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Earnings analysis · 10-Q

EPD earnings analysis

Filed August 7, 2026 · Our reading of the company's report

The latest report

EPD delivered a sharp Q2 rebound, with revenue of $18.269 billion versus $14.39 billion in Q1 2026 and $11.36 billion in Q2 2025, while EPS of $0.84 exceeded the $0.77 consensus estimate. The filing also shows continued…

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EPD delivered a sharp Q2 rebound, with revenue of $18.269 billion versus $14.39 billion in Q1 2026 and $11.36 billion in Q2 2025, while EPS of $0.84 exceeded the $0.77 consensus estimate. The filing also shows continued capital return, including $4,166,738 units repurchased in May and June and $3.28968 billion of remaining buyback capacity. Commodity derivatives remain a material risk, including a $65 million crude-marketing liability and a $13 million liability in the NGL and related portfolio at June 30, 2026; no updated quantitative guidance was included in the provided extract.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

14% Gross margin Operating margin Nov 2023 Feb 2026

One point per quarterly or annual filing. Both margins are shares of that report's revenue.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish Nov 2023 Aug 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

Reported figures

Earnings per share
$0.84

What stood out

  • Revenue Rebounded Strongly

    Q2 2026 revenue was $18.269 billion versus $14.39 billion in Q1 2026 and $11.36 billion in Q2 2025, representing sequential and year-over-year growth of approximately 26.9% and 60.8%, respectively.

  • EPS Beat Estimates

    Reported Q2 2026 EPS was $0.84, up from $0.68 in Q1 2026 and $0.66 in Q2 2025; EPS exceeded the $0.77 consensus estimate by $0.07, or 9.1%.

  • Buyback Activity Continued

    The partnership repurchased 4,166,738 common units under its buyback program in May and June 2026 at average prices of $38.30 and $37.18, respectively, while retaining $3.28968 billion of program capacity at June 30, 2026.

  • Controls Remained Effective

    Management concluded that disclosure controls were effective as of June 30, 2026, and reported no changes in internal control over financial reporting that materially affected or were reasonably likely to materially affect controls.

  • Derivative Profile Disclosed

    The partnership had no interest-rate hedging instruments outstanding as of the filing date, limiting derivative complexity but leaving borrowings exposed to changes in interest rates.

What to watch

  • Commodity Derivative Exposure

    At June 30, 2026, the NGL, petrochemical, refined-products, natural-gas-processing and octane-enhancement portfolio had a fair-value liability of $13 million assuming no change in commodity prices; a hypothetical 10% price increase would have worsened the liability to $56 million.

  • Crude Marketing Volatility

    The crude-oil marketing portfolio had a $65 million liability at June 30, 2026 under the no-change scenario, increasing to a $146 million liability under a hypothetical 10% increase in underlying commodity prices.

  • Environmental Proceedings

    The partnership states that it may face litigation and environmental penalties, including matters where sanctions could exceed $0.3 million. The filing identifies three groups of EPA or New Mexico environmental notices, although management does not expect related expenditures to be material.

  • Hedging Sensitivity

    The natural-gas marketing portfolio's fair-value asset was $22 million at June 30, 2026, but the commercial-energy derivative portfolio showed an $11 million liability; both remain sensitive to hypothetical 10% commodity-price movements.

Management's outlook

The provided 10-Q extract does not include a quantitative revenue or EPS outlook. Prior numeric guidance of $50.0 billion-$52.0 billion revenue and $2.90-$3.10 EPS was reported in the earlier analysis, but this filing extract does not state whether it was changed.

Earlier filings 4

10-Q · May 7, 2026

Enterprise Products Partners L.P. reported Q1 2026 results with revenue of $14.39 billion, a decrease compared to $15.42 billion in Q1 2025, driven primarily by lower marketing revenues but offset by robust crude oil…

10-K · February 27, 2026

Enterprise Products Partners reports a diversified midstream business with continued asset expansions in the Delaware and Midland basins and active portfolio optimization (e.g., sale of a 40% undivided interest in the…

10-Q · May 7, 2025

Enterprise Products Partners reported Q1 2025 revenue of $15,417 million (up $657 million vs. Q1 2024) while diluted earnings per common unit fell to $0.64 from $0.66 a year ago. Operating income declined to $1,761…

10-K · February 28, 2025

Enterprise Products Partners positions itself as a diversified, integrated midstream operator with four reportable segments (NGL Pipelines & Services; Crude Oil Pipelines & Services; Natural Gas Pipelines & Services;…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.