services, FY2023: 3.8B (7.6%) 8%
Segment FY2025FY2024FY2023
Crude Oil Pipelines & Services $20.76B $21.58B $19.34B
NGL Pipelines & Services $17.32B $20.28B $17.64B
Petrochemical & Refined Products Services $10.35B $11.36B $8.96B
Natural Gas Pipelines & Services $4.17B $3.00B $3.78B

As the company reported it, from the “Business Segments and Related Information - Schedule of Segment Revenues as Reported (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $52.60B$56.22B$49.72B$58.19B$40.81B$27.20B$32.79B$36.53B$29.24B$23.02B
Cost of revenue $38.57B$42.58B$37.02B$45.84B$29.89B$16.72B$22.07B$26.79B$21.49B$15.71B
Gross profit $14.03B$13.64B$12.69B$12.35B$10.92B$10.48B$10.72B$9.74B$7.75B$7.31B
SG&A $251.0M$244.0M$231.0M$241.0M$209.0M$220.0M$211.7M$208.3M$181.1M$160.1M
Total operating expenses $45.69B$49.29B$43.25B$51.74B$35.29B$22.59B$27.27B$31.61B$25.74B$19.80B
Operating income $7.27B$7.34B$6.93B$6.91B$6.10B$5.04B$6.08B$5.41B$3.93B$3.58B
Interest expense $1.40B$1.35B$1.27B$1.24B$1.28B$1.29B$1.24B$1.10B$984.6M$982.6M
Pre-tax income $5.90B$6.04B$5.70B$5.70B$4.83B$3.76B$4.73B$4.30B$2.88B$2.58B
Income tax $23.0M$65.0M$44.0M$82.0M$70.0M$124.0M$45.6M$60.3M$25.7M$23.4M
Net income $5.81B$5.90B$5.53B$5.49B$4.63B$3.77B$4.59B$4.17B$2.80B$2.51B
Shares, diluted (wtd. avg.) 2.19B2.19B2.19B2.20B2.20B2.20B2.20B2.19B2.15B2.09B

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $969.0M$583.0M$320.0M$206.0M$2.96B$1.16B$410.0M$410.1M$70.3M$417.6M
Receivables ———$6.96B$6.97B$4.80B$4.87B$3.66B$4.36B$3.33B
Inventory $3.88B$3.96B$3.35B$2.55B$2.68B$3.30B$2.09B$1.52B$1.61B$1.77B
Total current assets $13.36B$15.13B$12.25B$10.60B$13.27B$9.91B$7.86B$6.06B$6.51B$6.53B
Property, plant and equipment $51.36B$49.06B$45.80B$44.40B$42.09B$41.91B$41.60B$38.74B$35.62B$33.29B
Goodwill $5.71B$5.71B$5.61B$5.61B$5.45B$5.45B$5.75B$5.75B$5.75B$5.75B
Other intangibles $4.16B$4.00B$3.77B$3.96B$3.15B$3.31B$3.45B$3.61B$3.69B$3.86B
Total assets $77.90B$77.17B$70.98B$68.11B$67.53B$64.11B$61.73B$56.97B$54.42B$52.19B
Accounts payable ———$743.0M$632.0M$704.6M$1.00B$1.10B$801.7M$397.7M
Short-term debt $1.62B$1.15B$1.30B$1.74B$1.40B$1.32B$1.98B$1.50B$2.85B$2.58B
Total current liabilities $12.83B$15.18B$13.13B$12.27B$11.62B$8.99B$9.13B$7.17B$9.30B$8.25B
Long-term debt $32.77B$30.75B$27.45B$26.55B$28.14B$28.54B$25.64B$24.68B$21.71B$21.12B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $8.59B$8.12B$7.57B$8.04B$8.51B$5.89B$6.52B$6.13B$4.67B$4.07B
Depreciation and amortisation $2.09B$1.97B$1.86B$1.78B$1.71B$1.68B$1.56B$1.79B$1.64B$1.55B
Capital expenditure $5.62B$4.54B$3.27B$1.96B$2.22B$3.29B$4.53B$4.22B$3.10B$2.98B
Investing cash flow -$5.49B-$5.43B-$3.20B-$4.95B-$2.13B-$3.12B-$4.58B-$4.28B-$3.29B-$4.01B
Financing cash flow -$2.69B-$2.16B-$4.26B-$5.84B-$4.57B-$2.02B-$1.95B-$1.50B-$1.73B$321.7M
Buybacks $300.0M$219.0M$188.0M$250.0M$214.0M$186.0M$81.1M$30.8M$0$0

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001061219-26-000006.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 20B 40B 60B Revenue, FY2016: 23B Gross profit, FY2016: 7.3B Net income, FY2016: 2.5B Revenue, FY2017: 29.2B Gross profit, FY2017: 7.8B Net income, FY2017: 2.8B Revenue, FY2018: 36.5B Gross profit, FY2018: 9.7B Net income, FY2018: 4.2B Revenue, FY2019: 32.8B Gross profit, FY2019: 10.7B Net income, FY2019: 4.6B Revenue, FY2020: 27.2B Gross profit, FY2020: 10.5B Net income, FY2020: 3.8B Revenue, FY2021: 40.8B Gross profit, FY2021: 10.9B Net income, FY2021: 4.6B Revenue, FY2022: 58.2B Gross profit, FY2022: 12.3B Net income, FY2022: 5.5B Revenue, FY2023: 49.7B Gross profit, FY2023: 12.7B Net income, FY2023: 5.5B Revenue, FY2024: 56.2B Gross profit, FY2024: 13.6B Net income, FY2024: 5.9B Revenue, FY2025: 52.6B Gross profit, FY2025: 14B Net income, FY2025: 5.8B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $23.02B $29.24B $36.53B $32.79B $27.20B $40.81B $58.19B $49.72B $56.22B $52.60B
Gross profit $7.31B $7.75B $9.74B $10.72B $10.48B $10.92B $12.35B $12.69B $13.64B $14.03B
Net income $2.51B $2.80B $4.17B $4.59B $3.77B $4.63B $5.49B $5.53B $5.90B $5.81B

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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