Enterprise Products Partners (EPD) Q2 2026 earnings summary

Executive summary

• Achieved record EBITDA of $2.8 billion and net income of $1.8 billion for Q2 2026, up 17% and 28% year-over-year, respectively, driven by strong global demand, record pipeline and marine terminal volumes, and broad segment growth.

• Gross operating margin for Q2 2026 reached $2,991 million, with 80% from fee-based activities, reflecting strong performance across all segments.

• Record operational distributable cash flow of $2.3 billion, up 21% year-over-year, providing 1.9x coverage of distributions.

• Announced new growth projects, including Plant 11, Plant 13, Frac 15, a 150 MBPD NGL fractionator, and two 300 MMcf/d gas processing plants in the Permian Basin, with service dates between 2028 and 2029.

• Capital returned to unitholders totaled $5.2 billion for the trailing twelve months ended Q2 2026, reflecting a balanced approach to growth and returns.

Financial highlights

• Revenue for Q2 2026 was $18.3 billion, up from $11.4 billion in Q2 2025.

• Adjusted cash flow from operations rose 19% to $2.5 billion for Q2 2026, compared to $2.1 billion in Q2 2025.

• Distributions increased 2.8% to $0.56 per unit for Q2 2026; $4.8 billion paid in distributions over the past 12 months.

• Repurchased $159 million in common units in Q2 2026, $405 million over the last 12 months.

• Total capital investments were $1.2 billion in Q2 2026, including $1 billion in growth projects.

Outlook and guidance

• Growth capital expenditures for 2026 expected at $2.9–$3.4 billion, net of $600 million in asset sale proceeds; 2027 growth CapEx expected around $3 billion.

• Sustaining capital expenditures for 2026 projected at $600 million.

• Major capital projects under construction total $6.5 billion, with several new gas processing plants and pipeline expansions scheduled through 2029.

• Discretionary free cash flow for 2026 still expected to approach $1 billion, despite increased CapEx.

• EBITDA growth from 2025 to 2027 projected at approximately 10%, driven by volume increases rather than commodity price assumptions.