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AnalystLens

ENBRIDGE INCENB

Sector
Energy
Industry
Pipe Lines (No Natural Gas)
Exchange
NYSE

Stock Price $ENB

Latest filings

You are here#7 of 25 in Energy by market cap

Filing record · 2016–202610-K1810-Q268-K238

ENB filed 18 annual reports (10-K), 26 quarterly reports (10-Q) and 238 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Leadership change8-K · Jan ’22Jan ’22
  3. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Financial Performance

No financial data available.

All ENB Financial Metrics7 metrics

Balance Sheet1

Cash Flow3

Per Share3

02—Overview

ENBRIDGE INC Financial Overview 2021–2025

Updated Jul 10, 2026

Enbridge’s $14.1 billiona acquisition of three major US gas utilities fundamentally reshaped its operational scale, creating North America's largest natural gas utility platform. This aggressive diversification anchors the core investment thesis: the company is successfully trading pure-play pipeline risk for highly regulated, utility-like cash flow stability. The strategy paid immediate financial dividends, with earnings attributable to common shareholders surging to $7.07 billion—or $3.23 per share—in FY2025, up significantly from $5.05 billion in FY2024.

This utility expansion pairs with a $39 billionb secured capital backlog extending through 2033 to support steady shareholder returns. The company's commitment to returning capital is deeply entrenched; its track record of dividend hikes evolved from 27 consecutive years in FY2021 to 31 consecutive years in FY2025, reaching an annualized payout of $3.88 per share following a 3% increase. While the company absorbed a $2.5 billion goodwill impairment in FY2022 and navigated persistent derivative fair value volatility—such as a $743 million non-cash loss in Q1 2026—underlying cash generation remained fortified by extensive tolling settlements across its mainline systems. By the close of FY2025, the market valued this diversified infrastructure network at a $104.4 billion market cap, with shares priced at $47.83, representing a valuation multiple of 14.8x earnings.

Recent Developments (Q4 2025 and Q1 2026)

Enbridge closed FY2025 with record adjusted EBITDA of $19.95 billionc and placed over $5 billion of capital into service. Operational momentum slowed in Q1 2026. Total segment EBITDA declined to $5,020 million from $5,929 million year-over-year. First-quarter net income dropped to $1,671 million, or $0.77 per share, down from $2,261 million, or $1.04 per share. Lower mainline tolls pressured results. Concurrently, Enbridge secured a 12.5% equity investment from 38 First Nations groups in its Westcoast system. It also issued US$2 billion in senior notes, maintaining strong liquidity of $12.7 billion.

Bulls highlight $14 billiond in newly sanctioned organic projects expanding long-term cash visibility. Conversely, bears warn that shrinking margins in the Liquids Pipelines and Renewable Power segments signal operational strain. The stock trades at 18.1x trailing earnings as of the May 8, 2026 reporting date.

What to watch: ongoing impacts of earnings sharing mechanisms on liquid pipelines; utilization of the reconfirmed Shareholder Rights Plan.

03—Filings

Recent SEC Filings

  1. 8-KENBRIDGE INC 8-K Report, Corporate Update (Sep 14, 2026)Enbridge Inc. (ENB) announced on September 14, 2026, the successful completion of a public offering of 44,735,000 common shares, including the full exercise of an over-allotment option. The offering, structured as a "bought deal" with a syndicate led by RBC Dominion Securities Inc. and CIBC World Market Inc., generated approximately CDN$3.0 billion in gross proceeds. These proceeds will be utilized by the company, although specific use cases are not detailed in this 8-K filing. The shares were offered at CDN$66.85 per share, with the transaction being made under an effective shelf registration statement filed with the SEC. This significant capital raise indicates Enbridge's strategic initiative to bolster its financial position, likely to fund ongoing operations, capital expenditures, or potential acquisitions. Investors should note the "bought deal" nature of the offering, which assures Enbridge of the capital raised. The filing also confirms the completion of the sale and provides details on the underwriting agreement and related legal opinions, all incorporated by reference.
  2. 8-KENBRIDGE INC 8-K Report, Regulation FD Disclosure (Sep 9, 2026)Enbridge Inc. (NYSE/TSX: ENB) disclosed on September 9, 2026 that a wholly-owned subsidiary has entered into a definitive agreement to acquire Tallgrass Energy's crude oil business for cash consideration of U.S.$2.55 billion, subject to customary closing adjustments. The assets include 75% of the Pony Express Pipeline (a 1,050-mile, ~460 kbpd crude system from the Rockies to Cushing, OK), 51% of the Powder River Gateway system (~240 kbpd combined capacity), roughly 8.4 million barrels of storage across nine terminals (including a 60.3% non-operating interest in the Deeprock Crude Terminal), and Stanchion Energy, a crude marketing business. The implied purchase multiple is 10-11x forward enterprise value to EBITDA. Enbridge describes the assets as highly contracted with predominantly investment-grade counterparties and will serve as operator of Pony Express. The transaction also adds the PXP2 growth project, a U.S.$0.3 billion expansion expected to lift Pony Express capacity to about 515 kbpd, underpinned by take-or-pay contracts and targeted for late-2027 service. Upon closing, PXP2 would join Enbridge's $41 billion secured growth backlog. Management expects the deal to be accretive to distributable cash flow per share in the first full year of ownership, and says 2026 guidance is not materially affected because closing is expected later in 2026, subject to customary regulatory approvals including FTC clearance under HSR. Financing will come partly from an equity offering, which will also fund the separately announced Salt Creek Midstream crude gathering acquisition (August 26, 2026). Enbridge reaffirmed its target leverage of 4.5x-5.0x Debt-to-Adjusted EBITDA, its investment-grade ratings objective, and its medium-term outlook of roughly 5% compound average growth in EBITDA, DCF/share and EPS. For investors, the key considerations are the purchase price relative to the cash flows it adds, the execution risk around closing and integration, and the dilution and leverage implications of the equity-funded growth program.
  3. 8-KENBRIDGE INC 8-K Report, Regulation FD Disclosure (Sep 9, 2026)Enbridge Inc. (NYSE/TSX: ENB) filed an 8-K on September 9, 2026 to furnish a news release announcing a bought-deal offering of 38,900,000 common shares at CDN$66.85 per share, for aggregate gross proceeds of approximately CDN$2.6 billion. A syndicate led by RBC Capital Markets and CIBC Capital Markets has agreed to purchase the shares, with Scotiabank, BMO Capital Markets, TD Securities and National Bank of Canada Capital Markets as joint bookrunners. The offering is expected to close on or about September 14, 2026. The company says it intends to use the net proceeds to partially fund announced acquisitions and to build financial flexibility for potential future growth. Some proceeds may temporarily reduce indebtedness or be held in short-term liquid investments. The filing does not identify the specific acquisitions or quantify the expected leverage impact, so investors will need the prospectus supplements for those details. Underwriters hold an option to buy up to 15% additional shares until 30 days after closing. If fully exercised, gross proceeds would rise to roughly CDN$3.0 billion. The offering is being made in Canada under a short form base shelf prospectus and in the U.S. under an SEC registration statement. Because the 8-K is furnished under Item 7.01, the information is not deemed "filed" for Exchange Act Section 18 purposes.
  4. 8-KENBRIDGE INC 8-K Report, Executive Changes (Sep 8, 2026)Enbridge Inc. (NYSE/TSX: ENB) disclosed in an 8-K filed September 8, 2026 that CEO Greg Ebel will retire as President and Chief Executive Officer and from the Board effective December 31, 2026. The Board has named Michele Harradence, currently Executive Vice President and President, Gas Distribution and Storage, as his successor as President and CEO, and appointed her to the Board, both effective January 1, 2027. Mr. Ebel will serve as an advisor to the Board and Ms. Harradence from January through May 2027, and the company states his retirement is for personal reasons and not due to any disagreement with management or the Board. For investors, this is a planned, orderly succession rather than a disruptive event. The filing notes that Ms. Harradence's appointment follows a multi-year Board-led succession process, and she has led Enbridge's gas utilities since 2022, including integration of the U.S. utility businesses. Her background also includes prior roles as Chief Operations Officer of Gas Transmission and Midstream and earlier senior positions at Shell Canada, along with experience in oil sands and refining. The transition overlap through May 2027 with Mr. Ebel as advisor should help continuity. The filing contains no financial results, guidance changes, or compensation details for the new CEO. Investors should watch for any strategy statements from Ms. Harradence, changes to the $41 billion growth project backlog execution, and whether the company's capital allocation priorities shift under new leadership.
  5. 8-KENBRIDGE INC 8-K Report, Financial Results (Jul 31, 2026)Enbridge Inc. (TSX/NYSE: ENB) reported second quarter 2026 results on July 31, 2026, showing mixed headline performance but stable operating metrics. GAAP earnings attributable to common shareholders fell to C$1.4 billion ($0.64 per share) from C$2.2 billion ($1.00 per share) a year earlier, driven mainly by non-cash unrealized derivative losses, a pre-issuance hedge loss, and an inventory adjustment, partly offset by the absence of a prior-year Enbridge Gas Ohio impairment. On an adjusted basis, results were steady: adjusted EBITDA rose to C$4.8 billion (up C$132 million), DCF was C$2.9 billion (flat), and adjusted EPS was $0.63 versus $0.65, with the decline attributable to higher interest and depreciation from new debt and assets placed in service. Cash from operations rose to C$4.1 billion from C$3.2 billion. Management reaffirmed 2026 guidance of adjusted EBITDA of C$20.2-20.8 billion and DCF per share of $5.70-6.10, and reiterated a roughly 5% post-2026 growth outlook. Growth momentum was highlighted by the sanctioning of the US$1.0 billion Line 5 Relocation, the 2.6 Bcf/d Bay Runner Twin pipeline (take-or-pay, in service by 2030), an exclusive option to acquire the TTC Connector, and a secured growth backlog of about C$41 billion. The company also flagged a rolling 12-month Debt-to-EBITDA of 5.1x, which it attributed partly to FX translation, and declared the standard quarterly common dividend of $0.97 per share payable September 1, 2026. For investors, the key questions are whether the elevated leverage can be reduced as growth capital is deployed and whether the sizable backlog converts into earnings growth on schedule. The reaffirmed guidance and continued backlog additions support the investment thesis, while the GAAP earnings volatility stems largely from non-cash derivative marks rather than operating performance.
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04—See also

Related Companies

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