At a glance
Enterprise Products Partners LP is worth $80.27B. Revenue fell 6.4% to $52.60B in fiscal 2025, with 11.0% kept as profit; over 5 years it has grown 14.1% a year. It pays no dividend; it spent $1.17B buying back its shares over FY2021–FY2025. The stock returned +27.0% over the past year with dividends reinvested and +17.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 53.2% in the 2020 crash (S&P 500: 33.7%) and 18.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 7 months after the lows.
The business in plain English
Enterprise Products Partners, formed in April 1998, is a Delaware limited partnership whose common units trade on the NYSE as EPD. Investors own units rather than shares. Enterprise GP, the general partner, manages the business. EPD is a midstream company, which means it sits between energy producers and the people and businesses that use the energy. Its pipelines, processing plants, storage sites and marine terminals link supply basins in the U.S., Canada and the Gulf of Mexico with U.S. customers and export markets.
It earns fees for processing, moving, storing and exporting natural gas, natural gas liquids (NGLs), crude oil, petrochemicals and refined products. Its gas plants strip NGLs such as ethane and propane out of raw gas. Ethane is used to make ethylene, a building block for plastics, and propane is used for heating. EPD also makes propylene and octane-boosting gasoline additives, and it runs a shipping business on U.S. inland waterways. Some processing contracts pay EPD in product rather than cash, and a marketing arm buys and sells these products. That means some of its results move with energy prices.
EPD reports four business segments. Of $52.6 billion in fiscal 2025 revenue, crude oil pipelines and services brought in 39.5%, NGL pipelines and services 32.9%, petrochemical and refined products services 19.7%, and natural gas pipelines and services 7.9%. Net income was $5.81 billion.
Price history
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EPD +27.0% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Crude Oil Pipelines & Services | $20.76B | 39.5% |
| NGL Pipelines & Services | $17.32B | 32.9% |
| Petrochemical & Refined Products Services | $10.35B | 19.7% |
| Natural Gas Pipelines & Services | $4.17B | 7.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $18.27B, up 60.8% from a year earlier, and net income was $1.84B (+28.2%).
- For fiscal 2025, revenue was $52.60B (-6.4% year over year; +14.1% a year from FY2020 to FY2025) with a 11% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.1% good |
|---|---|
| Operating margin | 13.8% watch |
| Free cash flow margin | 5.6% watch |
| Return on assets (FY2025) | 7.5% watch |
| Net cash (cash minus debt) | $-32.98B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $27.20B | $3.77B | $2.60B |
| FY2021 | $40.81B | $4.63B | $6.29B |
| FY2022 | $58.19B | $5.49B | $6.08B |
| FY2023 | $49.72B | $5.53B | $4.30B |
| FY2024 | $56.22B | $5.90B | $3.57B |
| FY2025 | $52.60B | $5.81B | $2.96B |
Valuation snapshot
| Market value | $80.27B |
|---|---|
| P/E ratio | — |
| Dividend yield | 5.95% |
Rank among 1514 US companies
Market value at each year end
Enterprise Products Partners LP’s market value went from $56.90B at the end of 2016 to $80.27B on Oct 27, 2026, up 41%; since the end of 2025 it is up 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 27, 2026 | $80.27B | +15.7% |
| 2025 | $69.36B | +2.0% |
| 2024 | $67.98B | +18.8% |
| 2023 | $57.23B | +9.1% |
| 2022 | $52.47B | +9.5% |
| 2021 | $47.92B | +12.1% |
| 2020 | $42.76B | -30.6% |
| 2019 | $61.65B | +14.9% |
| 2018 | $53.67B | -6.0% |
| 2017 | $57.07B | +0.3% |
| 2016 | $56.90B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EPD price data to Oct 27, 2026 | +21.3% | +27.0% | +19.1% | +17.3% | +11.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +21.3% |
| 2025 | +9.6% |
| 2024 | +28.1% |
| 2023 | +17.7% |
| 2022 | +18.3% |
| 2021 | +21.4% |
| 2020 | -23.7% |
| 2019 | +21.9% |
| 2018 | -1.3% |
| 2017 | +4.3% |
| 2016 | +12.4% |
| 2015 | -25.6% |
| 2014 | +13.3% |
| 2013 | +38.4% |
| 2012 | +10.7% |
| 2011 | +14.6% |
| 2010 | +36.7% |
| 2009 | +58.1% |
| 2008 | -32.6% |
| 2007 | +13.4% |
| 2006 | +24.9% |
| 2005 | -4.2% |
| 2004 | +9.0% |
| 2003 | +30.9% |
| 2002 | -14.8% |
| 2001 | +54.2% |
| 2000 | +78.6% |
| 1999 | +30.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 40.2% over that stretch · deepest drop along the way 45.5%, back to its old high 12.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.1% over that stretch · deepest drop along the way 53.2%, back to its old high 13.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 15% over that stretch · deepest drop along the way 18.1%, back to its old high 6.6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 1 open-market purchases ($100K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 20, 2026 | Aj Teague CO-CHIEF EXECUTIVE OFFICER, Director | buy | $100K |
Who owns it
ETFs with the most weight in EPD
| MLPA Global X MLP ETF | 11.97% |
| AMLP Alerian MLP ETF | 11.74% |
| AMZA InfraCap MLP ETF | 10.22% |
| UMI USCF Midstream Energy Income Fund ETF | 7.97% |
| EIPI FT Energy Income Partners Enhanced Income ETF | 7.73% |
| EMLP First Trust North American Energy Infrastructure Fund | 7.65% |
| EIPX FT Energy Income Partners Strategy ETF | 7.35% |
| ENFR Alerian Energy Infrastructure ETF | 7.35% |
What could go wrong
- Energy prices and volumes drive results. Results depend on how much oil, gas and NGLs flow through its network. Some processing contracts and its marketing arm are tied to commodity prices, and weak prices can shrink volumes.
- Unitholders have little say. Unitholders cannot elect the general partner or its directors, and they cannot easily remove it. The general partner has conflicts of interest and limited duties to unitholders, so it may favor its own interests.
- Partnership taxes are more complicated. Unitholders may owe tax on their share of income even without receiving cash. They may need to file returns in other states, and tax-exempt accounts face special issues. Corporate tax treatment would shrink cash for distributions.
- New projects could cost more than planned. EPD keeps adding gas processing plants in the Delaware and Midland basins. Costs could exceed forecasts, and regulatory hurdles or local opposition could delay projects and the cash they produce.
- A large debt load. Total debt was about $33.2 billion against $246 million of cash as of June 30, 2026. The 10-K warns that debt may limit flexibility, and variable-rate borrowing exposes it to higher interest rates.
- Tariffs and trade policy could hurt exports. EPD's marine terminals ship liquefied petroleum gases, ethane, ethylene and propylene to overseas buyers. The 10-K warns that changes in U.S. trade policy and tariffs could materially hurt its business and results.
Recent events
- Quarterly results released
- Major agreement signed; Quarterly results released; New debt or financial obligation
- Executive or board change
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Investor presentation or announcement
- Other company announcement
- Investor presentation or announcement
- Major agreement signed; Other company announcement
For income and retirement investors
EPD pays cash distributions, a partnership's version of a dividend. The yield was about 5.95% as of October 27, 2026, but the 10-K warns that cash flow may not always cover distributions at the current level. Free cash flow (cash left after spending on plants and pipelines) fell from $6.29 billion in fiscal 2021 to $2.97 billion in fiscal 2025, even as net income rose to $5.81 billion. Unit buybacks totaled $1.17 billion over fiscal 2021–2025, including $300 million in fiscal 2025.
The units have fallen hard in broad sell-offs. They dropped 45.5% in 2008 and 53.2% in under a month during the 2020 COVID crash. Each time, they took roughly 13 months from the low to recover. In the 2022 bear market EPD rose 15% while the wider market fell, though it still slid 18.1% along the way. Single stocks carry more risk than diversified funds, and one energy partnership is no exception.
Questions investors ask
How does Enterprise Products Partners make money?
It earns fees for moving, processing, storing and exporting crude oil, natural gas, natural gas liquids (NGLs), petrochemicals and refined products. It also earns a margin from buying and selling those products. In fiscal 2025, revenue was $52.6 billion. Crude oil pipelines and services brought in 39.5%, NGL pipelines and services 32.9%, petrochemical and refined products 19.7%, and natural gas pipelines 7.9%. Some contracts pay in product and its marketing arm trades energy, so part of its profit rises and falls with prices.
Does EPD pay a dividend?
Yes, though as a partnership it pays cash distributions rather than dividends. The yield was about 5.95% as of October 27, 2026. Distributions are not guaranteed. The 10-K warns that operating cash flow may not be enough to keep paying at the current level after reserves, fees and expenses. Free cash flow, the cash left after spending on plants and pipelines, fell from $6.29 billion in fiscal 2021 to $2.97 billion in fiscal 2025.
How are EPD units taxed?
EPD is taxed as a partnership, not a corporation. Each unitholder is taxed on a share of EPD's income, and that tax may be due even in a year with no cash payout. Partnerships like this generally send investors a Schedule K-1 rather than a Form 1099. The 10-K also flags possible tax filings in states where unitholders don't live, special issues for tax-exempt investors (which can include IRAs) and U.S. withholding for non-U.S. holders.
How much debt does Enterprise Products Partners have?
EPD had about $33.2 billion in total debt as of June 30, 2026. That compares with $246 million of cash and investments and $81.8 billion of total assets. Filings show the partnership took on new debt or financial obligations in March and July 2026. The 10-K warns that its debt level may limit future financial and operating flexibility. It also warns that variable-rate borrowing leaves it exposed to rising interest rates.
How did EPD stock do in past market crashes?
It fell sharply in the 2008 and 2020 crashes but held up in 2022. The units dropped 45.5% between May and November 2008 and took about 13 months from the low to regain their peak. In the 2020 COVID crash they fell 53.2% in under a month and again needed about 13 months to recover. In the 2022 bear market EPD gained 15% while the broad market fell, though it still dropped 18.1% along the way. Its deepest fall in about 28 years of price history was 58.8%.