ENBRIDGE (ENB) Company Report

Enbridge reported record financial results for Q4 and full-year 2025, exceeding the midpoint of its 2025 guidance for EBITDA and DCF per share, and reaffirmed its 2026 guidance for full-year EBITDA between CAD 20.2 billion and CAD 20.8 billion and DCF between 570 and 610 per share.
The company sanctioned CAD 14 billion of capital in 2025 and placed CAD 5 billion of assets into service, growing its backlog to CAD 39 billion extending through 2033.
Enbridge increased its dividend for the 31st consecutive year and expects to pay out CAD 40 billion-CAD 45 billion in distributions over the next 5 years.
Key growth projects highlighted include the sanctioning of Mainline Optimization Phase 1 to add 150,000 barrels per day of egress, the Bay Runner extension of the Whistler pipeline for LNG supply, and renewable power projects like Cowboy Phase One and Easter Wind to support data centers.

Feb 13, 2026, 2:00 PM

Transcript

Enbridge Reports Record Q4 and Full-Year 2025 Results, Reaffirms 2026 Guidance, and Expands Capital Program

ENB

Earnings

Guidance Update

New Projects/Investments

Enbridge reported record financial results for Q4 and full-year 2025, exceeding the midpoint of its 2025 guidance for both EBITDA and DCF per share, marking the 20th consecutive year of achieving or exceeding annual financial guidance.
The company reaffirmed its 2026 guidance, projecting full-year EBITDA between CAD 20.2 billion and CAD 20.8 billion and DCF of between 570 and 610 per share, while also expecting 5% growth through the end of the decade.
In 2025, Enbridge sanctioned CAD 14 billion of capital and placed CAD 5 billion of assets into service, expanding its growth backlog by 35% to CAD 39 billion through 2033. The company anticipates sanctioning an additional $10-$20 billion in growth projects over the next 24 months.
Enbridge's annual investment capacity has increased to between CAD 10 billion-CAD 11 billion, supporting organic growth and foundational capital, with key project advancements including the sanctioning of Mainline Optimization Phase 1 and the Bay Runner pipeline.

Feb 13, 2026, 2:00 PM

Transcript

Enbridge Reports Record Q4 2025 Financial Results and Reaffirms 2026 Guidance

ENB

Earnings

Guidance Update

New Projects/Investments

Enbridge reported record financial results for Q4 and full-year 2025, exceeding the midpoint of its 2025 guidance for both EBITDA and DCF per share, marking the 20th consecutive year of achieving or exceeding annual financial guidance. Compared to Q4 2024, adjusted EBITDA increased by CAD 83 million, DCF by CAD 0.06, and EPS by CAD 0.13.
The company reaffirmed its 2026 guidance, projecting full-year EBIT between CAD 20.2 billion and CAD 20.8 billion, and DCF per share between 570 and 610. Enbridge also extended its dividend increase streak to 31 consecutive years.
Enbridge sanctioned CAD 14 billion of capital in 2025 and placed CAD 5 billion of assets into service, growing its backlog by 35% to CAD 39 billion through 2033. The annual investment capacity now stands at CAD 10 billion-CAD 11 billion.
Significant project sanctions include Mainline Optimization Phase 1 ($1.4 billion) to add 150,000 barrels per day of egress by late 2027, the Bay Runner pipeline, and the upsizing of the Eiger Express pipeline to 3.7 BCF/day. In renewable power, Cowboy Phase One ($1.2 billion) and Easter Wind ($400 million US) were sanctioned to provide over 500 MW for data centers.

Feb 13, 2026, 2:00 PM

Transcript

Enbridge Reports Record 2025 Financial Results and Reaffirms 2026 Guidance

ENB

Earnings

Guidance Update

Dividends

Enbridge reported record full-year 2025 adjusted earnings of $6.6 billion or $3.02 per common share, an increase of 9% and 8% respectively, compared to 2024. Full-year adjusted EBITDA was $20.0 billion, a 7% increase, and distributable cash flow (DCF) was $12.5 billion, up 4% from 2024.
The company reaffirmed its 2026 financial guidance for adjusted EBITDA between $20.2 billion and $20.8 billion and DCF per share between $5.70 and $6.10.
Enbridge increased its 2026 quarterly dividend by 3% to $0.97 ($3.88 annualized) per share, marking the 31st consecutive annual increase.
The secured growth backlog grew to approximately $39 billion, with $14 billion of organic growth projects sanctioned in 2025 and $5 billion of organic growth capital placed into service during the same year.
Enbridge exited 2025 with a Debt-to-EBITDA ratio of 4.8x, which is within its target range of 4.5-5.0x.

Feb 13, 2026, 12:02 PM

8-K

Enbridge Reports Record 2025 Financial Results and Reaffirms 2026 Guidance

ENB

Earnings

Guidance Update

Dividends

Enbridge reported record full-year 2025 financial results, with GAAP earnings attributable to common shareholders of $7.1 billion or $3.23 per common share, adjusted earnings of $6.6 billion or $3.02 per common share, and adjusted EBITDA of $20.0 billion.
The company reaffirmed its 2026 financial guidance, projecting adjusted EBITDA between $20.2 billion and $20.8 billion and distributable cash flow (DCF) per share between $5.70 and $6.10.
Enbridge increased its 2026 quarterly dividend by 3% to $0.97 per share, marking the 31st consecutive annual increase.
In 2025, Enbridge placed $5 billion of organic growth capital into service and sanctioned $14 billion of new organic growth projects, expanding its total secured backlog to $39 billion.

Feb 13, 2026, 12:00 PM

Press Release

Enbridge Raises Dividend, Extends Streak

ENB

Dividends

Enbridge has extended its dividend increase streak to 31 consecutive years.
The company recently raised its quarterly dividend by 3% to $0.97, totaling $3.88 annually.
Approximately 98% of Enbridge's EBITDA is generated from regulated assets or long-term take-or-pay contracts, which include revenue inflators and regulatory protections, supporting a sustainable payout ratio.

Dec 29, 2025, 9:23 PM

Morningstar

Enbridge Announces 2026 Financial Guidance and Dividend Increase

ENB

Guidance Update

Dividends

New Projects/Investments

Enbridge Inc. announced 2026 financial guidance, projecting adjusted EBITDA between $20.2 billion and $20.8 billion and distributable cash flow (DCF) per share between $5.70 and $6.10.
The company declared its 31st consecutive annual common share dividend increase, raising it by 3% to $0.97 per quarter ($3.88 annualized), effective March 1, 2026.
Enbridge reaffirmed its 2025 full-year guidance and its 2023-2026 compound annual growth rate outlook of 7-9% for EBITDA, 4-6% for adjusted EPS, and approximately 3% for DCF per share, with a post-2026 growth outlook of ~5% for these metrics.
The company expects to deploy approximately $10 billion of growth capital in 2026, funded by $10 billion of debt issuances for refinancing, with no external equity required.

Dec 3, 2025, 9:15 PM

8-K

Enbridge Forecasts 2026 Profit Growth and Raises Dividend

ENB

Guidance Update

Dividends

New Projects/Investments

Enbridge forecasts adjusted EBITDA between C$20.2 billion and C$20.8 billion for 2026, and distributable cash flow per share between C$5.70 and C$6.10.
The company raised its quarterly dividend by 3% to 97 Canadian cents per share, marking the 31st consecutive year of dividend increases.
Growth is driven by new energy projects, gas transmission, rising U.S. power demand, and the recent $14 billion acquisition of three Dominion Energy utilities.
Enbridge aims for compound annual EBITDA growth of 7% to 9% over 2023 to 2026, targeting ongoing 5% EBITDA growth beyond 2026.
The company faces financial challenges, including a relatively high debt-to-equity ratio of 1.59.

Dec 3, 2025, 1:19 PM

Morningstar

Enbridge Announces 2026 Financial Guidance and 3% Dividend Increase

ENB

Guidance Update

Dividends

New Projects/Investments

Enbridge announced its 2026 financial guidance, projecting adjusted EBITDA between $20.2 billion and $20.8 billion and distributable cash flow (DCF) per share of $5.70 to $6.10.
The company declared its 31st consecutive annual common share dividend increase, raising it by 3% to $0.97 per quarter ($3.88 annualized), effective March 1, 2026.
Enbridge reaffirmed its 2025 full-year guidance, expecting to finish in the upper half of the EBITDA range of $19.4 billion to $20.0 billion and at the midpoint for the DCF per share range.
The company reaffirmed its 2023 to 2026 compound annual growth rate outlook of 7-9% for EBITDA, 4-6% for adjusted EPS, and approximately 3% for DCF per share, with a post-2026 growth outlook of approximately 5% for EBITDA, EPS, and DCF per share.
For 2026, Enbridge expects to deploy approximately $10 billion of growth capital and anticipates its debt-to-EBITDA ratio to remain within the 4.5-5.0x target range.

Dec 3, 2025, 12:01 PM

Press Release

Enbridge Inc. Announces Quarterly Dividend Increase

ENB

Dividends

Enbridge Inc. declared a quarterly dividend of $0.9700 per common share.
This dividend, payable on March 1, 2026, to shareholders of record on February 17, 2026, represents a 3% increase from the prior quarterly rate.
This marks the 31st consecutive year the company has increased its common share dividend.