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.