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Arphra AIPlain-English read on Enterprise Products Partners L.P.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $40.81B | $58.19B | $49.72B | $56.22B | $52.6B | $54.76B | $57.63B | $60.18B | $60.96B |
| Cost of revenue | $34.86B | $51.46B | $43B | $49B | $45.44B | $46.54B | $51B | $53.7B | $52.67B |
| Gross profit | $5.95B | $6.73B | $6.72B | $7.22B | $7.16B | $7.31B | $7.7B | $8.03B | $7.96B |
| Gross margin | +14.57% | +11.56% | +13.51% | +12.85% | +13.61% | +13.35% | +13.36% | +13.34% | +13.05% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $209M | $241M | $229M | $244M | $251M | $255.25M | $269.23M | $272.57M | $282.15M |
| Total operating expenses | -$156M | -$182M | -$213M | -$114M | $251M | -$27.35M | -$28.77M | -$30.78M | -$31.61M |
| Operating income | $6.1B | $6.91B | $6.93B | $7.34B | $6.91B | $7.3B | $7.61B | $7.93B | $8.3B |
| Operating margin | +14.96% | +11.87% | +13.94% | +13.05% | +13.13% | +13.33% | +13.21% | +13.18% | +13.61% |
| EBITDA | $7.98B | $8.92B | $9.05B | $9.59B | $9.92B | $9.61B | $10.29B | $10.83B | $10.72B |
| EBIT | $6.11B | $6.94B | $6.98B | $7.39B | $7.3B | $7.55B | $8.07B | $8.28B | $8.37B |
| Below the line | |||||||||
| Interest expense | $1.28B | $1.24B | $1.27B | $1.36B | $1.4B | $1.37B | $1.47B | $1.5B | $1.54B |
| Interest income | $4.7M | $11M | $27M | $53M | $0 | $26.31M | $29.27M | $29.92M | $30.63M |
| Other income / expense | -$1.28B | -$1.21B | -$1.23B | -$1.3B | -$1.01B | — | — | — | — |
| Pre-tax income | $4.83B | $5.7B | $5.7B | $6.04B | $5.9B | $6.26B | $6.32B | $6.62B | $6.98B |
| Income tax expense | $70M | $82M | $44M | $65M | $23M | $46.45M | $47.48M | $49.97M | $51.93M |
| Earnings | |||||||||
| Net income | $4.64B | $5.49B | $5.53B | $5.9B | $5.81B | $6.05B | $6.26B | $6.43B | $6.47B |
| Net income · continuing ops | $4.76B | $5.62B | $5.66B | $5.97B | $5.88B | $6.19B | $6.48B | $6.48B | $6.67B |
| Net margin | +11.37% | +9.44% | +11.13% | +10.50% | +11.05% | +11.05% | +10.86% | +10.68% | +10.61% |
| EPS · basic | $2.11 | $2.50 | $2.53 | $2.69 | $2.66 | $2.94 | $3.24 | $3.50 | $3.72 |
| EPS · diluted | $2.10 | $2.50 | $2.52 | $2.69 | $2.66 | $2.90 | $3.22 | $3.45 | $3.68 |
| EPS · low estimate | — | — | — | — | — | $2.75 | $3.05 | $3.35 | $3.15 |
| EPS · high estimate | — | — | — | — | — | $3.04 | $3.47 | $3.76 | $4.17 |
| Shares · basic | 2.18B | 2.18B | 2.17B | 2.17B | 2.19B | 2.17B | 2.17B | 2.18B | 2.2B |
| Shares · diluted | 2.2B | 2.2B | 2.19B | 2.19B | 2.19B | 2.2B | 2.19B | 2.21B | 2.17B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 7 | 7 | 3 |
| Analysts (EPS) | — | — | — | — | — | 8 | 9 | 9 | 3 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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