Enbridge (ENB) Q4 2025 earnings summary

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, marking the 20th consecutive year of meeting or exceeding guidance and the 31st consecutive year of dividend growth.

• Increased the quarterly dividend by 3% to $0.97/share, maintaining status as a dividend aristocrat.

• Sanctioned $14B (CAD 14B) in new organic growth projects and placed $5B of assets into service, growing the secured project backlog to $39B, a 35% increase since the prior year.

• Closed significant transactions, including acquiring a 10% interest in the Matterhorn Express Pipeline and a 12.5% investment by 38 First Nations groups in the Westcoast Pipeline System.

• Maintained strong asset utilization, with Mainline transporting 3.1 million barrels per day and gas systems hitting multiple peak demand days.

Financial highlights

• Adjusted EBITDA for 2025 reached $20.0B, up 7% from 2024; DCF for the year was $12.5B, with DCF per share at $5.71 and adjusted EPS at $3.02.

• Q4 2025 adjusted EBITDA was $5,213 million, with GAAP earnings up $1.5B year-over-year due to non-cash derivative gains and improved operations.

• Liquids, Gas Transmission, and Gas Distribution & Storage all posted year-over-year growth in adjusted EBITDA, while Renewables declined due to lower tax credits.

• Debt-to-EBITDA at year-end was 4.8x, within the 4.5–5.0x target range.

• Annual investment capacity increased to $10–$11B, supporting growth across all business units.

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.

• Projecting 5% growth through the end of the decade, supported by a $39B secured growth capital backlog.

• Expect to reach FID on another $10–$20B of growth projects over the next 24 months.