EarningsQ3 2026 Earnings Report
MX:EPD Q3 2026 EPS Results
Actual EPS$14.09
Consensus EPS$14.01
Beat/MissBeat by +$0.08
One Year Ago EPS$11.46
MX:EPD Q3 2026 Revenue Results
Actual Revenue$337.18B
Expected Revenue$281.33B
Beat/MissBeat by +$55.85B
YoY Revenue Growth+49.65%
Earnings Announcement Details
QuarterQ3 2026
Date10/29/2026
TimeBefore Open
Conference CallThursday, October 29, 2026
MX:EPD Upcoming Earnings
Enterprise Products Partners's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:EPD Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, led by 16% adjusted EBITDA growth, 27% distributable cash flow growth, record system volumes, higher Permian wet gas and NGL forecasts, contracted LPG expansion capacity, substantial organic growth projects and a healthy balance sheet. The main cautions were less visibility into 2027 growth, dependence on geopolitical conditions, contract-renewal dynamics for ATEX, extended project lead times and temporary market-related production shut-ins. Highlights significantly outweighed the lowlights.Company Guidance
Strong Third-Quarter Financial Performance
Enterprise generated $2.8 billion of adjusted EBITDA in the third quarter, a 16% increase over the third quarter last year. Distributable cash flow from operations increased 27% year-over-year to $2.3 billion, providing 1.9x coverage and generating $1.1 billion of retained cash flow reinvested back into the partnership.
Record Pipeline, Export and Processing Volumes
The integrated pipeline system moved a record 14.8 million barrels per day equivalent, marine terminals exported 2.5 million barrels per day of liquid hydrocarbons, and total natural gas processing inlet volumes reached a record 8.5 Bcf per day.
Permian Volume Growth
Permian plant inlet volumes increased 12% compared to the third quarter of last year, reaching a record 4.6 Bcf per day. The three-year CAGR on Permian plant inlet volumes is 19%, and management expects to continue growing processing capacity in line with production growth.
Higher Permian Wet Gas and NGL Forecast
The 2025 to 2030 forecast for Permian wet natural gas and NGL production increased to 34%, compared with 23% growth forecasted last April. Management attributed the increase to higher gas-to-oil ratios in the Permian, including decline curves, activity in the Delaware Basin, new benches with higher gas production, technology improvements and higher total recovery.
Demand and New Asset Contributions
Quarterly results were driven by increased natural gas and NGL production growth in the Permian across the natural gas and NGL value chains, continuing strong demand for U.S. energy and petrochemical products, higher natural gas pipeline volumes in the Haynesville Basin, and earnings and cash flow from new assets placed in service over the past 12 months.
New Assets Placed in Service
Assets that began operations during the past 12 months included Enterprise's 11th natural gas processing plant in the Delaware Basin, the Bahia NGL pipeline, Frac 14 in Mont Belvieu and the second phase of the Neches River NGL Export Terminal.
Upcoming Growth Projects
Projects scheduled for completion in the fourth quarter include a 300,000 barrels per day LPG export expansion at the Houston Ship Channel export marine terminal and a new 300 million cubic feet per day natural gas processing plant in the Midland Basin.
Expanded LPG Export Capacity Is Contracted
The 300,000 barrels per day LPG export expansion is in the early stages of commissioning, is fully contracted, and is expected to be commissioned before the end of the year. The expansion will increase total LPG loading capacity at the Houston Ship Channel to approximately 1.1 million barrels per day.
Permian Processing and Fractionation Expansion
The Athena processing plant, Enterprise's 20th natural gas processing plant in the Permian Basin, is expected to increase total Permian processing capacity to nearly 5 Bcf per day. Management also announced Frac 15, which is scheduled to come online in 2028.
Strong LPG Contracting and International Demand
Enterprise is approximately 90% contracted on the LPG side through the end of the decade. Management said energy security, confidence in U.S. production and the scale and flexibility of Enterprise's three terminals have contributed to strong customer interest. Global energy supply disruptions and volatility continue to support strong international demand for U.S. hydrocarbons, particularly NGLs, petrochemicals and refined products.
Disciplined Organic Growth Strategy
Enterprise has $6.3 billion of organic growth projects sanctioned and under construction. Management said it is opting for targeted organic growth rather than acquisitions at top-of-the-cycle M&A multiples because organic growth has historically provided higher and more consistent returns on capital with fewer surprises.
Distribution Increase and Capital Returns
The partnership declared a distribution of $0.56 per common unit for the third quarter, a 2.8% increase over the distribution declared for the third quarter of 2025. For the 12 months ended September 30, 2026, Enterprise paid approximately $4.8 billion in distributions to limited partners and completed $437 million of buybacks, for total capital return of $5.3 billion and a payout ratio of adjusted cash flow from operations of 54%.
Share Repurchases and Capital Allocation Flexibility
Enterprise purchased $112 million of common units during the third quarter, bringing 2026 year-to-date repurchases to $387 million and cumulative utilization of the $5 billion buyback program to 36%. Management indicated that total capital returns are still expected to be in the 55%-60% range of adjusted cash flow from operations, heavily skewed toward distributions.
Healthy Leverage and Liquidity
As of September 30, total debt principal outstanding was approximately $33.7 billion, consolidated liquidity was approximately $4.8 billion, and the consolidated leverage ratio was 2.9x on a net basis. The leverage target remains 3x plus or minus a quarter, or 2.7x to 3.25x. The weighted average life of the debt portfolio is approximately 17 years, the weighted average cost of debt is 4.7%, and approximately 96% of debt was fixed rate.
Capital Investment Program
Total capital investments were $1.1 billion in the third quarter, including $900 million for growth capital projects and $185 million of sustaining CapEx. Expected 2026 growth capital expenditures are between $2.9 billion and $3.4 billion after approximately $600 million of proceeds from asset sales, while sustaining CapEx is expected to be approximately $650 million.
Bahia Expansion and Customer Growth
The Bahia extension into the Delaware Basin is expected to enter service in the fourth quarter of 2027. The 400,000 barrels per day expansion, which will increase capacity to 1 million barrels per day, is also expected to begin in the fourth quarter of 2027 and continue through mid-2028.
Strategic Value of ATEX
Management continues to view ATEX as a strategic asset, particularly because of significant Gulf Coast demand for ethane. Recent upstream consolidation was not viewed as materially changing the outlook for ATEX, and the asset represents less than 3% of EBITDA.
Petrochemical Segment Resilience
The petrochemical segment performed well during the quarter. Lower propylene and ethylene exports were offset by MTBE, while management said ethylene and propylene have picked back up and characterized the performance as sustainable.
Leadership Transition
Jim Teague announced that this was his final quarterly earnings call as Co-CEO after nearly three decades with Enterprise. Randy Fowler is scheduled to assume the sole CEO role in January, and Jim said the company is in strong hands under Randy's leadership.
MX:EPD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed