ENBRIDGE INC (ENB) Earnings History

ENBRIDGE INC - Q3 FY2025 Earnings

Filed at: Nov 7, 2025, 6:00 AM EST|Read from source

EXECUTIVE SUMMARY

Enbridge reported mixed third quarter results with stable Adjusted EBITDA but lower GAAP and Adjusted Earnings, driven by increased financing costs and depreciation. The company reaffirmed its 2025 guidance and announced significant accretive investments across its business segments.

POSITIVE HIGHLIGHTS

  • •

    Reaffirmed 2025 full year financial guidance and multi-year financial outlook.

    positive
  • •

    Sanctioned $3 billion of attractive projects leveraging footprint, scale, and diversification.

    positive
  • •

    Adjusted EBITDA increased by $0.1 billion to $4.3 billion compared to Q3 2024, driven by acquisitions and favorable contracting.

    positive
  • •

    Distributable cash flow (DCF) was comparable to the prior year at $2.6 billion.

    neutral

CONCERNS & RISKS

  • •

    GAAP earnings attributable to common shareholders decreased by $0.6 billion to $0.7 billion, or $0.30 per share, compared to $1.3 billion or $0.59 per share in Q3 2024.

    negative
  • •

    Adjusted earnings decreased by $0.2 billion to $1.0 billion, or $0.46 per share, compared to $1.2 billion or $0.55 per share in Q3 2024.

    negative
  • •

    Higher financing costs and depreciation expense impacted adjusted earnings.

    attention
  • •

    Debt-to-EBITDA ratio stood at 4.8x at the end of the quarter.

    attention

FINANCIAL METRICS

Revenue
Quarterly
N/A
N/A
Net Income
Quarterly
$682.00M
-47.3%
Prior year: $1.29B
Annual (YTD)
$5.12B
N/A
Prior year: $4.56B
EPS (Diluted)
Quarterly
$0.30
-49.1%
Prior year: $0.59
Annual (YTD)
$2.34
N/A
Prior year: $2.12
Operating Income
Quarterly
N/A
N/A
EPS (Basic)
Quarterly
$0.46
-16.4%
Prior year: $0.55
Annual (YTD)
$2.14
N/A
Prior year: $2.05

MARGIN ANALYSIS

Margin metrics will be available once backend extracts data from insights_json

MANAGEMENT GUIDANCE

FY 2025

adjusted EBITDA
19,400,000,000—20,000,000,000
Mid-point: 19,700,000,000
DCF per share
$5.50—$5.90
Mid-point: $5.70

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

MANAGEMENT COMMENTARY

Energy demand continues to grow in North America, and Enbridge is uniquely positioned to deliver various energy forms.

— ENBRIDGE INC, Q3 FY2025 2025 Earnings Call

High utilization across systems resulted in record Q3 EBITDA, and the company is well-positioned to achieve financial guidance for the 20th consecutive year.

— ENBRIDGE INC, Q3 FY2025 2025 Earnings Call

Sanctioned $3 billion of attractive projects, leveraging footprint, scale, and diversification.

— ENBRIDGE INC, Q3 FY2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Debt To Ebitda
4.8
x

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.