Q1 26 EPS
$0.68
MISS 7.03%
Est. $0.73
Q1 26 Revenue
$14.39B
BEAT +5.66%
Est. $13.62B
Did EPD Beat Earnings? Q1 2026 Results
Enterprise Products Partners delivered a solid first quarter of 2026, posting earnings of $0.68 per diluted unit on revenue of $14.39 billion, as record throughput volumes across its midstream network underscored the earnings power of its fee-based b… Read more Enterprise Products Partners delivered a solid first quarter of 2026, posting earnings of $0.68 per diluted unit on revenue of $14.39 billion, as record throughput volumes across its midstream network underscored the earnings power of its fee-based business model. The partnership set 12 new operational records during the quarter, with NGL fractionation volumes climbing 16% year-over-year and equivalent pipeline transportation volumes rising 7%, gains largely attributable to new assets placed into service including NGL fractionator 14 and three Permian natural gas processing plants. While revenue slipped from $15.42 billion a year ago as lower NGL prices weighed on the top line, adjusted EBITDA grew 10% to $2.69 billion, reflecting the limited margin impact of commodity price swings on a business where costs and revenues largely move together. Looking ahead, Enterprise now has approximately $5.30 billion in major growth capital projects under construction and recently announced two additional 300 MMcf/d Permian processing plants expected online in 2027, positioning the partnership to capture continued production growth from the basin.
Key Takeaways
- • Record natural gas processing plant inlet volumes of 8.3 Bcf/d, up 7%, driven by 9% increase in Permian inlet volumes
- • Record equivalent pipeline transportation volumes of 14.2 MMBPD, up 7%
- • Record marine terminal volumes of 2.3 MMBPD, up 15%
- • Record NGL fractionation volumes of 1.9 MMBPD, up 16%
- • New assets placed into service ramping up including Bahia NGL pipeline, NGL fractionator 14, and three Permian gas processing plants
- • Natural gas marketing gross operating margin increased $111 million due to higher average sales margins
- • Propylene production reported $67 million increase in gross operating margin from higher sales volumes and margins
- • Higher utilization rates at PDH facilities
- • Higher values for 234 MBPD of equity NGL-equivalent production
EPD Forward Guidance & Outlook
Enterprise expects growth capital spending for 2026, net of $596 million of proceeds from asset sales, to be in the range of $2.3 to $2.6 billion, with $580 million for sustaining capital expenditures. The partnership announced two additional 300 MMcf/d natural gas processing plants in the Permian Basin expected to begin operations during 2027, increasing processing capacity by 12%. Enterprise now has approximately $5.3 billion of major growth capital projects under construction. Management expects natural gas and NGL production growth from the Permian to be 1.6 times that of crude oil production growth, providing visibility to the need for additional midstream infrastructure investments. The second phase of the Neches River NGL marine terminal began LPG commissioning in April 2026, with ethane commissioning expected in May. The Octane Enhancement facility resumed partial operations in April and is expected to resume full rates in May.
EPD YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
EPD Revenue by Segment
With YoY comparisons, source: SEC Filings
“Enterprise began 2026 with a strong start in the first quarter. Contributions from new assets placed in service over the past year and continuing to volumetrically ramp up, such as the Bahia NGL pipeline, NGL fractionator 14 and three Permian natural gas processing plants, led to record volumes across most of our integrated system. In total, our partnership set 12 new operational records during the quarter including for natural gas processing inlet volumes of 8.3 Bcf/d, equivalent pipeline volumes of 14.2 MMBPD, NGL fractionation volumes of 1.9 MMBPD and marine terminal volumes of 2.3 MMBPD.”
— Jim Teague, Q1 2026 Earnings Press Release
EPD Earnings Trends
EPD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
EPD EPS Trend
Earnings per share: estimate vs actual
EPD Revenue Trend
Quarterly revenue: estimate vs actual
EPD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.73 | $0.68 | -7.03% | $14.39B | +5.66% |
| Q4 25 BEAT FY | $0.69 | $0.75 | +7.94% | $13.79B | +11.55% |
| FY Full Year | $2.64 | $2.66 | +0.90% | $52.60B | +1.06% |
| Q3 25 MISS | $0.65 | $0.61 | -6.34% | $12.02B | +1.90% |
| Q2 25 BEAT | $0.64 | $0.66 | +3.90% | $11.36B | -19.84% |
| Q1 25 MISS | $0.71 | $0.64 | -10.25% | $15.42B | +10.12% |