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Sentiment · FY2026 Q2
Enterprise reported Q1 2026 EBITDA of $2.7B, up 10% year-over-year, with EPS of $0.68 increasing 6% as record system volumes were achieved across all segments. Middle East conflict drove increased U.S. export demand, and U.S. petrochemical margins surged on global supply disruption. Management maintained discretionary cash flow guidance of approximately $1B for 2026 while announcing two new Permian processing plant FIDs to capture continued volume growth.
Demand | Revenue Growth | Capex Investment | Margin | Competitive Dynamics | Macroeconomic | Pricing | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 4 | 2 | 6 | 3 | 1 | 4 | 2 |
| 2025Q1 | 2 | 2 | 6 | 1 | 2 | 2 | 1 | 2 |
| 2025Q2 | 4 | 2 | 3 | 4 | 3 | 1 | 3 | 3 |
| 2025Q3 | 7 | 4 | 2 | 2 | 2 | 2 | 1 | 3 |
| 2025Q4 | 3 | 7 | 4 | 5 | 3 | 1 | 5 | 2 |
| 2026Q1 | 12 | 6 | 7 | 3 | 6 | 8 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 2 | 4 | 7 | 3 | 12 |
| Revenue Growth | 4 | 2 | 2 | 4 | 7 | 6 |
| Capex Investment | 2 | 6 | 3 | 2 | 4 | 7 |
| Margin | 6 | 1 | 4 | 2 | 5 | 3 |
| Competitive Dynamics | 3 | 2 | 3 | 2 | 3 | 6 |
| Macroeconomic | 1 | 2 | 1 | 2 | 1 | 8 |
| Pricing | 4 | 1 | 3 | 1 | 5 | |
| Capital Allocation | 2 | 2 | 3 | 3 | 2 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $14.20B | -2.9% | $0.73 | +2.8% | 13.9% | 11.4% | $1.30B |
| FY2025 Q1 | $15.42B | +4.5% | $0.64 | -3.0% | 11.4% | 9.0% | $1.25B |
| FY2025 Q2 | $11.36B | -15.7% | $0.66 | +4.8% | 15.0% | 12.6% |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jean Salisbury | Bank of America | 12 (17%) |
| Manav Gupta | UBS | 12 (0%) |
| John Mackay | Goldman Sachs |
| $762M |
| FY2025 Q3 | $12.02B | -12.7% | $0.61 | -6.2% | 14.0% | 11.0% | $-220M |
| FY2025 Q4 | $13.79B | -2.9% | $0.75 | +2.7% | 14.1% | 11.9% | $1.17B |
| FY2026 Q1 | $14.39B | -6.7% | $0.68 | +6.3% | 12.6% | 10.3% | $486M |
| FY2026 Q2 | $18.27B | +60.8% | $0.84 | +27.3% | 11.7% | 10.1% | — |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Keith Stanley | Wolfe Research | 11 (0%) |
| Theresa Chen | Barclays | 11 (9%) |
| Spiro Dounis | Citigroup | 10 (0%) |
| Michael Blum | Wells Fargo | 10 (0%) |
| Jeremy Tonet | JPMorgan | 9 (0%) |
| Brandon Bingham | Scotiabank | 9 (0%) |
| AJ O'Donnell | Tudor, Pickering, Holt | 8 (13%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 12 (8%) |
| UBS | 1 | 12 (0%) |
| Bank of America | 1 | 12 (17%) |
| Wolfe Research | 1 | 11 (0%) |
| Barclays | 1 | 11 (9%) |
| JPMorgan | 2 | 10 (0%) |
| Wells Fargo | 1 | 10 (0%) |
| Citigroup | 1 | 10 (0%) |
What EPD and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I think we saw from Saudi Aramco this morning they're gonna be halting LPG shipments through May.”
Saudi Aramco halting LPG shipments tightens global LPG supply, a dynamic that benefits U.S. LPG exporters like Enterprise.
“around the acquisition that we did from Occidental Petroleum, that you'd start seeing those volumes show up on our system at the beginning of 2027.”
Enterprise acquired midstream assets from Occidental Petroleum whose volumes are expected to ramp onto Enterprise's system starting in 2027.
“we also received the final payment of 596 million from ExxonMobil for the purchase of a 40% interest in the Bahia NGL pipeline.”
ExxonMobil completed its purchase of a 40% interest in Enterprise's Bahia NGL pipeline, making it a joint-venture partner in a major new midstream asset.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
EPD Enterprise Products Partners L.P. | 5 | -6.7% | |
| KMI Kinder Morgan | 9 | +13.5% | |
| OKE ONEOK | 9 | +19.6% | |
| TRGP Targa Resources | 5 | -15.6% | |
| WMB Williams Companies | 6 | -0.6% |