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Dec 31, 2025
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Enbridge Q4 2025 Earnings Report
Enbridge reported strong fourth quarter 2025 results with higher GAAP earnings, adjusted EBITDA and distributable cash flow compared to the prior year period.
Key Takeaways
Enbridge delivered solid Q4 2025 performance driven by strength in Gas Transmission and Gas Distribution & Storage, with GAAP earnings of 1952000000, adjusted EBITDA of 5213000000 and DCF of 3208000000, alongside improved adjusted EPS.
GAAP earnings attributable to common shareholders rose to 1952000000 from 493000000 in Q4 2024.
Adjusted EBITDA increased to 5213000000, up from 5130000000 year-over-year.
Distributable cash flow grew to 3208000000, supporting DCF per share of 1.47.
Adjusted EPS improved to 0.88 from 0.75 in the prior year quarter.
Revenue by Segment
Forward Guidance
The company reaffirmed 2026 guidance with adjusted EBITDA expected between 20200000000 and 20800000000 and DCF per share between 5.70 and 6.10, alongside continued mid-term growth of approximately 5% annually.
Positive Outlook
- 2026 adjusted EBITDA guidance range of 20200000000 to 20800000000.
- DCF per share guidance of 5.70 to 6.10 for 2026.
- Near-term adjusted EBITDA CAGR of 7% to 9% through 2026.
- Post-2026 expected annual growth of approximately 5% for EBITDA, EPS and DCF per share.
- Secured growth backlog increased to 39000000000.
Challenges Ahead
- Higher interest expense due to increased debt principal.
- Higher depreciation from assets placed into service.
- Exposure to foreign exchange impacts.
- Dependence on regulatory approvals and rate case outcomes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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