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Enbridge posted Q4 EPS of 63 cents, topped estimates and rose from 53 cents a year ago.
ENB's revenues climbed to $12.32B, driven by higher EBITDA in Liquids Pipelines and Gas units.
Enbridge reaffirmed its 2026 EBITDA and DCF outlook and expects around 5% annual growth beyond 2026.
Enbridge Inc. (ENB - Free Report) reported fourth-quarter 2025 adjusted earnings per share (EPS) of 63 cents, which beat the Zacks Consensus Estimate of 60 cents. The bottom line improved from the year-ago quarter’s level of 53 cents.
Total quarterly revenues of $12.32 billion increased from $11.59 billion in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $11.74 billion.
The strong quarterly results can be attributed to higher Adjusted EBITDA contributions from its Liquids Pipelines, Gas Transmission and Gas Distribution and Storage business segments. Lower Adjusted EBITDA contributions from the Renewable Power Generation segment slightly offset the positives.
Segmental Analysis of ENB
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$2.45 billion, up from C$2.39 billion in the year-earlier quarter. The improvement was primarily driven by stronger contributions from the Mainline System and Regional Oil Sands. However, lower contributions from Gulf Coast and Mid-Continent Systems and Other Systems partially offset the positives.
Gas Transmission: Adjusted earnings in this segment totaled C$1.31 billion, up from C$1.27 billion recorded in the fourth quarter of 2024. The growth was mainly driven by stronger contributions from Canadian Gas Transmission and Other, partly offset by lower earnings from U.S. Gas Transmission, despite favorable contracting, rate-case settlements, robust Aitken Creek margins and incremental contributions from the Venice Extension project as well as the Matterhorn JV.
Gas Distribution and Storage: This unit generated a profit of C$586 million, up from C$502 million in the prior-year quarter. The increase was primarily driven by higher contributions from U.S. Gas Utilities, Enbridge Gas Ontario and Other, with higher rates, customer growth and colder weather, which led to an Adjusted EBITDA expansion in the Gas Distribution segment.
Renewable Power Generation: The segment recorded earnings of C$211 million, down from C$308 million in the prior-year quarter.
Eliminations and Other: The segment recorded earnings of C$105 million, down from C$140 million in the prior-year quarter.
ENB: Distributable Cash Flow (DCF)
Enbridge reported a DCF of C$3.21 billion, up from C$3.07 billion recorded a year ago.
ENB’s Balance Sheet
At the end of the fourth quarter, Enbridge reported long-term debt of C$98.96 billion. It had cash and cash equivalents of C$1.09 billion. The current portion of long-term debt was C$1.03 billion.
ENB: Outlook
For 2026, the company reaffirmed its guidance for Adjusted EBITDA (on base business) and DCF per share in the range of $20.2-$20.8 billion and $5.70-$6.10, respectively.
The pipeline company also reaffirmed its near-term growth outlook (2023-2026) of 7-9% for Adjusted EBITDA, 4-6% for EPS and nearly 3% for DCF per share. After 2026, it expects Adjusted EBITDA, EPS and DCF per share to increase approximately 5% per year.
Some stocks from the energy sector that have recently reported their earnings and have presence in the midstream space are Kinder Morgan, Inc. (KMI - Free Report) , Enterprise Products Partners L.P. (EPD - Free Report) and MPLX LP (MPLX - Free Report) . KMI, EPD and MPLX currently carry a Zacks Rank #3 each.
Kinder Morgan reported adjusted earnings of 39 cents per share for the fourth quarter of 2025, which beat the Zacks Consensus Estimate of 37 cents. The bottom line surpassed the year-ago quarter’s reported figure of 32 cents.
As of Dec. 31, 2025, KMI had cash and cash equivalents worth $63 million, along with a long-term debt of about $30.60 billion.
Enterprise Products Partners registered fourth-quarter 2025 adjusted earnings per unit of 75 cents, which beat the Zacks Consensus Estimate of 70 cents and increased from 74 cents in the year-ago quarter.
MPLX reported fourth-quarter 2025 earnings of $1.17 per unit, which beat the Zacks Consensus Estimate of $1.08 and increased from $1.07 in the year-ago quarter.
As of Dec. 31, 2025, the partnership’s cash and cash equivalents amounted to $2.14 billion and total debt was $25.65 billion.
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Enbridge Q4 Earnings Surpass Estimates, Revenues Increase Y/Y
Key Takeaways
Enbridge Inc. (ENB - Free Report) reported fourth-quarter 2025 adjusted earnings per share (EPS) of 63 cents, which beat the Zacks Consensus Estimate of 60 cents. The bottom line improved from the year-ago quarter’s level of 53 cents.
Total quarterly revenues of $12.32 billion increased from $11.59 billion in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $11.74 billion.
The strong quarterly results can be attributed to higher Adjusted EBITDA contributions from its Liquids Pipelines, Gas Transmission and Gas Distribution and Storage business segments. Lower Adjusted EBITDA contributions from the Renewable Power Generation segment slightly offset the positives.
Segmental Analysis of ENB
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$2.45 billion, up from C$2.39 billion in the year-earlier quarter. The improvement was primarily driven by stronger contributions from the Mainline System and Regional Oil Sands. However, lower contributions from Gulf Coast and Mid-Continent Systems and Other Systems partially offset the positives.
Gas Transmission: Adjusted earnings in this segment totaled C$1.31 billion, up from C$1.27 billion recorded in the fourth quarter of 2024. The growth was mainly driven by stronger contributions from Canadian Gas Transmission and Other, partly offset by lower earnings from U.S. Gas Transmission, despite favorable contracting, rate-case settlements, robust Aitken Creek margins and incremental contributions from the Venice Extension project as well as the Matterhorn JV.
Gas Distribution and Storage: This unit generated a profit of C$586 million, up from C$502 million in the prior-year quarter. The increase was primarily driven by higher contributions from U.S. Gas Utilities, Enbridge Gas Ontario and Other, with higher rates, customer growth and colder weather, which led to an Adjusted EBITDA expansion in the Gas Distribution segment.
Renewable Power Generation: The segment recorded earnings of C$211 million, down from C$308 million in the prior-year quarter.
Eliminations and Other: The segment recorded earnings of C$105 million, down from C$140 million in the prior-year quarter.
ENB: Distributable Cash Flow (DCF)
Enbridge reported a DCF of C$3.21 billion, up from C$3.07 billion recorded a year ago.
ENB’s Balance Sheet
At the end of the fourth quarter, Enbridge reported long-term debt of C$98.96 billion. It had cash and cash equivalents of C$1.09 billion. The current portion of long-term debt was C$1.03 billion.
ENB: Outlook
For 2026, the company reaffirmed its guidance for Adjusted EBITDA (on base business) and DCF per share in the range of $20.2-$20.8 billion and $5.70-$6.10, respectively.
The pipeline company also reaffirmed its near-term growth outlook (2023-2026) of 7-9% for Adjusted EBITDA, 4-6% for EPS 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
ENB currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Energy Sector Releases
Some stocks from the energy sector that have recently reported their earnings and have presence in the midstream space are Kinder Morgan, Inc. (KMI - Free Report) , Enterprise Products Partners L.P. (EPD - Free Report) and MPLX LP (MPLX - Free Report) . KMI, EPD and MPLX currently carry a Zacks Rank #3 each.
Kinder Morgan reported adjusted earnings of 39 cents per share for the fourth quarter of 2025, which beat the Zacks Consensus Estimate of 37 cents. The bottom line surpassed the year-ago quarter’s reported figure of 32 cents.
As of Dec. 31, 2025, KMI had cash and cash equivalents worth $63 million, along with a long-term debt of about $30.60 billion.
Enterprise Products Partners registered fourth-quarter 2025 adjusted earnings per unit of 75 cents, which beat the Zacks Consensus Estimate of 70 cents and increased from 74 cents in the year-ago quarter.
MPLX reported fourth-quarter 2025 earnings of $1.17 per unit, which beat the Zacks Consensus Estimate of $1.08 and increased from $1.07 in the year-ago quarter.
As of Dec. 31, 2025, the partnership’s cash and cash equivalents amounted to $2.14 billion and total debt was $25.65 billion.