Enterprise Products Partners (EPD) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 rose to $18.3 billion, up $6.9 billion year-over-year, with net income attributable to common unitholders at $1.84 billion, driven by higher sales prices, volumes, and strong global demand for U.S. energy.

• Achieved record EBITDA of $2.8 billion for Q2 2026, up 17% year-over-year, and gross operating margin reached $2,991 million, with all segments contributing to growth.

• Record pipeline and marine terminal volumes, with total pipeline volumes up 8% and marine terminal volumes up 33% year-over-year, supported by new asset expansions and international demand.

• Announced and accelerated construction of new capital projects, including multiple gas processing plants and NGL fractionators in the Permian Basin and Mont Belvieu, with major projects totaling $6.5 billion scheduled through 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

• Adjusted cash flow from operations reached a record $2.5 billion for Q2 2026, up 19% year-over-year; distributable cash flow was $2.32 billion, with a distribution coverage ratio of 1.9x.

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

• Repurchased $159 million in common units in Q2 and $405 million over the last 12 months, utilizing 34% of the $5 billion buyback program.

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

• Liquidity stood at $5 billion after adding a $1 billion short-term credit facility.

Outlook and guidance

• Growth capital expenditures for 2026 expected at $2.9–$3.4 billion after asset sale proceeds; 2027 growth CapEx projected around $3 billion.

• Sustaining capital expenditures for 2026 expected 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 higher CapEx.

• Management expects sufficient liquidity and cash flow to fund capital investments and working capital needs for the foreseeable future.