Enbridge Inc. (ENB) reported record fourth‑quarter 2025 results, posting revenue of $12.32 billion (CAD 8.46 billion) and an adjusted earnings per share of $0.88, a 17% increase from the $0.75 adjusted EPS reported in the same quarter of 2024. Adjusted EBITDA reached $20.0 billion, up 7% from $18.6 billion in 2024, and the company raised its quarterly dividend to $0.97 per share, an annualized $3.88 and the 31st consecutive dividend increase.
The earnings beat was driven by disciplined cost management and a favorable operating mix. Enbridge’s regulated‑income model, with 98% of EBITDA protected by long‑term contracts, allowed the company to maintain margins even as commodity prices fluctuated. Strong demand in the gas utilities and liquids pipelines segments, coupled with the Mainline system’s nine‑month allocation, contributed to the revenue growth and the robust EPS performance.
Enbridge reaffirmed its 2026 outlook, guiding adjusted EBITDA between $20.2 billion and $20.8 billion and a discounted cash‑flow per share of $5.70 to $6.10. The guidance reflects management’s confidence in continued demand for its pipeline services and the expected impact of the Mainline Optimization Phase 1, which is projected to add 150 kbpd of capacity by 2027. The company also reiterated its target of 5% annual growth in adjusted EBITDA, EPS, and DCF per share through 2030, underscoring a disciplined capital allocation strategy.
Segment performance highlights the company’s focus on high‑margin, long‑term contracts. The gas utilities and liquids pipelines divisions delivered the bulk of the revenue increase, while the Mainline system’s expansion is expected to enhance capacity and revenue streams in the coming years. The 150 kbpd addition from Mainline Optimization Phase 1 is a key driver of future growth and demonstrates Enbridge’s commitment to expanding its network in a cost‑efficient manner.
Management emphasized the resilience of Enbridge’s business model, noting that the company “has once again achieved record EBITDA and DCF per share, marking the 20th consecutive year of meeting or exceeding financial guidance.” Investors welcomed the results, citing the earnings beat, strong guidance, and continued dividend growth as evidence of Enbridge’s robust execution and long‑term value creation.
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