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Boardwalk Pipeline Partners, LP earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 2, 2026
Q3 2026 Revenue up 13% year over year to $614M · 19¢ of every $1 of revenue kept as net profit · operating margin 24.1%
Boardwalk Pipeline Partners, LP made $614M in Q3 2026 (+13% Y/Y): Natural Gas Reportable Segment $417M, Natural Gas Liquids Reportable Segment $196M. Operating margin 24.1%, net earnings $115M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.
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What changed this quarter
Revenue was $613.6M in Q3 2026, up 13% year over year and up 7% from the previous quarter. Natural Gas Reportable Segment was the largest line at 68% of revenue. Natural Gas Reportable Segment added $58.4M year over year (up 16%), 80% of the total change.
Operating profit was $147.9M, a 24.1% margin (down 5.8 points year over year). Operating profit fell $13.6M even though revenue rose $72.7M versus Q3 2025, so costs grew faster than sales. Total costs grew 23% against revenue growth of 13%. The fastest-growing cost line was General & admin (+24%). Net earnings were $115.3M, down 9% year over year. The effective tax rate was 0.3%.
Operating cash flow was $244.9M (down 3% year over year), 212% of net earnings. Non-cash charges added back $112.4M of depreciation and amortization. Working capital and other items added $17.2M. Capital expenditures of $206.7M left free cash flow of $38.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 2, 2026 | $614M | +13% | 24.1% | $115M | $245M |
| Q2 2026 | 10-Q | Aug 3, 2026 | $572M | +7% | 29.1% | $134M | $296M |
| Q1 2026 | 10-Q | May 4, 2026 | $623M | +0.7% | 39.8% | $212M | $246M |
| Q4 2025 | 10-K | Feb 10, 2026 | $612M | +8% | 28.8% | $140M | $248M |
| Q3 2025 | 10-Q | Nov 3, 2025 | $541M | +14% | 29.9% | $127M | $253M |
| Q2 2025 | 10-Q | Aug 4, 2025 | $534M | +12% | 29.5% | $121M | $298M |
| Q1 2025 | 10-Q | May 5, 2025 | $619M | +21% | 39.5% | $207M | $244M |
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About Boardwalk Pipeline Partners, LP
Unless the context otherwise requires, references in this Annual Report on Form 10-K to "we," "our," "us" or like terms refer to the business of Boardwalk Pipeline Partners, LP and its consolidated subsidiaries. We are a Delaware limited partnership formed in 2005. Our business, which is conducted by our primary subsidiary, Boardwalk Pipelines, LP (Boardwalk Pipelines) and its operating subsidiaries (together, the operating subsidiaries), consists of integrated pipeline and storage systems for natural gas and natural gas liquids, olefins and other hydrocarbons (herein referred to together as NGLs). All of our operations are conducted by the operating subsidiaries of Boardwalk Pipelines. As of December 31, 2025, Boardwalk Pipelines Holding Corp. (BPHC), a wholly owned subsidiary of Loews Corporation (Loews), owned directly or indirectly, 100% of our capital.
In its own words, from its 10-K, filed Feb 10, 2026.
Boardwalk Pipeline Partners, LP against its Natural Gas Transmission peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +30%. Operating margin: 24.1% against the peers' median 24.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Boardwalk Pipeline Partners, LP | Q3 2026 | $614M | +13% | 24.1% |
| ET Energy Transfer LP | Q3 2026 | $37.1B | +86% | 7.5% |
| EPD Enterprise Products Partners L.P. | Q3 2026 | $17.9B | +49% | 11.1% |
| TRGP Targa Resources | Q3 2026 | $5.6B | +35% | 19.6% |
| KMI Kinder Morgan | Q3 2026 | $4.5B | +9% | 25.6% |
| Northwest Pipeline LLC | Q3 2026 | $3.2B | +10% | 35.2% |
| Western Midstream Operating, LP | Q2 2026 | $1.2B | +30% | 43.0% |
| WES Western Midstream Partners, LP | Q3 2026 | $1.2B | +25% | 38.6% |
| NGL NGL Energy Partners LP | Q2 FY27 | $987M | +46% | 2.4% |
Source: Boardwalk Pipeline Partners, LP 10-Q on SEC EDGAR · CIK 1336047 · Natural Gas Transmission