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Enbridge Q3 Earnings and Revenues Miss Estimates, Decline Y/Y
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Key Takeaways
Enbridge posted Q3 adjusted EPS of $0.33, down from $0.40 in 2024 and below the $0.39 estimate.
Revenues declined to $10.6B, hurt by lower EBITDA in Liquids Pipelines and Renewables.
Gas Transmission and Gas Distribution segments saw year-over-year profit increases.
Enbridge Inc. (ENB - Free Report) reported third-quarter 2025 adjusted earnings per share (EPS) of 33 cents, which missed the Zacks Consensus Estimate of 39 cents. The bottom line also decreased from the year-ago quarter’s level of 40 cents.
Total quarterly revenues of $10.6 billion declined from $10.9 billion in the prior-year quarter. The top line also missed the Zacks Consensus Estimate of $10.86 billion.
The weak quarterly results can be attributed to lower Adjusted EBITDA contributions from its Liquids Pipelines and Renewable Power Generation business segments.
Enbridge conducts business through five segments — Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, Renewable Power Generation, and Eliminations and Other.
Liquids Pipelines: The segment’s adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) totaled C$2.31 billion, down from C$2.34 billion in the year-earlier quarter. The decline was mainly due to lower contributions from the Flanagan South Pipeline and Spearhead Pipeline. A slightly lower contribution from the Mainline System also affected the segment.
Gas Transmission: Adjusted earnings in this segment totaled C$1.26 billion, up from C$1.15 billion recorded in the third quarter of 2024. The increase can be primarily attributed to favorable contracting and rate-case settlements on certain U.S. Gas Transmission assets and contributions from the Venice Extension project.
Gas Distribution and Storage: This unit generated a profit of C$560 million, up from C$522 million in the prior-year quarter. The rise was mainly driven by increased contributions from the U.S. Gas Utilities. Full-quarter contribution from the Enbridge Gas North Carolina acquisitions also aided the segment.
Renewable Power Generation: The segment recorded earnings of C$100 million, up from C$86 million in the prior-year quarter.
Eliminations and Other: The segment recorded Adjusted EBITDA of C$38 million compared with C$96 million in the third quarter of 2024.
Distributable Cash Flow (DCF)
Enbridge reported a DCF of C$2.57 billion, down from C$2.6 billion recorded a year ago.
Balance Sheet
At the end of the third quarter, Enbridge reported long-term debt of C$100.6 billion. It had cash and cash equivalents of C$1.4 billion. The current portion of long-term debt was C$1.8 billion.
Outlook
For 2025, the company reaffirmed its guidance for Adjusted EBITDA (on base business) and DCF per share in the range of $19.4-$20.0 billion and $5.50-$5.90, respectively.
The pipeline company also reaffirmed its near-term growth outlook (2023-2026) of 7-9% for adjusted EBITDA and nearly 3% for DCF per share. After 2026, it expects adjusted EBITDA, EPS and DCF per share to increase approximately 5% per year.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
Canadian Natural Resources is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The company boasts a diversified portfolio of crude oil, natural gas, bitumen and synthetic crude oil. It has delivered 25 consecutive years of dividend increases, one of the longest streaks among global oil producers.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.
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Enbridge Q3 Earnings and Revenues Miss Estimates, Decline Y/Y
Key Takeaways
Enbridge Inc. (ENB - Free Report) reported third-quarter 2025 adjusted earnings per share (EPS) of 33 cents, which missed the Zacks Consensus Estimate of 39 cents. The bottom line also decreased from the year-ago quarter’s level of 40 cents.
Total quarterly revenues of $10.6 billion declined from $10.9 billion in the prior-year quarter. The top line also missed the Zacks Consensus Estimate of $10.86 billion.
The weak quarterly results can be attributed to lower Adjusted EBITDA contributions from its Liquids Pipelines and Renewable Power Generation business segments.
Enbridge Inc Price, Consensus and EPS Surprise
Enbridge Inc price-consensus-eps-surprise-chart | Enbridge Inc Quote
Segmental Analysis
Enbridge conducts business through five segments — Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, Renewable Power Generation, and Eliminations and Other.
Liquids Pipelines: The segment’s adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) totaled C$2.31 billion, down from C$2.34 billion in the year-earlier quarter. The decline was mainly due to lower contributions from the Flanagan South Pipeline and Spearhead Pipeline. A slightly lower contribution from the Mainline System also affected the segment.
Gas Transmission: Adjusted earnings in this segment totaled C$1.26 billion, up from C$1.15 billion recorded in the third quarter of 2024. The increase can be primarily attributed to favorable contracting and rate-case settlements on certain U.S. Gas Transmission assets and contributions from the Venice Extension project.
Gas Distribution and Storage: This unit generated a profit of C$560 million, up from C$522 million in the prior-year quarter. The rise was mainly driven by increased contributions from the U.S. Gas Utilities. Full-quarter contribution from the Enbridge Gas North Carolina acquisitions also aided the segment.
Renewable Power Generation: The segment recorded earnings of C$100 million, up from C$86 million in the prior-year quarter.
Eliminations and Other: The segment recorded Adjusted EBITDA of C$38 million compared with C$96 million in the third quarter of 2024.
Distributable Cash Flow (DCF)
Enbridge reported a DCF of C$2.57 billion, down from C$2.6 billion recorded a year ago.
Balance Sheet
At the end of the third quarter, Enbridge reported long-term debt of C$100.6 billion. It had cash and cash equivalents of C$1.4 billion. The current portion of long-term debt was C$1.8 billion.
Outlook
For 2025, the company reaffirmed its guidance for Adjusted EBITDA (on base business) and DCF per share in the range of $19.4-$20.0 billion and $5.50-$5.90, respectively.
The pipeline company also reaffirmed its near-term growth outlook (2023-2026) of 7-9% for adjusted EBITDA and nearly 3% for DCF per share. After 2026, it expects adjusted EBITDA, EPS and DCF per share to increase approximately 5% per year.
ENB’s Zacks Rank and Key Picks
ENB currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Oceaneering International (OII - Free Report) , Canadian Natural Resources Ltd. (CNQ - Free Report) and FuelCell Energy (FCEL - Free Report) . While Oceaneering and Canadian Natural Resources currently sport a Zacks Rank #1 (Strong Buy) each, FuelCell carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
Canadian Natural Resources is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The company boasts a diversified portfolio of crude oil, natural gas, bitumen and synthetic crude oil. It has delivered 25 consecutive years of dividend increases, one of the longest streaks among global oil producers.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.