EPD
Enterprise Products Partners L.P.
EPD's fundamentals are strong: revenue grew 21% and free cash flow grew 55%. At 12x earnings, it's trading in line with its usual 12x. Analysts expect earnings growth, though they disagree widely on how much.
EPD Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Healthy | |
| Under pressure |
EPD's revenue, profitability and cash flow are currently healthy, but its balance sheet is under pressure.
EPD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 10x | $31.34 | -16% |
| Fair | 12x | $35.17 | -6% |
| Current | 12x | $37.40 | — |
| Forward | 12x | $37.40 | — |
| Expensive | 13x | $40.03 | +7% |
Historical ranges are pointers, not guarantees.
EPD's PE is in its expensive range at 12.4x. On analysts' estimates for next year's earnings, today's price would be 12.0x, in its fair range.
EPD Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for EPD, but weaker profitability. However, they disagree widely on these estimates.
EPD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.11 | +2.9% |
| Q3 2026 | $3.02 | +14% |
| Q2 2026 | $2.88 | +7.1% |
| Q1 2026 | $2.70 | +1.1% |
| Q4 2025 | $2.66 | -1.1% |
| Q3 2025 | $2.65 | -0.7% |
| Q2 2025 | $2.69 | +2.7% |
| Q1 2025 | $2.67 | +4.7% |
| Q4 2024 | $2.69 | +6.7% |
EPD earned $3.02 per share over the past year, up 14% from the year before.
EPD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $17.9B | +49% |
| Q2 2026 | $18.3B | +61% |
| Q1 2026 | $14.4B | -6.7% |
| Q4 2025 | $13.8B | -2.9% |
| Q3 2025 | $12B | -13% |
| Q2 2025 | $11.4B | -16% |
| Q1 2025 | $15.4B | +4.5% |
| Q4 2024 | $14.2B | -2.9% |
EPD's revenue is growing: $17.9B last quarter, up 49% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | -2.9 points |
| Q2 2026 | 12% | -3.5 points |
| Q1 2026 | 13% | +1.8 points |
| Q4 2025 | 15% | +0.8 points |
| Q3 2025 | 14% | +1.1 points |
| Q2 2025 | 16% | +2.7 points |
| Q1 2025 | 11% | -0.9 points |
| Q4 2024 | 14% | +0.7 points |
EPD's operating margin was 11% last quarter, down 2.9 points from the same quarter a year ago.
EPD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +$1.3B |
| Q2 2026 | $2B | +165% |
| Q1 2026 | $486M | -61% |
| Q4 2025 | $1.2B | -9.9% |
| Q3 2025 | -$220M | -124% |
| Q2 2025 | $762M | +146% |
| Q1 2025 | $1.3B | +18% |
| Q4 2024 | $1.3B | -4.1% |
EPD still generates free cash flow, though less than at its 2026 peak: $4.8B over the past year.
EPD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -4M shares |
| 1 year | -0.2% | -5M shares |
| 3 years | -0.6% | -13M shares |
| 5 years | -1% | -23M shares |
| Available history | -0.9% | -20.7M shares |
EPD has 2.2B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $112M |
| Q2 2026 | $159M |
| Q1 2026 | $116M |
| Q4 2025 | $50M |
| Q3 2025 | $80M |
| Q2 2025 | $110M |
| Q1 2025 | $60M |
| Q4 2024 | $63M |
EPD spent $437M buying back its own shares over the past year, up 40% from the year before.
EPD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.1x | Elevated |
| Q2 2026 | 3.2x | Elevated |
| Q1 2026 | 3.5x | Elevated |
| Q4 2025 | 3.5x | Elevated |
| Q3 2025 | 3.5x | Elevated |
| Q2 2025 | 3.3x | Elevated |
| Q1 2025 | 3.3x | Elevated |
| Q4 2024 | 3.3x | Elevated |
EPD's net debt is about 3.1 years of its operating earnings (EBITDA), down from 3.5 years a year ago.
EPD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.5 | Neutral |
| Stochastic | 49.9 | Neutral |
EPD's weekly RSI is 51 (neutral) and its Stochastic is 50 (neutral).
EPD PE vs Energy Sector
| Metric | EPD | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 5.6% below |
| PE % | 69 | 61 | 8 pts above |
EPD is trading at 12x earnings, in line with the Energy sector's median of 13x.
EPD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $36.9 | 1.2% above |
| 20 week MA | $37.7 | 0.9% below |
| 50 week MA | $36.6 | 2.1% above |
| 100 week MA | $34.2 | 9.2% above |
| 200 week MA | $31.0 | 21% above |
EPD's trend is mixed: it's above four of its five weekly moving averages, and 21% above its 200-week average.
EPD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $28.2 | $19.9 | -30% |
| 2021 | $19.9 | $21.5 | +8.1% |
| 2022 | $21.5 | $24.0 | +12% |
| 2023 | $24.0 | $26.4 | +10% |
| 2024 | $26.4 | $31.1 | +18% |
| 2025 | $31.1 | $31.9 | +2.6% |
| 2026 YTD | $31.9 | $37.4 | +17% |
EPD has finished higher in five of the last six years. It's up 17% so far in 2026.