ENTERPRISE PRODUCTS PARTNERS L.P.

Listed Company

EPDCIK 0001061219NYSELarge AcceleratedNatural Gas TransmissionDelawareFY ends Dec 31

Period

FY 2025

Revenue

$52.60B

Net Income

$5.81B

Total Assets

$77.90B

Equity

—

Shares Out

2.16B

Op. Cash Flow

$8.59B

Business

ENTERPRISE PRODUCTS PARTNERS L.P. operates an integrated midstream energy network providing gathering, processing, transportation, storage, fractionation, petrochemical production and marine terminal services for natural gas, NGLs, crude oil, petrochemicals and refined products. Its main offerings include natural gas processing and marketing; NGL pipelines, fractionation, storage and export terminals; crude oil gathering, pipelines, terminals and marketing; propylene/PDH, isomerization, octane enhancement and refined products logistics and marine transportation. Operations are organized into four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services. Its assets and distribution channels span major U.S. supply basins, Gulf Coast export facilities, interstate and intrastate pipelines, rail, truck and marine networks, and selected Canadian connections.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	52,596	56,219	49,715	58,186	40,807
Total operating costs and expenses	45,440	49,045	43,017	51,502	35,078
Total general and administrative costs	251	244	231	241	209
Total costs and expenses	45,691	49,289	43,248	51,743	35,287
Equity in income of unconsolidated affiliates	361	408	462	464	583
Operating income	7,266	7,338	6,929	6,907	6,103
Interest expense	−1,401	−1,352	−1,269	−1,244	—
Interest income	30	47	27	11	5
Other, net	4	2	14	23	0
Total other expense, net	−1,367	−1,303	−1,228	−1,210	−1,278
Income before income taxes	5,899	6,035	5,701	5,697	4,825
Provision for income taxes (see Note 16)	−23	−65	−44	−82	−70
Net income	5,876	5,970	5,657	5,615	4,755
Net income attributable to noncontrolling interests (see Note 8)	−62	−69	−125	−125	−117
Net income attributable to preferred units (see Note 8)	−4	−4	−3	−3	−4
Net income attributable to common unitholders	5,810	5,897	5,529	5,487	4,634
Basic earnings per common unit (in dollars per unit)	2.66	2.69	2.52	2.5	2.11
Diluted earnings per common unit (in dollars per unit)	2.66	2.69	2.52	2.5	2.1

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	969	583	180	76	2,820
Restricted cash	276	255	140	130	145
Inventories (see Note 3)	3,884	3,955	3,352	2,554	2,681
Derivative assets (see Note 14)	434	534	347	469	237
Prepaid and other current assets	1,302	566	457	394	399
Total current assets	13,360	15,133	12,248	10,598	13,270
Property, plant and equipment, net (see Note 4)	51,359	49,062	45,804	44,401	42,088
Investments in unconsolidated affiliates (see Note 5)	2,185	2,259	2,330	2,352	2,428
Intangible assets, net (see Note 6)	4,159	4,005	3,770	3,965	3,151
Goodwill (see Note 6)	5,712	5,712	5,608	5,608	5,449
Other assets	1,127	997	1,222	1,184	1,140
Total assets	77,902	77,168	70,982	68,108	67,526
Current maturities of debt (see Note 7)	1,625	1,150	1,300	1,744	1,400
Accrued product payables	8,183	10,777	8,911	7,988	8,093
Accrued interest	566	536	455	426	453
Derivative liabilities (see Note 14)	347	471	396	354	254
Other current liabilities	873	818	675	778	626
Total current liabilities	12,832	15,177	13,131	12,265	11,625
Long-term debt (see Note 7)	32,770	30,746	27,448	26,551	28,135
Deferred tax liabilities (see Note 16)	702	656	611	600	518
Other long-term liabilities	984	950	984	941	760
Commitments and contingent liabilities (see Note 17)	—	—	—	—	—
Series A cumulative convertible preferred units (preferred units) (45,412 units outstanding at December 31, 2025 and 50,687 units outstanding at December 31, 2024	44	50	49	49	49
Common limited partner interests (2,161,760,683 units issued and outstanding at December 31, 2025, 2,165,699,962 units issued and outstanding at December 31, 2024	30,700	29,793	28,663	27,555	26,340
Treasury units, at cost	−1,297	−1,297	−1,297	−1,297	−1,297
Accumulated other comprehensive income	336	236	307	365	286
Total partners equity	29,739	28,732	27,673	26,623	25,329
Noncontrolling interests in consolidated subsidiaries	831	857	1,086	1,079	1,110
Total equity	30,570	29,589	28,759	27,702	26,439
Total liabilities, preferred units, and equity	77,902	77,168	70,982	68,108	67,526

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and accretion	2,107	1,987	1,871	1,797	1,723
Amortization of intangible assets	216	207	201	177	151
Amortization of major maintenance costs for reaction-based plants	72	59	64	51	27
Other amortization expense	228	220	207	220	239
Impairment of assets other than goodwill (see Notes 2 and 4)	50	57	32	53	233
Distributions received from unconsolidated affiliates attributable to earnings	364	406	446	446	544
Net losses (gains) attributable to asset sales and related matters	−14	2	−10	1	5
Deferred income tax expense	46	45	12	60	40
Change in fair market value of derivative instruments	16	−20	33	78	−27
Non-cash expense related to long-term operating leases (see Note 17)	109	95	72	59	41
Net effect of changes in operating accounts (see Note 19)	−124	−506	−555	−54	1,366
Other operating activities	0	1	1	0	−1
Net cash flow provided by operating activities	8,585	8,115	7,569	8,039	8,513
Capital expenditures	−5,620	−4,544	−3,266	—	—
Cash used for business combinations, net of cash received (see Note 12)	0	−949	0	−3,204	0
Investments in unconsolidated affiliates	−2	0	−2	—	—
Distributions received from unconsolidated affiliates attributable to the return of capital	74	77	42	98	46
Proceeds from asset sales and other matters	82	14	42	122	64
Other investing activities	−25	−31	−13	−5	−20
Net cash flow used in investing activities	−5,491	−5,433	−3,197	−4,954	−2,135
Borrowings under debt agreements	88,281	53,715	89,899	96,140	11,159
Repayments of debt	−85,771	−50,546	−89,447	−97,395	−11,492
Debt issuance costs	−42	−44	−17	−1	−15
Monetization of interest rate derivative instruments (see Note 14)	14	−33	21	0	75
Cash distributions paid to common unitholders (see Note 8)	−4,678	−4,512	−4,301	−4,095	−3,930
Cash payments made in connection with distribution equivalent rights	−44	−43	−38	−34	−31
Cash distributions paid to noncontrolling interests (see Note 8)	−93	−106	−160	−163	−154
Cash contributions from noncontrolling interests (see Note 8)	5	90	44	7	72
Repurchase of common units under 2019 Buyback Program (see Note 8)	−300	−219	−188	−250	−214
Acquisition of noncontrolling interests	0	−400	−10	0	—
Other financing activities	−59	−66	−61	−53	−41
Net cash flow used in financing activities	−2,687	−2,164	−4,258	−5,844	−4,571
Net change in cash and cash equivalents, including restricted cash	407	518	114	−2,759	1,807

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