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Sep 30, 2025
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Enbridge Q3 2025 Earnings Report
Enbridge delivered solid Q3 2025 results driven by strong performance in its Gas Distribution and Storage segment and reaffirmed its 2025 financial guidance.
Key Takeaways
Enbridge reported Q3 2025 net income of CAD 682 million and adjusted EPS of CAD 0.46. Strong contributions came from Gas Distribution and Storage, while operating performance remained stable across core businesses. The company reaffirmed its full-year guidance and announced accretive investments.
Adjusted EPS for Q3 2025 was CAD 0.46, compared to CAD 0.55 in Q3 2024.
Net income attributable to common shareholders was CAD 682 million.
Total adjusted EBITDA reached CAD 4.2 billion, in line with expectations.
Enbridge reaffirmed its full-year 2025 financial guidance and announced new growth projects.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Enbridge reaffirmed its 2025 full-year financial guidance and remains focused on integrating U.S. gas utilities, advancing secured capital projects, and maintaining strong financial discipline.
Positive Outlook
- Full-year 2025 guidance reaffirmed, including adjusted EBITDA and DCF per share targets.
- Strong contribution from newly acquired U.S. gas utilities expected to continue.
- Secured $1.2 billion in new growth capital investments during the quarter.
- Progress made on regulatory and permitting processes across multiple projects.
- Maintained a strong balance sheet and financial flexibility.
Challenges Ahead
- Regulatory disallowance in Ohio resulted in a $330 million non-cash impairment.
- Commodity price volatility continues to impact renewable segment margins.
- Higher interest expense affected earnings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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