Enbridge Inc. (ENB)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$83.5B

Revenue growth

29.5%

Net income, last twelve months

$6.1B

Earnings per share

$2.59

Operating margin

13.3%

Net margin

7.3%

Free cash flow

$1.7B

Return on equity

9.4%

Market value

$106.1B

Price to earnings

18.7x

Dividend yield

7.8%

Cash

$2.0B

Debt

$103.9B

Debt to equity

1.59

Shares outstanding

2.2B

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 31 July 2026.

• GAAP earnings fell on derivative swings. GAAP earnings attributable to common shareholders were $1.4 billion, or $0.64 per share, against $2.2 billion, or $1.00 per share, a year earlier, mainly from non-cash derivative valuation changes.
• Adjusted EBITDA rose on rate cases. Adjusted EBITDA was $4.8 billion, up $132 million, driven mainly by revenue from the East Tennessee, Texas Eastern and Enbridge Gas Utah rate cases.
• Adjusted earnings per share slipped two cents. Adjusted earnings were $1.4 billion, or $0.63 per share, down $36 million, reflecting higher depreciation and interest on new debt.
• Operating cash flow increased. Cash provided by operating activities was $4.1 billion, against $3.2 billion a year earlier. DCF was $2.9 billion, in line with the prior-year quarter.
• 2026 guidance reaffirmed. The company reaffirmed its 2026 full year financial guidance and its medium-term financial outlook.
• Liquids flat on Mainline volumes. Liquids adjusted EBITDA was flat at $2.34 billion, helped by Mainline and Line 9 volumes and system optimization, with higher Seaway equity earnings from spot volumes.
• Gas Transmission rose on Texas Eastern. Gas Transmission adjusted EBITDA reached $1.42 billion, up $37 million, from East Tennessee settlement revenue and a Texas Eastern rate increase, partly offset by lower DCP equity earnings.
• Gas distribution up on base rates. Gas Distribution and Storage adjusted EBITDA was $878 million, up $38 million, mainly from higher base rates in Utah and North Carolina. Ontario's weather effect was about $9 million.
• Renewables and eliminations improved. Renewable Power adjusted EBITDA rose $11 million to $131 million from newer assets. Eliminations and Other rose $41 million, mainly from lower realized foreign exchange hedge losses.
• Secured backlog reached $41 billion. The secured growth backlog rose by over $1 billion with the Line 5 Relocation sanction. The Enbridge Houston Oil Terminal also entered service during the quarter.
• Line 5 Relocation sanctioned. The US$1.0 billion, 41-mile re-route in Wisconsin is under construction and has its key state and federal permits in place.
• Sunrise Expansion construction began. The $4 billion Sunrise Expansion of the B.C. Pipeline system is the company's largest project, and construction started this quarter.
• Bay Runner Twin sanctioned for LNG. The Bay Runner Twin adds up to 2.6 Bcf/d of Permian gas capacity to Rio Grande LNG, with take-or-pay contracts for all incremental capacity.
• TTC Connector option agreed. The exclusive option covers a 25-mile, 300 MMcf/d pipeline linking Tres Palacios storage to the Coastal Bend Header for Freeport LNG, with bp service agreements.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 145 held.

Every filing

The newest filings with the SEC of 889 held.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

1,612 funds held it at 30 Jun 2026: 603 added and 508 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Mplx LP (MPLX): revenue $13.2B, market value $59.7B
• HF Sinclair Corp. (DINO): revenue $34.8B, market value $19.2B
• Plains ALL American Pipeline LP (PAA): revenue $52.3B, market value $18.8B
• Plains GP Holdings LP (PAGP): revenue $52.3B, market value $5.7B
• Delek Logistics Partners, LP (DKL): revenue $1.2B, market value $3.0B
• Genesis Energy LP (GEL): revenue –, market value $1.7B

What the company does

Enbridge is an energy infrastructure company, which it calls a leading North American energy infrastructure company. It works through four segments: Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation. The Liquids Pipelines system delivers approximately six million barrels per day, and the company describes it as the largest global crude oil and liquids network. Its common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol ENB. It had approximately 14,800 regular employees at 31 December 2025.

Oil and liquids pipelines

Liquids Pipelines covers pipelines and terminals in Canada and the US that transport, store and export crude oil and other liquid hydrocarbons. The core is the Mainline System, a common carrier pipeline made up of the Canadian Mainline and the Lakehead System. The Canadian Mainline has six adjacent pipelines with a combined operating capacity of approximately 3.2 mmbpd, and Enbridge has operated it since 1949. The Mainline Tolling Settlement runs through the end of 2028, and approximately 70% of Mainline deliveries are tolled under it. Approximately 30% are tolled on a full path basis to markets downstream.

Other assets include the Regional Oil Sands System, with seven intra-Alberta long-haul pipelines, and the Gulf Coast and Mid-Continent systems. The Enbridge Ingleside Energy Center near Corpus Christi, Texas has an export capability of 1.6 mmbpd and storage of 17.6 million barrels. The Cushing Terminal in Oklahoma has over 110 storage tanks and approximately 26 million barrels of shell capacity. The segment also runs a crude oil marketing business that serves refiners and producers.

Natural gas pipelines and storage

Gas Transmission holds natural gas pipelines, gathering, processing and storage in Canada and the US. In the US it includes Texas Eastern, which has a peak day capacity of 12.1 bcf/d on approximately 13,745 kilometers of pipeline. It also includes Algonquin, East Tennessee, Vector, Gulfstream, Sabal Trail, NEXUS and Maritimes & Northeast, often as part ownership. In Canada the main asset is the BC Pipeline, with a peak day capacity of 3.6 bcf/d, regulated by the CER on a cost-of-service basis. The First Nations Partnership, representing 38 First Nations in British Columbia, owns a 12.47% redeemable noncontrolling interest in it.

Most transmission and storage customers sign firm agreements with fixed reservation charges paid monthly whether or not the gas moves. Interruptible service is also sold at a higher toll. The company also holds a 13.2% effective economic interest in DCP Midstream, LP, and owns Enbridge Offshore Pipelines in the Gulf Coast.

Gas utilities

Gas Distribution and Storage is a set of rate-regulated gas utilities serving residential, commercial and industrial customers. Customers at 31 December 2025 were:

- - - -

Québec is also served. Each province or state regulator approves the rates. Smaller customers are usually served on a general service basis, and larger ones on annual firm or interruptible contracts. The Dawn storage hub in southwestern Ontario has a working capacity of approximately 290 bcf in 35 underground facilities. Wexpro produces gas for the Utah, Wyoming and Idaho utilities, supplying up to 55% of their annual demand.

Renewable power

Renewable Power Generation holds mainly wind and solar facilities, plus an equity interest in geothermal assets. Net generation capacity is approximately 4,100 MW. That includes 1,399 MW from North American wind, 967 MW from operating North American solar and 621 MW from European offshore wind in the United Kingdom, France and Germany. Most investments sit in joint ventures, and the vast majority of the power is sold under long-term power purchase agreements.

How it is paid and regulated

The company reports revenue from three sources: transportation and other services, gas distribution sales, and commodity sales. Pipeline revenue follows market-based arrangements, take-or-pay contracts or regulator-set tolls. In most cost-of-service arrangements those tolls reflect the cost of service plus an approved rate of return. Gas distribution revenue follows regulator-approved rates, and the cost of the gas is passed through to customers. Commodity sales come mainly from crude oil, natural gas and power marketing, where the margin is typically a small fraction of gross revenue.

Regulators include the FERC and the CER for pipeline tolls, PHMSA for US pipeline safety, and bodies such as the Ontario Energy Board for the utilities.

Its people

Of the approximately 14,800 regular employees, approximately 2,600 are unionized. Headcount rises to over 16,300 when temporary employees and contractors are included. The filing says the company prefers direct employment relationships.

*From Enbridge's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/895728/000119312526049810/enb-20251231.htm)*

From the company's 10-K.