# Enterprise Products Partners L.P. (EPD)

> Source: Nexqual · https://nexqual.com/EPD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Enterprise Products Partners L.P. (EPD), nexqual.com/EPD" · informational, not investment advice.

**Price:** USD 36.52 (-0.19% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 36.59 · day 36.07–36.7 · 52w 30.02–40.17 · market cap $78.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $58.5B, net income $6.30B (10.8% margin), free cash flow $3.46B (SEC filings).
- Valuation: P/E 12.5x (avg 11.4x at the last 3 fiscal year-ends), EV/EBITDA 11.1x, net debt $33.0B.
- 5 of 80 tracked superinvestors hold EPD (13F, Q2 2026): 0 new, 2 added, 0 reduced, 3 unchanged.
- Analysts: Buy (mean 2.48 on a 1–5 scale) (23 analysts), mean target USD 41.29 (range 38–46).
- Total return with dividends: 1Y +25.6% vs S&P 500 +14.9%; 5Y +113.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.73, revenue estimate $15.0B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $40.8B | $58.2B | $49.7B | $56.2B | $52.6B | $58.5B |
| Gross profit | $10.9B | $12.3B | $12.7B | $13.6B | $14.0B | — |
| Operating income | $6.10B | $6.91B | $6.93B | $7.34B | $7.27B | $7.85B |
| Net income | $4.63B | $5.49B | $5.53B | $5.90B | $5.81B | $6.30B |
| Free cash flow | $6.29B | $6.08B | $4.30B | $3.57B | $2.96B | $3.46B |
| Gross margin | 26.8% | 21.2% | 25.5% | 24.3% | 26.7% | — |
| Operating margin | 15.0% | 11.9% | 13.9% | 13.1% | 13.8% | 13.4% |
| Net margin | 11.4% | 9.4% | 11.1% | 10.5% | 11.0% | 10.8% |
| Revenue growth | +50.0% | +42.6% | -14.6% | +13.1% | -6.4% | — |
| Cash + short-term investments | $2.82B | $76.0M | $180M | $583M | $969M | — |
| Total debt | $29.5B | $28.3B | $28.7B | $31.9B | $34.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 12.5x · P/S 1.4x · EV/EBITDA 11.1x · EV/Sales 1.9x · P/FCF 22.8x · FCF yield 4.39% · Earnings yield 7.99% · Buyback yield (TTM) 0.51% · Net debt $33.0B · EV $112B
P/E at fiscal year-ends: Dec 2025 12.1x, Dec 2024 11.7x, Dec 2023 10.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold EPD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bruce Berkowitz | Fairholme Capital | 13.46% | $201M | Unchanged |
| Leon Cooperman | Omega Family Office | 1.42% | $50.5M | Unchanged |
| Thomas Gayner | Markel Group | 0.16% | $20.9M | Added +181.7% |
| First Eagle Investment | First Eagle Investment Management | 0.12% | $72.0M | Added +0.8% |
| Mairs & Power | Mairs & Power Funds | <0.01% | $316K | Unchanged |

## Analysts
Consensus Buy (mean 2.48 on a 1–5 scale), 23 analysts; mean target USD 41.29 (low 38, high 46).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | JP Morgan | Target lowered | Neutral | $43 → $42 |
| 2026-09-22 | RBC Capital | Reiterated | Outperform | $42 |
| 2026-08-18 | Morgan Stanley | Target raised | Underweight | $40 → $41 |
| 2026-08-03 | TD Cowen | Target lowered | Hold | $39 → $38 |
| 2026-07-21 | Morgan Stanley | Target lowered | Underweight | $43 → $40 |
| 2026-07-09 | JP Morgan | Target raised | Neutral | $41 → $42 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +25.6% | +113.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +25.7% | +16.3% |
| Volatility (annualized) | 18.2% | 19.1% |
| Max drawdown | -9.6% (Sep 2026→Oct 2026) | -16.6% (May 2022→Jun 2022) |

## Peers (Oil & Gas Midstream)
KMI (Kinder Morgan, Inc.) USD 33.72 -0.74% · WMB (Williams Companies, Inc. (The)) USD 70.63 -2.98% · TRP (TC Energy Corporation) USD 61.98 -0.53% · TRGP (Targa Resources, Inc.) USD 289.54 -2.05% · MPLX (MPLX LP) USD 58.18 -0.44% · OKE (ONEOK, Inc.) USD 93.9 +0.84%

## More
Full page: https://nexqual.com/EPD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name EPD in their own reports (relationship from EPD's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Navigator Holdings Ltd. (NVGS) | 20-F 2026-03-12 | "Together with Enterprise Products Partners L.P., our joint venture partner, in November 2022 we agreed to invest in an expansion of the Ethylene Export Terminal (the "Terminal Expansion Project")." |
| supplier | Calumet, Inc. /DE (CLMT) | 10-K 2026-02-27 | "Our Shreveport facility is interconnected to a pipeline that supplies a portion of its crude oil and a pipeline that ships a portion of its refined fuel products to customers, such as pipelines operat…" |
| partner | PLAINS ALL AMERICAN PIPELINE LP (PAA) | 10-K 2026-02-27 | "We own a 50% interest in the entity that owns the Eagle Ford Pipeline through a joint venture with a subsidiary of Enterprise Products Partners, L.P. ("Enterprise Products")." |
| partner | PLAINS GP HOLDINGS LP (PAGP) | 10-K 2026-02-27 | "We own a 50% interest in the entity that owns the Eagle Ford Pipeline through a joint venture with a subsidiary of Enterprise Products Partners, L.P. ("Enterprise Products")." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Crude Oil Pipelines & Services | $8.34B | 45.6% | +74.3% |
| NGL Pipelines & Services | $5.23B | 28.6% | +53.7% |
| Petrochemical & Refined Products Services | $4.04B | 22.1% | +92.0% |
| Natural Gas Pipelines & Services | $659.0M | 3.6% | -38.5% |
| Total revenue | $18.27B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Sales Of Crude Oil | $8.05B | 44.1% | +79.8% |
| Sales Of NG Ls & Related Products | $4.47B | 24.5% | +64.3% |
| Sales Of Petrochemical & Refined Products | $3.69B | 20.2% | +108.1% |
| Oil & Gas Service | $759.0M | 4.2% | +11.1% |
| — Natural Gas Processing & Fractionation (part of Oil & Gas Service) | $393.0M | 2.2% | +32.8% |
| — Transportation (part of Oil & Gas Service) | $286.0M | 1.6% | -7.1% |
| — Storage & Terminals (part of Oil & Gas Service) | $80.0M | 0.4% | +1.3% |
| Sales Of Natural Gas | $165.0M | 0.9% | -73.9% |
| Fractionation & Isomerization | $86.0M | 0.5% | +2.4% |
| Total revenue | $18.27B | 100% | — |
The lines above cover 94.3% of total revenue.

## Customer concentration

Period ended 2024-12-31: 11.5% of revenue from unnamed direct customers (10-K, filed 2026-02-27).

## Company outlook (8-K filed 2026-07-30)

- "We also benefited from new assets and expansion projects that began operating and commissioning activities within the last twelve months including Frac 14 at our Mont Belvieu area complex and the expansions of our Neches River and Morgan's Point Terminals."
- "This brings the partnership's total organic growth projects under construction to $6.5 billion."
- "The next major capital project scheduled for completion is our expansion of the LPG export marine terminal on the Houston Ship Channel that is expected to begin operations by year end 2026," concluded Teague."
- "(5) Gross operating margin by segment for NGL Pipelines & Services and Crude Oil Pipelines & Services reflects adjustments for non-refundable deferred transportation revenues relating to the make-up rights of committed shippers on certain major pipeline projects."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.73 | $0.68 | +7.6% | $14.98B | 4 |
| Next quarter (ends 2026-12-31) | $0.81 | $0.73 | +11.4% | $15.67B | 4 |
| Current fiscal year (ends 2026-12-31) | $3.07 | $2.89 | +6.0% | $62.80B | 6 |
| Next fiscal year (ends 2027-12-31) | $3.17 | $3.14 | +1.0% | $65.19B | 8 |