Enterprise Reports Third Quarter 2026 Earnings

By Business Wire | October 29, 2026, 6:00 AM

HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced its financial results for the three and nine months ended September 30, 2026.

Financial Highlights (3Q 2026 compared to 3Q 2025, as applicable)

Net income attributable to common unitholders: $1.6 billion, $0.75 per diluted common unit, up 21%
Adjusted EBITDA: $2.8 billion, up 16%
Operational DCF: $2.3 billion, which provided 1.9x coverage of distributions declared for 3Q 2026, up 27%; retained $1.1 billion of DCF
Adjusted CFFO: $2.4 billion, up 18%
Common unit repurchases: $112 million for the quarter and $437 million for the 12 months ended September 30, 2026; 36% cumulative utilization of $5.0 billion buyback program
For the 12 months ended September 30, 2026, the payout ratio, comprised of distributions to common unitholders and common unit buybacks, was 54% of Adjusted CFFO
Distributions declared: $0.56 per common unit, or $2.24 per common unit annualized, up 2.8%

Capital Investment and Operational Highlights (3Q 2026 compared to 3Q 2025, as applicable)

Record Permian natural gas processing inlet volumes: 4.6 Bcf/d, up 12% and record total natural gas processing inlet volumes: 8.5 Bcf/d, up 6%
Record equivalent pipeline volumes: 14.8 MMBPD, up 7%
Marine terminal volumes: 2.5 MMBPD, up 28%
Capital investments for 3Q 2026: $1.1 billion, comprised of $0.9 billion for growth capital projects and $185 million for sustaining capital expenditures
Growth capital spending for 2026, net of $600 million of proceeds from asset sales, is expected to be in the range of $2.9 to $3.4 billion; and $650 million for sustaining capital expenditures

Conference Call to Discuss Third Quarter 2026 Earnings

Enterprise will host a conference call today to discuss third quarter 2026 earnings. The call will be webcast live beginning at 9:00 a.m. CT and may be accessed by visiting the partnership’s website at www.enterpriseproducts.com.

Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), distributable cash flow (“DCF”), Operational distributable cash flow (“Operational DCF”), Adjusted cash flow from operations (“Adjusted CFFO”), total gross operating margin, and adjusted free cash flow (“Adjusted FCF”) are non-generally accepted accounting principle (“non-GAAP”) financial measures that are defined and reconciled later in this press release.

As used in this press release, “NGL” means natural gas liquids, “LPG” means liquefied petroleum gas, “BPD” means barrels per day, “MBPD” means thousand barrels per day, “MMBPD” means million barrels per day, “MMcf/d” means million cubic feet per day, “Bcf/d” means billion cubic feet per day, “BBtus/d” means billion British thermal units per day, “TBtus/d” means trillion British thermal units per day, and “PDH” means propane dehydrogenation.

“Enterprise reported strong operating and financial performance for the third quarter of 2026,” said A.J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “We handled record volumes at our Permian Basin natural gas processing plants, our NGL pipelines, natural gas pipelines and ethane marine export terminals. This strong performance was broad based with three of our segments reporting increases in gross operating margin compared to the third quarter of last year. Total gross operating margin for the third quarter of 2026 increased 15 percent to $2.7 billion. Operational distributable cash flow for the third quarter of 2026 increased 27 percent to $2.3 billion, which provided 1.9 times coverage of the partnership’s distribution declared for the quarter and we retained $1.1 billion of distributable cash flow to reinvest in the growth of the partnership, fund buybacks of partnership units and reduce debt.”

“We continue to see strong natural gas and NGL production growth from higher natural gas to oil production ratios in the Permian Basin that flows through our integrated NGL system to serve both domestic and international end use markets. Economic growth and disruption caused by global geopolitical conflicts continue to drive strong international demand across our assets for U.S. produced NGLs, crude oil, petrochemicals, refined products and motor gasoline additives. The partnership also benefited from new assets that began operations over the past twelve months including our eleventh natural gas processing plant in the Delaware Basin, the Bahia NGL pipeline, Frac 14 at our Mont Belvieu complex and the second phase of our Neches River NGL marine terminal,” stated Teague.

“Enterprise currently has $6.3 billion of growth capital projects under construction that will begin commercial operations between now and 2028. In the fourth quarter of 2026, the next projects scheduled for completion are the fourth expansion of our LPG marine terminal on the Houston Ship Channel and our new Athena natural gas processing plant in the Midland Basin. The LPG marine terminal expansion will increase the partnership’s LPG loading rate by approximately 300 MBPD to a total of 1.1 MMBPD, the largest LPG export facility in the world. The Athena plant will have the capacity to process 300 MMcf/d of natural gas and extract up to 40 MBPD of NGLs. These projects as well as our projects under construction provide visibility to Enterprise’s future growth in cash flow per unit and the value of our partnership,” Teague concluded.

Review of Third Quarter 2026 Results

Total gross operating margin for the third quarter of 2026 increased $350 million to $2.7 billion compared to the third quarter of 2025. This includes a $21 million increase in unrealized mark-to-market (“MTM”) earnings on financial instruments used in our hedging activities.

NGL Pipelines & Services – Gross operating margin from the NGL Pipelines & Services segment was $1.5 billion for the third quarter of 2026 compared to $1.3 billion for the third quarter of 2025.

Gross operating margin from the natural gas processing business and related NGL marketing activities was $488 million for the third quarter of 2026 compared to $354 million for the third quarter of 2025. Natural gas processing plant inlet volumes were a record 8.5 Bcf/d in the third quarter of 2026, a 6 percent increase compared to the third quarter of 2025. Notably, inlet volumes to the partnership’s natural gas processing plants in the Permian Basin increased 12 percent to a record 4.6 Bcf/d for the third quarter of 2026. Total fee-based natural gas processing volumes increased 742 MMcf/d to a record 8.2 Bcf/d in the third quarter of 2026 compared to the third quarter of last year. Total equity NGL-equivalent production volumes increased 8 percent to 242 MBPD in the third quarter of 2026 compared to the third quarter of 2025. The following summarizes the gross operating margin variance for this business, with results for the third quarter of 2026 as compared to the third quarter of 2025:

NGL marketing gross operating margin increased $75 million primarily due to higher average sales margins, primarily driven from marketing strategies associated with our export and natural gas processing assets.
Delaware Basin natural gas processing facilities reported a $31 million increase in gross operating margin primarily due to a 359 MMcf/d increase in fee-based natural gas processing volumes and a 6 MBPD increase in equity NGL-equivalent production volumes.
Midland Basin natural gas processing facilities reported a $12 million increase in gross operating margin primarily due to higher volumes and lower operating costs, partially offset by lower average processing margins. Fee-based natural gas processing volumes increased 280 MMcf/d and equity NGL-equivalent production volumes increased 13 MBPD.

Gross operating margin from the NGL pipelines and storage business was $785 million for the third quarter of 2026 compared to $746 million for the third quarter of 2025. Total NGL pipeline volumes were a record 5.0 MMBPD in the third quarter of 2026, a 284 MBPD, or 6 percent, increase over the third quarter of 2025. Total NGL marine terminal volumes were 1.2 MMBPD in the third quarter of 2026, a 288 MBPD increase compared to the third quarter of 2025. The following summarizes the gross operating margin variance for this business, with results for the third quarter of 2026 as compared to the third quarter of 2025:

Gross operating margin from the Morgan's Point, Neches River and Enterprise Hydrocarbons Terminals and the associated Channel pipeline increased $21 million primarily driven by higher export volumes following the completion of the second phase of the Neches River Terminal in May 2026, partially offset by higher operating costs. On a combined basis, ethane export volumes increased 139 MBPD and LPG export volumes increased 149 MBPD.

Gross operating margin from the NGL fractionation business was $262 million for the third quarter of 2026 compared to $203 million for the third quarter of 2025. Total NGL fractionation volumes were 1.9 MMBPD for the third quarter of 2026 compared to 1.6 MMBPD for the third quarter of 2025. The higher gross operating margin and fractionation volumes were primarily due to Frac 14, which was placed into service in the fourth quarter of 2025.

Crude Oil Pipelines & Services – Gross operating margin from the Crude Oil Pipelines & Services segment was $367 million for the third quarter of 2026 compared to $371 million for the third quarter of 2025. Total crude oil pipeline volumes were 2.7 MMBPD in the third quarter of 2026, a 48 MBPD increase compared to the third quarter of 2025. Total crude oil marine terminal volumes were 926 MBPD in the third quarter of 2026 compared to 720 MBPD in the third quarter of 2025. The following summarizes the gross operating margin variance for this segment, with results for the third quarter of 2026 as compared to the third quarter of 2025:

On a combined basis, gross operating margin from our Texas crude oil pipelines, related terminals and marketing activities (excluding the Seaway Pipeline) decreased $14 million primarily due to higher operating costs.
Gross operating margin from crude oil activities at the Enterprise Hydrocarbons Terminal (“EHT”) increased $6 million primarily due to higher loading and other revenues. Crude oil marine terminal volumes at EHT increased 163 MBPD.

Natural Gas Pipelines & Services – Gross operating margin for the Natural Gas Pipelines & Services segment was $411 million for the third quarter of 2026 compared to $339 million for the third quarter of 2025. Total natural gas pipeline volumes were a record 22.7 TBtus/d in the third quarter of 2026, an 8 percent increase compared to 21.0 TBtus/d for the same quarter in 2025. The following summarizes the gross operating margin variance for this segment, with results for the third quarter of 2026 as compared to the third quarter of 2025:

Gross operating margin from natural gas marketing activities increased $31 million primarily due to higher average sales margins and higher MTM earnings.
Gross operating margin from our Delaware Basin Gathering System increased $17 million primarily due to higher treating and other revenues, higher average gathering fees, and a 423 BBtus/d increase in natural gas gathering volumes, which were partially offset by higher operating costs.

Petrochemical & Refined Products Services – Gross operating margin for the Petrochemical & Refined Products Services segment was $430 million for the third quarter of 2026 compared to $370 million for the third quarter of 2025. Total segment pipeline volumes were 1.2 MMBPD in the third quarter of 2026 compared to 1.1 MMBPD in the third quarter of 2025. Total marine terminal volumes were 413 MBPD in the third quarter of 2026 compared to 347 MBPD for the third quarter of 2025. The following summarizes the gross operating margin variance for this segment, with results for the third quarter of 2026 as compared to the third quarter of 2025:

Gross operating margin from our octane enhancement and related plant operations increased $19 million primarily due to higher sales volumes attributable to strong international demand for octane additives for motor gasoline.
Gross operating margin from refined products marketing activities increased $10 million primarily due to higher sales volumes.

Use of Non-GAAP Financial Measures

This press release and accompanying schedules include the non-GAAP financial measures of total gross operating margin, Adjusted CFFO, Adjusted FCF, DCF, Operational DCF and Adjusted EBITDA. The accompanying schedules provide definitions of these non-GAAP financial measures and reconciliations to their most directly comparable financial measure calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flow provided by operating activities or any other measure of financial performance calculated and presented in accordance with GAAP. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as we do.

Company Information and Use of Forward-Looking Statements

Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets currently include more than 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity.

This press release includes forward-looking statements. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve certain risks and uncertainties, such as the partnership’s expectations regarding future results, capital expenditures, project completions, liquidity and financial market conditions. These risks and uncertainties include, among other things, insufficient cash from operations, adverse market conditions, governmental regulations and other factors discussed in Enterprise’s filings with the U.S. Securities and Exchange Commission. If any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The partnership disclaims any intention or obligation to update publicly or reverse such statements, whether as a result of new information, future events or otherwise.

Enterprise Products Partners L.P.							Exhibit A
Condensed Statements of Consolidated Operations – UNAUDITED
($ in millions, except per unit amounts)
	For the Three Months Ended September 30,						For the Nine Months Ended September 30,						For the Twelve Months Ended September 30,
		2026			2025			2026			2025			2026
Revenues	$	17,948		$	12,023		$	50,603		$	38,803		$	64,396
Costs and expenses:
Operating costs and expenses		15,985			10,366			44,553			33,648			56,345
General and administrative costs		60			61			188			189			250
Total costs and expenses		16,045			10,427			44,741			33,837			56,595
Equity in income of unconsolidated affiliates		87			90			272			276			357
Operating income		1,990			1,686			6,134			5,242			8,158
Other income (expense):
Interest expense		(385	)		(354	)		(1,154	)		(1,026	)		(1,529	)
Other, net		50			11			61			27			68
Total other expense, net		(335	)		(343	)		(1,093	)		(999	)		(1,461	)
Income before income taxes		1,655			1,343			5,041			4,243			6,697
Benefit from (provision for) income taxes		(17	)		13			(51	)		(27	)		(47	)
Net income		1,638			1,356			4,990			4,216			6,650
Net income attributable to noncontrolling interests		(13	)		(17	)		(41	)		(47	)		(56	)
Net income attributable to preferred units		(1	)		(1	)		(3	)		(3	)		(4	)
Net income attributable to common unitholders	$	1,624		$	1,338		$	4,946		$	4,166		$	6,590
Per common unit data (fully diluted):
Earnings per common unit	$	0.75		$	0.61		$	2.27		$	1.90		$	3.02
Average common units outstanding (in millions)		2,181			2,186			2,184			2,189			2,184

Supplemental financial data:
Net cash flow provided by operating activities	$	2,185		$	1,738		$	6,835		$	6,113		$	9,307
Net cash flow used in investing activities	$	1,036		$	1,935		$	2,571		$	4,256		$	3,806
Net cash flow used in financing activities	$	1,155		$	467		$	5,170		$	2,263		$	5,594
Total debt principal outstanding at end of period	$	33,742		$	33,897		$	33,742		$	33,897		$	33,742

Non-GAAP Distributable Cash Flow ⁽¹⁾	$	2,312		$	1,825		$	7,334		$	5,777		$	9,557
Non-GAAP Operational Distributable Cash Flow ⁽¹⁾	$	2,311		$	1,819		$	6,734		$	5,742		$	8,896
Non-GAAP Adjusted EBITDA ⁽²⁾	$	2,789		$	2,405		$	8,310		$	7,257		$	11,017
Non-GAAP Adjusted Cash flow from operations ⁽³⁾	$	2,423		$	2,060		$	7,268		$	6,282		$	9,695
Non-GAAP Adjusted Free Cash Flow ⁽³⁾	$	1,365		$	96		$	4,632		$	1,963		$	5,799
Gross operating margin by segment:
NGL Pipelines & Services	$	1,535		$	1,303		$	4,583		$	4,018		$	6,124
Crude Oil Pipelines & Services		367			371			1,181			1,148			1,534
Natural Gas Pipelines & Services		411			339			1,463			1,113			1,908
Petrochemical & Refined Products Services		430			370			1,162			1,039			1,559
Total segment gross operating margin ⁽⁴⁾		2,743			2,383			8,389			7,318			11,125
Net adjustment for shipper make-up rights ⁽⁵⁾		(8	)		2			(39	)		(25	)		(38	)
Non-GAAP total gross operating margin ⁽⁶⁾	$	2,735		$	2,385		$	8,350		$	7,293		$	11,087


(1)	See Exhibit E for reconciliation to GAAP net cash flow provided by operating activities.
(2)	See Exhibit F for reconciliation to GAAP net cash flow provided by operating activities.
(3)	See Exhibit D for reconciliation to GAAP net cash flow provided by operating activities.
(4)	Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within the financial statement footnotes provided in our quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”).
(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. These adjustments are included in management’s evaluation of segment results. However, these adjustments are excluded from non-GAAP total gross operating margin in compliance with guidance from the SEC.
(6)	See Exhibit G for reconciliation to GAAP total operating income.

Enterprise Products Partners L.P.			Exhibit B
Selected Operating Data – UNAUDITED

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,		For the Twelve Months Ended September 30,
	2026	2025	2026	2025	2026
Selected operating data:⁽¹⁾
NGL Pipelines & Services, net:
NGL pipeline transportation volumes (MBPD)	4,978	4,694	4,926	4,570	4,912
NGL marine terminal volumes (MBPD)	1,196	908	1,173	947	1,139
NGL fractionation volumes (MBPD)	1,890	1,636	1,885	1,650	1,881
Equity NGL-equivalent production volumes (MBPD) ⁽²⁾	242	225	237	221	233
Fee-based natural gas processing volumes (MMcf/d) ^(3,4)	8,196	7,454	7,710	7,303	7,615
Natural gas processing inlet volumes (MMcf/d) ⁽⁵⁾	8,543	8,057	8,305	7,849	8,247
Crude Oil Pipelines & Services, net:
Crude oil pipeline transportation volumes (MBPD)	2,679	2,631	2,785	2,581	2,731
Crude oil marine terminal volumes (MBPD)	926	720	974	757	926
Natural Gas Pipelines & Services, net:
Natural gas pipeline transportation volumes (BBtus/d) ⁽⁶⁾	22,695	21,027	21,644	20,583	21,497
Petrochemical & Refined Products Services, net:
Propylene production volumes (MBPD)	124	119	128	117	125
Butane isomerization volumes (MBPD)	125	123	120	120	121
Standalone DIB processing volumes (MBPD)	221	196	223	190	219
Octane enhancement and related plant sales volumes (MBPD) ⁽⁷⁾	48	41	38	42	38
Pipeline transportation volumes, primarily refined products and petrochemicals (MBPD)	1,208	1,056	1,171	1,003	1,162
Refined products and petrochemicals marine terminal volumes (MBPD) ⁽⁸⁾	413	347	405	329	387
Total, net:
NGL, crude oil, petrochemical and refined products pipeline transportation volumes (MBPD)	8,865	8,381	8,882	8,154	8,805
Natural gas pipeline transportation volumes (BBtus/d)	22,695	21,027	21,644	20,583	21,497
Equivalent pipeline transportation volumes (MBPD) ⁽⁹⁾	14,837	13,914	14,578	13,571	14,462
NGL, crude oil, refined products and petrochemical marine terminal volumes (MBPD)	2,535	1,975	2,552	2,033	2,452


(1)	Operating rates are calculated based on total volumes divided by the number of calendar days during the applicable period. Total volumes, which include volumes for newly constructed assets from the related in-service date and for recently purchased assets from the related acquisition date, reflect volumes for assets owned by consolidated entities on a 100% basis and volumes for assets owned by our unconsolidated affiliates net to our ownership interest.
(2)	Primarily represents the NGL and condensate volumes we earn and take title to in connection with our processing activities. The total equity NGL-equivalent production volumes also include residue natural gas volumes from our natural gas processing business.
(3)	Volumes reported correspond to the revenue streams earned by our gas plants. “MMcf/d” means million cubic feet per day.
(4)	Fee-based natural gas processing volumes are measured at either the wellhead or plant inlet in MMcf/d.
(5)	Natural gas processing inlet volumes is an operational measure representing the physical, unprocessed rich natural gas passing through meters located at or near the inlet of our natural gas processing plants or at the wellhead for all natural gas processing facilities that we operate. Substantially all natural gas processing inlet volumes are processed under service contracts that are either fee-based, commodity-based or a combination of both. Natural gas processing inlet volumes are reflected in “Fee-based natural gas processing volumes” for volumes processed under fee-based service contracts, “Equity NGL-equivalent production volumes” for volumes processed under commodity-based service contracts or both of the aforementioned categories for volumes processed under service contracts that have both fee and commodity-based terms.
(6)	“BBtus/d” means billion British thermal units per day.
(7)	Reflects aggregate sales volumes for our octane enhancement and isobutane dehydrogenation (“iBDH”) facilities located at our Mont Belvieu area complex and our high-purity isobutylene production facility located adjacent to the Houston Ship Channel.
(8)	In addition to exports of refined products, these amounts include loading volumes at our ethylene export terminal.
(9)	Represents total NGL, crude oil, refined products and petrochemical transportation volumes plus equivalent energy volumes where 3.8 million British thermal units (“MMBtus”) of natural gas transportation volumes are equivalent to one barrel of NGLs transported.

Contacts

Joe Theriac, Vice President, Finance & Investor Relations, (713) 381-6394
Rick Rainey, Vice President, Media Relations, (713) 381-3635

Read full story here

Mentioned In This Article

EPD

+1.51%

Enterprise Products Partners L P

Latest News

6 hours	Enterprise Products: Q3 Earnings Snapshot EPD Associated Press
6 hours	Enterprise Reports Third Quarter 2026 Earnings EPD Business Wire
Oct-27	Phillips 66 stock underperforms Tuesday when compared to competitors EPD MarketWatch
Oct-21	Enterprise Products Must Prove Fee Growth Can Replace Fading Hormuz Windfall EPD Earnings Whispers
Oct-16	The bond market shrugged off two inflation shocks. Why stock investors should pay attention. EPD MarketWatch
Oct-15	Better High-Yield Dividend Stock: Verizon vs. Enterprise Products EPD TIKR
Oct-12	Better High-Yield Dividend Stock: UPS vs. Enterprise Products EPD TIKR
Oct-12	Better High-Yield Dividend Stock: Enterprise Products vs. MPLX EPD TIKR
Oct-08	Enterprise Declares Quarterly Distribution EPD Business Wire
Oct-05	5 Safe Dividend Stocks Yielding 5%+ You Can Buy in October EPD TIKR
Aug-26	Kinder Morgan Inc. stock outperforms competitors on strong trading day EPD MarketWatch
Aug-26	Williams Cos. stock outperforms competitors on strong trading day EPD MarketWatch
Aug-18	Targa Resources Corp. stock outperforms competitors on strong trading day EPD MarketWatch
Aug-10	Enterprise to Participate in Investor Conferences EPD Business Wire
Aug-10	Phillips 66 stock outperforms competitors on strong trading day EPD MarketWatch

Enterprise Reports Third Quarter 2026 Earnings

Mentioned In This Article

Latest News

Upgrade your Finviz experience