Enbridge (ENB) Q3 2025 earnings summary

Executive summary

• Delivered a strong third quarter with record adjusted EBITDA of $4.3 billion, driven by U.S. gas utilities, organic growth in gas transmission, and robust Mainline volumes.

• Net income for Q3 2025 was $682 million, down from $1,293 million in Q3 2024, mainly due to non-cash derivative changes and higher financing costs.

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

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

• Announced leadership transitions and continued focus on talent development.

Financial highlights

• Q3 2025 adjusted EBITDA was $4,267 million, up from $4,201 million in Q3 2024; YTD adjusted EBITDA reached $14,739 million versus $13,490 million last year.

• 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 earnings per share for Q3 was $0.46, and YTD was $2.14; GAAP EPS for Q3 was $0.30.

• Debt to EBITDA ratio at 4.8x, within the target range of 4.5–5x.

• Dividend per common share for Q3 2025 was $0.94250, marking 30 consecutive years of annual increases.

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) growth targets: 7–9% for adjusted EBITDA, 4–6% for adjusted EPS, ~3% for DCF per share.

• Medium-term (post-2026) EBITDA, DCF/share, and EPS growth rates expected at ~5%.

• DCF per share expected at the midpoint of the $5.50–$5.90 guidance range.

• 2026 guidance to be issued in early December.