ENB Q1 2025 Earnings
Reported May 9, 2025 at 7:00 AM ET · SEC Source
Q1 25 EPS
$1.03
BEAT +7.94%
Est. $0.95
Q1 25 Revenue
N/A
Est. $10.31B
vs S&P Since Q1 25
-1.1%
TRAILING MARKET
ENB +26.6% vs S&P +27.7%
Market Reaction
Did ENB Beat Earnings? Q1 2025 Results
Enbridge kicked off 2025 with a strong first quarter, posting earnings per share of $1.03 and beating the $0.95 consensus estimate by 7.94%, as the Canadian pipeline giant continued to absorb the transformative impact of its U.S. Gas utility acquisit… Read more Enbridge kicked off 2025 with a strong first quarter, posting earnings per share of $1.03 and beating the $0.95 consensus estimate by 7.94%, as the Canadian pipeline giant continued to absorb the transformative impact of its U.S. Gas utility acquisitions. The single biggest driver of the quarter was the full-period contribution from three U.S. Gas utilities acquired from Dominion Energy, which helped push adjusted EBITDA up 18% to $5.83 billion and caused Gas Distribution segment EBITDA to more than double to $1.60 billion. Mainline throughput also hit a first-quarter record of 3.2 million barrels per day, adding further momentum. Enbridge reaffirmed its 2025 full-year adjusted EBITDA guidance of $19.40 billion to $20.00 billion and DCF per share of $5.50 to $5.90, while pointing to a $28.00 billion secured growth backlog that extends visibility through the end of the decade. With Canada's government signaling an era of accelerated energy infrastructure development, Enbridge appears well-positioned to deploy its $9 to $10 billion annual investment capacity against a growing pipeline of opportunities.
Key Takeaways
- • Record Mainline throughput of 3.2 million barrels per day in Q1
- • Full-quarter contributions from U.S. gas utility acquisitions from Dominion Energy
- • Favorable USD/CAD exchange rate (C$1.44 vs. C$1.35 year-over-year)
- • Higher Mainline tolls from annual escalators effective July 2024
- • Rate settlements and favorable contracting on U.S. Gas Transmission assets
- • Colder weather positively impacting Enbridge Gas Ontario by approximately C$87 million period-over-period
- • Higher distribution charges from rate and customer base increases at Enbridge Gas Ontario
- • Record quarterly export volumes at Enbridge Ingleside Export Center
ENB YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
“Despite the unique challenges that 2025 has presented, Enbridge is operating from a position of strength and stability and will continue to deliver safe, reliable, and affordable energy to our customers throughout North America and beyond. This can be seen in our very solid first quarter results. Strong utilization across our asset base underpinned record financial results and sets us up to meet or exceed our financial guidance for the 20th consecutive year.”
— Greg Ebel, Q1 2025 Earnings Press Release
ENB Earnings Trends
ENB vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ENB EPS Trend
Earnings per share: estimate vs actual
ENB Revenue Trend
Quarterly revenue: estimate vs actual
ENB Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $0.79 | $0.88 | +11.10% | — | — |
| FY Full Year | $2.94 | $3.02 | +2.72% | — | — |
| Q3 25 MISS | $0.51 | $0.46 | -9.79% | — | — |
| Q2 25 BEAT | $0.57 | $0.65 | +14.34% | — | — |
| Q1 25 BEAT | $0.95 | $1.03 | +7.94% | — | — |