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Enbridge
Enbridge (ENB) investor relations material
Enbridge Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
Achieved record financial results in 2025, with GAAP earnings of $7.1B ($3.23/share), adjusted earnings of $6.6B ($3.02/share), and adjusted EBITDA of $20.0B, surpassing guidance for both EBITDA and DCF per share for the 20th consecutive year.
Increased dividend for the 31st consecutive year, maintaining status as a dividend aristocrat, with a 3% increase to $0.97/share effective March 1, 2026.
Sanctioned $14B (CAD 14B) in new capital projects, placed $5B of assets into service, and expanded the secured capital backlog to $39B, a 35% increase since the prior year.
Closed significant transactions, including a 10% interest in Matterhorn Express Pipeline and a 12.5% investment by 38 First Nations groups in the Westcoast Pipeline System.
Maintained a debt-to-EBITDA ratio of 4.8x, within the 4.5–5.0x target range, supporting financial flexibility.
Financial highlights
2025 adjusted EBITDA reached $20.0B, up 7% year-over-year, with DCF at $12.5B and DCF per share at $5.71.
Adjusted earnings per share for 2025 were $3.02, up from $2.80 in 2024.
Liquids, Gas Transmission, and Gas Distribution & Storage all posted year-over-year growth in adjusted EBITDA, while Renewables saw a decline due to lower tax credits.
DCF payout ratio remains in the 60%-70% target range, with $40–45B in dividends expected over the next five years.
Lower maintenance spend and higher financing activities contributed to Q4 results.
Outlook and guidance
Reaffirmed 2026 guidance: adjusted EBITDA of $20.2–$20.8B and DCF per share of $5.70–$6.10.
Near-term (2023–2026) growth targets: 7–9% for adjusted EBITDA, 4–6% for adjusted EPS, and ~3% for DCF per share; post-2026, expect ~5% annual growth in all three metrics.
Annual investment capacity increased to $10–$11B, supporting growth across all business units.
Anticipate FID on another $10–$20B of growth projects over the next 24 months.
Dividend per share growth expected to align with medium-term cash flow growth.
How is the $39B backlog diversified by segment?
How will $10-11B annual capacity be allocated?
What is the plan for 10 Bcf/d data center demand?
Explain investment capacity vs. 5% growth rate
Venezuela's impact on MLO3 commercialization
Scale of data center demand for Gas Transmission
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Next Enbridge earnings date
Q1 20264 May, 2026
Enbridge
Next Enbridge earnings date
Q1 20264 May, 2026
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Frequently asked questions
Enbridge Inc., together with its subsidiaries, operates as an energy infrastructure company in Canada and the United States. It operates through five segments: Liquids Pipelines; Gas Transmission and Midstream; Gas Distribution and Storage; Renewable Power Generation; and Energy Services. The company transports, generates, and distributes energy primarily in North America. It serves customers across the spectrum of industries.
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