ENB Q2 2025 Earnings
Reported Aug 1, 2025 at 7:00 AM ET · SEC Source
Q2 25 EPS
$0.65
BEAT +14.34%
Est. $0.57
Q2 25 Revenue
N/A
Est. $10.61B
vs S&P Since Q2 25
+9.5%
BEATING MARKET
ENB +25.4% vs S&P +15.9%
Market Reaction
Did ENB Beat Earnings? Q2 2025 Results
Enbridge delivered a strong second quarter, with adjusted earnings per share of $0.65 beating the $0.57 consensus estimate by 14.34%, as the Canadian pipeline giant posted record adjusted EBITDA of $4.64 billion, up 7% from $4.33 billion a year earli… Read more Enbridge delivered a strong second quarter, with adjusted earnings per share of $0.65 beating the $0.57 consensus estimate by 14.34%, as the Canadian pipeline giant posted record adjusted EBITDA of $4.64 billion, up 7% from $4.33 billion a year earlier. The primary engine behind the beat was the full-quarter contribution from Enbridge's acquired U.S. Natural gas utilities, which powered a $273 million surge in Gas Distribution segment EBITDA and helped offset softer Liquids Pipelines volumes on key routes including Flanagan South and Bakken. GAAP earnings attributable to common shareholders climbed to $2.18 billion, or $1.00 per share, compared with $1.85 billion, or $0.86 per share, in the prior-year period. The company also sanctioned roughly $2.00 billion in new projects, lifting its secured growth backlog to approximately $32.00 billion. Looking ahead, Enbridge reaffirmed its full-year 2025 adjusted EBITDA guidance of $19.40 billion to $20.00 billion, with management now expecting results at the upper end of that range.
Key Takeaways
- • Record Q2 adjusted EBITDA of C$4.644 billion, up 7% year-over-year
- • Full-quarter contributions from 2024 U.S. natural gas utility acquisitions (Ohio, Utah, North Carolina)
- • Favorable contracting and rate case settlements on U.S. Gas Transmission assets
- • Colder weather and higher distribution margin from rate and customer base increases at Enbridge Gas Ontario
- • Higher volumes at BC Pipeline and stronger utilization at Aitken Creek Storage
- • Mainline system averaged 3.0 mmbpd with system apportioned for six of eight months in 2025
- • Higher investment tax credits lowering income tax expense
ENB YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“Our all-of-the-above approach to energy investment continues to surface value for shareholders. We are capitalizing on growing power demand and strong natural gas fundamentals. Today we sanctioned projects in GTM that will serve rising natural gas demand. This was on top of our recently announced 600 MW Clear Fork solar project in Texas that will support Meta's data center operations. Looking forward, our backlog is now over $30 billion across all four businesses, highlighting the advantage of Enbridge's scale and diversification.”
— Greg Ebel, Q2 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% | — | — |