Jun 2026 (Q2 FY26) — Jul 30, 2026
Enterprise Products Partners L.P. Q2 FY26 — Record EBITDA and Strong Volume Growth
Read the full callEnterprise Products Partners (EPD) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Enterprise Products Partners earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 18,269 | +60.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 12.3 | −3.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,840 | +28.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
7 of 10 judged targets kept · 10 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Neches River Terminal Phase 2 (second/flex train, ethane and propane) full operation | first half of 2026 | Jun 2025 | begin commissioning the expansion of our Neches River NGL marine terminal ahead of schedule | Achieved |
| FY2026 discretionary free cash flow | $1 billion area | Dec 2025 | we still believe discretionary free cash flow for '26 has the potential to approach the $1 billion area | Diluted |
| Consolidated leverage ratio vs. target range | 3.0x plus or minus 0.25x (i.e., 2.75x to 3.25x) | Sep 2024 | our consolidated leverage ratio decreased to our 3.0 target on a net basis | On Track |
3 of ENTERPRISE PRODUCTS PARTNERS L.P.'s 20 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 17 more targets are in the full ledger.
Claimed
- Generated a record $2.8 billion of EBITDA, a 17% increase over Q2 FY25.
- Adjusted cash flow from operations increased 19% to a record $2.5 billion.
- Total pipeline volumes were up 8% and marine terminal volumes were up 33% compared to Q2 FY25.
- Permian natural gas processing inlet volumes increased 14% over Q2 FY25, reaching 4.3 Bcf/d.
- Consolidated leverage ratio decreased to 3.0x, meeting the target.
Qualified
- LPG export listing rates have fallen due to increased capacity, potentially leading to lower terminal fees and rates.
- PDH2 experienced an issue in July, causing downtime, though it is now back online.
Price
$36.8 −0.05% · −$0.02
Performance +21.9% 1Y
1Y: $30.19 on 17 Oct 2025 → $36.8. High $39.8 (19 May 2026), low $30.19 (17 Oct 2025).
- Previous close
- $36.82
- 52-week range
- $30.22 – $39.8
- One year
- +19.99%
Overview
- Symbol
- EPD
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
7 of 10 judged targets kept · 10 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Neches River Terminal Phase 2 (second/flex train, ethane and propane) full operation | first half of 2026 | Jun 2025 | begin commissioning the expansion of our Neches River NGL marine terminal ahead of schedule | Achieved |
| FY2026 discretionary free cash flow | $1 billion area | Dec 2025 | we still believe discretionary free cash flow for '26 has the potential to approach the $1 billion area | Diluted |
| Consolidated leverage ratio vs. target range | 3.0x plus or minus 0.25x (i.e., 2.75x to 3.25x) | Sep 2024 | our consolidated leverage ratio decreased to our 3.0 target on a net basis | On Track |
Claimed
- Generated a record $2.8 billion of EBITDA, a 17% increase over Q2 FY25.
- Adjusted cash flow from operations increased 19% to a record $2.5 billion.
- Total pipeline volumes were up 8% and marine terminal volumes were up 33% compared to Q2 FY25.
- Permian natural gas processing inlet volumes increased 14% over Q2 FY25, reaching 4.3 Bcf/d.
- Consolidated leverage ratio decreased to 3.0x, meeting the target.
Qualified
- LPG export listing rates have fallen due to increased capacity, potentially leading to lower terminal fees and rates.
- PDH2 experienced an issue in July, causing downtime, though it is now back online.
The full ledger
Open ENTERPRISE PRODUCTS PARTNERS L.P.’s full ledger
A free account opens 5 company ledgers a month. All 20 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
Enterprise Products Partners Q1 FY26 — Record volumes and a Middle East supply shock reshape a bullish outlook
Read the full callDec 2025 (Q4 FY25) — Feb 3, 2026
Enterprise Products Partners L.P. Q4 FY25 — Record EBITDA and Strategic Project Ramps
Read the full callEvery analysed call
Enterprise Products Partners earnings calls (EPD)
Financials
What the filings say
Net profit, year on year: +28% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 13,775 | 14,201 | 15,417 | 11,363 | 12,023 | 13,793 | 14,386 | 18,269 |
| Expenses | 12,094 | 12,336 | 13,750 | 9,660 | 10,427 | 11,854 | 12,567 | 16,129 |
| Operating profit | 1,780 | 1,971 | 1,761 | 1,795 | 1,686 | 2,024 | 1,895 | 2,249 |
| Operating margin | 12.9% | 13.9% | 11.4% | 15.8% | 14.0% | 14.7% | 13.2% | 12.3% |
| Other income | -329 | -328 | -331 | -325 | -343 | -368 | -377 | -381 |
| Interest | 343 | 346 | 340 | 332 | 354 | 375 | 385 | 384 |
| Profit before tax | 1,451 | 1,643 | 1,430 | 1,470 | 1,343 | 1,656 | 1,518 | 1,868 |
| Tax rate | 1.3% | 0.6% | 1.7% | 1.1% | −1.0% | −0.2% | 1.4% | 0.6% |
| Net profit | 1,417 | 1,619 | 1,393 | 1,435 | 1,338 | 1,644 | 1,482 | 1,840 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Fixed assets | 38,738 | 41,603 | 41,913 | 42,088 | 44,401 | 45,804 | 49,062 | 51,359 |
| Total assets | 56,970 | 61,733 | 64,107 | 67,526 | 68,108 | 70,982 | 77,168 | 77,902 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 6,126 | 6,521 | 5,891 | 8,513 | 8,039 | 7,569 | 8,115 | 8,585 |
| Cash from investing | -4,282 | -4,575 | -3,121 | -2,135 | -4,954 | -3,197 | -5,433 | -5,491 |
| Cash from financing | -1,505 | -1,945 | -2,022 | -4,571 | -5,844 | -4,258 | -2,164 | -2,687 |
| Net cash flow | 340 | -0 | 748 | 1,807 | -2,759 | 114 | 518 | 407 |
| Capital expenditure | -4,223 | -4,532 | -3,288 | -2,223 | -1,964 | -3,266 | -4,544 | -5,620 |
| Free cash flow | 1,903 | 1,989 | 2,603 | 6,290 | 6,075 | 4,303 | 3,571 | 2,965 |
EPD revenue by segment
Onshore Crude Oil Pipelines and Services grew from 38% to 46% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Onshore Crude Oil Pipelines and Services | 38% | 35% | 33% | — | 45% | — | 44% | 46% | — |
| Ngl Pipelines and Services | 35% | 43% | 35% | 30% | 29% | 37% | — | 29% | +53.7% |
| Petrochemical and Refined Products Services | 22% | 16% | 24% | 19% | 19% | 17% | 20% | 22% | +92.0% |
| Onshore Natural Gas Pipelines and Services | 5% | 6% | 8% | — | 8% | — | 8% | 4% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
EPD operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Capital expenditures Growth capital projects | $964MTotal capital investments in the first quarter of 2025 were $1.1 billion, which included $964 million of growth capital -- of growth capital projects and $102 million of sustaining capital expenditures.Source: earnings call transcript | $1.2BTotal capital investments in the second quarter of 2025 were $1.3 billion, which included $1.2 billion for growth capital projects and $117 million of sustaining capital expenditures.Source: earnings call transcript | $1.2BTotal capital investments were $2 billion in the third quarter of 2025, which included $1.2 billion for growth capital projects, $583 million for the acquisition of natural gas gathering systems from Occidental in the Midland Basin, and $198 million of sustaining capital expenditures.Source: earnings call transcript | $1BTotal capital investments were $1.3 billion in the fourth quarter of 2025, which included $1 billion for growth capital projects and $203 million of sustaining capital expenditures.Source: earnings call transcript | $783MTotal capital investments were $988 million in the first quarter of 2026, which included $783 million of growth capital projects and $205 million of sustaining capital expenditures.Source: earnings call transcript | $1BTotal capital investments were $1.2 billion in the second quarter of '26, which included $1 billion of growth capital projects and $140 million of sustaining capital expenditures.Source: earnings call transcript | +27.7% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
69 filings between Dec 22, 2025 and Mar 20, 2026.
Open market
decisions to buy or sellPurchases
$581.4K
2 purchases by 2 insiders
Sales
None
No insider sold shares.
Compensation
not trading decisions- 6
- Award — granted as compensation
- 30
- Option exercise — converted options into shares
- 30
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Rutherford John R | $481.3K | — | Dec 29, 2025 |
| TEAGUE AJ | $100.1K | — | Mar 20, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Mar 20, 2026 | TEAGUE AJ CO-CHIEF EXECUTIVE OFFICER | Purchase | 2,665 | $100.1K |
| Feb 16, 2026 | TEAGUE AJ CO-CHIEF EXECUTIVE OFFICER | Option exercise | 75,000 | — |
| Feb 16, 2026 | Boss Daniel EXECUTIVE VICE PRESIDENT & CFO | Option exercise | 23,125 | — |
| Feb 16, 2026 | BACHMANN RICHARD H Director | Tax withheld | 32,858 | $1.21M |
| Feb 16, 2026 | FOWLER W RANDALL CO-CHIEF EXECUTIVE OFFICER | Option exercise | 66,250 | — |
| Feb 16, 2026 | FOWLER W RANDALL CO-CHIEF EXECUTIVE OFFICER | Tax withheld | 26,070 | $958.1K |
| Feb 16, 2026 | TEAGUE AJ CO-CHIEF EXECUTIVE OFFICER | Option exercise | 77,500 | — |
| Feb 16, 2026 | FOWLER W RANDALL CO-CHIEF EXECUTIVE OFFICER | Tax withheld | 29,513 | $1.08M |
| Feb 16, 2026 | FOWLER W RANDALL CO-CHIEF EXECUTIVE OFFICER | Option exercise | 77,500 | — |
| Feb 16, 2026 | FOWLER W RANDALL CO-CHIEF EXECUTIVE OFFICER | Tax withheld | 30,497 | $1.12M |
| Feb 16, 2026 | FOWLER W RANDALL CO-CHIEF EXECUTIVE OFFICER | Option exercise | 68,750 | — |
| Feb 16, 2026 | FOWLER W RANDALL CO-CHIEF EXECUTIVE OFFICER | Tax withheld | 27,054 | $994.2K |
| Feb 16, 2026 | TEAGUE AJ CO-CHIEF EXECUTIVE OFFICER | Option exercise | 66,250 | — |
| Feb 16, 2026 | TEAGUE AJ CO-CHIEF EXECUTIVE OFFICER | Tax withheld | 29,513 | $1.08M |
| Feb 16, 2026 | FOWLER W RANDALL CO-CHIEF EXECUTIVE OFFICER | Option exercise | 75,000 | — |
| Feb 16, 2026 | TEAGUE AJ CO-CHIEF EXECUTIVE OFFICER | Tax withheld | 30,497 | $1.12M |
| Feb 16, 2026 | TEAGUE AJ CO-CHIEF EXECUTIVE OFFICER | Option exercise | 68,750 | — |
| Feb 16, 2026 | TEAGUE AJ CO-CHIEF EXECUTIVE OFFICER | Tax withheld | 27,054 | $994.2K |
| Feb 16, 2026 | WILLIAMS RANDA DUNCAN Director | Option exercise | 482,000 | — |
| Feb 16, 2026 | WILLIAMS RANDA DUNCAN Director | Tax withheld | 189,667 | $6.97M |
| Feb 16, 2026 | Bacon Graham W. EXECUTIVE VICE PRESIDENT & COO | Option exercise | 23,750 | — |
| Feb 16, 2026 | Bacon Graham W. EXECUTIVE VICE PRESIDENT & COO | Tax withheld | 9,346 | $343.5K |
| Feb 16, 2026 | Bacon Graham W. EXECUTIVE VICE PRESIDENT & COO | Option exercise | 25,000 | — |
| Feb 16, 2026 | Bacon Graham W. EXECUTIVE VICE PRESIDENT & COO | Tax withheld | 9,838 | $361.5K |
| Feb 16, 2026 | Bacon Graham W. EXECUTIVE VICE PRESIDENT & COO | Option exercise | 22,500 | — |
| Feb 16, 2026 | Bacon Graham W. EXECUTIVE VICE PRESIDENT & COO | Tax withheld | 8,854 | $325.4K |
| Feb 16, 2026 | Bacon Graham W. EXECUTIVE VICE PRESIDENT & COO | Option exercise | 18,750 | — |
| Feb 16, 2026 | Bacon Graham W. EXECUTIVE VICE PRESIDENT & COO | Tax withheld | 7,379 | $271.2K |
| Feb 16, 2026 | Boss Daniel EXECUTIVE VICE PRESIDENT & CFO | Option exercise | 21,250 | — |
| Feb 16, 2026 | Boss Daniel EXECUTIVE VICE PRESIDENT & CFO | Tax withheld | 8,362 | $307.3K |
| Feb 16, 2026 | BACHMANN RICHARD H Director | Option exercise | 83,500 | — |
| Feb 16, 2026 | Boss Daniel EXECUTIVE VICE PRESIDENT & CFO | Tax withheld | 9,100 | $334.4K |
| Feb 16, 2026 | Boss Daniel EXECUTIVE VICE PRESIDENT & CFO | Option exercise | 24,250 | — |
| Feb 16, 2026 | Boss Daniel EXECUTIVE VICE PRESIDENT & CFO | Tax withheld | 9,543 | $350.7K |
| Feb 16, 2026 | Boss Daniel EXECUTIVE VICE PRESIDENT & CFO | Option exercise | 20,675 | — |
| Feb 16, 2026 | Boss Daniel EXECUTIVE VICE PRESIDENT & CFO | Tax withheld | 8,136 | $299.0K |
| Feb 16, 2026 | Weitzel Harry EVP, GENERAL COUNSEL & SEC | Option exercise | 21,875 | — |
| Feb 16, 2026 | Weitzel Harry EVP, GENERAL COUNSEL & SEC | Tax withheld | 8,608 | $316.3K |
| Feb 16, 2026 | Weitzel Harry EVP, GENERAL COUNSEL & SEC | Option exercise | 23,750 | — |
| Feb 16, 2026 | Weitzel Harry EVP, GENERAL COUNSEL & SEC | Tax withheld | 9,346 | $343.5K |
| Feb 16, 2026 | Weitzel Harry EVP, GENERAL COUNSEL & SEC | Option exercise | 24,250 | — |
| Feb 16, 2026 | Weitzel Harry EVP, GENERAL COUNSEL & SEC | Tax withheld | 9,543 | $350.7K |
| Feb 16, 2026 | Weitzel Harry EVP, GENERAL COUNSEL & SEC | Option exercise | 20,500 | — |
| Feb 16, 2026 | Weitzel Harry EVP, GENERAL COUNSEL & SEC | Tax withheld | 8,067 | $296.5K |
| Feb 16, 2026 | Nelly Christian M. EVP-FIN/SUSTAIN. AND TREASURER | Option exercise | 21,250 | — |
| Feb 16, 2026 | Nelly Christian M. EVP-FIN/SUSTAIN. AND TREASURER | Tax withheld | 8,362 | $307.3K |
| Feb 16, 2026 | Nelly Christian M. EVP-FIN/SUSTAIN. AND TREASURER | Option exercise | 23,125 | — |
| Feb 16, 2026 | Nelly Christian M. EVP-FIN/SUSTAIN. AND TREASURER | Tax withheld | 9,100 | $334.4K |
| Feb 16, 2026 | Nelly Christian M. EVP-FIN/SUSTAIN. AND TREASURER | Option exercise | 22,750 | — |
| Feb 16, 2026 | TEAGUE AJ CO-CHIEF EXECUTIVE OFFICER | Tax withheld | 26,070 | $958.1K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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