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Enterprise Products Partners

Enterprise Products Partners (EPD) Q2 2026 Earnings

Reported Jul 29, 2026 at 5:43 PM ET · SEC Source

Q2 26 EPS

$0.84

Q2 26 Revenue

$18.27B

vs S&P Since Q2 26

-3.7%

TRAILING MARKET

EPD -0.2% vs S&P +3.5%

Market Reaction

Did EPD Beat Earnings? Q2 2026 Results

Enterprise Products Partners delivered a strong second quarter for fiscal 2026, posting earnings of $0.84 per diluted common unit on revenue of $18.27 billion, a 60.8% jump from the $11.36 billion recorded in Q2 2025, as surging commodity prices and … Read more Enterprise Products Partners delivered a strong second quarter for fiscal 2026, posting earnings of $0.84 per diluted common unit on revenue of $18.27 billion, a 60.8% jump from the $11.36 billion recorded in Q2 2025, as surging commodity prices and record pipeline throughput drove the partnership's best-ever adjusted EBITDA of $2.83 billion, up 17% year-over-year. The primary engine behind the revenue surge was a combination of higher NGL and crude oil prices, with WTI averaging $92.71 per barrel compared to $63.87 a year ago, alongside record equivalent pipeline volumes of 14.7 million barrels per day. Management noted that acute international demand for U.S. Energy, partly sparked by Middle East hostilities in April and May, temporarily amplified marine terminal volumes before normalizing. Looking ahead, the partnership is pressing forward with $6.50 billion in organic growth projects under construction, including an LPG export terminal expansion expected online by year-end 2026, while income-focused investors continue to monitor its 2.8% distribution increase to $0.56 per unit quarterly.

Key Takeaways

  • • Record pipeline equivalent volumes of 14.7 MMBPD, up 8% year-over-year
  • • Record marine terminal volumes of 2.8 MMBPD, up 33% year-over-year
  • • Strong international demand for U.S. energy in April and May driving export volumes
  • • 14% increase in Permian Basin gas processing inlet volumes to 4.3 Bcf/d
  • • Frac 14 ramp-up driving 207 MBPD increase in Mont Belvieu fractionation volumes
  • • Higher NGL commodity prices ($0.68/gallon vs $0.58/gallon year-over-year)
  • • Record propylene production volumes of 134 MBPD, up 14%
  • • Higher marketing volumes and margins across NGL and natural gas segments
  • • Crude oil exports from U.S. Strategic Petroleum Reserve benefiting Seaway Pipeline volumes
  • • Higher WTI crude oil prices ($92.71/barrel vs $63.87/barrel year-over-year)

EPD Forward Guidance & Outlook

Enterprise expects growth capital spending for 2026, net of $599 million in asset sale proceeds, to be in the range of $2.9 to $3.4 billion, with $600 million for sustaining capital expenditures. The partnership has $6.5 billion in total organic growth projects under construction. The next major capital project scheduled for completion is the LPG export marine terminal expansion on the Houston Ship Channel, expected to begin operations by year-end 2026. Two new 300 MMcf/d gas processing plants in the Permian Basin are expected to begin service in Q3 2028 and Q1 2029 respectively. Marine terminal volumes have returned to normal levels in June and July after elevated demand in April and May due to Middle East disruptions, though global shipping of energy continues to be disrupted.

24/7 Wall St

EPD YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

EPD Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26

“Enterprise reported strong volumes, earnings and cash flow for the second quarter of 2026. The partnership handled record pipeline and marine terminal volumes during the quarter due in part to strong international demand for U.S. energy in April and May. We also benefited from new assets and expansion projects that began operating and commissioning activities within the last twelve months including Frac 14 at our Mont Belvieu area complex and the expansions of our Neches River and Morgan's Point Terminals.”

— Jim Teague, Q2 2026 Earnings Press Release

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