10-Q · August 7, 2026
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…
Earnings analysis · 10-Q
EPD earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Enterprise delivered a strong year-over-year quarter, with revenue of $17.948 billion and diluted EPS of $0.75, including a revenue beat of approximately 19.3% and an EPS beat of $0.01. Sequentially, revenue declined…
Read full summary
Enterprise delivered a strong year-over-year quarter, with revenue of $17.948 billion and diluted EPS of $0.75, including a revenue beat of approximately 19.3% and an EPS beat of $0.01. Sequentially, revenue declined 1.8% and EPS declined 10.7% from Q2 2026, while both increased versus Q3 2025. The filing provides no new revenue or EPS guidance; key risks include commodity-price sensitivity, environmental proceedings and continued capital-spending requirements.
Gross and operating margin
How much of each revenue dollar the business keeps.
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.
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
- $0.75
What stood out
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Revenue remained sharply above prior year
Third-quarter revenue was $17.948 billion, down 1.8% from $18.27 billion in Q2 2026 but up 49.3% from $12.02 billion in Q3 2025. Revenue exceeded the $15.050 billion consensus estimate by approximately 19.3%.
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EPS beat estimates despite sequential decline
Diluted EPS was $0.75, beating the $0.74 estimate by $0.01, or 1.4%. EPS declined from $0.84 in Q2 2026 but increased from $0.61 in Q3 2025.
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Unit repurchases continued
Enterprise repurchased 2,922,742 common units during August and September 2026 at average prices of $38.21 and $38.05, respectively, under the 2019 Buyback Program.
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Substantial buyback capacity remains
The 2019 Buyback Program retained $3.178 billion of available capacity at the end of September 2026, following the third-quarter repurchases.
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No material control deficiencies reported
Management stated that disclosure controls were effective as of September 30, 2026, and reported no changes in internal controls that materially affected, or were reasonably likely to materially affect, financial reporting.
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Preferred distribution obligation disclosed
The partnership made third-quarter PIK distributions of 23,245 preferred units. Series A preferred units carry cumulative quarterly distributions at a 7.25% annual rate.
What to watch
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Commodity derivative exposure
The crude oil marketing portfolio had a September 30, 2026 fair value liability of $178 million; a hypothetical 10% increase in underlying commodity prices would have produced a $272 million liability in the sensitivity analysis.
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Marketing portfolio volatility
The NGL, petrochemical, refined products, natural gas processing and octane enhancement portfolio had a September 30, 2026 fair value of $11 million liability, with a hypothetical 10% price increase producing a $43 million liability.
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Environmental and legal exposure
The filing continues to incorporate the risk factors from the 2025 Form 10-K and states that litigation and environmental proceedings may result in monetary sanctions exceeding $0.3 million, although the company does not expect related expenditures to be material.
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Unhedged interest-rate exposure
Enterprise has no material interest-rate hedging instruments outstanding as of the filing date, leaving borrowings exposed to changes in interest rates; the filing identifies interest rates and commodity prices as normal-course business risks.
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Additional retention compensation
The company entered into a retention agreement providing its COO three potential cash payments of $1,000,000 each for employment periods ending in 2027, 2028 and 2029; compensation may be allocated to the partnership.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q. The company continued to reference 2026 growth capital spending of $2.9-$3.4 billion, net of $600 million of asset-sale proceeds, plus $650 million of sustaining capital expenditures.
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…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.