ENB Q4 2025 Earnings
Reported Feb 13, 2026 at 7:02 AM ET · SEC Source
Q4 25 EPS
$0.88
BEAT +11.10%
Est. $0.79
Q4 25 Revenue
N/A
Est. $12.50B
vs S&P Since Q4 25
-2.5%
TRAILING MARKET
ENB +3.2% vs S&P +5.7%
Full Year 2025 Results
FY 25 EPS
$3.02
BEAT +2.72%
Est. $2.94
Market Reaction
Did ENB Beat Earnings? Q4 2025 Results
Enbridge closed out fiscal 2025 on a strong note, delivering fourth-quarter earnings per share of $0.88 against a consensus estimate of $0.79, an 11.10% beat that capped what the company called a record financial year and its 20th consecutive period … Read more Enbridge closed out fiscal 2025 on a strong note, delivering fourth-quarter earnings per share of $0.88 against a consensus estimate of $0.79, an 11.10% beat that capped what the company called a record financial year and its 20th consecutive period of meeting or exceeding guidance. The quarter's outperformance was anchored by favorable Gas Transmission contracting activity, the Venice Extension entering service, and colder weather lifting Enbridge Gas Ontario results, which collectively pushed Q4 adjusted EBITDA to $5.21 billion, up $83.00 million from the same period a year earlier. Full-year adjusted EBITDA climbed 7% to $19.95 billion while adjusted earnings rose 9% to $6.58 billion, underscoring the durability of the company's take-or-pay pipeline model. Enbridge also sanctioned $14.00 billion in organic growth projects during 2025, swelling its secured backlog to roughly $39.00 billion, a figure that reflects growing data center and LNG demand opportunities. Looking ahead, the company reaffirmed 2026 adjusted EBITDA guidance of $20.20 billion to $20.80 billion, with Citi subsequently raising its price target to C$77 on the results.
Key Takeaways
- • Full year of contributions from U.S. Gas Utilities acquired in 2024
- • Favorable Gas Transmission contracting and successful rate case settlements
- • Venice Extension entering service
- • Colder weather and higher rates and customer growth at Enbridge Gas Ontario
- • Higher Mainline System demand with annual escalators and surcharges
- • Lower power costs from operational efficiencies on Mainline
- • Lower effective U.S. tax rate from higher investment tax credits
ENB Forward Guidance & Outlook
Enbridge reaffirmed 2026 financial guidance for adjusted EBITDA between C$20.2 billion and C$20.8 billion and DCF per share between C$5.70 and C$6.10. The company reaffirmed its 2023-2026 near-term growth outlook of 7-9% for adjusted EBITDA, 4-6% for adjusted EPS, and approximately 3% for DCF per share. Post 2026, adjusted EBITDA, EPS, and DCF per share are all expected to grow by approximately 5% annually. The secured growth backlog sits at approximately C$39 billion, with C$8 billion expected to be placed into service in 2026. Annual investment capacity for growth projects is between C$10 billion and C$11 billion.
ENB YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“With the changing dynamics we see in today's energy sector, our all-of-the-above approach to energy and incumbent asset footprint positions us to capitalize on growing energy demand. This past year, Enbridge continued to benefit from our size and capacity, securing $14 billion of projects across our four businesses.”
— Greg Ebel, Q4 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% | — | — |