EPD Enterprise Products Partners L.P. Common Stock
$38.49
Price · Aug 21, 2026
Fundamentals as of Aug 7, 2026
52W Range
$30–$40
83% of range
Analyst Rating
HOLD
26 analysts
Price Target
$41
+7% upside
P/E (TTM)
18.5
ROE
—
Net Profit Margin
11.1%
About Enterprise Products Partners L.P. Common Stock Company overview from Wikipedia
Enterprise Products Partners L.P. is an American midstream natural gas and crude oil pipeline company with headquarters in Houston, Texas. They acquired GulfTerra in September 2004. The company ranked No. 89 in the 2026 Fortune 500 list of the largest United States corporations by total revenue. Dan Duncan was the majority owner until his death in 2010, when his heirs, including his widow and children inherited his stake.
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Enterprise Products Partners L.P. (NYSE: EPD) is an American midstream natural gas and crude oil pipeline company with headquarters in Houston, Texas. They acquired GulfTerra in September 2004. The company ranked No. 89 in the 2026 Fortune 500 list of the largest United States corporations by total revenue. Dan Duncan was the majority owner until his death in 2010, when his heirs, including his widow and children inherited his stake.
History
In 2005, Ralph S. Cunningham became CEO of Enterprise Products Partners.
On July 23, 2007, Cunningham replaced Michael A. Creel as president and CEO of the affiliated Enterprise GP Holdings LP (NYSE: EPE). Cunningham had earlier been named interim president and CEO, and resigned from the Enterprise Products CEO position effective July 31, 2007. Creel then became president and CEO of the company's general partner Enterprise Products Partners L.P.
Cunningham also became a director of both Enterprise GP Holdings and affiliated Duncan Energy Partners LP (NYSE: EPL).
Enterprise Products acquired Enterprise GP Holdings in 2010.
A. J. Teague was appointed CEO in 2016 and in 2020 W. Randall Fowler was appointed as joint CEO. A.J. Teague's retirement date is scheduled for January 4, 2027.
Incidents
On June 7, 2005, during replacement of an Enterprise Products pipeline pigging facility in Mirando City, Texas, HVL gases leaked past a stopple. The gases were ignited by a nearby air compressor, killing one of the repair crew.
On February 8, 2011, a series of explosions destroyed much of a Mont Belvieu facility owned and operated by Enterprise Products. The ensuing fire was controlled after two hours. One contractor at the plant was not accounted for, however no other injuries were reported.
On December 27, 2011, controllers for Enterprise Products received an alarm, for a leak on an LPG pipeline. The leak location was found in Loving County, Texas. Repair crew excavated the area, and found a full girth weld failure. During the pipeline repair, a flash fire involving residual pipeline product in the soil occurred the next day, injuring 3 employees, one of whom required in-patient hospitalization. The rupture was attributed to the complete circumferential separation of an acetylene girth weld dating to 1928, and the flash fire was attributed to operator error.
On January 26, 2015, a 20-inch Enterprise Products ATEX pipeline carrying ethane exploded and burned in Brooke County, West Virginia. Despite snow in the area, five acres of woodlands burned, and 1,283,000 gallons of ethane were consumed, or lost. The fireball melted siding on nearby homes and damaged power lines; it is believed that day's snowy weather lessened the damage. Reports suspect a girth weld failure from ductile tensile overload, with the pipeline being less than two years old. There were no injuries.
On December 1, 2015, personnel from Enterprise discovered a spill at their West Cushing Tank Farm, in Cushing, Oklahoma. Approximately 42,000 gallons of crude oil were released within the terminal. A tank line had failed from internal corrosion.
On November 29, 2016, an Enterprise Products pipeline exploded in Platte County, Missouri, burning about 210,000 gallons of an ethane propane mixture. There were no evacuations or injuries. The cause of the failure was stress corrosion cracking.
On January 30, 2017, a road crew punctured the Seaway S-1 crude oil pipeline in Texas, which is jointly joined by Enterprise Products Partners and the Canadian Enbridge Inc. through the joint venture Seaway Crude Pipeline Company. Two days later, it was unclear how much oil had spilled over the nearby Highway 121 northeast of Dallas. After the incident, supply concerns reportedly helped push "oil prices 2% higher in early trading to nearly $54 a barrel.
On December 6, 2017, an Enterprise Products pipeline exploded around 1:30 am near Loving, in southeast New Mexico. Eddy County officials asked residents within a 2-mile radius of the intersection of U.S. Highway 285 and State Road 31 to voluntarily evacuate.
On August 21, 2020, a dredging vessel hit a submerged Enterprise Products propane pipeline, in the harbor of Corpus Christi, Texas, causing an explosion and fire. Five of the crew were killed, and, six others were injured.
On December 5, 2024, private wells near Durango, Colorado were flooded with 12 feet of gasoline after 23,000 gallons leaked from a broken Enterprise Products pipeline. The spill is atop Florida Mesa, hundreds of feet above the Animas River. Detectors are now finding benzene seepage in intermittent springbeds running down the hillsides toward the river.
Assets
According to the company website and their regulatory fillings, it has the following assets:
Pipelines
51,000 miles (82,000 km) of pipelines, including:
NGL Pipelines & Services: 19,400 miles (31,200 km) of natural gas liquids pipelines
Onshore Natural Gas Pipelines & Services: 19,600 miles (31,500 km) of natural gas pipelines
Onshore Crude Oil Pipelines & Services: 4,600 miles (7,400 km) of onshore crude oil pipelines
Offshore Pipelines & Services: 2,300 miles (3,700 km) of Gulf of Mexico natural gas and crude oil pipelines
Propylene Pipelines: 985 miles (1,585 km) of propylene pipelines in Texas and Louisiana.
Storage (salt dome)
177 million barrels (28.1 million cubic metres) of NGL storage capacity
27×10^9 cu ft (760,000,000 m3) of natural gas storage capacity
Marine Terminals
NGL Import/Export Terminals on the Houston Ship Channel
Import: unload up to 8,100 Bbls/hr
Export: load up to 10,000 Bbls/hr
Fractionation
19 NGL and propylene fractionators
NGL: nine plants, with a net capacity of approximately 439 Mbpd
Propylene: two facilities, with a net capacity of approximately 87 Mbpd
Isomerization: three plants, with a net capacity of approximately 116 Mbpd
Natural gas processing
26 plants, with a net processing capacity of 6.3 Bcf/day
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
EPD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$38.49
Market Cap
—
P/E (TTM)
18.5
EPS (TTM)
—
Revenue (TTM)
$52.60B
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$30 – $40
EPD Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$52.60B
2016-12-31
→
2025-12-31
EPS
—
Free Cash Flow
$2.96B
2016-12-31
→
2025-12-31
Margins
11.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
EPD
Peer Median
P/E (TTM)
18.5
16.1
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
EPD
Peer Median
Operating Margin
13.8%
—
Net Profit Margin
11.1%
15.9%
ROA
7.5%
6.4%
ROIC
21.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
EPD
Peer Median
Current Ratio
1.0
0.8
Quick Ratio
0.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
EPD
Peer Median
Revenue YoY
-6.4%
—
Revenue CAGR 3Y
-3.3%
—
Revenue CAGR 5Y
14.1%
—
Net Income YoY
-1.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
EPD
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 31, 2026 | $0.5600 |
| April 30, 2026 | $0.5500 |
| Jan. 30, 2026 | $0.5500 |
| Oct. 31, 2025 | $0.5450 |
| July 31, 2025 | $0.5450 |
| April 30, 2025 | $0.5350 |
| Jan. 31, 2025 | $0.5350 |
| Oct. 31, 2024 | $0.5250 |
| July 31, 2024 | $0.5250 |
| April 29, 2024 | $0.5150 |
| Jan. 30, 2024 | $0.5150 |
| Oct. 30, 2023 | $0.5000 |
| July 28, 2023 | $0.5000 |
| April 27, 2023 | $0.4900 |
| Jan. 30, 2023 | $0.4900 |
| Oct. 28, 2022 | $0.4750 |
| July 28, 2022 | $0.4750 |
| April 28, 2022 | $0.4650 |
| Jan. 28, 2022 | $0.4650 |
| Oct. 28, 2021 | $0.4500 |
EPD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
26 analysts
- Strong Buy 6 23.1%
- Buy 9 34.6%
- Hold 10 38.5%
- Sell 1 3.8%
- Strong Sell 0 0.0%
12-Month Price Target
20 analysts · 2026-08-17
Median
$41.00
Now
$38.49
Low
$37.00
High
$46.00
Median target
$41.00
+6.5%
Mean target
$41.15
+6.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.00%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.84 | $0.74 | 0.10% |
| March 31, 2026 | $0.68 | $0.72 | -0.04% |
| Dec. 31, 2025 | $0.75 | $0.70 | 0.05% |
| Sept. 30, 2025 | $0.61 | $0.68 | -0.07% |
| June 30, 2025 | $0.66 | $0.65 | 0.01% |
| March 31, 2025 | $0.64 | $0.71 | -0.07% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| EPD | — | 18.5 | -6.4% | 11.1% | — | — |
| WMB | — | 28.1 | 13.8% | 21.9% | 20.7% | — |
| ET | — | — | 3.5% | 5.2% | 9.4% | — |
| KMI | $61.16B | 20.1 | 12.2% | 18.0% | 9.9% | — |
| TRGP | $39.61B | 21.7 | 4.0% | 11.3% | 68.0% | — |
| OKE | $46.28B | 13.6 | 55.0% | 10.1% | 17.2% | — |
| MPLX | — | — | 8.9% | 38.1% | — | — |
| LNG | $41.29B | 8.1 | 27.2% | 26.7% | 78.3% | — |
| CQP | — | -109.1 | 23.6% | 27.8% | — | — |
| WES | — | — | 6.6% | 30.7% | — | — |
| PAA | — | — | -9.5% | 3.2% | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52.60B | $56.22B | $49.72B | $58.19B | $40.81B | $27.20B | $32.79B | $36.53B | $29.24B | $23.02B | $27.03B | $47.95B | |
| Cost of Revenue | $38.57B | $42.58B | $37.02B | $45.84B | $29.89B | $16.72B | $22.07B | $26.79B | $21.49B | $15.71B | $19.61B | $40.46B | |
| SG&A Expense | $251M | $244M | $231M | $241M | $209M | $220M | $212M | $208M | $181M | $160M | $193M | $214M | |
| Operating Expenses | $45.69B | $49.29B | $43.25B | $51.74B | $35.29B | $22.59B | $27.27B | $31.61B | $25.74B | $19.80B | $23.86B | $44.44B | |
| Operating Income | $7.27B | $7.34B | $6.93B | $6.91B | $6.10B | $5.04B | $6.08B | $5.41B | $3.93B | $3.58B | $3.54B | $3.78B | |
| Interest Expense | · | · | $1.27B | $1.24B | $1.28B | $1.29B | $1.24B | $1.10B | $985M | $983M | $962M | $921M | |
| Interest Income | · | · | · | · | · | · | · | · | · | · | · | $1M | |
| Other Non-op | $4M | $2M | $14M | $23M | $0 | $1M | $5M | $0 | $0 | $3M | $3M | $2M | |
| Pretax Income | $5.90B | $6.04B | $5.70B | $5.70B | $4.83B | $3.76B | $4.73B | $4.30B | $2.88B | $2.58B | $2.56B | $2.86B | |
| Income Tax | $23M | $65M | $44M | $82M | $70M | $-124M | $46M | $60M | $26M | $23M | $-2M | $23M | |
| Net Income | $5.81B | $5.90B | $5.53B | $5.49B | $4.63B | $3.77B | $4.59B | $4.17B | $2.80B | $2.51B | $2.52B | $2.79B | |
| Shares (Diluted) | 2,188,000,000 | 2,192,000,000 | 2,194,000,000 | 2,199,000,000 | 2,203,000,000 | 2,202,000,000 | 2,201,700,000 | 2,187,000,000 | 2,154,300,000 | 2,089,100,000 | 1,998,600,000 | 1,895,200,000 | |
| EBITDA | $7.27B | $7.34B | $6.93B | $6.91B | $6.10B | $7.11B | $8.03B | $7.20B | $5.57B | $5.13B | $5.06B | $5.14B |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $969M | $583M | $180M | $76M | $2.82B | $1.06B | $335M | $345M | $5M | $63M | $19M | $74M | |
| Receivables | · | · | · | $6.96B | $6.97B | $4.80B | $4.87B | $3.66B | $4.36B | $3.33B | $2.57B | $3.82B | |
| Inventory | $3.88B | $3.96B | $3.35B | $2.55B | $2.68B | $3.30B | $2.09B | $1.52B | $1.61B | $1.77B | $1.04B | $1.01B | |
| Prepaid Expense | $1.30B | $566M | $457M | $394M | $399M | $411M | $358M | $312M | $313M | $468M | $396M | $350M | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | · | $396M | $350M | |
| Current Assets | $13.36B | $15.13B | $12.25B | $10.60B | $13.27B | $9.91B | $7.86B | $6.06B | $6.51B | $6.53B | $4.30B | $5.49B | |
| PP&E (Net) | $51.36B | $49.06B | $45.80B | $44.40B | $42.09B | $41.91B | $41.60B | $38.74B | $35.62B | $33.29B | $32.03B | $29.88B | |
| PP&E (Gross) | $75.47B | $71.20B | $66.22B | $63.12B | $59.09B | $57.50B | $55.28B | $50.90B | $46.55B | $43.00B | $40.61B | $38.05B | |
| Accum. Depreciation | · | $22.33B | $20.46B | $18.80B | $17.08B | $15.58B | $13.68B | $12.16B | $10.92B | $9.71B | $8.58B | $8.17B | |
| Goodwill | $5.71B | $5.71B | $5.61B | $5.61B | $5.45B | $5.45B | $5.75B | $5.75B | $5.75B | $5.75B | $5.75B | $4.30B | |
| Intangibles | $4.16B | $4.00B | $3.77B | $3.96B | $3.15B | $3.31B | $3.45B | $3.61B | $3.69B | $3.86B | $4.04B | $4.30B | |
| Other Non-current Assets | $690M | $997M | $1.22B | $1.18B | $1.14B | $1.10B | $472M | $203M | $196M | $87M | $58M | $184M | |
| Total Assets | $77.90B | $77.17B | $70.98B | $68.11B | $67.53B | $64.11B | $61.73B | $56.97B | $54.42B | $52.19B | $48.80B | $47.20B | |
| Accounts Payable | · | · | · | $743M | $632M | $705M | $1.00B | $1.10B | $802M | $398M | $860M | $774M | |
| Current Liabilities | $12.83B | $15.18B | $13.13B | $12.27B | $11.62B | $8.99B | $9.13B | $7.17B | $9.30B | $8.25B | $7.17B | $7.87B | |
| Capital Leases | $377M | $366M | $323M | $341M | $339M | $321M | $172M | $0 | · | · | · | · | |
| Deferred Tax | $702M | $656M | $611M | $600M | $518M | $465M | $100M | $80M | $58M | $53M | $46M | $67M | |
| Other Non-current Liabilities | $607M | $950M | $984M | $941M | $760M | $687M | $1.03B | $752M | $578M | $504M | $412M | $411M | |
| Long-term Debt | $34.40B | $31.90B | $28.75B | $28.30B | $29.54B | $29.87B | $27.63B | $26.18B | $24.57B | $23.70B | $22.54B | $21.36B | |
| Total Debt | $34.40B | $31.90B | $28.75B | $28.30B | $29.54B | $29.87B | $27.63B | $26.18B | $24.57B | $23.70B | $22.69B | $21.36B | |
| Treasury Stock | · | · | · | · | · | · | $0 | · | · | · | · | · | |
| AOCI | $336M | $236M | $307M | $365M | $286M | $-165M | $71M | $51M | $-172M | $-280M | $-219M | $-242M | |
| Liabilities + Equity | $77.90B | $77.17B | $70.98B | $68.11B | $67.53B | $64.11B | $61.73B | $56.97B | $54.42B | $52.19B | $48.80B | $47.20B |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | $2.07B | $1.95B | $1.79B | $1.64B | $1.55B | $1.52B | $1.36B | |
| Deferred Tax | $46M | $45M | $12M | $60M | $40M | $-148M | $20M | $21M | $6M | $7M | $-21M | $6M | |
| Amort. of Intangibles | $216M | $207M | $201M | $177M | $151M | $143M | $175M | $170M | $167M | $171M | $174M | $111M | |
| Other Non-cash | · | · | · | · | · | $-575M | $-498M | $157M | $249M | $-186M | $-338M | $-100M | |
| Operating Cash Flow | $8.59B | $8.12B | $7.57B | $8.04B | $8.51B | $5.89B | $6.52B | $6.13B | $4.67B | $4.07B | $4.00B | $4.16B | |
| CapEx | $5.62B | $4.54B | $3.27B | $1.96B | $2.22B | $3.29B | $4.53B | $4.22B | $3.10B | $2.98B | $3.83B | $2.89B | |
| Investing Cash Flow | $-5.49B | $-5.43B | $-3.20B | $-4.95B | $-2.13B | $-3.12B | $-4.58B | $-4.28B | $-3.29B | $-4.01B | $-3.43B | · | |
| Stock Repurchased | $300M | $219M | $188M | $250M | $214M | $186M | $81M | $31M | $0 | $0 | · | · | |
| Net Stock Activity | $-300M | $-219M | $-188M | $-250M | $-214M | $-186M | $-81M | $-31M | · | · | · | · | |
| Financing Cash Flow | $-2.69B | $-2.16B | $-4.26B | $-5.84B | $-4.57B | $-2.02B | $-1.95B | $-1.50B | $-1.73B | $322M | $-616M | · | |
| Net Change in Cash | $407M | $518M | $114M | $-2.76B | $1.81B | $748M | $-100.0K | $340M | $-347M | $383M | $-40M | $18M | |
| Taxes Paid | $12M | $20M | $24M | $0 | $18M | $25M | $24M | · | · | · | · | · | |
| Free Cash Flow | $2.96B | $3.57B | $4.30B | $6.08B | $6.29B | $2.60B | $1.99B | $1.90B | $1.52B | $1.04B | $172M | $1.27B | |
| Levered FCF | · | · | $3.04B | $4.85B | $5.02B | $1.27B | $758M | $822M | $543M | $68M | $-791M | $356M |
Profitability 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 13.8% | 13.1% | 13.9% | 11.9% | 15.0% | 18.5% | 18.5% | 14.8% | 13.4% | 15.6% | 13.1% | 7.9% | |
| Net Margin | 11.1% | 10.5% | 11.1% | 9.4% | 11.4% | 13.9% | 14.0% | 11.4% | 9.6% | 10.9% | 9.3% | 5.8% | |
| Pretax Margin | 11.2% | 10.7% | 11.5% | 9.8% | 11.8% | 13.8% | 14.4% | 11.8% | 9.8% | 11.2% | 9.5% | 6.0% | |
| EBITDA Margin | 13.8% | 13.1% | 13.9% | 11.9% | 15.0% | 26.1% | 24.5% | 19.7% | 19.1% | 22.3% | 18.7% | 10.7% | |
| ROA | 7.5% | 8.0% | 8.0% | 8.1% | 7.0% | 6.0% | 7.7% | 7.5% | 5.2% | 5.0% | 5.2% | 6.4% | |
| ROIC | 21.0% | 22.8% | 23.9% | 24.1% | 20.4% | 17.4% | 21.8% | 20.4% | 15.8% | 15.0% | 15.6% | 17.5% |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.0 | 0.9 | 0.9 | 1.1 | 1.1 | 0.9 | 0.8 | 0.7 | 0.8 | 0.6 | 0.7 | |
| Quick Ratio | 0.1 | 0.0 | 0.0 | 0.6 | 0.8 | 0.7 | 0.6 | 0.6 | 0.5 | 0.4 | 0.4 | 0.5 | |
| Interest Coverage | · | · | 5.5 | 5.6 | 4.8 | 3.9 | 4.9 | 4.9 | 4.0 | 3.6 | 3.7 | 4.1 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.7 | 0.8 | 0.7 | 0.9 | 0.6 | 0.4 | 0.6 | 0.7 | 0.5 | 0.5 | 0.6 | 1.1 | |
| Inventory Turnover | 9.8 | 11.7 | 12.5 | 17.5 | 10.0 | 6.2 | 12.2 | 17.1 | 12.7 | 11.2 | 19.1 | 38.4 | |
| Receivables Turnover | · | · | · | 8.4 | 6.9 | 5.6 | 7.7 | 9.1 | 7.6 | 7.8 | 8.5 | 10.3 |
Growth Rates 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -6.4% | 13.1% | -14.6% | 42.6% | 50.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -3.3% | 11.3% | 22.3% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 14.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -1.5% | 6.7% | 0.77% | 18.4% | 22.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 1.9% | 8.4% | 13.6% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 9.0% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $52.60B | $56.22B | $49.72B | $58.19B | $40.81B | $27.20B | $32.79B | $36.53B | $29.24B | $23.02B | $27.03B | $47.95B | |
| Net Income TTM | $5.81B | $5.90B | $5.53B | $5.49B | $4.63B | $3.77B | $4.59B | $4.17B | $2.80B | $2.51B | $2.52B | $2.79B | |
| P/E | 18.5 | 18.1 | 15.2 | 13.9 | 12.7 | 11.3 | 16.3 | 14.2 | 15.3 | 15.6 | 14.8 | 20.9 | |
| Earnings Yield | 5.4% | 5.5% | 6.6% | 7.2% | 7.9% | 8.8% | 6.1% | 7.0% | 6.5% | 6.4% | 6.8% | 4.8% |
Income Statement 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.27B | $14.39B | $13.79B | $12.02B | $11.36B | $15.42B | $14.20B | $13.78B | $13.48B | $14.76B | $14.62B | $12.00B | $10.65B | $12.44B | $13.65B | $15.47B | |
| Cost of Revenue | $14.16B | $10.68B | $10.07B | $8.59B | $7.90B | $12.01B | $10.60B | $10.39B | $10.18B | $11.40B | $11.23B | $8.79B | $7.68B | $9.33B | $10.51B | $12.32B | |
| SG&A Expense | $64M | $64M | $62M | $61M | $68M | $60M | $60M | $61M | $57M | $66M | $59M | $59M | $56M | $57M | $62M | $55M | |
| Operating Expenses | $16.13B | $12.57B | $11.85B | $10.43B | $9.66B | $13.75B | $12.34B | $12.09B | $11.82B | $13.04B | $12.82B | $10.43B | $9.19B | $10.81B | $12.01B | $13.87B | |
| Operating Income | $2.25B | $1.90B | $2.02B | $1.69B | $1.79B | $1.76B | $1.97B | $1.78B | $1.76B | $1.82B | $1.92B | $1.70B | $1.58B | $1.73B | $1.76B | $1.71B | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $331M | · | $328M | $302M | $314M | · | $309M | |
| Other Non-op | $-1M | $1M | $0 | $2M | $1M | $1M | $2M | $0 | $0 | $0 | $302M | $0 | $14M | $-302M | $17M | $4M | |
| Pretax Income | $1.87B | $1.52B | $1.66B | $1.34B | $1.47B | $1.43B | $1.64B | $1.45B | $1.44B | $1.50B | $1.60B | $1.37B | $1.30B | $1.43B | $1.48B | $1.41B | |
| Income Tax | $12M | $22M | $-4M | $-13M | $16M | $24M | $10M | $19M | $15M | $21M | $-1M | $22M | $13M | $10M | $28M | $18M | |
| Net Income | $1.84B | $1.48B | $1.64B | $1.34B | $1.44B | $1.39B | $1.62B | $1.42B | $1.41B | $1.46B | $1.57B | $1.32B | $1.25B | $1.39B | $1.42B | $1.36B | |
| Shares (Diluted) | 2,185,000,000 | 2,187,000,000 | -4,379,000,000 | 2,186,000,000 | 2,190,000,000 | 2,191,000,000 | -4,387,000,000 | 2,192,000,000 | 2,194,000,000 | 2,193,000,000 | -4,391,000,000 | 2,194,000,000 | 2,196,000,000 | 2,195,000,000 | -4,400,000,000 | 2,199,000,000 | |
| EBITDA | $2.25B | $1.90B | · | $1.69B | $1.79B | $1.76B | · | $1.78B | $1.76B | $1.82B | · | $1.70B | $1.58B | $1.73B | · | $1.71B |
Balance Sheet 20
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $246M | $191M | $969M | $206M | $870M | $220M | $583M | $1.43B | $138M | $283M | · | $171M | $183M | $76M | · | $167M | |
| Receivables | · | · | · | · | · | · | · | · | · | · | · | · | · | $6.63B | · | $6.70B | |
| Inventory | $4.67B | $5.23B | $3.88B | $4.16B | $3.97B | $3.23B | $3.96B | $3.32B | $3.36B | $3.26B | · | $3.35B | $2.50B | $2.19B | · | $3.17B | |
| Prepaid Expense | $832M | $713M | $1.30B | $677M | $844M | $606M | $566M | $565M | $543M | $531M | · | $436M | $463M | $384M | · | $435M | |
| Current Assets | $15.90B | $15.68B | $13.36B | $13.24B | $14.16B | $12.76B | $15.13B | $14.38B | $13.45B | $12.09B | · | $11.43B | $9.70B | $9.69B | · | $11.08B | |
| PP&E (Net) | $52.22B | $51.73B | $51.36B | $51.51B | $50.49B | $49.72B | $49.06B | $48.10B | $47.44B | $46.43B | · | $45.34B | $45.05B | $44.60B | · | $44.17B | |
| PP&E (Gross) | $77.39B | $76.33B | $75.47B | $75.12B | $73.64B | $72.36B | $71.20B | $69.77B | $68.63B | $67.25B | · | $65.28B | $64.66B | $63.76B | · | $62.46B | |
| Goodwill | $5.71B | $5.71B | $5.71B | $5.71B | $5.71B | $5.71B | $5.71B | $5.61B | $5.61B | $5.61B | $5.61B | $5.61B | $5.61B | $5.61B | $5.61B | $5.61B | |
| Intangibles | $4.05B | $4.10B | $4.16B | $4.21B | $3.90B | $3.95B | $4.00B | $3.62B | $3.67B | $3.72B | · | $3.82B | $3.87B | $3.92B | · | $4.01B | |
| Other Non-current Assets | $944M | $1.16B | $1.13B | $954M | $952M | $1.01B | $997M | $1.08B | $1.10B | $1.20B | · | $1.27B | $1.16B | $1.18B | · | $1.21B | |
| Total Assets | $81.76B | $80.56B | $77.90B | $77.82B | $77.44B | $75.41B | $77.17B | $75.06B | $73.56B | $71.37B | · | $69.80B | $67.73B | $67.33B | · | $68.44B | |
| Accounts Payable | · | · | · | · | · | · | · | · | · | · | · | · | · | $750M | · | $754M | |
| Current Liabilities | $17.15B | $17.22B | $12.83B | $15.05B | $14.76B | $14.87B | $15.18B | $13.40B | $14.81B | $13.03B | · | $12.47B | $10.71B | $10.41B | · | $12.90B | |
| Capital Leases | $701M | $363M | $377M | $315M | $329M | $348M | $366M | $350M | $366M | $333M | · | $338M | $335M | $338M | · | $344M | |
| Deferred Tax | $720M | $716M | $702M | $655M | $672M | $667M | $656M | $634M | $625M | $620M | · | $605M | $591M | $603M | · | $565M | |
| Other Non-current Liabilities | $872M | $1.03B | $984M | $903M | $934M | $915M | $950M | $1.06B | $992M | $912M | · | $1.01B | $915M | $965M | · | $938M | |
| Long-term Debt | $33.23B | $33.91B | $34.40B | $33.58B | $32.73B | $31.58B | $31.90B | $31.91B | $30.34B | $29.43B | · | $28.92B | $28.65B | $28.59B | · | $29.20B | |
| Total Debt | $33.23B | $33.91B | · | $33.58B | $32.73B | $31.58B | · | $31.91B | $30.34B | $29.43B | · | $28.92B | $28.65B | $28.59B | · | $29.20B | |
| AOCI | $174M | $-15M | $336M | $264M | $236M | $285M | $236M | $303M | $176M | $143M | · | $203M | $268M | $241M | $365M | $373M | |
| Liabilities + Equity | $81.76B | $80.56B | $77.90B | $77.82B | $77.44B | $75.41B | $77.17B | $75.06B | $73.56B | $71.37B | · | $69.80B | $67.73B | $67.33B | · | $68.44B |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Deferred Tax | $5M | $14M | $47M | $-17M | $5M | $11M | $22M | $9M | $5M | $9M | $7M | $13M | $-11M | $3M | $36M | $8M | |
| Amort. of Intangibles | $59M | $58M | $57M | $55M | $52M | $52M | $52M | $54M | $51M | $50M | $53M | $52M | $50M | $46M | $45M | $46M | |
| Operating Cash Flow | $3.18B | $1.47B | $2.47B | $1.74B | $2.06B | $2.31B | $2.36B | $2.07B | $1.57B | $2.11B | $2.37B | $1.72B | $1.90B | $1.58B | $2.73B | $1.05B | |
| CapEx | $1.16B | $983M | $1.30B | $1.96B | $1.30B | $1.06B | $1.06B | $1.17B | $1.26B | $1.05B | $1.01B | $821M | $780M | $653M | $761M | $472M | |
| Investing Cash Flow | $-1.15B | $-381M | $-1.24B | $-1.94B | $-1.27B | $-1.05B | $-2.00B | $-1.15B | $-1.24B | $-1.04B | $-977M | $-818M | $-765M | $-637M | $-645M | $-441M | |
| Stock Repurchased | $159M | $116M | $50M | $80M | $110M | $60M | $63M | $76M | $40M | $40M | $96M | $0 | $75M | $17M | $143M | $72M | |
| Net Stock Activity | · | $-116M | · | · | · | $-60M | · | · | · | $-40M | · | · | · | $-17M | · | · | |
| Financing Cash Flow | $-2.08B | $-1.94B | $-424M | $-467M | $-145M | $-1.65B | $-1.19B | $319M | $-281M | $-1.01B | $-1.38B | $-863M | $-1.14B | $-876M | $-2.13B | $-751M | |
| Net Change in Cash | $-49M | $-851M | $813M | $-664M | $642M | $-384M | $-835M | $1.24B | $50M | $64M | $6M | $37M | $1M | $70M | $-49M | $-142M | |
| Taxes Paid | $1M | $0 | $0 | $0 | $15M | $-3M | $1M | $0 | $20M | $-1M | $2M | $10M | $10M | $2M | $0 | $3M | |
| Free Cash Flow | · | $486M | · | · | · | $1.25B | · | · | · | $1.06B | · | · | · | $930M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $738M | · | · | · | $618M | · | · |
Profitability 6
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 12.3% | 13.2% | · | 14.0% | 15.8% | 11.4% | · | 12.9% | 13.1% | 12.3% | · | 14.1% | 14.8% | 13.9% | · | 11.1% | |
| Net Margin | 10.1% | 10.3% | · | 11.1% | 12.6% | 9.0% | · | 10.3% | 10.4% | 9.9% | · | 11.0% | 11.8% | 11.2% | · | 8.8% | |
| Pretax Margin | 10.2% | 10.5% | · | 11.2% | 12.9% | 9.3% | · | 10.5% | 10.7% | 10.2% | · | 11.4% | 12.2% | 11.5% | · | 9.1% | |
| EBITDA Margin | 12.3% | 13.2% | · | 14.0% | 15.8% | 11.4% | · | 12.9% | 13.1% | 12.3% | · | 14.1% | 14.8% | 13.9% | · | 11.1% | |
| ROA | 2.3% | 1.9% | · | 1.8% | 1.9% | 1.9% | · | 2.0% | 2.0% | 2.1% | · | 1.9% | 1.8% | 2.0% | · | 2.0% | |
| ROIC | 6.7% | 5.5% | · | 5.1% | 5.4% | 5.5% | · | 5.5% | 5.8% | 6.1% | · | 5.8% | 5.5% | 6.0% | · | 5.8% |
Liquidity & Solvency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 0.9 | · | 0.9 | 1.0 | 0.9 | · | 1.1 | 0.9 | 0.9 | · | 0.9 | 0.9 | 0.9 | · | 0.9 | |
| Quick Ratio | 0.0 | 0.0 | · | 0.0 | 0.1 | 0.0 | · | 0.1 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.6 | · | 0.5 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 5.5 | · | 5.2 | 5.2 | 5.5 | · | 5.5 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Inventory Turnover | 3.3 | 2.5 | · | 2.3 | 2.2 | 3.7 | · | 3.1 | 3.5 | 4.2 | · | 2.7 | 2.7 | 3.9 | · | 3.9 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | · | · | · | · | 1.6 | · | 2.4 |
Valuation (TTM) 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $56.04B | $53.19B | · | $52.58B | $54.04B | $57.44B | · | $54.02B | $50.89B | $49.85B | · | $50.56B | $54.62B | $56.98B | · | $55.37B | |
| Net Income TTM | $6.09B | $5.65B | · | $5.58B | $5.65B | $5.67B | · | $5.60B | $5.43B | $5.42B | · | $5.32B | $5.41B | $5.46B | · | $5.22B | |
| P/E | 21.2 | 21.9 | · | 18.1 | 17.9 | 19.7 | · | 16.8 | 16.8 | 16.9 | · | 15.8 | 15.2 | 15.0 | · | 13.7 | |
| Earnings Yield | 4.7% | 4.6% | · | 5.5% | 5.6% | 5.1% | · | 5.9% | 6.0% | 5.9% | · | 6.3% | 6.6% | 6.7% | · | 7.3% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $52.60B | $56.22B | $49.72B | $58.19B | $40.81B |
| Operating Margin % | 13.8% | 13.1% | 13.9% | 11.9% | 15.0% |
| Net Income | $5.81B | $5.90B | $5.53B | $5.49B | $4.63B |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.0 | 0.9 | 0.9 | 1.1 |
| Quick Ratio | 0.1 | 0.0 | 0.0 | 0.6 | 0.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $2.96B | $3.57B | $4.30B | $6.08B | $6.29B |
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Institutional owners (13F) 1,714 filers · $15.4B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 86 (-129 vs prior Q) | 98 (+43 vs prior Q) | 539 (+5 vs prior Q) | 450 (-24 vs prior Q) | +18.7M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| ALPS ADVISORS INC | $1,604,759,859 | 43,655,056 | 10.45% | Shares |
| Blackstone Inc. | $873,430,135 | 23,760,341 | 5.69% | Shares |
| TORTOISE CAPITAL ADVISORS, L.L.C. | $682,137,712 | 18,556,521 | 4.44% | Shares |
| Fayez Sarofim & Co | $499,231,666 | 13,580,840 | 3.25% | Shares |
| NEUBERGER BERMAN GROUP LLC | $491,660,891 | 13,374,940 | 3.20% | Shares |
| MORGAN STANLEY | $476,440,121 | 12,960,830 | 3.10% | Shares |
| AMERICAN CENTURY COMPANIES INC | $434,992,770 | 11,833,318 | 2.83% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $433,047,725 | 11,780,406 | 2.82% | Shares |
| Energy Income Partners, LLC | $405,178,425 | 11,022,264 | 2.64% | Shares |
| UBS Group AG | $363,629,479 | 9,891,988 | 2.37% | Shares |
| Ensign Peak Advisors, Inc | $301,062,966 | 8,189,961 | 1.96% | Shares |
| BERKLEY W R CORP | $250,887,000 | 6,825,000 | 1.63% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $217,570,180 | 5,918,667 | 1.42% | Shares |
| FMR LLC | $212,689,610 | 5,785,898 | 1.39% | Shares |
| Clearbridge Investments, LLC | $202,470,220 | 5,507,895 | 1.32% | Shares |
| FAIRHOLME CAPITAL MANAGEMENT LLC | $200,555,208 | 5,455,800 | 1.31% | Shares |
| Hamlin Capital Management, LLC | $176,167,043 | 4,792,357 | 1.15% | Shares |
| LPL Financial LLC | $156,666,568 | 4,261,876 | 1.02% | Shares |
| BANK OF AMERICA CORP /DE/ | $153,072,169 | 4,164,096 | 1.00% | Shares |
| RAYMOND JAMES FINANCIAL INC | $146,878,411 | 3,995,604 | 0.96% | Shares |
| HighTower Advisors, LLC | $140,498,670 | 3,822,053 | 0.92% | Shares |
| GOLDMAN SACHS GROUP INC | $139,178,800 | 3,786,148 | 0.91% | Shares |
| Paralel Advisors LLC | $134,174,000 | 3,650,000 | 0.87% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $129,566,906 | 3,524,671 | 0.84% | Shares |
| CIBC Bancorp USA Inc. | $129,153,875 | 3,513,394 | 0.84% | Shares |
| REAVES W H & CO INC | $128,437,234 | 3,493,940 | 0.84% | Shares |
| EAGLE GLOBAL ADVISORS LLC | $120,766,378 | 3,285,266 | 0.79% | Shares |
| MILLER HOWARD INVESTMENTS INC /NY | $118,069,104 | 3,211,891 | 0.77% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $114,762,442 | 3,121,938 | 0.75% | Shares |
| Corient Private Wealth LP | $99,119,388 | 2,696,410 | 0.65% | Shares |
| KAYNE ANDERSON CAPITAL ADVISORS LP | $98,996,702 | 2,693,055 | 0.64% | Shares |
| Arax Advisory Partners | $97,324,787 | 2,647,573 | 0.63% | Shares |
| Americana Partners, LLC | $89,145,099 | 2,425,057 | 0.58% | Shares |
| CITADEL ADVISORS LLC | $87,433,660 | 2,378,500 | 0.57% | Call option |
| U.S. Capital Wealth Advisors, LLC | $86,151,958 | 2,276,743 | 0.56% | Shares |
| ING GROEP NV | $82,562,960 | 2,246,000 | 0.54% | Shares |
| Chicago Partners Investment Group LLC | $80,436,336 | 2,073,101 | 0.52% | Shares |
| JANE STREET GROUP, LLC | $76,732,824 | 2,087,400 | 0.50% | Call option |
| Recurrent Investment Advisors LLC | $74,674,852 | 2,031,416 | 0.49% | Shares |
| First Eagle Investment Management, LLC | $71,977,403 | 1,958,036 | 0.47% | Shares |
| Brookfield Corp /ON/ | $70,965,308 | 1,930,503 | 0.46% | Shares |
| Texas Yale Capital Corp. | $70,586,162 | 1,920,189 | 0.46% | Shares |
| Fractal Investments LLC | $67,529,737 | 1,837,044 | 0.44% | Shares |
| STIFEL FINANCIAL CORP | $64,301,214 | 1,749,221 | 0.42% | Shares |
| BARCLAYS PLC | $63,582,449 | 1,729,664 | 0.41% | Shares |
| Progeny 3, Inc. | $61,982,176 | 1,686,131 | 0.40% | Shares |
| CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT | $57,547,780 | 1,565,500 | 0.37% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $55,178,009 | 1,501,034 | 0.36% | Shares |
| Saudi Central Bank | $54,938,743 | 1,438,187 | 0.36% | Shares |
| INFRASTRUCTURE CAPITAL ADVISORS, LLC | $54,842,428 | 1,491,905 | 0.36% | Shares |
| Williams Jones Wealth Management, LLC. | $53,852,371 | 1,464,972 | 0.35% | Shares |
| BLAIR WILLIAM & CO/IL | $53,467,013 | 1,454,489 | 0.35% | Shares |
| COOPERMAN LEON G | $50,499,234 | 1,373,755 | 0.33% | Shares |
| Maryland State Retirement & Pension System | $50,480,192 | 1,373,237 | 0.33% | Shares |
| Oxbow Advisors, LLC | $50,299,784 | 1,368,329 | 0.33% | Shares |
| OSAIC HOLDINGS, INC. | $47,899,385 | 1,302,918 | 0.31% | Shares |
| Focus Partners Wealth | $44,967,188 | 1,223,263 | 0.29% | Shares |
| Mariner, LLC | $44,927,409 | 1,222,202 | 0.29% | Shares |
| PENN DAVIS MCFARLAND INC | $43,229,539 | 1,175,994 | 0.28% | Shares |
| Northside Capital Management, LLC | $42,652,456 | 1,127,179 | 0.28% | Shares |
| Cetera Investment Advisers | $41,831,033 | 1,137,950 | 0.27% | Shares |
| SailingStone Capital Partners LLC | $41,757,890 | 1,135,960 | 0.27% | Shares |
| Allianz Asset Management GmbH | $40,635,202 | 1,105,419 | 0.26% | Shares |
| TETRAD CORP | $40,436,000 | 1,100,000 | 0.26% | Shares |
| WELLS FARGO & COMPANY/MN | $40,185,786 | 1,093,194 | 0.26% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $39,878,879 | 1,084,844 | 0.26% | Shares |
| Fort Sheridan Advisors LLC | $39,322,222 | 1,069,701 | 0.26% | Shares |
| BOWEN HANES & CO INC | $38,521,120 | 1,018,000 | 0.25% | Shares |
| Kestra Advisory Services, LLC | $38,227,203 | 1,039,913 | 0.25% | Shares |
| ELEVATION POINT WEALTH PARTNERS, LLC | $37,946,768 | 1,032,284 | 0.25% | Shares |
| LONGFELLOW INVESTMENT MANAGEMENT CO LLC | $37,905,221 | 1,031,154 | 0.25% | Shares |
| Auto-Owners Insurance Co | $36,760,000 | 1,000,000 | 0.24% | Shares |
| Prospera Financial Services Inc | $34,396,953 | 935,668 | 0.22% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $33,423,956 | 909,248 | 0.22% | Shares |
| CNA FINANCIAL CORP | $33,084,000 | 900,000 | 0.22% | Shares |
| VORPAL, LLC | $30,834,545 | 838,807 | 0.20% | Shares |
| BECK MACK & OLIVER LLC | $30,307,480 | 824,469 | 0.20% | Shares |
| Beacon Pointe Advisors, LLC | $30,274,298 | 823,566 | 0.20% | Shares |
| NEOS Investment Management LLC | $29,959,951 | 815,015 | 0.20% | Shares |
| Kamunting Street Capital Management, L.P. | $29,675,000 | 807,258 | 0.19% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $29,400,793 | 788,859 | 0.19% | Shares |
| EVERGREEN CAPITAL MANAGEMENT LLC | $29,288,556 | 796,751 | 0.19% | Shares |
| CITADEL ADVISORS LLC | $28,883,472 | 785,731 | 0.19% | Shares |
| KDK Private Wealth Management, LLC | $28,536,919 | 776,304 | 0.19% | Shares |
| NATIXIS | $28,359,311 | 771,472 | 0.18% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $27,147,260 | 738,500 | 0.18% | Call option |
| JENNISON ASSOCIATES LLC | $25,913,521 | 704,938 | 0.17% | Shares |
| COMMERCE BANK | $25,065,540 | 681,870 | 0.16% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $24,355,395 | 662,552 | 0.16% | Shares |
| STEPHENS INC /AR/ | $23,732,892 | 645,519 | 0.15% | Shares |
| PNC Financial Services Group, Inc. | $23,475,561 | 638,617 | 0.15% | Shares |
| Cutter & CO Brokerage, Inc. | $23,355,609 | 684,113 | 0.15% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $22,902,445 | 623,026 | 0.15% | Shares |
| Nuveen Asset Management, LLC | $22,784,984 | 726,562 | 0.15% | Shares |
| Capital Investment Advisors, LLC | $21,856,876 | 594,583 | 0.14% | Shares |
| Caption Management, LLC | $21,320,800 | 580,000 | 0.14% | Call option |
| Markel Group Inc. | $20,916,440 | 569,000 | 0.14% | Shares |
| US BANCORP \DE\ | $20,601,921 | 560,444 | 0.13% | Shares |
| SCS Capital Management LLC | $20,453,726 | 556,413 | 0.13% | Shares |
| JRM Investment Counsel, LLC | $20,193,924 | 549,345 | 0.13% | Shares |
Company insiders 58 insiders · 30 officers · 26 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Aj Teague | CO-CHIEF EXECUTIVE OFFICER | March 20, 2026 P | 77,576 | 1 | 0 | $100,071 |
| Randall W Fowler | CO-CHIEF EXECUTIVE OFFICER | Feb. 16, 2026 M | 1,804,490 | 0 | 0 | $0 |
| Michael A Creel | Chief Executive Officer | Feb. 22, 2015 F | 1,576,074 | 0 | 0 | $0 |
| PHILLIPS ROBERT G | President and CEO | May 29, 2007 A | 152,070 | 0 | 0 | $0 |
| Os Andras | President and CEO | Sept. 30, 2004 J | 3,413,222 | 0 | 0 | $0 |
| Daniel Boss | EXECUTIVE VICE PRESIDENT & CFO | Feb. 16, 2025 M | 292,782 | 0 | 0 | $0 |
| Bryan F. Bulawa | SVP & Chief Financial Officer | Feb. 16, 2018 M | 163,787 | 0 | 0 | $0 |
| Graham W. Bacon | EXECUTIVE VICE PRESIDENT & COO | Feb. 16, 2025 M | 621,893 | 0 | 0 | $0 |
| Christian M. Nelly | EVP-FIN/SUSTAIN. AND TREASURER | Feb. 16, 2025 M | 267,802 | 0 | 0 | $0 |
| Brent B. Secrest | EVP & CHIEF COMMERCIAL OFFICER | Feb. 16, 2025 M | 390,354 | 0 | 0 | $0 |
| Harry Weitzel | EVP, GENERAL COUNSEL & SEC | Feb. 16, 2025 M | 315,803 | 0 | 0 | $0 |
| Michael W Hanson | VP & Principal Acctg Officer | Feb. 16, 2021 M | 142,892 | 0 | 0 | $0 |
| Robert D Sanders | EVP, Asset Optimization | Feb. 28, 2020 J | 45,786 | 0 | 0 | $0 |
| William Ordemann | Executive Vice President | Aug. 3, 2019 M | 997,563 | 0 | 0 | $0 |
| Gerald R. Cardillo | Group Senior Vice President | Feb. 22, 2016 J | 177,912 | 0 | 0 | $0 |
| Michael J Knesek | SVP, PAO, & Controller | Feb. 22, 2016 J | 247 | 0 | 0 | $0 |
| Craig W. Murray | Group SVP & General Counsel | Feb. 16, 2016 A | 64,827 | 0 | 0 | $0 |
| Michael Corwin Smith | Group Senior Vice President | Feb. 22, 2015 F | 154,671 | 0 | 0 | $0 |
| Stephanie C Hildebrandt | SVP, General Counsel & Sec | Nov. 3, 2014 F | 248,362 | 0 | 0 | $0 |
| Terrance L Hurlburt | Group Senior Vice President | Feb. 23, 2014 F | 196,771 | 0 | 0 | $0 |
| Thomas M. Zulim | Group Senior Vice President | Aug. 5, 2013 P | 550 | 0 | 0 | $0 |
| Lynn L Bourdon III | Group Senior Vice President | May 6, 2013 F | 297,734 | 0 | 0 | $0 |
| Mark A. Hurley | Senior Vice President | March 30, 2012 P | 56,012 | 0 | 0 | $0 |
| James M Collingsworth | Senior Vice President | Feb. 23, 2012 F | 281,197 | 0 | 0 | $0 |
| Christopher R. Skoog | Senior Vice President | Feb. 21, 2012 A | 139,692 | 0 | 0 | $0 |
| Dan L Duncan | Chairman | March 3, 2010 P | 1,923,322 | 0 | 0 | $0 |
| Bart H Heijermans | Senior Vice President | Aug. 4, 2005 A | 86,577 | 0 | 0 | $0 |
| Joel D Moxley | Sr. VP | Aug. 4, 2005 A | 32,048 | 0 | 0 | $0 |
| James A Cisarik | Sr. VP | Aug. 4, 2005 A | 7,500 | 0 | 0 | $0 |
| William D Ray | Executive Vice President | Aug. 7, 2003 M | 30,402 | 0 | 0 | $0 |
| Richard H Bachmann | Director | Feb. 16, 2026 M | 2,270,826 | 0 | 0 | $0 |
| Carin Marcy Barth | Director | Feb. 10, 2026 A | 87,980 | 0 | 0 | $0 |
| James T Hackett | Director | Feb. 10, 2026 A | 266,155 | 0 | 0 | $0 |
| William C Montgomery | Director | July 30, 2025 P | 136,920 | 0 | 0 | $0 |
| John R Rutherford | Director | July 29, 2025 P | 158,586 | 0 | 0 | $0 |
| Rebecca G. Followill | Director | Feb. 10, 2025 A | 10,228 | 0 | 0 | $0 |
| Murray E Brasseux | Director | Feb. 10, 2025 A | 38,885 | 0 | 0 | $0 |
| Richard S Snell | Director | Feb. 8, 2022 A | 90,396 | 0 | 0 | $0 |
| Randa Duncan Williams | Director | Feb. 11, 2019 A | 10,000 | 0 | 0 | $0 |
| Charles E Mcmahen | Director | Feb. 11, 2019 A | 110,974 | 0 | 0 | $0 |
| Thurmon Andress | Director | Dec. 22, 2015 P | 47,552 | 0 | 0 | $0 |
| William E Barnett | Director | Feb. 18, 2015 A | 46,610 | 0 | 0 | $0 |
| Ralph S Cunningham | Director | March 25, 2014 G | 128,769 | 0 | 0 | $0 |
| Larry Casey | Director | Feb. 19, 2014 A | 26,043 | 0 | 0 | $0 |
| Rex Ross | Director | Feb. 19, 2014 A | 13,128 | 0 | 0 | $0 |
| Charles M Rampacek | Director | Feb. 22, 2011 A | 13,640 | 0 | 0 | $0 |
| Philip C Jackson JR | Director | Aug. 2, 2006 A | 19,225 | 0 | 0 | $0 |
| Stephen L Baum | Director | Aug. 2, 2006 A | 1,000 | 0 | 0 | $0 |
| Matt W Ralls | Director | Aug. 4, 2005 A | 5,099 | 0 | 0 | $0 |
| ENTERPRISE PRODUCTS PARTNERS L P | 10% owner | Feb. 5, 2007 J | 5,351,571 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 18 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Randa Duncan Williams, The Voting Trustees of the Dan Duncan LLC Voting Trust, The Voting Trustees of the Enterprise Products Company Voting Trust, EPCO Holdings, Inc., Enterprise Products Company (formerly EPCO, Inc.), Dan Duncan LLC ×15 filings | April 1, 2025 | 32.40% | Amendment | Passive investment | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | April 14, 2023 | — | Initial filing | Passive investment | SEC |
| The Voting Trustees of the Dan Duncan LLC Voting Trust, Dan Duncan LLC, Enterprise Products Holdings LLC, Enterprise Products Partners L.P., Enterprise Products OLPGP, Inc., Enterprise Products Operating LLC ×3 filings | Nov. 17, 2014 | — | Initial filing | M&A / sale | SEC |
| Randa Duncan Williams (2), The Voting Trustees of the Dan Duncan LLC Voting Trust (2), The Estate of Dan L. Duncan, Deceased (2), Dan Duncan LLC, Enterprise Products Holdings LLC (formerly named EPE Holdings, LLC), Enterprise Products Partners L.P., Enterprise Products OLPGP, Inc., Enterprise Products Operating LLC, Enterprise ETE LLC | Jan. 3, 2012 | — | Initial filing | — | SEC |
| ; S.S. or IRS Identification Dan L. Duncan, ; S.S. or IRS Identification DFI Delaware General, LLC, ; S.S. or IRS Identification DFI Delaware Holdings L.P. (formerly Enterprise Products Delaware Holdings L.P.), ; S.S. or IRS Identification Duncan Family Interests, Inc. (formerly EPC Partners II, Inc.), ; S.S. or IRS Identification EPCO Holdings, Inc., ; S.S. or IRS Identification EPCO/Fantome, LLC, ; S.S. or IRS Identification EPCO, Inc. (formerly Enterprise Products Company), ; S.S. or IRS Identification Dan Duncan LLC, ; S.S. or IRS Identification DFI Holdings, LLC, ; S.S. or IRS Identification DFI GP Holdings L.P., ; S.S. or IRS Identification EPE Holdings, LLC, ; S.S. or IRS Identification Enterprise GP Holdings L.P., ; S.S. or IRS Identification DD Securities LLC ×12 filings | Nov. 5, 2009 | — | Initial filing | M&A / sale | SEC |
| Dan L. Duncan, Dan Duncan LLC 76 0516773, EPE Holdings, LLC 13 4297068, Enterprise GP Holdings L.P. 20 2133626, Enterprise Products GP, LLC 76 0568221, Enterprise Products Partners L.P. 76 0568219, Enterprise Products OLPGP, Inc. 83 0378402, Enterprise Products Operating L.P. 76 0568220 | Feb. 15, 2007 | — | Initial filing | Passive investment | SEC |
| Shell US Gas & Power LLC, Shell Oil Company, SWEPI LP, Shell Gas Pipeline Corp. #2, Shell Gas Gathering Corp. #2 | Jan. 22, 2007 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | July 25, 2005 | — | Initial filing | — | SEC |
| ; S.S. or IRS Identification Dan L. Duncan ###-##-####, ; S.S. or IRS Identification DFI Delaware Holdings L.P. (formerly Enterprise Products Delaware Holdings L.P.), ; S.S. or IRS Identification Duncan Familiy Interests, Inc. (formerly EPC Partners II, Inc.), ; S.S. or IRS Identification EPCO, Inc. (formerly Enterprise Products Company), ; S.S. or IRS Identification Dan Duncan LLC, ; S.S. or IRS Identification Enterprise GP Holdings L.P. ×26 filings | April 13, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | March 4, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 30, 2004 | — | Initial filing | — | SEC |
| Sept. 15, 2003 | — | Initial filing | — | SEC | |
| Sept. 15, 2003 | — | Initial filing | — | SEC | |
| Sept. 15, 2003 | — | Initial filing | — | SEC | |
| Sept. 15, 2003 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 41 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| MLPA · Global X Funds | 13.25% | 7,575,482 NS | May 31, 2026 | N-PORT |
| AMLP · ALPS ETF Trust | 12.98% | 42,845,874 NS | May 31, 2026 | N-PORT |
| AMZA · ETFis Series Trust I | 12.77% | 1,530,268 NS | April 30, 2026 | N-PORT |
| EIPI · First Trust Exchange-Traded Fund VI… | 7.93% | 2,267,211 NS | May 31, 2026 | N-PORT |
| NBET · Neuberger Berman ETF Trust | 7.56% | 87,643 NS | April 30, 2026 | N-PORT |
| USAI · Pacer Funds Trust | 7.27% | 204,805 NS | April 30, 2026 | N-PORT |
| EMLP · First Trust Exchange-Traded Fund IV | 7.17% | 7,548,319 NS | April 30, 2026 | N-PORT |
| ENFR · ALPS ETF Trust | 7.14% | 892,695 NS | May 31, 2026 | N-PORT |
| EIPX · First Trust Exchange-Traded Fund IV | 7.11% | 977,565 NS | April 30, 2026 | N-PORT |
| MLPX · Global X Funds | 4.43% | 4,265,710 NS | May 31, 2026 | N-PORT |
| TPYP · Tortoise Capital Series Trust | 3.97% | 905,083 NS | May 31, 2026 | N-PORT |
| TPZ · Tortoise Capital Series Trust | 3.20% | 111,680 NS | May 31, 2026 | N-PORT |
| TNGY · Tortoise Capital Series Trust | 3.09% | 447,055 NS | May 31, 2026 | N-PORT |
| FPWR · First Trust Exchange-Traded Fund IV | 3.01% | 20,880 NS | April 30, 2026 | N-PORT |
| TBG · EA Series Trust | 2.92% | 173,641 NS | April 30, 2026 | N-PORT |
| ESN · Northern Lights Fund Trust II | 2.59% | 196,204 NS | May 31, 2026 | N-PORT |
| TOLZ · ProShares Trust | 2.44% | 115,793 NS | May 31, 2026 | N-PORT |
| ALTY · Global X Funds | 1.25% | 15,000 NS | May 31, 2026 | N-PORT |
| VRP · Invesco Exchange-Traded Fund Trust … | 0.71% | 21,539,000 | Aug. 20, 2026 | Daily |
| CVY · Invesco Exchange-Traded Fund Trust | 0.69% | 22,569 | Aug. 20, 2026 | Daily |
| GYLD · ARROW ETF TRUST | 0.68% | 5,592 NS | April 30, 2026 | N-PORT |
| VLLU · Harbor ETF Trust | 0.50% | 564 NS | April 30, 2026 | N-PORT |
| BSCR · Invesco Exchange-Traded Self-Indexe… | 0.36% | 16,294,000 | Aug. 19, 2026 | Daily |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.31% | 9,050,000 | Aug. 20, 2026 | Daily |
| PFM · Invesco Exchange-Traded Fund Trust | 0.29% | 61,582 | Aug. 20, 2026 | Daily |
| BSCT · Invesco Exchange-Traded Self-Indexe… | 0.28% | 8,629,000 | Aug. 20, 2026 | Daily |
| BFOR · ALPS ETF Trust | 0.23% | 13,353 NS | May 31, 2026 | N-PORT |
| BSCS · Invesco Exchange-Traded Self-Indexe… | 0.19% | 6,496,000 | Aug. 19, 2026 | Daily |
| GTOS · Invesco Actively Managed Exchange-T… | 0.13% | 160,800 | Aug. 20, 2026 | Daily |
| VOXP · Advisors Series Trust | 0.09% | 132 NS | April 30, 2026 | N-PORT |
| GTO · Invesco Actively Managed Exchange-T… | 0.01% | 367,600 | Aug. 19, 2026 | Daily |
| BIV · VANGUARD BOND INDEX FUNDS | — | — | July 15, 2026 | Daily |
| BLV · VANGUARD BOND INDEX FUNDS | — | — | July 15, 2026 | Daily |
| BSV · VANGUARD BOND INDEX FUNDS | — | — | July 15, 2026 | Daily |
| BND · VANGUARD BOND INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VCRB · VANGUARD MALVERN FUNDS | — | — | July 15, 2026 | Daily |
| VCSH · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VCIT · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VCLT · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTC · VANGUARD SCOTTSDALE FUNDS | — | — | July 30, 2026 | Daily |
| BNDW · VANGUARD SCOTTSDALE FUNDS | — | — | July 30, 2026 | Daily |