Enbridge Inc. (ENB) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.6	$0.63	+5.0%	—	—	—
Q4 26	$0.94	$0.98	+4.3%	—	—	—
Q3 26	$0.78	$0.88	+12.8%	—	—	—
Q2 26	$0.51	$0.46	-9.8%	—	—	—
Q1 26	$0.57	$0.65	+14.0%	—	—	—
Q4 25	$0.95	$1.03	+8.4%	—	—	—
Q3 25	$0.74	$0.75	+1.4%	—	—	—
Q2 25	$0.56	$0.55	-1.8%	—	—	—
Q1 25	$0.63	$0.58	-7.9%	—	—	—
Q4 24	$0.81	$0.92	+13.6%	—	—	—
Q3 24	$0.66	$0.64	-3.0%	—	—	—
Q2 24	$0.59	$0.62	+5.1%	—	—	—
Q1 24	$0.68	$0.68	0.0%	—	—	—
Q4 23	$0.84	$0.85	+1.2%	—	—	—
Q3 23	$0.73	$0.63	-13.7%	—	—	—
Q2 23	$0.64	$0.67	+4.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.23	—	—	$65.2B	—
FY24	—	$2.34	—	—	$39.3B	—
FY23	—	$2.84	—	—	$43.6B	—
FY22	—	$1.28	—	—	$53.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$34.6B	$44.4B	$46.4B	$50.1B	$39.1B	$47.1B	$53.3B	$43.6B	$39.3B	$65.2B
YoY change	+2.27%	+28.4%	+4.51%	+7.96%	-21.9%	+20.4%	+13.3%	-18.1%	-10%	+66%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	34.6B	44.4B	46.4B	50.1B	39.1B	47.1B	53.3B	43.6B	39.3B	65.2B
Cost of revenue	26.2B	31.8B	32.6B	34.4B	24.4B	32.6B	36.9B	26B	25.1B	43.7B
Gross profit	8.3B	12.6B	13.7B	15.7B	14.7B	14.5B	16.4B	17.7B	14.1B	21.5B
Gross margin	24.1%	28.3%	29.6%	31.3%	37.6%	30.8%	30.8%	40.5%	36%	33%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	4.4B	6.4B	6.8B	7B	-148M	-150M	-239M	-135M	—	—
Operating expenses	8.7B	12.9B	13.6B	14B	6.6B	6.6B	8B	8.5B	6.9B	10B
Operating income	4B	6.1B	6.9B	8.7B	8.1B	8B	8.4B	9.1B	7.2B	11.5B
Operating margin	11.4%	13.8%	15%	17.3%	20.7%	16.9%	15.8%	20.8%	18.4%	17.7%
Non-operating income, net	84M	-3B	-666M	1.5B	-1.1B	2.4B	-702M	2.6B	1.4B	3.3B
Pretax income	2.5B	569M	3.6B	7.5B	4.2B	7.7B	4.5B	7.9B	5.4B	9.8B
Income tax	142M	-2.7B	237M	1.7B	774M	1.4B	1.6B	1.8B	1.2B	2B
Net income	2.3B	3.3B	3.3B	5.8B	3.4B	6.3B	2.9B	6.1B	4.1B	7.8B
Net margin	6.68%	7.36%	7.19%	11.6%	8.74%	13.4%	5.51%	13.9%	10.5%	11.9%
EBITDA	6.7B	10.9B	12.3B	13.9B	12.9B	13.7B	15B	16.1B	13.3B	20.3B
EPS	1.95	1.66	1.46	2.64	1.48	2.87	1.28	2.84	2.34	3.23
Diluted EPS	1.93	1.65	1.46	2.63	1.48	2.87	1.28	2.84	2.34	3.22

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Revenue	10.4B	9.8B	11.3B	11B	11.3B	10.6B	11.9B	18.5B	14.9B	14.6B	17.2B	22.4B
Cost of revenue	6.1B	6B	6.6B	6.2B	6.8B	7.4B	8B	12.4B	9.9B	9.9B	11.5B	16.6B
Gross profit	4.4B	3.8B	4.7B	4.8B	4.6B	3.2B	3.9B	6.1B	4.9B	4.8B	5.7B	5.8B
Gross margin	42%	39.1%	42%	43.9%	40.4%	30.2%	32.9%	33.2%	33.1%	32.5%	33%	25.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	-34M	-34M	-34M	-41M	-48M	—	—	—	—	—	—	—
Operating expenses	2B	2B	2.4B	2.1B	2.3B	1.6B	2B	2.5B	2.3B	2.5B	2.7B	2.6B
Operating income	2.4B	1.8B	2.3B	2.7B	2.3B	1.6B	1.9B	3.7B	2.6B	2.3B	3B	3.2B
Operating margin	22.9%	18.6%	20%	24.6%	20.1%	14.9%	16.3%	19.8%	17.6%	15.5%	17.3%	14.4%
Non-operating income, net	1B	-156M	1.1B	145M	1.5B	609.1M	-492M	849M	1.5B	154M	736M	362M
Pretax income	2.5B	751M	2.2B	2B	2.7B	1.3B	623.4M	3.2B	3B	1.2B	2.5B	2.4B
Income tax	519M	128M	664M	386M	739M	222.3M	169.6M	697M	666M	316M	325M	587M
Net income	2B	623M	1.6B	1.6B	2B	1B	453.8M	2.5B	2.3B	847M	2.1B	1.8B
Net margin	19.2%	6.33%	13.9%	14.2%	17.7%	9.72%	3.81%	13.5%	15.6%	5.79%	12.4%	7.95%
EBITDA	4B	3.5B	4.1B	4.8B	4.2B	3B	3.6B	6.1B	4.8B	4.3B	5.1B	5.5B
EPS	0.91	0.26	—	0.67	0.86	0.59	—	1.04	1	0.3	—	0.77
Diluted EPS	0.91	0.26	—	0.67	0.86	0.59	—	1.03	1	0.3	—	0.76

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	55.8B	—	—	—	93.9B	114.9B	115B	105B	—	—	104.7B
Enterprise value	95.2B	—	—	—	160.3B	190.2B	195.2B	180.3B	—	—	157.3B
Shares outstanding	1.3B	2.2B	2.5B	2.9B	2.9B	2.9B	2.9B	2.9B	1.6B	2.2B	2.2B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	24.1	—	—	—	27.5	18.2	39.2	17.3	—	—	25.6
P/S	1.61	—	—	—	2.4	2.44	2.16	2.41	—	—	1.25
P/B	2.54	—	—	—	1.46	1.81	1.81	1.63	—	—	2.47
EV/EBITDA	14.2	—	—	—	12.4	13.9	13	11.2	—	—	12.8
EV/Sales	2.75	—	—	—	4.1	4.04	3.66	4.13	—	—	2.67
Earnings yield	4.14%	—	—	—	3.64%	5.5%	2.55%	5.77%	—	—	3.91%
FCF yield	-0.09%	—	—	—	4.43%	1.01%	5.57%	8.88%	—	—	-0.72%
PEG	—	—	—	—	—	—	—	—	—	—	-0.99

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	24.1%	28.3%	29.6%	31.3%	37.6%	30.8%	30.8%	40.5%	36%	33%	25.9%
Operating margin	11.4%	13.8%	15%	17.3%	20.7%	16.9%	15.8%	20.8%	18.4%	17.7%	10.2%
Net margin	6.68%	7.36%	7.19%	11.6%	8.74%	13.4%	5.51%	13.9%	10.5%	11.9%	7.34%
ROE	10.5%	4.97%	4.54%	8.4%	5.31%	9.96%	4.63%	9.39%	8.17%	11.9%	9.22%
ROA	2.71%	2.01%	2%	3.57%	2.13%	3.74%	1.64%	3.36%	2.57%	3.56%	3.29%
ROIC	6.07%	4.7%	4.71%	5.02%	5.05%	4.68%	3.8%	4.99%	4.5%	5.41%	4.98%
Return on tangible assets	2.82%	3.77%	3.57%	6.3%	3.76%	6.63%	2.75%	5.53%	4.12%	5.57%	4.76%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.63	0.63	0.58	0.55	0.53	0.49	0.6	0.83	0.55	0.63	0.72
Quick ratio	0.53	0.53	0.49	0.47	0.42	0.4	0.49	0.74	0.49	0.55	0.73
Debt / equity	1.86	0.99	0.88	0.94	1.04	1.19	1.28	1.26	1.48	1.61	1.63
Debt / assets	0.48	0.4	0.39	0.4	0.42	0.45	0.45	0.45	0.46	0.48	0.48
Net debt / EBITDA	5.87	5.95	5.19	4.63	5.14	5.51	5.33	4.69	5.53	5.13	5.47
Interest coverage	2.54	1.2	2.26	3.76	2.47	3.86	2.41	3.04	2.66	2.96	2.84
Effective tax rate	5.79%	0%	6.64%	22.7%	18.5%	18.3%	35.3%	23.1%	22.9%	20.5%	21.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	26.1	20	18.5	17.1	13.3	16	18.1	15	24.8	29.9	38.3
EPS (basic)	1.95	1.66	1.46	2.64	1.48	2.87	1.28	2.84	2.34	3.23	3.23
EPS (diluted)	1.93	1.65	1.46	2.63	1.48	2.87	1.28	2.84	2.34	3.22	1.83
Book value per share	16.6	29.7	29.3	23.7	21.9	21.6	21.5	22.1	32	29.9	18.9
FCF per share	-0.04	-1.09	1.26	1.26	1.42	0.4	2.18	3.2	2.63	1.42	0.76
Cash per share	1.13	0.22	0.21	0.22	0.15	0.1	0.29	2.02	0.84	0.5	0.96
Capex per share	3.87	—	—	—	—	—	—	—	—	4.12	4.43

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	14.8%	—	—	—	—	—	—	—	—	13.8%	14%
Capex / operating cash flow	107.9%	—	—	—	—	—	—	—	—	73.1%	83.8%
Payout ratio	62.5%	94.3%	115.3%	109.1%	203.2%	113%	248.7%	125.9%	146.7%	110.9%	147.7%
Dividend yield	2.59%	—	—	—	7.39%	6.21%	6.35%	7.26%	—	—	5.93%

Yield

5.93%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.696

ex-dividend Aug 14, 2026

Payout ratio

148%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 14, 2026	$0.696
May 15, 2026	$0.707
Feb 17, 2026	$0.712

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Revenue	$10.4B	$9.8B	$11.3B	$11B	$11.3B	$10.6B	$11.9B	$18.5B	$14.9B	$14.6B	$17.2B	$22.4B
YoY change	-21.1%	-14.9%	-15.8%	-8.59%	+8.67%	+7.7%	+5.4%	+67.6%	+31.2%	+38.1%	+44.2%	+20.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.5B	480M	518M	648M	452M	286M	861M	5.9B	1.3B	1.1B
Receivables	3.9B	5.4B	4.8B	5.2B	4B	5B	5.6B	4.4B	5.1B	7.1B
Inventory	1.2B	1.5B	1.3B	1.3B	1.5B	1.7B	2.3B	1.5B	1.1B	1.6B
Total current assets	7.8B	9.2B	8.6B	8.7B	7.3B	9B	12.1B	14.4B	9.7B	13.2B
Property, plant & equipment	118.3B	169.4B	167.5B	171.4B	174.2B	186.2B	104.5B	104.6B	96.3B	131.6B
Goodwill & intangibles	3.3B	75.4B	73.7B	70.7B	69.5B	73.6B	72.9B	70.8B	60.5B	78.6B
Total assets	85.2B	162.1B	166.9B	163.2B	160.3B	168.9B	179.6B	180.3B	160.8B	218.5B
Accounts payable	3.7B	5.1B	4.6B	4.5B	3.5B	4.5B	6.2B	4.3B	5.2B	7.6B
Short-term debt	4.5B	4.3B	4.3B	5.3B	4.1B	7.7B	8B	6.5B	6.1B	6.3B
Total current liabilities	12.3B	14.6B	14.9B	15.9B	14B	18.2B	20.3B	17.4B	17.5B	21B
Long-term debt	36.5B	60.9B	60.3B	59.7B	62.8B	68B	72.9B	74.7B	68.6B	99B
Total liabilities	63.2B	96.4B	93.5B	93.8B	95.9B	105.5B	116.2B	115.8B	110.2B	153.3B
Shareholders' equity	22B	65.7B	73.4B	69.4B	64.4B	63.4B	63.4B	64.5B	50.6B	65.2B
Total debt	40.9B	65.2B	64.6B	65B	66.9B	75.6B	81B	81.2B	74.7B	105.3B
Net debt	39.5B	64.7B	64.1B	64.3B	66.4B	75.4B	80.1B	75.3B	73.3B	104.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Cash & short-term investments	1B	2.6B	5.9B	1.2B	3.6B	1.3B	1.3B	2.1B	1.2B	1.4B	1.1B	1.6B
Receivables	3.7B	4B	4.4B	4.9B	4.7B	4B	5.1B	7.6B	5.5B	5.9B	7.1B	10.4B
Inventory	1.2B	1.6B	1.5B	1.4B	1.4B	1.1B	1.1B	1.2B	1.4B	1.9B	1.6B	1.8B
Total current assets	9B	11.1B	14.4B	10B	12.5B	8.5B	9.7B	13.6B	11.1B	12.1B	13.2B	18.9B
Property, plant & equipment	—	—	104.6B	—	—	—	96.3B	—	—	—	131.6B	—
Goodwill & intangibles	71.3B	72.2B	70.8B	77.6B	77.6B	55.9B	60.5B	82.2B	78.9B	79.9B	78.6B	79.5B
Total assets	173.9B	178.4B	180.3B	190.7B	201.3B	146.6B	160.8B	220B	211.6B	217B	218.5B	228.2B
Accounts payable	3.7B	4.4B	4.3B	3.8B	4.6B	4.3B	5.2B	6.6B	5.8B	6.5B	7.6B	9.8B
Short-term debt	6.9B	8.7B	6.5B	6.2B	6.9B	5.7B	6.1B	6B	4.1B	3.1B	6.3B	6.5B
Total current liabilities	14B	16.7B	17.4B	14.7B	16.3B	13.6B	17.5B	18.6B	14.8B	15B	21B	23.3B
Long-term debt	72.5B	68.8B	74.7B	81.4B	85.2B	62.2B	68.6B	97.2B	97B	100.6B	99B	103B
Total liabilities	109.9B	109.9B	115.8B	123.4B	131B	97.6B	110.2B	148.8B	143.2B	148.9B	153.3B	160.4B
Shareholders' equity	64B	68.5B	64.5B	67.3B	70.3B	49B	50.6B	71.3B	68.4B	68.1B	65.2B	67.8B
Total debt	79.5B	77.5B	81.2B	87.6B	92.1B	67.9B	74.7B	103.1B	101.1B	103.7B	105.3B	109.5B
Net debt	78.4B	74.9B	75.3B	86.4B	88.5B	66.6B	73.3B	101B	99.8B	102.3B	104.2B	107.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.3B	3.3B	3.3B	5.8B	3.4B	6.3B	2.9B	6.1B	4.1B	7.8B
Depreciation & amortization	2.2B	3.2B	3.2B	3.4B	3.7B	3.9B	4.3B	4.6B	3.8B	5.7B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-388M	-462M	890M	-218M	62M	-1.5B	-70M	2.1B	-213M	-1.4B
Operating cash flow	4.8B	3.2B	7.4B	10.2B	7.9B	9.7B	7.1B	14.6B	8.4B	12.3B
Capital expenditure	-5.1B	—	—	—	—	—	—	—	—	-9B
Investing cash flow	-5B	-2B	3.1B	617M	-262M	-3.1B	-1.2B	-2.3B	-7.9B	-8.7B
Dividends paid	-1.4B	-3.1B	-3.8B	-6.4B	-6.9B	-7.1B	-7.3B	-7.6B	-6.1B	-8.6B
Share repurchases	0	0	-210M	-300M	0	-415M	-1.2B	-125M	0	0
Financing cash flow	840M	3.5B	-7.7B	-5B	-4.8B	1.2B	-5.4B	-2.9B	2.6B	-2.4B
Net change in cash	613M	4.6B	2.8B	5.8B	2.9B	7.8B	463M	9.4B	3.1B	1.2B
Free cash flow	-50M	-2.4B	3.2B	3.7B	4.2B	1.2B	6.4B	9.3B	4.2B	3.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Net income	2B	623M	1.6B	1.6B	2B	1B	453.8M	2.5B	2.3B	847M	2.1B	1.8B
Depreciation & amortization	1.1B	1.2B	1.2B	1.2B	1.3B	938.2M	1B	1.4B	1.4B	1.4B	1.5B	1.4B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	3.6B	1.9B	3.5B	2.9B	3.9B	2.1B	1.5B	4.2B	3.2B	2.9B	3.1B	2.3B
Capital expenditure	—	—	—	—	—	—	—	—	-1.9B	-2.3B	-3B	-2.4B
Investing cash flow	-487M	-16M	-610M	-6.4B	-1.4B	-3.8B	1.7B	114M	-1.9B	-2.1B	-3B	-2.5B
Dividends paid	-1.9B	-1.9B	-2B	-2B	-2B	-1.5B	-1.5B	-2.2B	-2.2B	-2.2B	-2.2B	-2.2B
Share repurchases	-125M	0	0	—	—	0	0	—	—	—	—	—
Financing cash flow	-2.5B	-376M	2.3B	-120M	2.9B	111.1M	441.3M	-950M	-1.2B	-126M	-108M	1.1B
Net change in cash	637M	1.5B	5.2B	-3.6B	5.4B	-1.6B	3.6B	3.4B	103M	634M	-31M	994M
Free cash flow	2.4B	1.8B	2.4B	1.9B	1.4B	909.7M	774M	1.3B	1.3B	456M	105M	-173M

Date	Ratio
Jun 1, 2011	2:1
May 31, 2005	2:1
May 6, 1999	2:1
May 6, 1991	1642:1000

Enbridge Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history