NYSE : EPD
Enterprise Products Partners L.P. — Financial statements
Energy · Oil & Gas Midstream · United States
Last price 39.05 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 84.33B
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Financial statements
Enterprise Products Partners L.P. (EPD) reported revenue of 64.40B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 64.40B | 52.60B | 56.22B | 49.72B | 58.19B | 40.81B |
| Cost of Revenue | 56.31B | 45.39B | 48.99B | 42.99B | 51.46B | 34.86B |
| Gross Profit | 8.09B | 7.21B | 7.23B | 6.73B | 6.72B | 5.95B |
| Selling, General & Admin | 250.00M | 251.00M | 244.00M | 229.00M | 241.00M | 209.00M |
| Operating Expenses | 250.00M | 251.00M | 244.00M | 229.00M | 241.00M | 209.00M |
| Operating Income | 7.84B | 6.96B | 6.99B | 6.50B | 6.48B | 5.74B |
| Interest Expense | -1.53B | -1.40B | -1.35B | -1.27B | -1.24B | -1.28B |
| Interest & Investment Income | 30.00M | 30.00M | 47.00M | 27.00M | 11.00M | 5.00M |
| Earnings From Equity Investments | 357.00M | 361.00M | 408.00M | 462.00M | 464.00M | 583.00M |
| Other Non Operating Income (Expenses) | 38.00M | 4.00M | 2.00M | 14.00M | 23.00M | |
| EBT Excluding Unusual Items | 6.73B | 5.95B | 6.09B | 5.73B | 5.74B | 5.04B |
| Asset Writedown | -36.00M | -50.00M | -57.00M | -32.00M | -41.00M | -218.00M |
| Pretax Income | 6.70B | 5.90B | 6.04B | 5.70B | 5.70B | 4.83B |
| Income Tax Expense | 47.00M | 23.00M | 65.00M | 44.00M | 82.00M | 70.00M |
| Earnings From Continuing Operations | 6.65B | 5.88B | 5.97B | 5.66B | 5.62B | 4.75B |
| Minority Interest in Earnings | -56.00M | -62.00M | -69.00M | -125.00M | -125.00M | -117.00M |
| Net Income | 6.59B | 5.81B | 5.90B | 5.53B | 5.49B | 4.64B |
| Preferred Dividends & Other Adjustments | 59.00M | 59.00M | 60.00M | 53.00M | 49.00M | 41.00M |
| Net Income to Common | 6.54B | 5.75B | 5.84B | 5.48B | 5.44B | 4.60B |
| Shares Outstanding (Basic) | 2.16B | 2.17B | 2.17B | 2.17B | 2.18B | 2.18B |
| Shares Outstanding (Diluted) | 2.18B | 2.19B | 2.19B | 2.19B | 2.20B | 2.20B |
| EPS (Basic) | 3.02 | 2.66 | 2.69 | 2.52 | 2.50 | 2.11 |
| EPS (Diluted) | 3.02 | 2.66 | 2.69 | 2.52 | 2.50 | 2.11 |
| Free Cash Flow | 2.96B | 3.57B | 4.30B | 6.08B | 6.29B | |
| Free Cash Flow Per Share | 1.35 | 1.63 | 1.96 | 2.76 | 2.85 | |
| Dividend Per Share | 2.22 | 2.17 | 2.10 | 2.00 | 1.91 | 1.81 |
| Gross Margin | 12.56% | 13.70% | 12.86% | 13.53% | 11.56% | 14.57% |
| Operating Margin | 12.17% | 13.22% | 12.43% | 13.07% | 11.14% | 14.06% |
| Profit Margin | 10.15% | 10.94% | 10.39% | 11.02% | 9.35% | 11.27% |
| Free Cash Flow Margin | 5.64% | 6.35% | 8.65% | 10.44% | 15.41% | |
| EBITDA | 10.69B | 9.58B | 9.46B | 8.84B | 8.73B | 7.88B |
| EBITDA Margin | 16.60% | 18.21% | 16.83% | 17.79% | 15.00% | 19.30% |
| D&A For EBITDA | 2.85B | 2.62B | 2.47B | 2.34B | 2.25B | 2.14B |
| EBIT | 7.84B | 6.96B | 6.99B | 6.50B | 6.48B | 5.74B |
| EBIT Margin | 12.17% | 13.22% | 12.43% | 13.07% | 11.14% | 14.06% |
| Effective Tax Rate | 0.70% | 0.39% | 1.08% | 0.77% | 1.44% | 1.45% |
| Revenue as Reported | 52.60B | 52.60B | 56.22B | 49.72B | 58.19B | 40.81B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 969.00M | 583.00M | 180.00M | 76.00M | 2.82B | |
| Trading Asset Securities | 26.00M | |||||
| Cash & Short-Term Investments | 246.00M | 969.00M | 583.00M | 180.00M | 102.00M | 2.82B |
| Receivables | 6.50B | 9.25B | 7.78B | 6.98B | 7.00B | |
| Inventory | 3.88B | 3.96B | 3.35B | 2.55B | 2.68B | |
| Prepaid Expenses | 1.30B | 557.00M | 446.00M | 388.00M | 384.00M | |
| Restricted Cash | 276.00M | 255.00M | 140.00M | 130.00M | 145.00M | |
| Other Current Assets | 434.00M | 534.00M | 347.00M | 443.00M | 237.00M | |
| Total Current Assets | 13.36B | 15.13B | 12.25B | 10.60B | 13.27B | |
| Property, Plant & Equipment | 51.81B | 49.06B | 45.80B | 44.40B | 42.09B | |
| Long-Term Investments | 2.19B | 2.26B | 2.33B | 2.35B | 2.43B | |
| Goodwill | 5.71B | 5.71B | 5.61B | 5.61B | 5.45B | |
| Other Intangible Assets | 4.16B | 4.00B | 3.77B | 3.96B | 3.15B | |
| Other Long-Term Assets | 674.00M | 997.00M | 1.22B | 1.18B | 1.14B | |
| Total Assets | 77.90B | 77.17B | 70.98B | 68.11B | 67.53B | |
| Accounts Payable | 1.02B | 1.23B | 1.20B | 743.00M | 632.00M | |
| Accrued Expenses | 8.75B | 11.31B | 9.37B | 8.41B | 8.55B | |
| Short-Term Debt | 1.15B | 481.00M | 495.00M | |||
| Current Portion of Long-Term Debt | 1.62B | 850.00M | 1.25B | 1.40B | ||
| Current Portion of Leases | 97.00M | |||||
| Current Unearned Revenue | 157.00M | 168.00M | 193.00M | 181.00M | 196.00M | |
| Other Current Liabilities | 1.18B | 1.32B | 1.05B | 1.18B | 851.00M | |
| Total Current Liabilities | 12.83B | 15.18B | 13.13B | 12.27B | 11.62B | |
| Long-Term Debt | 32.77B | 30.75B | 27.45B | 26.55B | 28.14B | |
| Long-Term Leases | 390.00M | 366.00M | 323.00M | 341.00M | 339.00M | |
| Long-Term Unearned Revenue | 261.00M | 284.00M | 326.00M | 320.00M | 250.00M | |
| Long-Term Deferred Tax Liabilities | 702.00M | 656.00M | 611.00M | 600.00M | 518.00M | |
| Other Long-Term Liabilities | 333.00M | 300.00M | 335.00M | 280.00M | 171.00M | |
| Total Liabilities | 47.29B | 47.53B | 42.17B | 40.36B | 41.04B | |
| Common Stock | 30.70B | 29.79B | 28.66B | 27.55B | 26.34B | |
| Treasury Stock | -1.30B | -1.30B | -1.30B | -1.30B | -1.30B | |
| Comprehensive Income & Other | 336.00M | 236.00M | 307.00M | 365.00M | 286.00M | |
| Total Common Equity | 30.25B | 29.74B | 28.73B | 27.67B | 26.62B | 25.33B |
| Minority Interest | 831.00M | 857.00M | 1.09B | 1.08B | 1.11B | |
| Shareholders' Equity | 31.11B | 30.61B | 29.64B | 28.81B | 27.75B | 26.49B |
| Total Liabilities & Equity | 77.90B | 77.17B | 70.98B | 68.11B | 67.53B | |
| Total Debt | 34.21B | 34.88B | 32.26B | 29.10B | 28.64B | 29.87B |
| Net Cash (Debt) | -33.96B | -33.91B | -31.68B | -28.92B | -28.53B | -27.05B |
| Net Cash Per Share | -15.55 | -15.50 | -14.45 | -13.18 | -12.98 | -12.28 |
| Filing Date Shares Outstanding | 2.18B | 2.16B | 2.17B | 2.17B | 2.17B | 2.18B |
| Total Common Shares Outstanding | 2.18B | 2.16B | 2.17B | 2.17B | 2.17B | 2.18B |
| Working Capital | 528.00M | -44.00M | -883.00M | -1.67B | 1.65B | |
| Book Value Per Share | 14.01 | 13.76 | 13.27 | 12.76 | 12.26 | 11.64 |
| Tangible Book Value | 20.48B | 19.87B | 19.02B | 18.30B | 17.05B | 16.73B |
| Tangible Book Value Per Share | 9.49 | 9.19 | 8.78 | 8.44 | 7.85 | 7.69 |
| Land | 439.00M | 424.00M | 411.00M | 387.00M | 379.00M | |
| Machinery | 67.99B | 62.13B | 59.21B | 55.62B | 52.85B | |
| Construction In Progress | 2.40B | 4.14B | 2.25B | 2.87B | 1.62B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 5.81B | 5.90B | 5.53B | 5.49B | 4.64B | |
| Depreciation & Amortization | 2.73B | 2.57B | 2.42B | 2.30B | 2.18B | |
| Loss (Gain) From Sale of Assets | -14.00M | 2.00M | -10.00M | 1.00M | 5.00M | |
| Asset Writedown & Restructuring Costs | 50.00M | 57.00M | 32.00M | 53.00M | 233.00M | |
| Loss (Gain) on Equity Investments | 3.00M | -2.00M | -16.00M | -18.00M | -39.00M | |
| Other Operating Activities | 124.00M | 95.00M | 171.00M | 263.00M | 129.00M | |
| Change in Accounts Receivable | 2.75B | -1.45B | -806.00M | 118.00M | -2.42B | |
| Change in Inventory | 122.00M | -598.00M | -714.00M | 131.00M | 867.00M | |
| Change in Accounts Payable | -128.00M | -183.00M | 276.00M | -109.00M | -3.00M | |
| Change in Other Net Operating Assets | -2.87B | 1.73B | 689.00M | -194.00M | 2.92B | |
| Operating Cash Flow | 8.59B | 8.12B | 7.57B | 8.04B | 8.51B | |
| Capital Expenditures | -5.62B | -4.54B | -3.27B | -1.96B | -2.22B | |
| Sale of Property, Plant & Equipment | 82.00M | 14.00M | 42.00M | 122.00M | 64.00M | |
| Cash Acquisitions | -949.00M | -3.20B | ||||
| Investment in Securities | 72.00M | 77.00M | 40.00M | 97.00M | 44.00M | |
| Other Investing Activities | -25.00M | -31.00M | -13.00M | -5.00M | -20.00M | |
| Investing Cash Flow | -5.49B | -5.43B | -3.20B | -4.95B | -2.13B | |
| Long-Term Debt Issued | 88.28B | 53.72B | 89.90B | 96.14B | 11.16B | |
| Long-Term Debt Repaid | -85.77B | -50.55B | -89.45B | -97.39B | -11.49B | |
| Net Debt Issued (Repaid) | 2.51B | 3.17B | 452.00M | -1.25B | -333.00M | |
| Repurchase of Common Stock | -300.00M | -219.00M | -188.00M | -250.00M | -214.00M | |
| Common Dividends Paid | -4.68B | -4.51B | -4.30B | -4.09B | -3.93B | |
| Other Financing Activities | -219.00M | -602.00M | -221.00M | -244.00M | -94.00M | |
| Financing Cash Flow | -2.69B | -2.16B | -4.26B | -5.84B | -4.57B | |
| Net Cash Flow | 407.00M | 518.00M | 114.00M | -2.76B | 1.81B | |
| Free Cash Flow | 2.96B | 3.57B | 4.30B | 6.08B | 6.29B | |
| Free Cash Flow Margin | 5.64% | 6.35% | 8.65% | 10.44% | 15.41% | |
| Free Cash Flow Per Share | 1.35 | 1.63 | 1.96 | 2.76 | 2.85 | |
| Levered Free Cash Flow | 22.25M | 1.48B | 2.30B | 4.02B | 3.96B | |
| Unlevered Free Cash Flow | 897.88M | 2.32B | 3.09B | 4.80B | 4.77B | |
| Cash Interest Paid | 1.35B | 1.25B | 1.23B | 1.23B | 1.23B | |
| Cash Income Tax Paid | 12.00M | 20.00M | 24.00M | 18.00M | ||
| Change in Working Capital | -124.00M | -506.00M | -555.00M | -54.00M | 1.37B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 80.70B | 69.36B | 67.98B | 57.23B | 52.47B | 47.92B |
| Enterprise Value | 114.66B | 104.05B | 99.75B | 87.51B | 83.05B | 76.73B |
| Last Close Price | 38.15 | 30.20 | 27.59 | 21.55 | 18.31 | 15.48 |
| PE Ratio | 12.36 | 12.05 | 11.64 | 10.45 | 9.64 | 10.42 |
| Forward PE | 12.11 | 11.62 | 11.10 | 10.11 | 9.68 | 10.05 |
| PS Ratio | 1.25 | 1.32 | 1.21 | 1.15 | 0.90 | 1.17 |
| PB Ratio | 2.72 | 2.27 | 2.29 | 1.99 | 1.89 | 1.81 |
| P/TBV Ratio | 3.94 | 3.49 | 3.58 | 3.13 | 3.08 | 2.86 |
| P/FCF Ratio | 23.35 | 23.39 | 19.04 | 13.30 | 8.64 | 7.62 |
| P/OCF Ratio | 9.12 | 8.08 | 8.38 | 7.56 | 6.53 | 5.63 |
| PEG Ratio | 1.22 | 2.33 | 2.41 | 5.05 | 3.23 | 3.35 |
| EV/Sales Ratio | 1.78 | 1.98 | 1.77 | 1.76 | 1.43 | 1.88 |
| EV/EBITDA Ratio | 10.74 | 10.86 | 10.54 | 9.90 | 9.52 | 9.74 |
| EV/EBIT Ratio | 14.64 | 14.96 | 14.28 | 13.46 | 12.81 | 13.37 |
| EV/FCF Ratio | 33.16 | 35.09 | 27.93 | 20.34 | 13.67 | 12.20 |
| Debt / Equity Ratio | 1.10 | 1.14 | 1.09 | 1.01 | 1.03 | 1.13 |
| Debt / EBITDA Ratio | 3.20 | 3.53 | 3.32 | 3.21 | 3.22 | 3.74 |
| Debt / FCF Ratio | 11.77 | 9.03 | 6.76 | 4.71 | 4.75 | |
| Net Debt / Equity Ratio | 1.09 | 1.11 | 1.07 | 1.00 | 1.03 | 1.02 |
| Net Debt / EBITDA Ratio | 3.18 | 3.54 | 3.35 | 3.27 | 3.27 | 3.43 |
| Net Debt / FCF Ratio | 11.44 | 8.87 | 6.72 | 4.70 | 4.30 | |
| Asset Turnover | 0.68 | 0.76 | 0.71 | 0.86 | 0.62 | |
| Inventory Turnover | 11.58 | 13.41 | 14.56 | 19.66 | 11.65 | |
| Quick Ratio | 0.58 | 0.65 | 0.61 | 0.58 | 0.84 | |
| Current Ratio | 1.04 | 1.00 | 0.93 | 0.86 | 1.14 | |
| Return on Equity (ROE) | 19.50% | 20.43% | 20.00% | 20.71% | 18.32% | |
| Return on Assets (ROA) | 5.61% | 5.90% | 5.84% | 5.98% | 5.45% | |
| Return on Invested Capital (ROIC) | 11.96% | 11.01% | 11.61% | 11.31% | 11.64% | 10.45% |
| Return on Capital Employed (ROCE) | 10.70% | 11.30% | 11.20% | 11.60% | 10.30% | |
| Earnings Yield | 8.09% | 8.38% | 8.68% | 9.67% | 10.46% | 9.68% |
| FCF Yield | 4.28% | 4.28% | 5.25% | 7.52% | 11.58% | 13.13% |
| Dividend Yield | 5.99% | 6.78% | 6.69% | 7.60% | 7.88% | 8.24% |
| Payout Ratio | 73.45% | 80.46% | 76.46% | 77.75% | 74.59% | 84.73% |
| Buyback Yield / Dilution | 0.21% | 0.18% | 0.09% | 0.23% | 0.19% | -0.06% |
| Total Shareholder Return | 6.19% | 6.96% | 6.78% | 7.82% | 8.08% | 8.18% |