Key Highlights

  • Revenue of USD 17.95 billion rose 49% from USD 12.02 billion and topped the consensus estimate of USD 14.98 billion.
  • Earnings of USD 0.75 per diluted unit matched the consensus estimate and rose 21% from USD 0.61.
  • Adjusted EBITDA climbed 16% to USD 2.8 billion, and operational distributable Cash Flow rose 27% to USD 2.3 billion.
  • Permian processing inlet volumes hit a record 4.6 Bcf per day, up 12%, with pipeline volumes also at a record.

Enterprise Products Partners L.P. (NYSE:EPD) reported third quarter 2026 Revenue of USD 17.95 billion, up 49% from USD 12.02 billion and above the consensus estimate of USD 14.98 billion. Net Income attributable to common unitholders was USD 1.62 billion, or USD 0.75 per diluted common unit, in line with the consensus estimate of USD 0.75 and up from USD 0.61. Operating Income rose to USD 1.99 billion from USD 1.69 billion.

Co-Chief Executive Officer Jim Teague attributed the quarter to record volumes across Permian processing plants, NGL pipelines, Natural Gas pipelines and ethane export terminals. He also said it was his final quarterly call in that role, and that fellow co-Chief Executive Officer Randy Fowler assumes the sole chief executive role in January.

Segment Margins and New Assets

Total gross operating Margin rose 15% to USD 2.7 billion. NGL Pipelines & Services contributed USD 1.5 billion, up from USD 1.3 billion, with natural gas processing and related Marketing at USD 488 million versus USD 354 million. Natural Gas Pipelines & Services rose to USD 411 million from USD 339 million, and Petrochemical & Refined Products Services reached USD 430 million from USD 370 million. Crude Oil Pipelines & Services edged down to USD 367 million from USD 371 million.

Volumes backed the gains: total natural gas processing inlet reached a record 8.5 Bcf per day, NGL pipeline volumes a record 5.0 million barrels per day and marine terminal volumes 2.5 million barrels per day, up 28%. Assets added over the past twelve months include an eleventh Delaware Basin processing plant, the Bahia NGL pipeline, Frac 14 and the second phase of the Neches River terminal.

Capital Plan, Balance Sheet and Returns

The Partnership projects 2026 growth Capital of USD 2.9 billion to USD 3.4 billion after USD 600 million of asset sale proceeds, plus about USD 650 million of sustaining capital. Management projects 2027 growth capital in the USD 3 billion area, with an update after the annual budget cycle. USD 6.3 billion of growth projects are under construction and scheduled to start operations through 2028.

Total Debt principal stood at USD 33.7 billion, with a weighted average cost of 4.7% and about 96% at fixed rates. Net Leverage was 2.9x against a target of 3x plus or minus a quarter, and Liquidity was about USD 4.8 billion. The partnership declared a distribution of USD 0.56 per unit, up 2.8%, covered 1.9x, and repurchased USD 112 million of units in the quarter.

Dated Projects and Ratios to Track

Several dated items sit ahead. The Houston Ship Channel LPG terminal expansion adds about 300,000 barrels per day for a total of 1.1 million, and the Athena plant in the Midland Basin adds 300 million cubic feet per day of processing capacity. Both are scheduled for the fourth quarter of 2026.

Other markers include the distribution payable November 30 to holders of record on October 30, the January change to a single chief executive, the 2027 capital update due next quarter, and the Leverage Ratio of 2.9x. Cumulative use of the USD 5.0 billion buyback authorization is 36%, and the Payout Ratio on adjusted cash flow from operations is 54%.