ENTERPRISE PRODUCTS PARTNERS L.P.

EPD 10-K · FY 2025

EPD FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 52,596 56,219 -6.4%
Show Product Lines breakouts
Fractionation and isomerization · Petrochemical & Refined Products Services 354 371 -4.6%
Natural gas processing and fractionation · NGL Pipelines & Services 1,261 1,349 -6.5%
Oil And Gas Service · Crude Oil Pipelines & Services 1,201 1,191 +0.8%
Oil And Gas Service · Natural Gas Pipelines & Services 1,812 1,546 +17.2%
Oil And Gas Service · NGL Pipelines & Services 2,901 2,879 +0.8%
Oil And Gas Service · Petrochemical & Refined Products Services 1,342 1,346 -0.3%
Sales of crude oil · Crude Oil Pipelines & Services 19,560 20,389 -4.1%
Sales of natural gas · Natural Gas Pipelines & Services 2,355 1,458 +61.5%
Sales of NGLs and related products · NGL Pipelines & Services 14,415 17,397 -17.1%
Sales of petrochemicals and refined products · Petrochemical & Refined Products Services 9,010 10,013 -10.0%
Storage and terminals · Crude Oil Pipelines & Services 431 412 +4.6%
Storage and terminals · NGL Pipelines & Services 341 379 -10.0%
Storage and terminals · Petrochemical & Refined Products Services 320 312 +2.6%
Transportation · Crude Oil Pipelines & Services 770 779 -1.2%
Transportation · Natural Gas Pipelines & Services 1,812 1,546 +17.2%
Transportation · NGL Pipelines & Services 1,299 1,151 +12.9%
Transportation · Petrochemical & Refined Products Services 668 663 +0.8%
Show Business Segments breakouts
Crude Oil Pipelines & Services 20,761 21,580 -3.8%
Crude Oil Pipelines & Services · Intersegment Elimination -42,375 -54,415 +22.1%
Crude Oil Pipelines & Services · Operating Segments 20,735 21,546 -3.8%
Crude Oil Pipelines & Services · Operating Segments 26 34 -23.5%
Crude Oil Pipelines & Services · Operating Segments 63,136 75,995 -16.9%
Natural Gas Pipelines & Services 4,167 3,004 +38.7%
Natural Gas Pipelines & Services · Intersegment Elimination -960 -667 -43.9%
Natural Gas Pipelines & Services · Operating Segments 4,149 2,992 +38.7%
Natural Gas Pipelines & Services · Operating Segments 18 12 +50.0%
Natural Gas Pipelines & Services · Operating Segments 5,127 3,671 +39.7%
NGL Pipelines & Services 17,316 20,276 -14.6%
NGL Pipelines & Services · Intersegment Elimination -67,059 -48,822 -37.4%
NGL Pipelines & Services · Operating Segments 17,308 20,264 -14.6%
NGL Pipelines & Services · Operating Segments 8 12 -33.3%
NGL Pipelines & Services · Operating Segments 84,375 69,098 +22.1%
Petrochemical & Refined Products Services 10,352 11,359 -8.9%
Petrochemical & Refined Products Services · Intersegment Elimination -21,146 -25,352 +16.6%
Petrochemical & Refined Products Services · Operating Segments 10,352 11,359 -8.9%
Petrochemical & Refined Products Services · Operating Segments 31,498 36,711 -14.2%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Commodity Contract 235 249 -5.6%
Show Consolidation Items breakouts
Intersegment Elimination -131,540 -129,256 -1.8%
Operating Segments 184,136 185,475 -0.7%
Operating Segments · Nonrelated Party 52,544 56,161 -6.4%
Operating Segments · Related Party 52 58 -10.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
K/D/S Promix, L.L.C. (“Promix”) · Equity Method Investee 12 9 +33.3%
Seaway Crude Holdings LLC (“Seaway”) · Equity Method Investee 17 23 -26.1%
Show Related Party Transactions By Related Party breakouts
Equity Method Investee 52 58 -10.3%
Nonrelated Party 52,544 56,161 -6.4%
Related Party 52 58 -10.3%
Cost of Revenue 38,566 42,580 -9.4%
Show Business Segments breakouts
Crude Oil Pipelines & Services · Operating Segments 61,380 74,098 -17.2%
Natural Gas Pipelines & Services · Operating Segments 2,746 1,656 +65.8%
NGL Pipelines & Services · Operating Segments 76,347 61,260 +24.6%
Petrochemical & Refined Products Services · Operating Segments 28,496 33,755 -15.6%
Show Consolidation Items breakouts
Operating Segments 168,969 170,769 -1.1%
Total Costs & Expenses 45,691 49,289 -7.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
K/D/S Promix, L.L.C. (“Promix”) · Equity Method Investee 39 39 0.0%
Seaway Crude Holdings LLC (“Seaway”) · Equity Method Investee 26 30 -13.3%
Texas Express Pipeline LLC (“Texas Express”) · Equity Method Investee 3 10 -70.0%
Venice Energy Service Company, L.L.C. (“VESCO”) · Equity Method Investee 72 75 -4.0%
Show Related Party Transaction breakouts
Administrative Services Agreement · Affiliated Entity 1,577 1,446 +9.1%
Management/Operator Fees · Equity Method Investee -15 -14 -7.1%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 1,604 1,472 +9.0%
Equity Method Investee 159 185 -14.1%
Related Party 1,763 1,657 +6.4%
General & Administrative 251 244 +2.9%
Show Related Party Transaction breakouts
Administrative Services Agreement · Affiliated Entity 134 152 -11.8%
Show Related Party Transactions By Related Party breakouts
Nonrelated Party 103 78 +32.1%
Related Party 148 166 -10.8%
Operating Income 7,266 7,338 -1.0%
Non-Operating Income (Expense) -1,367 -1,303 -4.9%
Interest Expense -1,401 -1,352 -3.6%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Interest Rate Contract 7 6 +16.7%
Other Non-Operating Income (Expense) 4 2 +100.0%
Income Before Taxes 5,899 6,035 -2.3%
Income Tax Expense (Benefit) -23 -65 +64.6%
Net Income 5,876 5,970 -1.6%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income 199 184 +8.2%
Net Income 5,810 5,897 -1.5%
Comprehensive Income 5,910 5,826 +1.4%
Wtd Avg Shares (Diluted) 2,188 2,192 -0.2%
Income Loss From Equity Method Investments 361 408 -11.5%
Show Business Segments breakouts
Crude Oil Pipelines & Services 271 285 -4.9%
Crude Oil Pipelines & Services · Operating Segments 271 285 -4.9%
Natural Gas Pipelines & Services 5 5 0.0%
Natural Gas Pipelines & Services · Operating Segments 5 5 0.0%
NGL Pipelines & Services 83 117 -29.1%
NGL Pipelines & Services · Operating Segments 83 117 -29.1%
Petrochemical & Refined Products Services 2 1 +100.0%
Petrochemical & Refined Products Services · Operating Segments 2 1 +100.0%
Show Consolidation Items breakouts
Operating Segments 361 408 -11.5%
Operating Lease Lease Income 16 15 +6.7%
Net Income Loss Available To Common Stockholders Basic 5,755 5,841 -1.5%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax (FY)
Show Derivative Risk breakouts
Commodity Contract 285 115 +147.8%
Interest Rate Contract 14 -2 +800.0%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 969 583 +66.2%
Restricted Cash And Cash Equivalents At Carrying Value 276 255 +8.2%
Accounts Receivable (Q)
Show Related Party Transactions By Related Party breakouts
Equity Method Investee 1 4 -75.0%
Nonrelated Party 6,494 9,236 -29.7%
Related Party 1 4 -75.0%
Inventory 3,884 3,955 -1.8%
Derivative Assets Current 434 534 -18.7%
Prepaid Expenses & Other Current Assets 1,302 566 +130.0%
Total Current Assets 13,360 15,133 -11.7%
Show Consolidation Items breakouts
Corporate Non Segment 13,360 15,133 -11.7%
Non-Current Assets
Property, Plant & Equipment 51,359 49,062 +4.7%
Goodwill 5,712 5,712 0.0%
Show Business Segments breakouts
Crude Oil Pipelines & Services 1,841 1,841 0.0%
Natural Gas Pipelines & Services 75 75 0.0%
NGL Pipelines & Services 2,840 2,840 0.0%
Petrochemical & Refined Products Services 956 956 0.0%
Other Non-Current Assets 1,127 997 +13.0%
Show Consolidation Items breakouts
Corporate Non Segment 1,127 997 +13.0%
Total Assets 77,902 77,168 +1.0%
Show Business Segments breakouts
Crude Oil Pipelines & Services · Operating Segments 11,097 11,390 -2.6%
Natural Gas Pipelines & Services · Operating Segments 13,194 12,260 +7.6%
NGL Pipelines & Services · Operating Segments 24,999 21,900 +14.2%
Petrochemical & Refined Products Services · Operating Segments 11,725 11,350 +3.3%
Show Consolidation Items breakouts
Operating Segments 61,015 56,900 +7.2%
Operating Lease Right-of-Use Assets 437
Show Property Plant And Equipment By Type breakouts
Energy Equipment 247
Office and warehouse space 158
Transportation Equipment 32
Other Assets
Investments In Affiliates Subsidiaries Associates And Joint Ventures 2,185 2,259 -3.3%
Show Business Segments breakouts
Crude Oil Pipelines & Services 1,581 1,628 -2.9%
Crude Oil Pipelines & Services · Eagle Ford Pipeline LLC (“Eagle Ford Crude Oil Pipeline”) 351 368 -4.6%
Crude Oil Pipelines & Services · Eagle Ford Terminals Corpus Christi LLC (“Eagle Ford Corpus Christi”) 110 113 -2.7%
Crude Oil Pipelines & Services · Seaway Crude Holdings LLC (“Seaway”) 1,120 1,147 -2.4%
Natural Gas Pipelines & Services 31 30 +3.3%
Natural Gas Pipelines & Services · Old Ocean Pipeline, LLC (“Old Ocean”) 15 14 +7.1%
Natural Gas Pipelines & Services · White River Hub, LLC (“White River Hub”) 16 16 0.0%
NGL Pipelines & Services 572 598 -4.3%
NGL Pipelines & Services · Baton Rouge Fractionators LLC (“BRF”) 12 12 0.0%
NGL Pipelines & Services · Front Range Pipeline LLC (“Front Range”) 175 183 -4.4%
NGL Pipelines & Services · K/D/S Promix, L.L.C. (“Promix”) 21 22 -4.5%
NGL Pipelines & Services · Skelly-Belvieu Pipeline Company, L.L.C. (“Skelly-Belvieu”) 21 25 -16.0%
NGL Pipelines & Services · Texas Express Gathering LLC (“TEG”) 32 33 -3.0%
NGL Pipelines & Services · Texas Express Pipeline LLC (“Texas Express”) 287 299 -4.0%
NGL Pipelines & Services · Venice Energy Service Company, L.L.C. (“VESCO”) 24 24 0.0%
Petrochemical & Refined Products Services 1 3 -66.7%
Petrochemical & Refined Products Services · Baton Rouge Propylene Concentrator LLC (“BRPC”) 1 1 0.0%
Intangible Assets Net Excluding Goodwill 4,159 4,005 +3.8%
Show Business Segments breakouts
Crude Oil Pipelines & Services 1,488 1,573 -5.4%
Crude Oil Pipelines & Services · Contractual Rights 3 5 -40.0%
Crude Oil Pipelines & Services · Customer Relationships 1,485 1,568 -5.3%
Natural Gas Pipelines & Services 1,536 1,542 -0.4%
Natural Gas Pipelines & Services · Contractual Rights 885 854 +3.6%
Natural Gas Pipelines & Services · Customer Relationships 651 688 -5.4%
NGL Pipelines & Services 1,033 786 +31.4%
NGL Pipelines & Services · Contractual Rights 873 613 +42.4%
NGL Pipelines & Services · Customer Relationships 160 173 -7.5%
Petrochemical & Refined Products Services 102 104 -1.9%
Petrochemical & Refined Products Services · Contractual Rights 20 15 +33.3%
Petrochemical & Refined Products Services · Customer Relationships 82 89 -7.9%
Show Business Acquisition breakouts
Delaware Basin natural gas processing contracts (acquired 2018) · Contractual Rights 16
EFS Midstream (acquired 2015) · Customer Relationships 949
Jonah natural gas gathering agreements (acquired 2001) · Contractual Rights 35
Midland Basin customer contracts (acquired 2022) · Contractual Rights 876
Midland Basin Oxy customer contract (acquired 2025) · Contractual Rights 355
Oiltanking (acquired 2014) · Customer Relationships 807
Pinon Midstream customer contracts (acquired 2024) · Contractual Rights 416
San Juan Gathering (acquired 2004) · Customer Relationships 51
State Line and Fairplay (acquired 2010) · Customer Relationships 539
Show Finite Lived Intangible Assets By Major Class breakouts
Contractual Rights 1.8
Customer Relationships 2.4
Current Liabilities
Current Portion of Long-Term Debt 1,625 1,150 +41.3%
Accounts Payable (Q)
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 195 180 +8.3%
Equity Method Investee 22 18 +22.2%
Nonrelated Party 1,021 1,227 -16.8%
Related Party 217 198 +9.6%
Accrued Product Payables 8,183 10,777 -24.1%
Interest Payable Current 566 536 +5.6%
Derivative Liabilities Current 347 471 -26.3%
Other Liabilities Current 873 818 +6.7%
Total Current Liabilities 12,832 15,177 -15.5%
Deferred Revenue (Current) 157 168 -6.5%
Non-Current Liabilities
Long-Term Debt 32,770 30,746 +6.6%
Deferred Tax Liabilities 702 656 +7.0%
Other Non-Current Liabilities 984 950 +3.6%
Long-Term Debt (Q)
Show Long-Term Debt Type breakouts
Subordinated Debt Obligations 2.3
Operating Lease Liabilities 377 366 +3.0%
Contract With Customer Liability Noncurrent 261 284 -8.1%
Stockholders' Equity
Redeemable Noncontrolling Interest Equity Preferred Carrying Amount 44 50 -12.0%
Treasury Stock Preferred Value -1,297 -1,297 0.0%
Accumulated Other Comprehensive Income 336 236 +42.4%
Total Liabilities & Equity 77,902 77,168 +1.0%
Limited Partners Capital Account 30,700 29,793 +3.0%
Partners Capital 29,739 28,732 +3.5%
Partners Capital Attributable To Noncontrolling Interest 831 857 -3.0%
Show Ownership breakouts
Breviloba LLC 411 423 -2.8%
Enterprise Navigator Ethylene Terminal LLC 240 245 -2.0%
Other 180 189 -4.8%
Partners Capital Including Portion Attributable To Noncontrolling Interest 30,570 29,589 +3.3%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Commodity Contract 184 91 +102.2%
Accumulated Gain Loss Net Cash Flow Hedge Parent · Interest Rate Contract 150 143 +4.9%
Accumulated Other Comprehensive Income 336 236 +42.4%
Other 2 2 0.0%
Show Partner Capital Components breakouts
Accumulated Other Comprehensive Income 336 236 +42.4%
Limited Partner 30,700 29,793 +3.0%
Noncontrolling Interest 831 857 -3.0%
Treasury Stock Common -1,297 -1,297 0.0%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Deferred Income Taxes 46 45 +2.2%
Change in Accounts Receivable 2,748 -1,453 +289.1%
Change in Inventory 122 -598 +120.4%
Change in Other Liabilities -152 -123 -23.6%
Net Cash from Operations 8,585 8,115 +5.8%
Investing Activities
Other Investing Activities -25 -31 +19.4%
Net Cash from Investing -5,491 -5,433 -1.1%
Financing Activities
Share Repurchases -300 -219 -37.0%
Debt Repayments -85,771 -50,546 -69.7%
Debt Issuance Costs -42 -44 +4.5%
Net Cash from Financing -2,687 -2,164 -24.2%
Supplemental
Income Taxes Paid 12 20 -40.0%
Interest Paid 1,352 1,255 +7.7%
Other Cash Flow
Net Change in Cash 407 518 -21.4%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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