Revenue surged 60.8% sequentially in 2026Q2 to $18.3B, yet gross margin remains thin at 12.1% due to a pass-through model, with operating margin improving to 11.7% on flat SG&A.
Enterprise Products Partners L.P. (EPD) annual income statement — 28-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 58.47B | 52.6B | 56.22B | 49.72B | 58.19B | 40.81B | 27.2B | 32.79B | 36.53B | 29.24B | 23.02B | 27.03B | 47.95B | 47.73B | 42.58B | 44.31B | 33.74B | 25.51B | 21.91B | 16.95B | 13.99B | 12.26B | 8.32B | 5.35B | 3.58B | 3.18B | 3.05B | 1.35B | 738.9M |
| Revenue Growth % | 6.78% | -6.44% | 13.08% | -14.56% | 42.59% | 50.03% | -17.05% | -10.25% | 24.94% | 27.01% | -14.82% | -43.63% | 0.47% | 12.08% | -3.9% | 31.34% | 32.25% | 16.46% | 29.24% | 21.15% | 14.15% | 47.3% | 55.64% | 49.14% | 12.74% | 4.29% | 126.44% | 82.23% | - |
| Cost of Goods Sold | 50.73B | 45.44B | 48.99B | 43B | 51.46B | 34.86B | 21.48B | 27.01B | 31.35B | 25.52B | 19.59B | 23.51B | 44.28B | 44.16B | 39.33B | 41.32B | 31.45B | 23.57B | 20.46B | 16.01B | 13.09B | 11.55B | 7.9B | 5.05B | 3.38B | 2.86B | 2.76B | 1.18B | 667M |
| COGS % of Revenue | - | 86.39% | 87.15% | 86.49% | 88.44% | 85.43% | 78.99% | 82.38% | 85.81% | 87.27% | 85.1% | 86.97% | 92.35% | 92.53% | 92.37% | 93.24% | 93.21% | 92.38% | 93.4% | 94.45% | 93.55% | 94.2% | 94.99% | 94.4% | 94.36% | 90% | 90.52% | 87.36% | 90.27% |
| Gross Profit | 7.75B | 7.16B | 7.22B | 6.72B | 6.72B | 5.95B | 5.71B | 5.78B | 5.18B | 3.72B | 3.43B | 3.52B | 3.67B | 3.57B | 3.25B | 2.99B | 2.29B | 1.95B | 1.44B | 941.07M | 901.88M | 710.73M | 416.87M | 299.65M | 202.22M | 317.98M | 288.98M | 170.2M | 71.9M |
| Gross Margin % | 13.25% | 13.61% | 12.85% | 13.51% | 11.56% | 14.57% | 21.01% | 17.62% | 14.19% | 12.73% | 14.9% | 13.03% | 7.65% | 7.47% | 7.63% | 6.76% | 6.79% | 7.62% | 6.6% | 5.55% | 6.45% | 5.8% | 5.01% | 5.6% | 5.64% | 10% | 9.48% | 12.64% | 9.73% |
| Gross Profit Growth % | - | -0.94% | 7.56% | -0.13% | 13.08% | 4.06% | -1.1% | 11.47% | 39.28% | 8.47% | -2.58% | -4.03% | 2.91% | 9.77% | 8.49% | 30.76% | 17.73% | 34.64% | 53.52% | 4.35% | 26.89% | 70.49% | 39.12% | 48.18% | -36.41% | 10.04% | 69.79% | 136.72% | - |
| Operating Expenses | 161M | 251M | -114M | -213M | -182M | -156M | 680M | -300.3M | -224.9M | -207.1M | -149.6M | -18.4M | -106M | 98.6M | 66.8M | 181.8M | 204.8M | 121.1M | 102.3M | 58.04M | 41.83M | 47.72M | -6.13M | 51.55M | 7.64M | 30.3M | 69.36M | 37.8M | 37.4M |
| OpEx % of Revenue | - | 0.48% | -0.2% | -0.43% | -0.31% | -0.38% | 2.5% | -0.92% | -0.62% | -0.71% | -0.65% | -0.07% | -0.22% | 0.21% | 0.16% | 0.41% | 0.61% | 0.47% | 0.47% | 0.34% | 0.3% | 0.39% | -0.07% | 0.96% | 0.21% | 0.95% | 2.27% | 2.81% | 5.06% |
| Selling, General & Admin | 251M | 251M | 244M | 229M | 241M | 209M | 220M | 211.6M | 208.3M | 181.1M | 160.1M | 192.6M | 206M | 188.3M | 170.3M | 181.8M | 204.8M | 172.3M | 90.55M | 87.69M | 63.39M | 62.27M | 46.66M | 37.59M | 42.89M | 30.3M | 28.34M | 12.5M | 18.2M |
| SG&A % of Revenue | - | 0.48% | 0.43% | 0.46% | 0.41% | 0.51% | 0.81% | 0.65% | 0.57% | 0.62% | 0.7% | 0.71% | 0.43% | 0.39% | 0.4% | 0.41% | 0.61% | 0.68% | 0.41% | 0.52% | 0.45% | 0.51% | 0.56% | 0.7% | 1.2% | 0.95% | 0.93% | 0.93% | 2.46% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | -358M | -442M | -423M | -365M | 460M | -511.9M | -433.2M | -388.2M | -309.7M | -211M | -312M | -89.7M | -103.5M | 0 | 0 | -92.3M | -34.9M | -29.66M | -21.57M | -14.55M | -52.79M | 13.96M | -35.25M | 0 | 41.02M | 25.3M | 19.2M |
| Operating Income | 7.58B | 6.91B | 7.34B | 6.93B | 6.91B | 6.1B | 5.04B | 6.08B | 5.41B | 3.93B | 3.58B | 3.54B | 3.78B | 3.47B | 3.08B | 2.86B | 2.15B | 1.85B | 1.75B | 883.04M | 860.05M | 663.02M | 422.99M | 248.1M | 194.59M | 287.69M | 219.62M | 132.4M | 50.5M |
| Operating Margin % | 12.97% | 13.13% | 13.05% | 13.94% | 11.87% | 14.96% | 18.51% | 18.54% | 14.8% | 13.44% | 15.55% | 13.1% | 7.87% | 7.26% | 7.23% | 6.45% | 6.36% | 7.27% | 7.98% | 5.21% | 6.15% | 5.41% | 5.08% | 4.64% | 5.43% | 9.05% | 7.2% | 9.83% | 6.83% |
| Operating Income Growth % | - | -5.9% | 5.9% | 0.32% | 13.17% | 21.21% | -17.17% | 12.39% | 37.66% | 9.72% | 1.14% | -6.24% | 8.89% | 12.64% | 7.67% | 33.15% | 15.78% | 6.07% | 98% | 2.67% | 29.72% | 56.74% | 70.49% | 27.5% | -32.36% | 31% | 65.87% | 162.18% | - |
| EBITDA | 10.42B | 9.53B | 9.53B | 9B | 8.88B | 7.98B | 6.88B | 7.82B | 7.2B | 5.57B | 5.13B | 5.06B | 5.14B | 4.68B | 4.18B | 3.87B | 3.13B | 2.69B | 2.49B | 1.41B | 1.31B | 1.08B | 621.88M | 376.54M | 289.51M | 339.59M | 260.63M | 157.7M | 69.7M |
| EBITDA Margin % | 17.83% | 18.12% | 16.96% | 18.11% | 15.26% | 19.55% | 25.28% | 23.86% | 19.71% | 19.06% | 22.29% | 18.71% | 10.71% | 9.82% | 9.82% | 8.72% | 9.28% | 10.55% | 11.35% | 8.3% | 9.35% | 8.84% | 7.47% | 7.04% | 8.08% | 10.68% | 8.55% | 11.71% | 9.43% |
| EBITDA Growth % | 9.35% | -0.04% | 5.9% | 1.35% | 11.33% | 16.03% | -12.12% | 8.66% | 29.2% | 8.58% | 1.51% | -1.56% | 9.63% | 11.99% | 8.2% | 23.43% | 16.38% | 8.25% | 76.73% | 7.53% | 20.71% | 74.28% | 65.16% | 30.06% | -14.75% | 30.3% | 65.27% | 126.26% | - |
| D&A (Non-Cash Add-back) | 2.84B | 2.62B | 2.19B | 2.07B | 1.97B | 1.87B | 1.84B | 1.74B | 1.79B | 1.64B | 1.55B | 1.52B | 1.36B | 1.22B | 1.1B | 1.01B | 985.1M | 836.8M | 737.8M | 523.76M | 448.21M | 420.78M | 198.89M | 128.44M | 94.92M | 51.9M | 41.02M | 25.3M | 19.2M |
| EBIT | 7.77B | 7.3B | 7.39B | 6.97B | 6.94B | 6.11B | 5.05B | 5.98B | 5.4B | 3.87B | 3.56B | 3.52B | 3.78B | 3.47B | 3.18B | 2.86B | 2.15B | 1.85B | 1.76B | 883.04M | 860.05M | 663.02M | 422.99M | 248.1M | 194.31M | 286.85M | 219.62M | 132.4M | 50.5M |
| Net Interest Income | -1.48B | -1.37B | -1.3B | -1.24B | -1.23B | -1.28B | -1.27B | -1.23B | -1.09B | -983.3M | -982.6M | -961.8M | -921M | -802.5M | -771M | -743M | -740.1M | -685M | -533.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 27M | 37M | 53M | 27M | 11M | 4.7M | 13.4M | 11.6M | 3.6M | 1.3M | 0 | 0 | 0 | 0 | 800K | 1.1M | 1.8M | 2.3M | 5.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.5B | 1.41B | 1.36B | 1.27B | 1.24B | 1.28B | 1.29B | 1.24B | 1.1B | 984.6M | 982.6M | 961.8M | 921M | 802.5M | 771.8M | 744.1M | 741.9M | 687.3M | 540.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.2B | -1.01B | -1.3B | -1.23B | -1.21B | -1.28B | -1.27B | -1.35B | -1.11B | -1.05B | -1B | -984.3M | -919.1M | -802.7M | -667.5M | -743.6M | -737.4M | -689M | -528.5M | -303.46M | -229.97M | -225.18M | -153.63M | -134.41M | -94.23M | 27.72M | 30.94M | 3.1M | 1.6M |
| Pretax Income | 6.38B | 5.9B | 6.04B | 5.7B | 5.7B | 4.83B | 3.76B | 4.73B | 4.3B | 2.88B | 2.58B | 2.56B | 2.86B | 2.66B | 2.41B | 2.12B | 1.41B | 1.17B | 1.22B | 579.57M | 630.09M | 437.84M | 269.37M | 113.7M | 100.08M | 315.4M | 250.55M | 135.5M | 52.1M |
| Pretax Margin % | 10.92% | 11.22% | 10.73% | 11.47% | 9.79% | 11.82% | 13.83% | 14.43% | 11.77% | 9.85% | 11.19% | 9.46% | 5.96% | 5.58% | 5.66% | 4.77% | 4.18% | 4.57% | 5.57% | 3.42% | 4.5% | 3.57% | 3.24% | 2.13% | 2.79% | 9.92% | 8.22% | 10.06% | 7.05% |
| Income Tax | 25M | 23M | 65M | 44M | 82M | 70M | -124M | 45.6M | 60.3M | 25.7M | 23.4M | -2.5M | 23.1M | 57.5M | -17.2M | 27.2M | 26.1M | 25.3M | 31M | 15.26M | 21.32M | 8.36M | 3.76M | 5.29M | 1.63M | 70.87M | -891K | 12.1M | 24.3M |
| Effective Tax Rate % | 0.39% | 0.39% | 1.08% | 0.77% | 1.44% | 1.45% | -3.3% | 0.96% | 1.4% | 0.89% | 0.91% | -0.1% | 0.81% | 2.16% | -0.71% | 1.29% | 1.85% | 2.17% | 2.54% | 2.63% | 3.38% | 1.91% | 1.4% | 4.66% | 1.63% | 22.47% | -0.36% | 8.93% | 46.64% |
| Net Income | 6.29B | 5.81B | 5.9B | 5.53B | 5.49B | 4.64B | 3.78B | 4.59B | 4.17B | 2.8B | 2.51B | 2.52B | 2.79B | 2.6B | 2.42B | 2.05B | 320.8M | 204.1M | 954.02M | 533.67M | 601.15M | 419.51M | 268.26M | 104.55M | 91.94M | 242.18M | 220.51M | 120.3M | 10.2M |
| Net Margin % | 10.77% | 11.05% | 10.5% | 11.13% | 9.44% | 11.37% | 13.88% | 14% | 11.42% | 9.57% | 10.92% | 9.33% | 5.81% | 5.44% | 5.68% | 4.62% | 0.95% | 0.8% | 4.36% | 3.15% | 4.3% | 3.42% | 3.22% | 1.96% | 2.56% | 7.62% | 7.23% | 8.93% | 1.38% |
| Net Income Growth % | 7.24% | -1.47% | 6.67% | 0.77% | 18.37% | 22.83% | -17.76% | 10.04% | 49.05% | 11.39% | -0.32% | -9.55% | 7.34% | 7.31% | 18.22% | 538.06% | 57.18% | -78.61% | 78.76% | -11.23% | 43.3% | 56.38% | 156.6% | 13.71% | -62.04% | 9.83% | 83.3% | 1079.41% | - |
| Net Income (Continuing) | 6.36B | 5.88B | 5.97B | 5.66B | 5.62B | 4.75B | 3.89B | 4.69B | 4.24B | 2.86B | 2.55B | 2.56B | 2.83B | 2.61B | 2.43B | 2.09B | 1.38B | 1.14B | 1.19B | 564.32M | 599.68M | 423.72M | 257.48M | 104.55M | 95.5M | 242.18M | 220.51M | 120.3M | 37.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 816M | 831M | 857M | 1.09B | 1.08B | 1.11B | 1.07B | 1.06B | 438.7M | 225.2M | 219M | 206M | 1.63B | 225.6M | 108.3M | 105.9M | 526.6M | 530.2M | 393.65M | 430.42M | 129.13M | 103.17M | 71.04M | 86.36M | 68.88M | 11.72M | 9.57M | 8.1M | 5.7M |
| EPS (Diluted) | 2.88 | 2.66 | 2.69 | 2.52 | 2.50 | 2.10 | 1.71 | 2.09 | 1.91 | 1.30 | 1.19 | 1.25 | 1.44 | 1.39 | 1.35 | 1.19 | 0.19 | 0.19 | 0.92 | 0.48 | 0.61 | 0.46 | 0.44 | 0.21 | 0.24 | 1.19 | 1.18 | 0.66 | 0.05 |
| EPS Growth % | 7.46% | -1.12% | 6.75% | 0.8% | 19.05% | 22.81% | -18.18% | 9.42% | 46.92% | 9.24% | -4.8% | -13.19% | 3.6% | 2.96% | 13.45% | 526.32% | 0% | -79.35% | 91.67% | -21.31% | 32.61% | 4.55% | 109.52% | -12.5% | -79.83% | 0.85% | 78.79% | 1366.67% | - |
| EPS (Basic) | - | 2.66 | 2.69 | 2.53 | 2.50 | 2.11 | 1.71 | 2.10 | 1.92 | 1.30 | 1.19 | 1.25 | 1.44 | 1.39 | 1.35 | 1.24 | 0.19 | 0.19 | 0.92 | 0.48 | 0.61 | 0.46 | 0.44 | 0.21 | 0.28 | 1.19 | 1.18 | 0.66 | 0.05 |
| Diluted Shares Outstanding | 2.19B | 2.19B | 2.19B | 2.19B | 2.2B | 2.2B | 2.2B | 2.2B | 2.19B | 2.15B | 2.12B | 2.01B | 1.94B | 1.87B | 1.8B | 1.72B | 1.69B | 1.09B | 875.2M | 868.85M | 985.5M | 765.93M | 532.09M | 509.98M | 334.33M | 204.22M | 186.1M | 182.21M | 226.67M |
| Basic Shares Outstanding | 2.19B | 2.19B | 2.17B | 2.17B | 2.18B | 2.18B | 2.19B | 2.19B | 2.18B | 2.15B | 2.08B | 1.99B | 1.89B | 1.84B | 1.79B | 1.65B | 1.69B | 413.4M | 874.8M | 867.92M | 985.5M | 763.71M | 531.02M | 497.84M | 334.33M | 204.22M | 186.1M | 182.21M | 226.67M |
| Dividend Payout Ratio | - | 80.46% | 76.46% | 77.75% | 74.59% | 84.74% | 103.05% | 83.63% | 89.32% | 127.53% | 131.33% | 116.76% | 94.64% | 92.43% | 90.03% | 96.45% | 95.92% | 130.67% | 108.74% | 179.46% | 140.28% | 170.84% | 163.56% | 304.2% | 237.32% | 68.54% | 63.95% | 92.93% | 211.76% |
Quick answers to the most common questions about buying EPD stock.
For fiscal year 2025, Enterprise Products Partners L.P. (EPD) reported total revenue of $52.60B. This represents a 7018.1% increase compared to $738.9M in 1998.
Enterprise Products Partners L.P. (EPD) is profitable, generating $5.81B in net income for the fiscal year ending 2025 with a net profit margin of 11.1%.
Enterprise Products Partners L.P. (EPD) reported an operating income of $6.91B, resulting in an operating profit margin of 13.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Enterprise Products Partners L.P. (EPD) generated $7.16B in gross profit for the year, representing a gross profit margin of 13.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Leverage and coverage concerns
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Stability
EPD's TTM revenue declined 6.4% year-over-year, but the latest quarter surged 60.8% sequentially, suggesting commodity-linked volatility rather than structural erosion, per recent financial statements.
The 60.8% sequential revenue jump in 2026Q2 appears driven by higher commodity prices or marketing volumes, yet the prior quarters showed negative growth, indicating a cyclical trough. The fee-based model likely cushions earnings, but investors should monitor whether volume growth can sustain this rebound.
Thin Gross Margin Reflects Pass-Through Model
Gross margin of 13.61% TTM is below peers like ET (21.8%) and TRGP (26.5%), reflecting EPD's pass-through revenue structure, as reported in financial statements.
The narrow gap between gross and operating margins (13.61% vs 13.13%) suggests a lean variable cost structure, but the low gross margin indicates limited pricing power on commodity sales. Operating margin stability around 13-14% implies that fee-based contracts provide a floor, yet any shift toward commodity-sensitive spreads could compress margins.
Operating Leverage Evident in Volume Uptick
In 2026Q2, operating income grew 16.7% sequentially on a 27.1% revenue increase, with SG&A flat at $64M, demonstrating operating leverage, based on reported figures.
The fixed-cost nature of EPD's infrastructure allows incremental volumes to drop through to operating income, as seen in the latest quarter. However, the lack of R&D and minimal SG&A growth suggests overhead discipline, but investors should watch if volume growth persists to sustain this leverage.
EPS Growth Outpaces Revenue, Quality Questioned
EPS grew 27.3% in 2026Q2 despite revenue growth of 60.8%, but net income margin improved to 10.1%, indicating operational efficiency, per SEC filings.
The EPS growth appears driven by margin expansion and lower costs, but the absence of SBC in most quarters and a negative SBC in 2025Q3 suggests non-cash adjustments may be flattering earnings. Investors should scrutinize the sustainability of these margins given commodity price volatility.
COGS Dominates, SG&A Minimal
COGS averages 86% of revenue, while SG&A is a mere 0.4% of revenue, highlighting a cost structure dominated by purchased commodities, as reported in financial statements.
The high COGS ratio is typical for midstream marketing activities, but the extremely low SG&A suggests efficient overhead management. However, this also means profitability is highly sensitive to commodity price spreads, and any compression in those spreads could disproportionately impact net income.
Leverage and Coverage Risks Loom
Debt-to-equity of 1.14 and a distribution coverage gap may constrain future distribution growth, despite strong ROE of 19.3%, based on reported balance sheet data.
While EPD's operating performance appears stable, the elevated leverage and potential cash flow shortfall could force management to prioritize debt reduction over distribution increases. The market may be pricing in this risk, as evidenced by the 52 flagged risks, and any deterioration in cash flows could pressure the stock.