NYSE Shariah screener · October 2026
Is Enterprise Products Partners L.P. (EPD) Halal?
Enterprise Products Partners L.P. · NYSE: EPD · Energy
The short answer
No — Enterprise Products Partners L.P. (NYSE: EPD) fails this Shariah stock screen at the debt gate. Total debt principal was about $33.53 billion at June 30, 2026 (Q2 2026 earnings call, July 29, 2026), against a market cap of about $79.4B (MarketBeat, late September 2026) — roughly 42.23%, above the ~33% ceiling. EPD is a master limited partnership (MLP), not a corporation, and its business passes the activity screen: the filings disclose four midstream segments (NGL, crude, natural gas pipelines and services, petrochemical and refined products) with no alcohol, tobacco, gambling, pork, conventional finance, entertainment, or weapons activity disclosed. Interest income is tiny — $7M against $14,386M of revenue in Q1 2026 (about 0.05%), well under the 5% ceiling. Both third-party screeners that cover EPD agree with a negative result: Zoya flags it not Shariah-compliant and Musaffa classifies it not halal (both as of October 2026); no ShariaPortfolio rating was found.
Gate 1 — Business activity: PASS
Enterprise Products Partners L.P. is a master limited partnership (MLP) organized in Delaware — not a corporation — providing midstream energy services across North America. Its SEC filings report four business segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services — fee-based gathering, processing, fractionation, transportation, storage, and export-terminal operations for natural gas, natural gas liquids, crude oil, petrochemicals, and refined products. Haram check (factual, from the filings): the segment reporting discloses no alcohol, tobacco, gambling, pork, conventional lending or insurance, entertainment, or weapons activity — the business is toll-collector-style midstream infrastructure, not a producer or refiner, and earns fees for handling products rather than speculating on commodity prices. No prohibited business segment is disclosed. Gate 1 passes. Facts only.
Gate 2 — Debt and cash: FAIL
Total debt principal outstanding was approximately $33.53 billion at June 30, 2026 — stated by the co-CEO on the Q2 2026 earnings call (July 29, 2026) and repeated in the earnings recap; the Q2 2026 10-Q (filed August 7, 2026) reports long-term debt of $31.2 billion plus current maturities. Against a market cap of about $79.4B (MarketBeat, late September 2026), debt ÷ market cap is about 42.23%, above the ~33% ceiling. Cash and cash equivalents of $246 million are about 0.31% of market cap. Gate 2 fails — decisively, by about 9 percentage points over the ceiling. Facts only.
Gate 3 — Non-compliant income: PASS
Enterprise discloses interest income as a separate line in its SEC filings. The Q1 2026 10-Q reports interest income of $7M against total revenues of $14,386M — about 0.05% of revenue; FY2025 interest income was $37M against $52,596M revenue (about 0.07%). Far below the 5% non-compliant income ceiling. The screen fails at Gate 2 (debt), not here. Gate 3 passes. Facts only.
Key figures used
- Business: Delaware master limited partnership (MLP), not a corporation; midstream services in 4 segments — NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, Petrochemical & Refined Products Services (pipelines, fractionation, storage, export terminals)
- Haram check: no alcohol, tobacco, gambling, pork, conventional lending/insurance, entertainment, or weapons activity disclosed in segment reporting — fee-based infrastructure, no prohibited segment
- Debt: ~$33.53B total debt principal at June 30, 2026 (Q2 2026 earnings call) — debt ÷ market cap ≈ 42.23% of ~$79.4B (MarketBeat, late Sep 2026), above the ~33% ceiling
- Cash: $246M cash and equivalents (Q2 2026 10-Q) ≈ 0.31% of market cap
- Interest income: $7M vs total revenue $14,386M (Q1 2026 10-Q) — ≈0.05% of revenue; FY2025 $37M vs $52,596M ≈ 0.07% — under the 5% ceiling
- Zoya: not Shariah-compliant (Oct 2026); Musaffa: not halal (Oct 2026, AAOIFI); ShariaPortfolio: no per-ticker rating found
- Result: FAIL at Gate 2 (debt ratio) — business activity and non-compliant income gates pass
Frequently asked questions
What does Enterprise Products Partners do?
Enterprise Products Partners L.P. (NYSE: EPD) is a master limited partnership (MLP) — a Delaware limited partnership, not a corporation — that provides midstream energy services across North America. Its four reportable segments, per its SEC filings, are NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services: fee-based gathering, processing, fractionation, transportation, storage, and export-terminal operations for natural gas, natural gas liquids, crude oil, petrochemicals, and refined products. The partnership's common units trade on the New York Stock Exchange, and it files quarterly 10-Q and annual 10-K reports as a partnership.
Why does Enterprise Products Partners fail this Shariah stock screen?
Enterprise Products Partners fails this screen at the debt gate. Total debt principal was about $33.53 billion at June 30, 2026 (Q2 2026 earnings call, July 29, 2026), against a market cap of about $79.4B (MarketBeat, late September 2026) — a debt-to-market-cap ratio of about 42.23%, above the roughly 33% ceiling. Gate 1 (business activity) passes: the filings disclose no alcohol, tobacco, gambling, pork, conventional lending or insurance, entertainment, or weapons segments — the business is fee-based midstream infrastructure. Gate 3 passes: interest income is tiny relative to revenue. Both third-party screeners that cover EPD agree with a negative result — Zoya flags it not Shariah-compliant and Musaffa classifies it not halal (both as of October 2026). This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.
What is Enterprise Products Partners' interest-bearing debt ratio?
Total debt principal was approximately $33.53 billion at the end of Q2 2026 (June 30, 2026), stated by the co-CEO on the Q2 2026 earnings call and repeated in the earnings recap — the Q2 2026 10-Q (filed August 7, 2026) shows long-term debt of $31.2 billion plus current maturities. Against a market cap of about $79.4B (MarketBeat, late September 2026), debt divided by market cap is about 42.23% — above the roughly 33% ceiling, so the debt gate fails. Cash and cash equivalents of $246 million are about 0.31% of market cap.
What is Enterprise Products Partners' non-compliant income ratio?
Enterprise discloses interest income as a separate line in its filings. The Q1 2026 10-Q reports interest income of $7 million against total revenues of $14,386 million — about 0.05% of revenue. For FY2025, interest income was $37 million against revenue of $52,596 million — about 0.07%. Either way it is far below the 5% non-compliant income ceiling, so this gate passes. The screen fails on the debt gate, not on the numbers here.
Do Zoya, Musaffa, or ShariaPortfolio cover Enterprise Products Partners?
Zoya covers EPD and flags it not Shariah-compliant as of October 2026 (zoya.finance/stocks/epd). Musaffa covers EPD and classifies it not halal as of October 2026 under its AAOIFI methodology (musaffa.com/stock/EPD/). No ShariaPortfolio per-ticker screening page or rating for EPD was found — reported as absent, not invented. This page applies the screen directly from the partnership's own SEC filings and reports these positions honestly.
Sources
- EPD — Q1 2026 10-Q (period ended Mar 31, 2026): income statement (interest income $7M; total revenues $14,386M), balance sheet (current maturities $2,712M; long-term debt $31,202M; cash $191M)
- EPD — Q2 2026 earnings call transcript (July 29, 2026): total debt principal ~$33.5B at quarter-end; consolidated liquidity ~$4B
- Zacks — EPD Q2 earnings (Aug 2026): total debt principal $33.53B at quarter-end; record volumes; $0.56/unit quarterly distribution
- MarketBeat — EPD financials: cash $246M and long-term debt $31.2B at Q2 2026; FY2025 total debt $34.40B; FY2025 revenue $52.6B
- StockTitan — EPD financials (Q2 2026 10-Q filed Aug 7, 2026): revenue $18.3B; cash $246.0M; long-term debt $31.2B
- PortfolioSavvy — EPD revenues from SEC XBRL (Q2 2026: $18,269M)
- Macroaxis — EPD FY2025 interest income $37M (vs revenue $52.6B)
- Zoya — Enterprise Products Partners (EPD) stock page (status: not Shariah-compliant, October 2026)
- Musaffa — Enterprise Products Partners (EPD) stock page (status: not halal, October 2026, AAOIFI methodology)
Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).