ENTERPRISE PRODUCTS PARTNERS L.P. EPD
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.) | $2.19B | $2.19B | $2.19B | $2.20B | $2.20B | $2.20B | $2.20B | $2.19B | $2.15B | $2.09B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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