ENTERPRISE PRODUCTS PARTNERS L.P. Earnings Per Share Disclosure
| For the Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| BASIC EARNINGS PER COMMON UNIT | |||||||||||||||||
| Net income attributable to common unitholders | $ | 5,810 | $ | 5,897 | $ | 5,529 | |||||||||||
| Earnings allocated to phantom unit awards (1) | (55) | (56) | (50) | ||||||||||||||
| Net income allocated to common unitholders | $ | 5,755 | $ | 5,841 | $ | 5,479 | |||||||||||
| Basic weighted-average number of common units outstanding | 2,166 | 2,169 | 2,172 | ||||||||||||||
| Basic earnings per common unit | $ | 2.66 | $ | 2.69 | $ | 2.52 | |||||||||||
| DILUTED EARNINGS PER COMMON UNIT | |||||||||||||||||
| Net income attributable to common unitholders | $ | 5,810 | $ | 5,897 | $ | 5,529 | |||||||||||
| Net income attributable to preferred units | 4 | 4 | 3 | ||||||||||||||
| Net income attributable to limited partners | $ | 5,814 | $ | 5,901 | $ | 5,532 | |||||||||||
| Diluted weighted-average number of units outstanding: | |||||||||||||||||
| Distribution-bearing common units | 2,166 | 2,169 | 2,172 | ||||||||||||||
| Phantom units (2) | 20 | 21 | 20 | ||||||||||||||
| Preferred units (2) | 2 | 2 | 2 | ||||||||||||||
| Total | 2,188 | 2,192 | 2,194 | ||||||||||||||
| Diluted earnings per common unit | $ | 2.66 | $ | 2.69 | $ | 2.52 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.