10-KPeriod: FY2025

ENBRIDGE INC Annual Report, Year Ended Dec 31, 2025

Filed February 13, 2026For Securities:ENBENBMFEBBGFEBRGFEBRZFENBGFENBRFENFFFEBGEFENBFFENBHFENBNFENBOFENBSFEBBNFENNPF

Summary

Enbridge Inc. (ENB) reported strong financial performance for the fiscal year ending December 31, 2025, driven by robust contributions across its core business segments. The company's Liquids Pipelines, Gas Transmission, and Gas Distribution and Storage segments all demonstrated growth, supported by higher volumes, strategic rate case settlements, and increased customer acquisition. The Renewable Power Generation segment also saw continued execution on growth opportunities. ENB highlighted a significant increase in earnings attributable to common shareholders, largely due to favorable derivative fair value adjustments and the full-year impact of recent US gas utility acquisitions. The company also reaffirmed its commitment to returning capital to shareholders, announcing a 3% increase in its quarterly dividend, marking 31 consecutive years of dividend growth. Significant progress was made on a substantial secured capital program, totaling $39 billion through 2033, with several key projects advancing across all segments. Enbridge continues to focus on safety, operational reliability, and disciplined capital allocation, prioritizing balance sheet strength and investment in capital-efficient growth opportunities. The company's "all-of-the-above" approach to energy evolution positions it well to navigate the energy transition by balancing traditional energy delivery with investments in lower-carbon solutions. Despite some regulatory headwinds and legal proceedings, particularly concerning Line 5, Enbridge maintained strong operational performance and a solid financial position, supported by a diversified asset base and long-term contracts.

Key Highlights

  • 1Earnings attributable to common shareholders increased significantly to $7,072 million ($3.23 per diluted share) in 2025, up from $5,053 million ($2.34 per diluted share) in 2024, boosted by derivative fair value gains and contributions from acquired US gas utilities.
  • 2The company declared a 3% increase in its quarterly dividend to $0.9700 per common share ($3.88 annualized), marking the 31st consecutive year of dividend increases.
  • 3Enbridge's Gas Distribution and Storage segment saw EBITDA increase by $1.3 billion (excluding impairments), driven by the full year of contributions from US Gas Utilities and favorable weather conditions in Ontario.
  • 4The Liquids Pipelines segment reported stable EBITDA of $9,396 million, with strong contributions from the Mainline System despite a $240 million impairment loss on non-core assets.
  • 5The Gas Transmission segment's EBITDA decreased year-over-year due to the absence of gains from asset dispositions, but underlying operational performance was strengthened by rate case settlements and contributions from new projects.
  • 6Enbridge is advancing a robust secured capital program of $39 billion through 2033, with multiple projects progressing across its Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation businesses.
  • 7The company continues to focus on sustainability, safety, and operational reliability as core strategic priorities, with ongoing investments in emissions reduction and efficient operations.

Frequently Asked Questions

Enbridge's financial performance in 2025 was primarily driven by strong contributions from its Liquids Pipelines, Gas Transmission, and Gas Distribution and Storage segments. Key factors included higher volumes, successful rate case settlements in the Gas Transmission segment (e.g., Algonquin and Texas Eastern), increased customer growth and favorable weather in the Gas Distribution and Storage segment, and the full-year impact of acquired US gas utilities. Additionally, a significant non-cash, net unrealized derivative fair value gain of $1.3 billion positively impacted earnings.

Enbridge is progressing on a substantial secured capital program, with $39 billion allocated through 2033 across its business units. The company is focused on capital-efficient organic growth, system modernization, and strategic acquisitions that complement its existing portfolio. Key projects advancing include expansions in Liquids Pipelines (e.g., Mainline Optimization Phase 1), Gas Transmission (e.g., Tennessee Ridgeline Expansion, Woodfibre LNG), and new renewable power generation facilities (e.g., Sequoia Solar, Clear Fork Solar).

Enbridge continues to prioritize returning capital to shareholders. In December 2025, the company announced a 3% increase in its quarterly dividend to $0.9700 per common share, effective March 1, 2026. This marks the 31st consecutive year of dividend increases, reflecting the company's stable cash flow generation and commitment to shareholder returns.

Enbridge is involved in various legal and regulatory proceedings, notably concerning its Line 5 pipeline. Decisions are pending in key legal challenges, including the Bad River Band easement dispute and the Michigan Line 5 easement case. While these matters present ongoing legal and regulatory scrutiny, Enbridge states that the resolution of these actions is not expected to have a material impact on its consolidated financial position or results of operations, though it continues to actively manage these situations.