ENB Q3 2025 Earnings
Reported Nov 7, 2025 at 7:00 AM ET · SEC Source
Q3 25 EPS
$0.46
MISS 9.79%
Est. $0.51
Q3 25 Revenue
N/A
Est. $11.86B
vs S&P Since Q3 25
+12.0%
BEATING MARKET
ENB +19.5% vs S&P +7.4%
Market Reaction
Did ENB Beat Earnings? Q3 2025 Results
Enbridge fell short of Wall Street expectations in Q3 2025, posting adjusted EPS of $0.46 against a consensus estimate of $0.51, a miss of 9.79%, as higher depreciation, financing costs, and noncontrolling interests tied to its 2024 U.S. Gas utility … Read more Enbridge fell short of Wall Street expectations in Q3 2025, posting adjusted EPS of $0.46 against a consensus estimate of $0.51, a miss of 9.79%, as higher depreciation, financing costs, and noncontrolling interests tied to its 2024 U.S. Gas utility acquisitions weighed on the bottom line. GAAP earnings dropped sharply to $682 million, or $0.30 per share, from $1.29 billion a year ago, hurt by non-cash unrealized derivative losses on foreign exchange, interest rate, and commodity hedges. Underneath the earnings pressure, however, the operational picture was notably resilient, with record Q3 adjusted EBITDA of $4.27 billion and high utilization across its pipeline systems. The quarter also featured roughly $3 billion in newly sanctioned growth projects, lifting Enbridge's secured backlog to approximately $35 billion through 2030. Management reaffirmed 2025 adjusted EBITDA guidance of $19.4 billion to $20 billion and DCF per share of $5.50 to $5.90, with post-2026 growth targeted at approximately 5% annually across EBITDA, EPS, and DCF per share.
Key Takeaways
- • Record Q3 adjusted EBITDA driven by high utilization across systems
- • Contributions from Enbridge Gas North Carolina acquisition completed in Q4 2024
- • Favorable contracting and rate case settlements on U.S. Gas Transmission assets
- • Texas Eastern Venice Extension entering service in Q4 2024
- • Acquisitions of Matterhorn Express Pipeline interest and Delaware Basin Residue Pipeline
- • Higher revenue from renewable energy certificates and Orange Grove Solar entering service
- • Higher average CAD/USD exchange rate (C$1.38 vs C$1.36)
ENB YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“Energy demand continues to grow in North America and beyond. Throughout North America, we have an abundant supply of natural resources. Enbridge is the only company with a large incumbent footprint positioned to deliver gas, liquids and renewable power to customers across the continent and to new markets. Our 'all-of-the-above' approach enables us to capitalize on growing demand for all forms of energy, providing first-choice service for customers both today and in the future.”
— Greg Ebel, Q3 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% | — | — |