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ENTERPRISE PRODUCTS PARTNERS L.P.（EPD）与Energy Transfer LP（ET）财务数据对比。点击上方公司名可切换其他公司
Energy Transfer LP的季度营收约是ENTERPRISE PRODUCTS PARTNERS L.P.的1.8倍（$25.3B vs $13.8B）。ENTERPRISE PRODUCTS PARTNERS L.P.净利率更高（11.9% vs 3.7%，领先8.3%）。Energy Transfer LP同比增速更快（29.6% vs -2.9%）。过去两年Energy Transfer LP的营收复合增速更高（8.2% vs -3.3%）
Enterprise Products Partners L.P.是总部位于美国得克萨斯州休斯敦的中游能源企业，主营天然气与原油管道业务，2004年9月收购GulfTerra，2018年位列美国《财富》500强第105位，丹·邓肯2010年去世前为该公司第一大股东。
Energy Transfer LP是美国知名能源基础设施运营商，1996年成立，总部位于得克萨斯州达拉斯，主营天然气、原油、液化天然气、成品油等能源产品的管道运输、存储、终端运营及天然气凝析液分馏业务，为公开上市的有限合伙企业。
EPD vs ET — 直观对比
营收规模更大
ET
是对方的1.8倍
$13.8B
营收增速更快
ET
高出32.4%
-2.9%
净利率更高
EPD
高出8.3%
3.7%
两年增速更快
ET
近两年复合增速
-3.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $13.8B | $25.3B |
| 净利润 | $1.6B | $928.0M |
| 毛利率 | 27.0% | 23.3% |
| 营业利润率 | 14.7% | 8.2% |
| 净利率 | 11.9% | 3.7% |
| 营收同比 | -2.9% | 29.6% |
| 净利润同比 | 1.5% | -13.8% |
| 每股收益（稀释后） | — | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收EPDET
| Q4 25 | $13.8B | $25.3B | ||
| Q3 25 | $12.0B | $20.0B | ||
| Q2 25 | $11.4B | $19.2B | ||
| Q1 25 | $15.4B | $21.0B | ||
| Q4 24 | $14.2B | $19.5B | ||
| Q3 24 | $13.8B | $20.8B | ||
| Q2 24 | $13.5B | $20.7B | ||
| Q1 24 | $14.8B | $21.6B |
净利润EPDET
| Q4 25 | $1.6B | $928.0M | ||
| Q3 25 | $1.3B | $1.0B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.6B | $1.1B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.4B | $1.3B | ||
| Q1 24 | $1.5B | $1.2B |
毛利率EPDET
| Q4 25 | 27.0% | 23.3% | ||
| Q3 25 | 28.6% | 27.0% | ||
| Q2 25 | 30.5% | 27.5% | ||
| Q1 25 | 22.1% | 25.9% | ||
| Q4 24 | 25.3% | 27.6% | ||
| Q3 24 | 24.6% | 24.8% | ||
| Q2 24 | 24.5% | 24.7% | ||
| Q1 24 | 22.7% | 23.3% |
营业利润率EPDET
| Q4 25 | 14.7% | 8.2% | ||
| Q3 25 | 14.0% | 10.8% | ||
| Q2 25 | 15.8% | 12.0% | ||
| Q1 25 | 11.4% | 11.9% | ||
| Q4 24 | 13.9% | 11.7% | ||
| Q3 24 | 12.9% | 10.5% | ||
| Q2 24 | 13.1% | 11.1% | ||
| Q1 24 | 12.3% | 11.0% |
净利率EPDET
| Q4 25 | 11.9% | 3.7% | ||
| Q3 25 | 11.1% | 5.1% | ||
| Q2 25 | 12.6% | 6.0% | ||
| Q1 25 | 9.0% | 6.3% | ||
| Q4 24 | 11.4% | 5.5% | ||
| Q3 24 | 10.3% | 5.7% | ||
| Q2 24 | 10.4% | 6.3% | ||
| Q1 24 | 9.9% | 5.7% |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $969.0M | $1.3B |
| 总债务越低越好 | — | $68.3B |
| 股东权益账面价值 | — | $49.0B |
| 总资产 | $77.9B | $141.3B |
| 负债/权益比越低杠杆越低 | — | 1.39× |
8季度趋势，按日历期对齐
现金及短期投资EPDET
| Q4 25 | $969.0M | $1.3B | ||
| Q3 25 | $206.0M | $3.6B | ||
| Q2 25 | $870.0M | $242.0M | ||
| Q1 25 | $220.0M | — | ||
| Q4 24 | $583.0M | $312.0M | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $138.0M | — | ||
| Q1 24 | $283.0M | — |
总债务EPDET
| Q4 25 | — | $68.3B | ||
| Q3 25 | — | $63.1B | ||
| Q2 25 | — | $60.8B | ||
| Q1 25 | — | $59.8B | ||
| Q4 24 | — | $59.8B | ||
| Q3 24 | — | $59.3B | ||
| Q2 24 | — | $57.6B | ||
| Q1 24 | — | $53.5B |
股东权益EPDET
| Q4 25 | — | $49.0B | ||
| Q3 25 | — | $45.3B | ||
| Q2 25 | — | $45.5B | ||
| Q1 25 | — | $46.2B | ||
| Q4 24 | — | $46.0B | ||
| Q3 24 | — | $46.2B | ||
| Q2 24 | — | $45.5B | ||
| Q1 24 | — | $43.8B |
总资产EPDET
| Q4 25 | $77.9B | $141.3B | ||
| Q3 25 | $77.8B | $129.3B | ||
| Q2 25 | $77.4B | $125.0B | ||
| Q1 25 | $75.4B | $126.4B | ||
| Q4 24 | $77.2B | $125.4B | ||
| Q3 24 | $75.1B | $124.4B | ||
| Q2 24 | $73.6B | $121.3B | ||
| Q1 24 | $71.4B | $115.8B |
负债/权益比EPDET
| Q4 25 | — | 1.39× | ||
| Q3 25 | — | 1.39× | ||
| Q2 25 | — | 1.33× | ||
| Q1 25 | — | 1.30× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | 1.27× | ||
| Q1 24 | — | 1.22× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $2.5B | $1.9B |
| 自由现金流经营现金流 - 资本支出 | — | $-225.0M |
| 自由现金流率自由现金流/营收 | — | -0.9% |
| 资本支出强度资本支出/营收 | — | 8.4% |
| 现金转化率经营现金流/净利润 | 1.50× | 2.05× |
| 过去12个月自由现金流最近4个季度 | — | $3.8B |
8季度趋势，按日历期对齐
经营现金流EPDET
| Q4 25 | $2.5B | $1.9B | ||
| Q3 25 | $1.7B | $2.6B | ||
| Q2 25 | $2.1B | $2.8B | ||
| Q1 25 | $2.3B | $2.9B | ||
| Q4 24 | $2.4B | $2.6B | ||
| Q3 24 | $2.1B | $2.9B | ||
| Q2 24 | $1.6B | $2.3B | ||
| Q1 24 | $2.1B | $3.8B |
自由现金流EPDET
| Q4 25 | — | $-225.0M | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | $762.0M | $1.1B | ||
| Q1 25 | $1.3B | $1.7B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $898.0M | $1.8B | ||
| Q2 24 | $310.0M | $1.5B | ||
| Q1 24 | $1.1B | $3.0B |
自由现金流率EPDET
| Q4 25 | — | -0.9% | ||
| Q3 25 | — | 6.4% | ||
| Q2 25 | 6.7% | 5.7% | ||
| Q1 25 | 8.1% | 8.1% | ||
| Q4 24 | 9.1% | 5.7% | ||
| Q3 24 | 6.5% | 8.6% | ||
| Q2 24 | 2.3% | 7.0% | ||
| Q1 24 | 7.2% | 13.8% |
资本支出强度EPDET
| Q4 25 | — | 8.4% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | 11.4% | 8.6% | ||
| Q1 25 | 6.9% | 5.8% | ||
| Q4 24 | 7.5% | 7.5% | ||
| Q3 24 | 8.5% | 5.2% | ||
| Q2 24 | 9.4% | 3.9% | ||
| Q1 24 | 7.1% | 3.7% |
现金转化率EPDET
| Q4 25 | 1.50× | 2.05× | ||
| Q3 25 | 1.30× | 2.52× | ||
| Q2 25 | 1.44× | 2.37× | ||
| Q1 25 | 1.66× | 2.20× | ||
| Q4 24 | 1.46× | 2.40× | ||
| Q3 24 | 1.46× | 2.43× | ||
| Q2 24 | 1.12× | 1.73× | ||
| Q1 24 | 1.45× | 3.04× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
EPD
| Sales Of Crude Oil | $5.2B | 37% |
| Sales Of NG Ls And Related Products | $4.3B | 31% |
| Petrochemical And Refined Products Services | $2.3B | 17% |
| Oil And Gas Service | $740.0M | 5% |
| Sales Of Natural Gas | $462.0M | 3% |
| Transportation | $365.0M | 3% |
| Natural Gas Processing And Fractionation | $272.0M | 2% |
| Equity Method Investee | $14.0M | 0% |
ET
| Investment In Sunoco LP | $8.6B | 34% |
| NG Landrefinedproductstransportationandservices | $6.2B | 24% |
| NG Lsales | $4.6B | 18% |
| Midstream | $2.7B | 11% |
| Other | $900.0M | 4% |
| External Customers | $805.0M | 3% |
| Interstate Transportation And Storage | $631.0M | 2% |
| Investment In USAC | $252.0M | 1% |
| Intersegment | $97.0M | 0% |
