Enterprise Prods Partners L P Financials

EPD

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Enterprise Prods Partners L P (EPD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI EPD FY2025 2026-05-07

Steady cash-producing operations are intact, but rising reinvestment demands are claiming a larger share of internally generated cash.

Operating cash flow stayed above $8.0B in each of the last two years, yet free cash flow fell to $3.0B as capital spending kept rising. With EBITDA near $9.6B and net income still around $5.8B, the weaker leftover cash looks driven more by asset build-out than by deterioration in the core earnings engine.

Sales moved around more than profit did: gross margin widened to 26.7% even as revenue declined, and operating income held near $7.3B. That pattern suggests the company’s economics are shaped less by reported top-line swings than by the margin retained on each dollar and by how heavily fixed assets are already utilized.

Cash on hand was only $969M, while long-term debt reached $32.8B. With the current ratio just above 1.0x, the balance sheet looks built for continuous cash throughput rather than a large liquidity reserve, which makes dependable operating inflows more important than a headline cash balance.

Financial Health Signals

Financial Profile 25/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Enterprise Prods Partners L P's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Enterprise Prods Partners L P has an operating margin of 13.8%, meaning the company retains $14 of operating profit per $100 of revenue. This results in a moderate score of 52/100, indicating healthy but not exceptional operating efficiency. This is up from 13.1% the prior year.

Growth

Enterprise Prods Partners L P's revenue declined 6.4% year-over-year, from $56.2B to $52.6B. This contraction results in a growth score of 38/100.

Liquidity

Enterprise Prods Partners L P's current ratio of 1.04 is below the typical benchmark, resulting in a score of 16/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Enterprise Prods Partners L P has a free cash flow margin of 5.6%, earning a moderate score of 41/100. The company generates positive cash flow after capital investments, but with room for improvement.

Piotroski F-Score Neutral

6/9

Enterprise Prods Partners L P passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.48x

For every $1 of reported earnings, Enterprise Prods Partners L P generates $1.48 in operating cash flow ($8.6B OCF vs $5.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

5.2x

Enterprise Prods Partners L P earns $5.2 in operating income for every $1 of interest expense ($7.3B vs $1.4B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$52.6B

YoY-6.4%

5Y CAGR+14.1%

10Y CAGR+6.9%

Enterprise Prods Partners L P generated $52.6B in revenue in fiscal year 2025. This represents a decrease of 6.4% from the prior year.

EBITDA

$9.6B

YoY+0.5%

5Y CAGR+6.1%

10Y CAGR+6.6%

Enterprise Prods Partners L P's EBITDA was $9.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 0.5% from the prior year.

Net Income

$5.8B

YoY-1.5%

5Y CAGR+9.0%

10Y CAGR+8.7%

Enterprise Prods Partners L P reported $5.8B in net income in fiscal year 2025. This represents a decrease of 1.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$3.0B

YoY-17.0%

5Y CAGR+2.6%

10Y CAGR+33.0%

Enterprise Prods Partners L P generated $3.0B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 17.0% from the prior year.

Cash & Debt

$969.0M

YoY+66.2%

5Y CAGR-1.8%

10Y CAGR+48.2%

Enterprise Prods Partners L P held $969.0M in cash against $32.8B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

2.16B

YoY-0.2%

5Y CAGR-0.2%

10Y CAGR+0.7%

Enterprise Prods Partners L P had 2.16B shares outstanding in fiscal year 2025. This represents a decrease of 0.2% from the prior year.

Margins & Returns

Gross Margin

26.7%

YoY+2.4pp

5Y CAGR-11.8pp

10Y CAGR-0.8pp

Enterprise Prods Partners L P's gross margin was 26.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.4 percentage points from the prior year.

Operating Margin

13.8%

YoY+0.8pp

5Y CAGR-4.7pp

10Y CAGR+0.7pp

Enterprise Prods Partners L P's operating margin was 13.8% in fiscal year 2025, reflecting core business profitability. This is up 0.8 percentage points from the prior year.

Net Margin

11.1%

YoY+0.6pp

5Y CAGR-2.8pp

10Y CAGR+1.7pp

Enterprise Prods Partners L P's net profit margin was 11.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.6 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

$300.0M

YoY+37.0%

5Y CAGR+10.0%

Enterprise Prods Partners L P spent $300.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 37.0% from the prior year.

Capital Expenditures

$5.6B

YoY+23.7%

5Y CAGR+11.3%

10Y CAGR+3.9%

Enterprise Prods Partners L P invested $5.6B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 23.7% from the prior year.

EPD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$52.6B-6.4%	$56.2B+13.1%	$49.7B-14.6%	$58.2B+42.6%	$40.8B+50.0%	$27.2B
Cost of Revenue	$38.6B-9.4%	$42.6B+15.0%	$37.0B-19.2%	$45.8B+53.4%	$29.9B+78.7%	$16.7B
Gross Profit	$14.0B+2.9%	$13.6B+7.5%	$12.7B+2.8%	$12.3B+13.1%	$10.9B+4.2%	$10.5B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$251.0M+2.9%	$244.0M+5.6%	$231.0M-4.1%	$241.0M+15.3%	$209.0M-5.0%	$220.0M
Operating Income	$7.3B-1.0%	$7.3B+5.9%	$6.9B+0.3%	$6.9B+13.2%	$6.1B+21.2%	$5.0B
Interest Expense	$1.4B+3.6%	$1.4B+6.5%	$1.3B+2.0%	$1.2B-3.0%	$1.3B-0.3%	$1.3B
Income Tax	$23.0M-64.6%	$65.0M+47.7%	$44.0M-46.3%	$82.0M+17.1%	$70.0M+156.5%	-$124.0M
Net Income	$5.8B-1.5%	$5.9B+6.7%	$5.5B+0.8%	$5.5B+18.4%	$4.6B+22.8%	$3.8B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$14.4B+4.3%	$13.8B+14.7%	$12.0B+5.8%	$11.4B-26.3%	$15.4B+8.6%	$14.2B+3.1%	$13.8B+2.2%	$13.5B
Cost of Revenue	$10.7B+6.0%	$10.1B+17.3%	$8.6B+8.7%	$7.9B-34.2%	$12.0B+13.2%	$10.6B+2.1%	$10.4B+2.0%	$10.2B
Gross Profit	$3.7B-0.3%	$3.7B+8.4%	$3.4B-0.9%	$3.5B+1.5%	$3.4B-5.1%	$3.6B+6.2%	$3.4B+2.7%	$3.3B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$64.0M+3.2%	$62.0M+1.6%	$61.0M-10.3%	$68.0M+13.3%	$60.0M0.0%	$60.0M-1.6%	$61.0M+7.0%	$57.0M
Operating Income	$1.9B-6.4%	$2.0B+20.0%	$1.7B-6.1%	$1.8B+1.9%	$1.8B-10.7%	$2.0B+10.7%	$1.8B+0.8%	$1.8B
Interest Expense	$385.0M+2.7%	$375.0M+5.9%	$354.0M+6.6%	$332.0M-2.4%	$340.0M-1.7%	$346.0M+0.9%	$343.0M+3.3%	$332.0M
Income Tax	$22.0M+650.0%	-$4.0M+69.2%	-$13.0M-181.3%	$16.0M-33.3%	$24.0M+140.0%	$10.0M-47.4%	$19.0M+26.7%	$15.0M
Net Income	$1.5B-9.9%	$1.6B+22.9%	$1.3B-6.8%	$1.4B+3.0%	$1.4B-14.0%	$1.6B+14.3%	$1.4B+0.9%	$1.4B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EPD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$77.9B+1.0%	$77.2B+8.7%	$71.0B+4.2%	$68.1B+0.9%	$67.5B+5.3%	$64.1B
Current Assets	$13.4B-11.7%	$15.1B+23.6%	$12.2B+15.6%	$10.6B-20.1%	$13.3B+33.9%	$9.9B
Cash & Equivalents	$969.0M+66.2%	$583.0M+223.9%	$180.0M+136.8%	$76.0M-97.3%	$2.8B+166.1%	$1.1B
Inventory	$3.9B-1.8%	$4.0B+18.0%	$3.4B+31.2%	$2.6B-4.7%	$2.7B-18.8%	$3.3B
Accounts Receivable	N/A	N/A	N/A	$7.0B0.0%	$7.0B+45.1%	$4.8B
Goodwill	$5.7B0.0%	$5.7B+1.9%	$5.6B0.0%	$5.6B+2.9%	$5.4B0.0%	$5.4B
Total Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Current Liabilities	$12.8B-15.5%	$15.2B+15.6%	$13.1B+7.1%	$12.3B+5.5%	$11.6B+29.3%	$9.0B
Long-Term Debt	$32.8B+6.6%	$30.7B+12.0%	$27.4B+3.4%	$26.6B-5.6%	$28.1B-1.4%	$28.5B
Total Equity	N/A	N/A	N/A	N/A	N/A	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$80.6B+3.4%	$77.9B+0.1%	$77.8B+0.5%	$77.4B+2.7%	$75.4B-2.3%	$77.2B+2.8%	$75.1B+2.0%	$73.6B
Current Assets	$15.7B+17.3%	$13.4B+0.9%	$13.2B-6.5%	$14.2B+10.9%	$12.8B-15.7%	$15.1B+5.2%	$14.4B+6.9%	$13.5B
Cash & Equivalents	$191.0M-80.3%	$969.0M+370.4%	$206.0M-76.3%	$870.0M+295.5%	$220.0M-62.3%	$583.0M-59.3%	$1.4B+939.1%	$138.0M
Inventory	$5.2B+34.8%	$3.9B-6.6%	$4.2B+4.8%	$4.0B+22.8%	$3.2B-18.3%	$4.0B+19.2%	$3.3B-1.1%	$3.4B
Accounts Receivable	$8.3B	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$5.7B0.0%	$5.7B0.0%	$5.7B0.0%	$5.7B0.0%	$5.7B0.0%	$5.7B+1.9%	$5.6B0.0%	$5.6B
Total Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Liabilities	$17.2B+34.2%	$12.8B-14.7%	$15.1B+2.0%	$14.8B-0.8%	$14.9B-2.0%	$15.2B+13.2%	$13.4B-9.5%	$14.8B
Long-Term Debt	$31.2B-4.8%	$32.8B+5.3%	$31.1B0.0%	$31.1B+6.8%	$29.1B-5.3%	$30.7B0.0%	$30.8B+8.7%	$28.3B
Total Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EPD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$8.6B+5.8%	$8.1B+7.2%	$7.6B-5.8%	$8.0B-5.6%	$8.5B+44.5%	$5.9B
Capital Expenditures	$5.6B+23.7%	$4.5B+39.1%	$3.3B+66.3%	$2.0B-11.7%	$2.2B-32.4%	$3.3B
Free Cash Flow	$3.0B-17.0%	$3.6B-17.0%	$4.3B-29.2%	$6.1B-3.4%	$6.3B+141.6%	$2.6B
Investing Cash Flow	-$5.5B-1.1%	-$5.4B-69.9%	-$3.2B+35.5%	-$5.0B-132.0%	-$2.1B+31.6%	-$3.1B
Financing Cash Flow	-$2.7B-24.2%	-$2.2B+49.2%	-$4.3B+27.1%	-$5.8B-27.8%	-$4.6B-126.1%	-$2.0B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$300.0M+37.0%	$219.0M+16.5%	$188.0M-24.8%	$250.0M+16.8%	$214.0M+15.1%	$186.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$1.5B-40.6%	$2.5B+42.2%	$1.7B-15.7%	$2.1B-10.9%	$2.3B-1.9%	$2.4B+13.8%	$2.1B+31.6%	$1.6B
Capital Expenditures	$983.0M-24.4%	$1.3B-33.6%	$2.0B+50.7%	$1.3B+22.3%	$1.1B+0.3%	$1.1B-9.8%	$1.2B-7.1%	$1.3B
Free Cash Flow	$486.0M-58.5%	$1.2B+632.3%	-$220.0M-128.9%	$762.0M-39.1%	$1.3B-3.6%	$1.3B+44.7%	$898.0M+189.7%	$310.0M
Investing Cash Flow	-$381.0M+69.1%	-$1.2B+36.2%	-$1.9B-51.9%	-$1.3B-21.7%	-$1.0B+47.6%	-$2.0B-73.6%	-$1.2B+7.3%	-$1.2B
Financing Cash Flow	-$1.9B-357.3%	-$424.0M+9.2%	-$467.0M-222.1%	-$145.0M+91.2%	-$1.7B-38.4%	-$1.2B-474.0%	$319.0M+213.5%	-$281.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$116.0M+132.0%	$50.0M-37.5%	$80.0M-27.3%	$110.0M+83.3%	$60.0M-4.8%	$63.0M-17.1%	$76.0M+90.0%	$40.0M

EPD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	26.7%+2.4pp	24.3%-1.3pp	25.5%+4.3pp	21.2%-5.5pp	26.8%-11.8pp	38.5%
Operating Margin	13.8%+0.8pp	13.1%-0.9pp	13.9%+2.1pp	11.9%-3.1pp	15.0%-3.5pp	18.5%
Net Margin	11.1%+0.6pp	10.5%-0.6pp	11.1%+1.7pp	9.4%-1.9pp	11.4%-2.5pp	13.9%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	7.5%-0.2pp	7.6%-0.2pp	7.8%-0.3pp	8.1%+1.2pp	6.9%+1.0pp	5.9%
Current Ratio	1.04+0.0	1.00+0.1	0.93+0.1	0.86-0.3	1.14+0.0	1.10
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A
FCF Margin	5.6%-0.7pp	6.3%-2.3pp	8.7%-1.8pp	10.4%-5.0pp	15.4%+5.8pp	9.6%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	25.8%-1.2pp	27.0%-1.6pp	28.5%-1.9pp	30.5%+8.4pp	22.1%-3.2pp	25.3%+0.7pp	24.6%+0.1pp	24.5%
Operating Margin	13.2%-1.5pp	14.7%+0.7pp	14.0%-1.8pp	15.8%+4.4pp	11.4%-2.5pp	13.9%+1.0pp	12.9%-0.2pp	13.1%
Net Margin	10.3%-1.6pp	11.9%+0.8pp	11.1%-1.5pp	12.6%+3.6pp	9.0%-2.4pp	11.4%+1.1pp	10.3%-0.1pp	10.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	1.8%-0.3pp	2.1%+0.4pp	1.7%-0.1pp	1.8%0.0pp	1.8%-0.3pp	2.1%+0.2pp	1.9%-0.0pp	1.9%
Current Ratio	0.91-0.1	1.04+0.2	0.88-0.1	0.96+0.1	0.86-0.1	1.00-0.1	1.07+0.2	0.91
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
FCF Margin	3.4%-5.1pp	8.5%+10.3pp	-1.8%-8.5pp	6.7%-1.4pp	8.1%-1.0pp	9.2%+2.6pp	6.5%+4.2pp	2.3%

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Frequently Asked Questions

What is Enterprise Prods Partners L P's annual revenue?

Enterprise Prods Partners L P (EPD) reported $52.6B in total revenue for fiscal year 2025. This represents a -6.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Enterprise Prods Partners L P's revenue growing?

Enterprise Prods Partners L P (EPD) revenue declined by 6.4% year-over-year, from $56.2B to $52.6B in fiscal year 2025.

Is Enterprise Prods Partners L P profitable?

Yes, Enterprise Prods Partners L P (EPD) reported a net income of $5.8B in fiscal year 2025, with a net profit margin of 11.1%.

What is Enterprise Prods Partners L P's EBITDA?

Enterprise Prods Partners L P (EPD) had EBITDA of $9.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Enterprise Prods Partners L P have?

As of fiscal year 2025, Enterprise Prods Partners L P (EPD) had $969.0M in cash and equivalents against $32.8B in long-term debt.

What is Enterprise Prods Partners L P's gross margin?

Enterprise Prods Partners L P (EPD) had a gross margin of 26.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Enterprise Prods Partners L P's operating margin?

Enterprise Prods Partners L P (EPD) had an operating margin of 13.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Enterprise Prods Partners L P's net profit margin?

Enterprise Prods Partners L P (EPD) had a net profit margin of 11.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Enterprise Prods Partners L P's free cash flow?

Enterprise Prods Partners L P (EPD) generated $3.0B in free cash flow during fiscal year 2025. This represents a -17.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Enterprise Prods Partners L P's operating cash flow?

Enterprise Prods Partners L P (EPD) generated $8.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Enterprise Prods Partners L P's total assets?

Enterprise Prods Partners L P (EPD) had $77.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Enterprise Prods Partners L P's capital expenditures?

Enterprise Prods Partners L P (EPD) invested $5.6B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Enterprise Prods Partners L P buy back shares?

Yes, Enterprise Prods Partners L P (EPD) spent $300.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Enterprise Prods Partners L P have outstanding?

Enterprise Prods Partners L P (EPD) had 2.16B shares outstanding as of fiscal year 2025.

What is Enterprise Prods Partners L P's current ratio?

Enterprise Prods Partners L P (EPD) had a current ratio of 1.04 as of fiscal year 2025, which is considered adequate.

What is Enterprise Prods Partners L P's return on assets (ROA)?

Enterprise Prods Partners L P (EPD) had a return on assets of 7.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Enterprise Prods Partners L P's Piotroski F-Score?

Enterprise Prods Partners L P (EPD) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Enterprise Prods Partners L P's earnings high quality?

Enterprise Prods Partners L P (EPD) has an earnings quality ratio of 1.48x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Enterprise Prods Partners L P cover its interest payments?

Enterprise Prods Partners L P (EPD) has an interest coverage ratio of 5.2x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Enterprise Prods Partners L P?

Enterprise Prods Partners L P (EPD) scores 25 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.