Enterprise Products Partners L.P. (EPD) Earnings

metirFinance

Dec 2026upcoming

Next quarter

Expected to report Feb 2, 2027 — estimated from last year’s reporting date.

Consensus is $0.79 EPS for Dec 2026 across 8 estimates, ranging $0.62 to $1.11.

EPD Sep 2026

Reported Oct 29, 2026 · before the open

: 1.35%

: $0.74
: $0.75
: —
: —

Highlights

EPS beat: Third-quarter diluted EPS was $0.75, 1.35% above the $0.74 consensus; net income attributable to common unitholders rose 21% year over year to $1.624 billion.
Cash generation: Adjusted EBITDA increased 16% to $2.789 billion, while Operational DCF rose 27% to $2.311 billion and covered declared distributions 1.9 times.
Broad margin growth: Total gross operating margin increased 15% to $2.735 billion; three of four segments grew year over year.
Record throughput: Equivalent pipeline volumes reached 14.8 MMBPD, up 7%; Permian gas-processing inlets set a record at 4.6 Bcf/d, up 12%.
NGL strength: NGL Pipelines & Services gross operating margin advanced to $1.535 billion from $1.303 billion, led by processing and marketing.
Distribution and buybacks: The declared distribution was $0.56 per unit, or $2.24 annualized, up 2.8%; quarterly unit repurchases were $112 million.
Investment program: Third-quarter capital investment was $1.064 billion, including $0.9 billion of growth capital; $6.3 billion of growth projects were under construction.

Analysis

Enterprise delivered a strong year-over-year quarter, with EPS of $0.75 narrowly ahead of the $0.74 consensus. Net income attributable to common unitholders increased 21% to $1.624 billion, and operating income rose 18% to $1.990 billion. Revenue was $17.948 billion, up 49% from $12.023 billion a year earlier, though commodity sales prices and corresponding purchase costs can move reported revenue substantially. Sequentially, revenue declined about 2% from $18.27 billion in Q2, operating income fell about 12% from $2.25 billion, and net income was below the prior quarter’s $1.84 billion.

The more telling measure of the print was operating cash generation: Adjusted EBITDA grew 16% to $2.789 billion and Operational DCF rose 27% to $2.311 billion. The latter provided 1.9 times distribution coverage and left $1.1 billion retained. Volume growth and recently commissioned assets supported the result, particularly in NGL processing, pipelines and exports. Gross operating margin increased across NGL Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services, while crude oil margin edged lower. Enterprise continued investing for growth, with $6.3 billion of projects under construction and 2026 net growth-capital spending expected at $2.9 billion to $3.4 billion.

Cash generation and returns

Cash flow growth outpaced the distribution increase and left the partnership with substantial internally generated funds. The declared quarterly distribution rose 2.8% to $0.56 per common unit. For the 12 months ended September 30, the payout ratio, including common-unit repurchases, was 54% of Adjusted CFFO.

Cash flow: Adjusted CFFO was $2.423 billion, up 18% year over year; Operational DCF was $2.311 billion, versus $1.819 billion.
Coverage and retention: Operational DCF covered declared distributions 1.9 times, with $1.1 billion retained for growth investment, buybacks and debt reduction.
Unit repurchases: Enterprise bought back $112 million of units during the quarter and $437 million over the trailing 12 months, using 36% of its $5.0 billion authorization.

NGL system growth

NGL Pipelines & Services was the largest contributor to higher segment margins. Results reflected rising Permian production, stronger marketing margins and contributions from new assets, including Frac 14 and the second phase of the Neches River terminal.

Processing: Segment gross operating margin increased to $1.535 billion from $1.303 billion. Record gas-processing inlet volumes were 8.5 Bcf/d, up 6%, including a 12% increase to 4.6 Bcf/d in the Permian.
Marketing and production: Natural-gas processing and related NGL marketing margin rose to $488 million from $354 million; marketing margin alone increased $75 million. Equity NGL-equivalent production grew 8% to 242 MBPD.
Pipelines, terminals and fractionation: NGL pipeline volumes reached a record 5.0 MMBPD, up 6%; NGL marine-terminal volumes rose 32% to 1.196 MMBPD. Fractionation volumes climbed to 1.9 MMBPD from 1.6 MMBPD, primarily reflecting Frac 14.

Other segment performance

Growth extended beyond NGLs: natural gas and petrochemical/refined-products margins improved, while crude oil margin was slightly lower. Record natural-gas pipeline throughput and stronger international demand for export-linked products supported the gains.

Natural gas: Gross operating margin rose to $411 million from $339 million as pipeline volumes reached a record 22.7 TBtu/d, up 8%. Higher marketing margins and Delaware Basin gathering activity contributed.
Petrochemicals and refined products: Margin increased to $430 million from $370 million. Pipeline volumes were 1.2 MMBPD versus 1.1 MMBPD, and marine-terminal volumes rose to 413 MBPD from 347 MBPD.
Crude oil: Margin was $367 million versus $371 million. Pipeline volumes increased to 2.7 MMBPD, while crude marine-terminal volumes rose to 926 MBPD from 720 MBPD; higher costs weighed on some Texas pipeline and terminal activities.

Growth capital and projects

Enterprise invested $1.064 billion in capital during the quarter, including $0.9 billion of growth spending and $185 million of sustaining capital. For 2026, net growth spending after $600 million of asset-sale proceeds is expected to be $2.9 billion to $3.4 billion, alongside $650 million of sustaining capital.

Projects underway: The partnership had $6.3 billion of growth projects under construction, scheduled to enter service between now and 2028.
Near-term additions: The fourth Houston Ship Channel LPG terminal expansion is expected to add about 300 MBPD of loading capacity, bringing total capacity to 1.1 MMBPD. The Athena Midland Basin processing plant is designed for 300 MMcf/d of gas and up to 40 MBPD of NGLs; both projects were scheduled for fourth-quarter 2026 completion.

Enterprise Products Partners L.P.

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