Enterprise Products Partners
EPD · NYSENatural Gas Transmission · Fiscal year ends Dec 31
Enterprise Products Partners reported revenue of $52.6B in the fiscal year ended Dec 2025, down 6.4% from the year before. Operating income was $7.3B, an operating margin of 13.8%, and net income was $5.8B. Operating cash flow of $8.6B less capital expenditure of $5.6B left free cash flow of $3B. Net debt was $33.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $40.8B | $58.2B | $49.7B | $56.2B | $52.6B |
| Cost of revenue | $29.9B | $45.8B | $37B | $42.6B | $38.6B |
| Gross profit | $10.9B | $12.4B | $12.7B | $13.6B | $14B |
| Operating income | $6.1B | $6.9B | $6.9B | $7.3B | $7.3B |
| Interest expense | $1.3B | $1.2B | $1.3B | $1.4B | $1.4B |
| Pre-tax income | $4.8B | $5.7B | $5.7B | $6B | $5.9B |
| Income tax | $70M | $82M | $44M | $65M | $23M |
| Net income | $4.6B | $5.5B | $5.5B | $5.9B | $5.8B |
| Diluted shares | 2,203M | 2,199M | 2,194M | 2,192M | 2,188M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.8B | $76M | $180M | $583M | $969M |
| Receivables | $7B | $7B | – | – | – |
| Inventory | $2.7B | $2.6B | $3.4B | $4B | $3.9B |
| Current assets | $13.3B | $10.6B | $12.2B | $15.1B | $13.4B |
| Net PP&E | $42.1B | $44.4B | $45.8B | $49.1B | $51.4B |
| Goodwill | $5.4B | $5.6B | $5.6B | $5.7B | $5.7B |
| Total assets | $67.5B | $68.1B | $71B | $77.2B | $77.9B |
| Payables | $632M | $743M | – | – | – |
| Deferred revenue | $446M | $501M | $519M | $168M | $157M |
| Current liabilities | $11.6B | $12.3B | $13.1B | $15.2B | $12.8B |
| Short-term debt | $1.4B | $1.7B | $1.3B | $1.2B | $1.6B |
| Long-term debt | $28.1B | $26.6B | $27.4B | $30.7B | $32.8B |
| Backlog (remaining obligations) | $24.1B | $25.1B | $25.5B | $26B | $27.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $8.5B | $8B | $7.6B | $8.1B | $8.6B |
| Capital expenditure | $2.2B | $2B | $3.3B | $4.5B | $5.6B |
| Free cash flow | $6.3B | $6.1B | $4.3B | $3.6B | $3B |
| Depreciation & amortisation | $1.7B | $1.8B | $1.9B | $2B | $2.1B |
| Stock-based compensation | $152M | $157M | $172M | $188M | $197M |
| Acquisitions | $0 | $3.2B | $0 | $949M | $0 |
| Share buybacks | $214M | $250M | $188M | $219M | $300M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 42.6% | −14.6% | 13.1% | −6.4% |
| Operating income growth (YoY) | – | 13.2% | 0.3% | 5.9% | −1.0% |
| Gross margin | 26.8% | 21.2% | 25.5% | 24.3% | 26.7% |
| Operating margin | 15.0% | 11.9% | 13.9% | 13.1% | 13.8% |
| Net margin | 11.4% | 9.4% | 11.1% | 10.5% | 11.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.9% | 12.4% | 12.0% | 11.8% | 11.2% |
| Free cash flow margin | 15.4% | 10.4% | 8.7% | 6.4% | 5.6% |
| Cash conversion (CFO ÷ net income) | 1.84x | 1.47x | 1.37x | 1.38x | 1.48x |
| Receivable days | 62 | 44 | – | – | – |
| Inventory days | 33 | 20 | 33 | 34 | 37 |
| Payable days | 8 | 6 | – | – | – |
| Interest cover | 4.76x | 5.55x | 5.46x | 5.43x | 5.19x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $26.7B | $28.2B | $28.6B | $31.3B | $33.4B |
| Current ratio | 1.14x | 0.86x | 0.93x | 1.00x | 1.04x |
Recent filings
More in Natural Gas Transmission
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.