Logo

ENB

Enbridge Inc.

ENB

Enbridge Inc. • NYSE
$48.78 ▲ 1.54% (+0.74)
Market Cap $106.33 B
52w High $50.54
52w Low $39.73
Dividend Yield 2.69%
P/E 26.8
Volume 1.63M
Outstanding Shares 2.18B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $14.639B ▼ $3.881B ▲ $788M ▼ 5.383% ▼ $0 ▼ $3.823B ▼
Q2-2025 $14.876B ▼ $2.64B ▲ $2.279B ▼ 15.32% ▲ $1 ▼ $5.559B ▼
Q1-2025 $18.502B ▲ $2.471B ▼ $2.364B ▲ 12.777% ▲ $1.04 ▲ $5.929B ▲
Q4-2024 $16.217B ▲ $2.894B ▲ $595M ▼ 3.669% ▼ $0.23 ▼ $3.333B ▼
Q3-2024 $14.882B $2.281B $1.391B 9.347% $0.59 $4.39B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.085B ▼ $155.787B ▼ $106.38B ▼ $46.801B ▼
Q2-2025 $1.203B ▼ $211.592B ▼ $143.234B ▼ $65.448B ▼
Q1-2025 $2.087B ▲ $220.045B ▲ $148.765B ▼ $68.258B ▲
Q4-2024 $1.803B ▼ $218.973B ▲ $150.08B ▲ $65.9B ▲
Q3-2024 $2.008B $205.773B $136.995B $65.788B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $565.784M ▼ $2.165B ▼ $-1.417B ▲ $-602.402M ▲ $140.331M ▲ $498.292M ▼
Q2-2025 $2.321B ▼ $3.238B ▲ $-2.859B ▼ $-1.216B ▼ $-900M ▼ $1.274B ▲
Q1-2025 $2.49B ▲ $3.053B ▼ $-1.789B ▲ $-950M ▼ $322M ▲ $1.27B ▲
Q4-2024 $618M ▼ $3.662B ▲ $-4.448B ▲ $601M ▲ $-102M ▲ $1.054B ▼
Q3-2024 $1.447B $2.973B $-4.685B $156M $-1.597B $1.277B

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Commodity Sales
Commodity Sales
 $8.95Bn ▲$8.55Bn ▼$9.53Bn ▲$8.10Bn ▼
Gas Distribution Revenue
Gas Distribution Revenue
 $710.00M ▲$0 ▼$3.70Bn ▲$1.76Bn ▼
Other Revenue
Other Revenue
 $200.00M ▲$160.00M ▼$170.00M ▲$260.00M ▲
Storage and Other Revenue
Storage and Other Revenue
 $330.00M ▲$380.00M ▲$400.00M ▲$390.00M ▼
Transportation Revenue
Transportation Revenue
 $4.62Bn ▲$3.44Bn ▼$4.67Bn ▲$4.31Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Enbridge’s income statement reflects a large, fairly stable infrastructure business with some year‑to‑year swings. Revenue and operating profit have generally trended upward over the past five years, showing that the core business remains solid and can grow even in a choppy energy environment. Profit at the bottom line, however, is more volatile, moving up and down depending on one‑time items, market conditions, and accounting effects. This pattern is common in regulated, capital‑intensive energy infrastructure: the underlying operations look steady and fee‑driven, while reported net income can jump around more than the actual business performance would suggest.

Balance Sheet

Balance Sheet The balance sheet shows a very asset‑heavy company that relies heavily on debt to fund long‑lived infrastructure. Total assets have grown meaningfully, reflecting ongoing investment in pipelines, gas utilities, and related projects. Debt has also increased, leaving Enbridge with a leveraged profile that is typical for its sector but still an important risk to watch, especially in a higher‑interest‑rate world. Equity has edged up over time, but not as quickly as debt, which underscores the importance of steady cash flows and regulatory stability to comfortably support this balance sheet. Cash on hand tends to be modest, suggesting Enbridge leans on its access to capital markets and recurring cash from operations rather than large cash reserves.

Cash Flow

Cash Flow Cash flow is one of Enbridge’s key strengths. The company consistently generates strong cash from operations, reflecting its large base of fee‑based and regulated assets. Free cash flow has been positive over the period, but it moves around as the company ramps up or slows down major capital projects. High spending on new assets and expansions periodically squeezes free cash flow in the short term, but these investments are intended to lock in future, long‑duration cash streams. Overall, the pattern is: reliable cash coming in from the existing network, with sizeable but planned outflows into growth and modernization projects.

Competitive Edge

Competitive Edge Enbridge occupies a central position in North America’s energy system, with a network that would be extremely difficult and costly to replicate. Its pipelines, storage, and gas utilities connect key producing regions to major consumption centers and export hubs, creating a powerful incumbency advantage. The company’s mix of liquids pipelines, gas transmission, gas utilities, and renewables helps smooth out volatility from any one segment. Long‑term contracts and regulated returns support predictable cash flow, but also tie Enbridge closely to regulatory decisions and public policy. High barriers to entry, scale, and integration are clear strengths; at the same time, the business is exposed to regulatory, environmental, and political scrutiny that can delay projects or add costs.

Innovation and R&D

Innovation and R&D Enbridge’s innovation efforts are focused less on traditional lab‑style R&D and more on applied engineering, digital tools, and new energy solutions. On the core infrastructure side, it is investing in advanced monitoring, inspection, and safety technologies—such as underwater vehicles, fiber‑optic sensing, and data analytics—to extend asset life and reduce environmental and operational risk. At the same time, the company is experimenting in areas tied to the energy transition: hydrogen blending, renewable natural gas from landfills, carbon capture and storage, and hybrid heating solutions. These initiatives are still emerging and their long‑term financial impact is uncertain, but they show a clear intent to adapt existing infrastructure and capabilities to a lower‑carbon future rather than relying solely on legacy oil and gas volumes.

Summary

Overall, Enbridge looks like a mature, infrastructure‑style energy company: large, diversified, cash‑generative, and heavily invested in long‑lived assets. The income statement and cash flows point to a business built on stable, contracted or regulated earnings, even if reported net income can be noisy. The balance sheet is geared, with significant debt supported by a broad asset base and recurring cash, which works well when operations remain steady and financing conditions are favorable. Competitively, Enbridge’s network scale, integration, and regulatory positioning give it a wide moat, but also expose it to regulatory and environmental challenges that can affect new projects and timelines. Its investments in safety technology and low‑carbon solutions indicate a strategic pivot toward being a bridge between today’s energy system and a cleaner one, although the pace and profitability of this shift remain key uncertainties for the long term.

NEWS

November 14, 2025 · 7:00 AM UTC

Enbridge Adding Canadian Egress to Key U.S. Refining Markets, Enhancing North American Energy Security

Read more

November 7, 2025 · 7:00 AM UTC

Enbridge Reports Strong Third Quarter Results, Announces Accretive Investments and Reaffirms 2025 Financial Guidance

Read more

November 5, 2025 · 7:00 AM UTC

Enbridge Inc. Declares Quarterly Dividends

Read more

October 2, 2025 · 7:00 AM UTC

Enbridge Announces Executive Leadership Changes

Read more

September 26, 2025 · 5:47 PM UTC

Enbridge Inc. to Host Webcast to Discuss 2025 Third Quarter Results on November 7

Read more