EPD earnings analysis
What we found in EPD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.84
What they said about what is next.
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.
The filing reads better than the one before it.
What came before.
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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