Enbridge (ENB) Q3 2025 earnings summary

Executive summary

• Delivered record Q3 adjusted EBITDA, driven by full-quarter contributions from U.S. gas utilities, organic growth in gas transmission, and robust system utilization across all business segments.

• Net income for Q3 2025 was $682 million, down from $1,293 million in Q3 2024, mainly due to non-cash, unrealized changes in derivative values and higher financing costs; nine-month net income rose to $5,120 million from $4,560 million year-over-year.

• Adjusted earnings per share for Q3 was $0.46, down from $0.55 in 2024, reflecting higher depreciation and interest expense from recent acquisitions.

• Added $3 billion in new growth capital to the secured capital program, advancing projects across all business segments and expanding the secured growth backlog to $35 billion.

• Business model remains low-risk, with over 95% of customers investment-grade and negligible commodity price exposure.

Financial highlights

• Q3 2025 adjusted EBITDA was $4,267 million, up from $4,201 million in Q3 2024; distributable cash flow (DCF) for Q3 was $2,566 million, with DCF per share at $1.18; YTD DCF per share was $4.24.

• Adjusted EBITDA up $66 million year-over-year; DCF per share flat; EPS down from $0.55 to $0.46 due to gas utilities' seasonal profile and higher financing costs.

• Liquids Pipelines contributed $2,307 million in Q3 adjusted EBITDA; Gas Transmission & Midstream $1,262 million; Gas Distribution & Storage $560 million; Renewables $100 million.

• Total operating revenues for Q3 2025 were $14,639 million, slightly down from $14,882 million in Q3 2024; nine-month revenues increased to $48,017 million from $37,256 million year-over-year.

• Cash provided by operating activities was $2.9 billion, slightly down from $3.0 billion in 2024.

Outlook and guidance

• 2025 full-year guidance reaffirmed: adjusted EBITDA between $19.4–$20.0 billion and DCF per share between $5.50–$5.90, with expectations to finish at the upper end.

• Near-term (2023–2026) EBITDA CAGR projected at 7–9%, EPS CAGR at 4–6%, and DCF/share CAGR at ~3%; post-2026, expected annual growth of ~5% for adjusted EBITDA, EPS, and DCF per share.

• Expect 5% growth through the end of the decade, supported by $35 billion in secured capital.

• Management expects sufficient liquidity to fund capital projects and operating requirements for the next 12 months without needing to access capital markets.

• 2026 guidance to be issued in early December.