Enbridge (ENB) Financials

$48.44 +0.64 (+1.33%)

As of 02:37 PM Eastern

Annual Income Statements for Enbridge

This table shows Enbridge's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	994	-27	1,322	2,010	1,843	4,102	2,338	4,552	1,913	4,423	3,509
Consolidated Net Income / (Loss)	1,385	-115	1,718	2,595	2,442	4,491	2,678	4,942	2,171	4,589	3,910
Net Income / (Loss) Continuing Operations	1,345	-115	1,718	2,595	2,442	4,491	2,678	4,942	2,171	4,589	3,910
Total Pre-Tax Income	1,871	7.95	1,824	452	2,616	5,807	3,285	6,049	3,356	5,968	5,069
Total Operating Income	2,755	1,346	1,921	1,248	3,529	6,366	6,238	6,109	3,826	6,553	6,701
Total Gross Profit	7,024	6,184	7,855	12,509	12,440	14,693	14,438	14,377	15,312	16,879	16,967
Total Revenue	32,409	24,435	25,718	35,266	33,985	38,587	30,641	36,840	39,395	33,062	37,134
Operating Revenue	32,409	24,435	25,718	35,266	33,985	38,587	30,641	36,840	39,395	33,062	37,134
Total Cost of Revenue	25,385	18,250	17,864	22,757	21,544	23,894	16,203	22,464	24,083	16,184	20,167
Operating Cost of Revenue	25,385	18,250	17,864	22,757	21,544	23,894	16,203	22,464	24,083	16,184	20,167
Total Operating Expenses	4,269	4,838	5,934	11,261	8,911	8,327	8,200	8,268	11,485	10,326	10,267
Selling, General & Admin Expense	2,825	2,987	3,243	5,119	4,977	5,388	5,291	5,253	6,074	6,514	6,547
Depreciation Expense	1,358	1,463	1,667	2,514	2,379	2,613	2,910	3,015	3,190	3,494	3,588
Impairment Charge	0.00	388	1,024	3,628	1,556	326	0.00	0.00	2,221	317	132
Total Other Income / (Expense), net	-884	-1,338	-97	-796	-913	-559	-2,953	-59	-470	-585	-1,632
Interest Expense	972	1,174	1,183	2,031	1,981	2,052	2,187	2,078	2,349	2,887	3,069
Interest & Investment Income	317	343	319	876	1,106	1,158	-952	1,252	2,315	1,376	2,358
Other Income / (Expense), net	-229	-508	768	359	-38	335	187	766	-435	927	-921
Income Tax Expense	526	123	106	-2,143	174	1,316	607	1,107	1,185	1,379	1,158
Preferred Stock Dividends Declared	216	208	218	262	269	295	298	292	306	267	269
Net Income / (Loss) Attributable to Noncontrolling Interest	175	-296	179	323	330	94	42	98	-48	-101	132
Basic Earnings per Share	$1.39	($0.04)	$1.95	$1.66	$1.46	$2.64	$1.48	$2.87	$0.95	$2.15	$1.63
Weighted Average Basic Shares Outstanding	851.64M	867.61M	943.11M	1.70B	2.02B	2.02B	2.03B	2.03B	2.02B	2.13B	2.18B
Diluted Earnings per Share	$1.37	($0.04)	$1.93	$1.65	$1.46	$2.63	$1.48	$2.87	$0.95	$2.15	$1.63
Weighted Average Diluted Shares Outstanding	851.64M	867.61M	943.11M	1.70B	2.02B	2.02B	2.03B	2.03B	2.02B	2.13B	2.18B
Weighted Average Basic & Diluted Shares Outstanding	851.64M	867.61M	943.11M	1.70B	2.02B	2.02B	2.03B	2.03B	2.02B	2.13B	2.18B
Cash Dividends to Common per Share	$1.40	$1.86	$2.12	$2.41	$2.68	$2.95	$3.24	$3.34	$3.44	$3.55	$3.66

This table shows Enbridge's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-910	1,281	1,397	393	1,352	1,048	1,350	957	154	1,572	1,598
Consolidated Net Income / (Loss)	-954	1,380	1,512	460	1,237	1,156	1,462	1,071	221	1,732	1,704
Net Income / (Loss) Continuing Operations	-954	1,380	1,512	460	1,237	1,156	1,462	1,071	221	1,732	1,704
Total Pre-Tax Income	-578	1,757	1,904	555	1,752	1,441	2,002	1,302	324	2,216	2,193
Total Operating Income	-586	1,968	1,776	1,325	1,483	2,002	1,661	1,642	1,396	2,554	1,681
Total Gross Profit	3,874	4,322	4,168	3,704	4,685	4,459	4,278	4,305	3,925	5,251	4,640
Total Revenue	8,617	8,928	7,884	7,273	8,978	8,152	8,284	11,015	9,683	12,867	10,922
Operating Revenue	8,617	8,928	7,884	7,273	8,978	8,152	8,284	11,015	9,683	12,867	10,922
Total Cost of Revenue	4,743	4,606	3,716	3,569	4,292	3,693	4,006	6,710	5,758	7,616	6,282
Operating Cost of Revenue	4,743	4,606	3,716	3,569	4,292	3,693	4,006	6,710	5,758	7,616	6,282
Total Operating Expenses	4,461	2,353	2,392	2,378	3,202	2,457	2,617	2,663	2,530	2,698	2,960
Selling, General & Admin Expense	1,503	1,506	1,533	1,518	1,957	1,576	1,687	1,688	1,596	1,718	1,696
Depreciation Expense	736	847	859	860	928	881	930	975	802	979	1,021
Impairment Charge	-	-	-	-	-	-	0.00	-	-	-	242
Total Other Income / (Expense), net	7.74	-211	128	-771	269	-561	341	-340	-1,072	-337	512
Interest Expense	573	669	667	680	871	668	791	973	637	928	867
Interest & Investment Income	353	382	361	253	379	514	1,155	355	334	507	374
Other Income / (Expense), net	228	75	435	-344	761	-407	-23	278	-770	83	1,005
Income Tax Expense	376	377	392	95	515	285	540	231	102	485	489
Preferred Stock Dividends Declared	51	62	66	66	73	69	69	73	59	72	75
Net Income / (Loss) Attributable to Noncontrolling Interest	-95	36	50	1.48	-188	39	42	41	8.97	88	31
Basic Earnings per Share	($0.85)	$0.86	$0.69	$0.19	$0.41	$0.49	$0.63	$0.44	($0.11)	$0.72	$0.73
Weighted Average Basic Shares Outstanding	2.02B	2.02B	2.02B	2.13B	2.13B	2.13B	2.18B	2.18B	2.18B	2.18B	2.18B
Diluted Earnings per Share	($0.85)	$0.85	$0.69	$0.19	$0.42	$0.49	$0.63	$0.44	($0.11)	$0.72	$0.73
Weighted Average Diluted Shares Outstanding	2.02B	2.02B	2.02B	2.13B	2.13B	2.13B	2.18B	2.18B	2.18B	2.18B	2.18B
Weighted Average Basic & Diluted Shares Outstanding	2.02B	2.02B	2.02B	2.13B	2.13B	2.13B	2.18B	2.18B	2.18B	2.18B	2.18B
Cash Dividends to Common per Share	-	$0.89	$0.89	$0.89	-	$0.92	$0.92	-	-	-	$0.94

This table details how cash moves in and out of Enbridge's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	418	-105	650	-775	37	30	-146	-133	434	3,846	-2,767
Net Cash From Operating Activities	2,193	3,305	3,873	5,291	7,696	7,243	7,667	7,244	8,299	10,757	8,750
Net Cash From Continuing Operating Activities	2,177	3,305	3,873	5,291	7,696	7,243	7,667	7,244	8,299	10,757	8,750
Net Income / (Loss) Continuing Operations	1,345	-115	1,718	2,595	2,442	4,491	2,678	4,942	2,171	4,589	3,910
Consolidated Net Income / (Loss)	1,385	-115	1,718	2,595	2,442	4,491	2,678	4,942	2,171	4,589	3,910
Depreciation Expense	1,358	1,463	1,667	2,514	2,379	2,613	2,910	3,015	3,190	3,494	3,588
Non-Cash Adjustments To Reconcile Net Income	1,004	2,454	762	451	2,204	338	2,007	435	2,946	923	1,344
Changes in Operating Assets and Liabilities, net	-1,530	-497	-274	-269	670	-200	73	-1,147	-8.87	1,750	-92
Net Cash From Investing Activities	-10,238	-5,736	-3,834	-8,771	-2,211	-3,590	-4,058	-8,341	-3,894	-4,577	-14,141
Net Cash From Continuing Investing Activities	-10,242	-5,736	-3,834	-8,771	-2,211	-3,590	-4,058	-8,341	-3,894	-4,577	-14,141
Purchase of Property, Plant & Equipment	-9,061	-5,259	-3,816	-6,586	-4,987	-4,233	-4,237	-6,119	-3,434	-3,525	-4,660
Acquisitions	-518	-150	-574	-627	-396	-154	-187	-3,178	-740	-891	-9,508
Purchase of Investments	-735	-407	-383	-2,867	-1,017	-893	-382	-501	-670	-967	-2,371
Divestitures	-	0.00	0.00	542	-	-	208	988	386	0.00	1,892
Sale and/or Maturity of Investments	11	0.00	0.00	99	936	79	540	468	564	851	545
Other Investing Activities, net	-11	-26	-88	168	-8.79	-15	-	0.00	0.00	-46	-39
Net Cash From Financing Activities	8,412	2,223	625	2,762	-5,498	-3,657	-3,739	967	-4,011	-2,169	2,461
Net Cash From Continuing Financing Activities	8,412	2,223	625	2,762	-5,498	-3,657	-3,739	967	-4,011	-2,169	2,461
Repayment of Debt	-539	-740	-1,448	-3,443	-3,582	-3,750	-3,394	4,755	2,598	6,724	2,085
Repurchase of Preferred Equity	-	-	0.00	0.00	-154	-231	0.00	0.00	-741	0.00	0.00
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-325	-112	-95	0.00
Payment of Dividends	-1,385	-1,469	-1,760	-3,555	-3,730	-5,094	-5,675	-5,795	-5,590	-6,053	-5,969
Issuance of Debt	8,288	3,461	1,142	6,543	939	5,395	1,209	2,317	-985	-6,125	4,617
Issuance of Common Equity	594	486	1,703	1,892	33	23	22	16	12	3,379	1,728
Other Financing Activities, net	278	484	440	936	996	-	4,100	0.00	807	0.00	0.00
Effect of Exchange Rate Changes	51	103	-14	-57	50	34	-16	-3.91	41	-164	163
Cash Interest Paid	1,236	1,327	1,354	2,120	1,838	2,110	1,990	1,900	2,158	2,560	2,871
Cash Income Taxes Paid	7.75	58	144	137	203	440	411	383	366	438	598

This table details how cash moves in and out of Enbridge's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-102	106	32	1,147	2,561	-3,397	1,727	-1,203	107	224	-648
Net Cash From Operating Activities	2,760	2,858	2,662	2,155	3,081	2,327	2,032	2,256	2,135	2,123	2,496
Net Cash From Continuing Operating Activities	2,760	2,858	2,662	2,155	3,081	2,327	2,032	2,256	2,135	2,123	2,496
Net Income / (Loss) Continuing Operations	-772	1,380	1,543	395	1,271	1,156	1,450	1,104	200	1,732	1,801
Consolidated Net Income / (Loss)	-772	1,380	1,543	395	1,271	1,156	1,450	1,104	200	1,732	1,801
Depreciation Expense	867	847	878	821	947	881	921	998	788	979	1,076
Non-Cash Adjustments To Reconcile Net Income	2,236	-44	-11	787	191	512	-190	44	978	38	-389
Changes in Operating Assets and Liabilities, net	429	676	252	151	671	-222	-149	110	168	-625	7.74
Net Cash From Investing Activities	-1,598	-1,062	-701	-825	-1,989	-5,755	-2,452	-3,573	-2,362	-1,244	-2,168
Net Cash From Continuing Investing Activities	-1,598	-1,062	-701	-825	-1,989	-5,755	-2,452	-3,573	-2,362	-1,244	-2,168
Purchase of Property, Plant & Equipment	-1,104	-835	-747	-845	-1,099	-875	-976	-1,232	-1,578	-1,198	-1,462
Acquisitions	-431	-49	-398	-35	-409	-4,756	-2,952	-2,079	278	-42	-49
Purchase of Investments	-258	-305	-51	-3.10	-607	-304	-642	-424	-1,001	-211	-802
Divestitures	6.17	-	-	-	-	0.00	-	25	-124	90	5.04
Sale and/or Maturity of Investments	189	126	496	81	149	196	142	141	66	128	154
Other Investing Activities, net	-	0.00	-	-23	-23	-17	-14	-4.84	-2.62	-11	-15
Net Cash From Financing Activities	-1,259	-1,692	-1,912	-197	1,633	-89	2,125	142	283	-661	-930
Net Cash From Continuing Financing Activities	-1,259	-1,692	-1,912	-197	1,633	-89	2,125	142	283	-661	-930
Repayment of Debt	679	1,886	-295	3,016	2,117	-2,842	3,987	1,442	-503	229	1,829
Payment of Dividends	-1,468	-1,460	-1,534	-1,388	-1,671	-1,563	-1,539	-1,647	-1,219	-1,569	-1,742
Issuance of Debt	-1,266	-2,122	8.18	-5,116	1,105	4,315	-2,138	322	2,119	673	-1,019
Issuance of Common Equity	2.37	2.96	3.09	3,289	84	1.48	1,816	25	-114	6.95	2.59
Effect of Exchange Rate Changes	-5.17	2.96	-17	14	-164	119	21	-29	51	5.56	-46

This table presents Enbridge's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	62,730	61,108	63,409	128,812	122,304	125,741	125,642	132,162	132,728	136,583	152,065
Total Current Assets	7,061	5,493	5,795	7,323	6,281	6,715	5,762	7,012	8,977	10,907	9,141
Cash & Equivalents	1,086	734	1,112	381	380	499	354	224	636	4,470	1,252
Restricted Cash	40	25	51	85	87	22	30	27	34	64	64
Accounts Receivable	4,946	3,931	3,715	5,642	4,833	5,193	4,174	5,454	4,234	3,405	4,868
Inventories, net	988	803	918	1,214	981	1,001	1,204	1,307	1,666	1,120	1,033
Other Current Assets	-	-	-	-	-	-	-	-	2,405	1,848	1,924
Plant, Property, & Equipment, net	46,348	46,589	47,838	72,086	69,277	72,230	74,135	78,318	77,195	79,261	91,044
Total Noncurrent Assets	9,321	9,026	9,844	49,403	46,746	46,796	45,745	46,833	46,557	45,872	51,879
Long-Term Investments	4,656	5,103	5,221	13,439	12,479	13,072	10,832	10,921	11,777	12,720	15,062
Goodwill	416	58	58	27,382	25,251	25,550	25,624	25,652	23,973	24,124	25,417
Intangible Assets	1,004	975	1,171	2,596	1,738	1,675	1,631	3,137	2,969	2,679	3,185
Noncurrent Deferred & Refundable Income Taxes	483	607	871	866	1,007	771	604	382	349	258	553
Other Noncurrent Operating Assets	2,762	2,285	2,523	5,119	6,271	5,728	7,054	6,741	7,490	6,091	7,663
Total Liabilities & Shareholders' Equity	62,730	61,108	63,409	128,812	122,304	125,741	125,642	132,162	132,728	136,583	152,065
Total Liabilities	44,606	44,956	44,541	73,344	68,493	72,251	75,187	82,567	85,878	87,740	104,222
Total Current Liabilities	8,180	7,819	9,185	11,621	10,885	12,252	10,958	14,267	15,002	13,206	16,536
Short-Term Debt	2,197	1,872	3,312	3,429	3,138	4,086	3,197	6,010	5,942	4,911	5,735
Accounts Payable	5,548	5,315	5,429	7,532	7,227	7,669	7,234	7,715	4,639	3,283	4,918
Other Current Liabilities	69	296	91	125	29	16	17	-	3,858	4,286	5,028
Other Current Nonoperating Liabilities	227	234	248	504	490	481	510	542	564	726	855
Total Noncurrent Liabilities	36,426	37,137	35,356	61,723	57,607	59,999	64,229	68,300	70,876	74,533	87,686
Long-Term Debt	32,257	28,481	27,158	48,368	44,206	45,979	49,244	53,190	53,901	56,594	64,871
Noncurrent Deferred & Payable Income Tax Liabilities	4,169	4,277	4,492	7,387	6,928	7,604	8,099	9,148	10,184	11,385	13,608
Other Noncurrent Operating Liabilities	-	4,379	3,707	5,968	6,473	6,415	6,885	5,961	6,791	6,554	9,207
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	16,188	14,604	16,344	52,236	53,812	53,490	50,455	49,595	46,850	48,843	47,842
Total Preferred & Common Equity	14,453	13,664	15,915	46,199	50,906	50,898	48,106	47,606	44,256	46,549	45,764
Preferred Stock	5,609	4,711	5,399	6,156	5,677	5,970	6,073	6,063	5,038	5,164	4,735
Total Common Equity	8,843	8,953	10,516	40,042	45,229	44,927	42,033	41,543	39,217	41,385	41,029
Common Stock	7,937	7,731	10,337	42,858	47,394	50,042	50,989	51,001	48,060	52,604	50,009
Retained Earnings	1,353	103	-533	-1,961	-4,058	-4,866	-7,835	-8,601	-11,444	-12,964	-13,921
Accumulated Other Comprehensive Income / (Loss)	-375	1,180	787	-773	1,958	-210	-1,098	-858	2,601	1,744	4,941
Noncontrolling Interest	1,735	940	429	6,037	2,905	2,593	2,349	1,990	2,595	2,294	2,078

This table presents Enbridge's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	132,728	130,921	131,456	131,814	136,583	140,852	147,079	152,300	152,065	153,032	155,354
Total Current Assets	8,977	7,333	6,778	8,224	10,907	7,394	9,134	8,804	9,141	9,457	8,129
Cash & Equivalents	636	722	778	1,927	4,470	897	2,621	1,388	1,252	1,451	883
Restricted Cash	34	55	45	29	64	126	83	98	64	88	61
Accounts Receivable	4,234	3,590	2,941	3,074	3,405	3,696	3,546	4,195	4,868	5,367	4,059
Inventories, net	1,666	969	915	1,157	1,120	1,021	995	1,190	1,033	854	1,038
Other Current Assets	2,405	1,997	2,097	2,037	1,848	1,654	1,890	1,932	1,924	1,697	2,088
Plant, Property, & Equipment, net	77,195	77,080	78,563	78,005	79,261	83,785	87,904	92,095	91,044	91,511	94,111
Total Noncurrent Assets	46,557	46,507	46,115	45,585	45,872	49,672	50,041	51,402	51,186	51,324	53,114
Long-Term Investments	11,777	12,544	12,033	11,283	12,720	13,428	13,873	14,251	14,369	14,589	16,092
Goodwill	23,973	23,964	24,098	23,931	24,124	25,328	25,077	25,800	25,417	25,453	25,816
Intangible Assets	2,969	2,893	2,845	2,756	2,679	3,344	3,292	3,259	3,185	3,140	3,140
Noncurrent Deferred & Refundable Income Taxes	349	342	198	293	258	348	341	366	553	550	400
Other Noncurrent Operating Assets	7,490	6,764	6,942	7,322	6,091	7,225	7,457	7,727	7,663	7,592	7,666
Total Liabilities & Shareholders' Equity	132,728	130,921	131,456	131,814	136,583	140,852	147,079	152,300	152,065	153,032	155,354
Total Liabilities	85,878	82,843	83,059	81,223	87,740	91,145	95,740	101,395	104,222	103,460	105,164
Total Current Liabilities	15,002	12,405	10,599	12,357	13,206	10,870	11,934	14,100	16,536	12,959	10,872
Short-Term Debt	5,942	6,560	5,240	6,444	4,911	4,576	5,050	5,907	5,735	4,141	2,990
Accounts Payable	4,639	3,065	2,802	3,272	3,283	2,836	3,351	4,473	4,918	4,616	4,258
Other Current Liabilities	3,858	2,256	1,934	2,106	4,286	2,768	2,742	2,864	5,028	3,388	2,764
Other Current Nonoperating Liabilities	564	524	623	534	726	690	791	856	855	815	860
Total Noncurrent Liabilities	70,876	70,438	72,460	68,867	74,533	80,275	83,806	87,296	87,686	90,501	94,293
Long-Term Debt	53,901	53,043	54,814	50,826	56,594	60,108	62,249	64,629	64,871	67,570	71,205
Noncurrent Deferred & Payable Income Tax Liabilities	10,184	10,567	10,960	11,046	11,385	12,324	13,090	13,597	13,608	13,893	14,446
Other Noncurrent Operating Liabilities	6,791	6,828	6,686	6,994	6,554	7,843	8,467	9,070	9,207	9,037	8,642
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	46,850	48,078	48,396	50,590	48,843	49,707	51,340	50,905	47,842	49,572	50,189
Total Preferred & Common Equity	44,256	45,500	45,812	48,092	46,549	47,460	49,129	48,692	45,764	47,471	48,053
Preferred Stock	5,038	5,041	5,153	5,037	5,164	5,035	4,982	5,046	4,735	4,742	5,006
Total Common Equity	39,217	40,459	40,659	43,054	41,385	42,425	44,146	43,646	41,029	42,729	43,047
Common Stock	48,060	48,095	49,112	51,316	52,604	51,311	52,594	53,285	50,009	50,099	52,899
Retained Earnings	-11,444	-10,169	-10,388	-11,089	-12,964	-11,592	-11,542	-12,209	-13,921	-12,369	-12,968
Accumulated Other Comprehensive Income / (Loss)	2,601	2,533	1,935	2,827	1,744	2,706	3,094	2,570	4,941	4,999	3,116
Noncontrolling Interest	2,595	2,577	2,585	2,499	2,294	2,247	2,211	2,213	2,078	2,102	2,137

This table displays calculated financial ratios and metrics derived from Enbridge's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.72%	-24.61%	5.25%	37.13%	-3.63%	13.54%	-20.59%	20.23%	6.93%	-16.07%	12.31%
EBITDA Growth	58.89%	-40.73%	89.19%	-5.38%	42.42%	58.69%	0.21%	5.95%	-33.45%	66.74%	-14.63%
EBIT Growth	118.45%	-66.80%	220.56%	-40.21%	117.15%	91.95%	-4.13%	7.02%	-50.67%	120.57%	-22.73%
NOPAT Growth	93.06%	-1,082.59%	109.30%	296.04%	-54.02%	49.41%	3.30%	-1.87%	-50.40%	103.55%	2.60%
Net Income Growth	198.10%	-108.30%	1,594.62%	51.05%	-5.90%	83.87%	-40.37%	84.54%	-56.06%	111.35%	-14.78%
EPS Growth	149.09%	-102.92%	4,925.00%	-14.51%	-11.52%	80.14%	-43.73%	93.92%	-67.04%	127.42%	-24.46%
Operating Cash Flow Growth	-30.18%	50.71%	17.20%	36.60%	45.45%	-5.88%	5.86%	-5.52%	14.56%	29.62%	-18.66%
Free Cash Flow Firm Growth	-5.52%	-168.81%	95.64%	-7,372.09%	119.48%	-62.40%	4.99%	-129.53%	691.32%	12.71%	-168.14%
Invested Capital Growth	17.30%	-13.07%	5.85%	116.93%	-5.50%	1.96%	1.93%	6.48%	-3.42%	-1.62%	10.34%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-10.15%	8.31%	-1.90%	-0.51%	-1.64%	1.10%	1.94%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	115.54%	7.08%	13.44%	-4.43%	-25.51%	32.36%	-15.94%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	1,576.20%	5.98%	18.00%	-5.86%	-40.65%	53.36%	-21.87%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	1,589.83%	1.64%	16.61%	-7.04%	-48.08%	70.46%	0.45%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	44.81%	-2.10%	37.11%	-0.68%	-52.72%	91.35%	-20.61%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	58.70%	-9.00%	54.17%	0.70%	-64.97%	77.79%	-42.98%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	0.00%	5.75%	2.68%	4.94%	-7.43%	19.23%	3.08%	-9.76%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-47.46%	-34.89%	-269.76%	63.88%	27.43%	28.44%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-4.97%	-1.83%	0.91%	2.10%	-2.62%	-1.97%	-3.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.67%	25.31%	30.54%	35.47%	36.61%	38.08%	47.12%	39.02%	38.87%	51.05%	45.69%
EBITDA Margin	11.98%	9.42%	16.94%	11.69%	17.27%	24.14%	30.46%	26.84%	16.71%	33.19%	25.23%
Operating Margin	8.50%	5.51%	7.47%	3.54%	10.38%	16.50%	20.36%	16.58%	9.71%	19.82%	18.04%
EBIT Margin	7.79%	3.43%	10.45%	4.56%	10.27%	17.37%	20.97%	18.66%	8.61%	22.62%	15.56%
Profit (Net Income) Margin	4.27%	-0.47%	6.68%	7.36%	7.19%	11.64%	8.74%	13.41%	5.51%	13.88%	10.53%
Tax Burden Percent	74.00%	-1,445.45%	94.21%	573.99%	93.36%	77.33%	81.53%	81.69%	64.69%	76.89%	77.15%
Interest Burden Percent	74.06%	0.95%	67.84%	28.13%	74.94%	86.66%	51.13%	87.99%	98.98%	79.79%	87.70%
Effective Tax Rate	28.12%	1,545.45%	5.79%	-473.99%	6.64%	22.67%	18.47%	18.31%	35.31%	23.11%	22.85%
Return on Invested Capital (ROIC)	4.55%	-44.28%	4.30%	10.45%	3.61%	5.50%	5.57%	5.24%	2.57%	5.36%	5.27%
ROIC Less NNEP Spread (ROIC-NNEP)	2.23%	27.87%	3.93%	-4.11%	1.28%	4.29%	-0.55%	5.14%	1.94%	4.38%	2.74%
Return on Net Nonoperating Assets (RNNOA)	3.24%	43.61%	5.51%	-3.47%	0.86%	2.87%	-0.42%	4.64%	1.94%	4.23%	2.82%
Return on Equity (ROE)	7.78%	-0.67%	9.81%	6.98%	4.47%	8.37%	5.15%	9.88%	4.50%	9.59%	8.09%
Cash Return on Invested Capital (CROIC)	-11.37%	-30.30%	-1.38%	-63.34%	9.27%	3.55%	3.66%	-1.04%	6.04%	6.99%	-4.56%
Operating Return on Assets (OROA)	4.32%	1.35%	4.32%	1.67%	2.78%	5.40%	5.11%	5.33%	2.56%	5.55%	4.00%
Return on Assets (ROA)	2.37%	-0.19%	2.76%	2.70%	1.95%	3.62%	2.13%	3.83%	1.64%	3.41%	2.71%
Return on Common Equity (ROCE)	3.65%	-0.35%	5.46%	4.75%	3.49%	7.03%	4.31%	8.25%	3.77%	8.08%	6.89%
Return on Equity Simple (ROE_SIMPLE)	9.58%	-0.84%	10.80%	5.62%	4.80%	8.82%	5.57%	10.38%	4.91%	9.86%	8.54%
Net Operating Profit after Tax (NOPAT)	1,981	-19,460	1,809	7,166	3,295	4,923	5,085	4,990	2,475	5,038	5,169
NOPAT Margin	6.11%	-79.64%	7.04%	20.32%	9.69%	12.76%	16.60%	13.55%	6.28%	15.24%	13.92%
Net Nonoperating Expense Percent (NNEP)	2.31%	-72.15%	0.37%	14.56%	2.33%	1.20%	6.12%	0.11%	0.63%	0.97%	2.53%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	2.32%	4.57%	4.36%
Cost of Revenue to Revenue	78.33%	74.69%	69.46%	64.53%	63.39%	61.92%	52.88%	60.98%	61.13%	48.95%	54.31%
SG&A Expenses to Revenue	8.72%	12.22%	12.61%	14.52%	14.64%	13.96%	17.27%	14.26%	15.42%	19.70%	17.63%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	13.17%	19.80%	23.07%	31.93%	26.22%	21.58%	26.76%	22.44%	29.15%	31.23%	27.65%
Earnings before Interest and Taxes (EBIT)	2,526	839	2,689	1,608	3,491	6,701	6,424	6,875	3,391	7,480	5,780
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,884	2,302	4,356	4,121	5,870	9,314	9,334	9,890	6,581	10,974	9,368
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.83	1.91	2.19	0.61	0.83	1.34	1.24	1.64	1.73	1.70	2.22
Price to Tangible Book Value (P/TBV)	3.37	2.16	2.48	2.42	2.06	3.39	3.51	5.33	5.52	4.82	7.33
Price to Revenue (P/Rev)	0.77	0.70	0.90	0.69	1.11	1.56	1.70	1.85	1.72	2.13	2.45
Price to Earnings (P/E)	25.16	0.00	17.43	12.12	20.42	14.65	22.21	14.94	35.42	15.90	25.95
Dividend Yield	4.21%	7.30%	6.02%	7.15%	9.50%	7.47%	9.41%	7.99%	7.92%	7.94%	6.37%
Earnings Yield	3.97%	0.00%	5.74%	8.25%	4.90%	6.83%	4.50%	6.70%	2.82%	6.29%	3.85%
Enterprise Value to Invested Capital (EV/IC)	1.34	1.19	1.28	0.83	0.91	1.16	1.10	1.26	1.30	1.31	1.48
Enterprise Value to Revenue (EV/Rev)	1.94	2.00	2.16	2.20	2.37	2.72	3.32	3.37	3.12	3.69	4.11
Enterprise Value to EBITDA (EV/EBITDA)	16.21	21.19	12.74	18.85	13.73	11.29	10.88	12.54	18.66	11.12	16.31
Enterprise Value to EBIT (EV/EBIT)	24.92	58.16	20.63	48.32	23.09	15.69	15.81	18.05	36.21	16.32	26.44
Enterprise Value to NOPAT (EV/NOPAT)	31.79	0.00	30.66	10.84	24.47	21.35	19.98	24.86	49.61	24.22	29.56
Enterprise Value to Operating Cash Flow (EV/OCF)	28.71	14.76	14.32	14.68	10.47	14.51	13.25	17.13	14.80	11.35	17.46
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	9.53	33.05	30.43	0.00	21.06	18.57	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.90	1.88	1.61	0.93	0.88	0.94	1.04	1.19	1.28	1.26	1.48
Long-Term Debt to Equity	1.78	1.76	1.44	0.87	0.82	0.86	0.98	1.07	1.15	1.16	1.36
Financial Leverage	1.45	1.56	1.40	0.84	0.67	0.67	0.76	0.90	1.00	0.97	1.03
Leverage Ratio	3.28	3.61	3.56	2.59	2.30	2.31	2.42	2.58	2.75	2.81	2.99
Compound Leverage Factor	2.43	0.03	2.41	0.73	1.72	2.00	1.24	2.27	2.72	2.25	2.62
Debt to Total Capital	65.53%	65.27%	61.76%	48.29%	46.80%	48.35%	50.97%	54.41%	56.09%	55.74%	59.61%
Short-Term Debt to Total Capital	4.18%	4.03%	6.71%	3.20%	3.10%	3.95%	3.11%	5.52%	5.57%	4.45%	4.84%
Long-Term Debt to Total Capital	61.35%	61.24%	55.04%	45.09%	43.70%	44.40%	47.86%	48.89%	50.52%	51.29%	54.77%
Preferred Equity to Total Capital	10.67%	10.13%	10.94%	5.74%	5.61%	5.77%	5.90%	5.57%	4.72%	4.68%	4.00%
Noncontrolling Interests to Total Capital	6.98%	5.35%	5.99%	8.64%	2.87%	2.50%	2.28%	1.83%	2.43%	2.08%	1.75%
Common Equity to Total Capital	16.82%	19.25%	21.31%	37.33%	44.71%	43.38%	40.85%	38.18%	36.76%	37.50%	34.64%
Debt to EBITDA	8.87	13.18	7.00	12.57	8.07	5.38	5.62	5.99	9.09	5.60	7.54
Net Debt to EBITDA	7.38	10.64	5.53	9.19	5.86	3.92	4.42	4.86	7.20	4.03	5.86
Long-Term Debt to EBITDA	8.31	12.37	6.24	11.74	7.53	4.94	5.28	5.38	8.19	5.16	6.92
Debt to NOPAT	17.40	-1.56	16.84	7.23	14.37	10.17	10.31	11.86	24.18	12.21	13.66
Net Debt to NOPAT	14.48	-1.26	13.31	5.29	10.44	7.41	8.11	9.62	19.15	8.78	10.62
Long-Term Debt to NOPAT	16.29	-1.46	15.01	6.75	13.42	9.34	9.68	10.66	21.78	11.23	12.55
Altman Z-Score	0.99	0.63	0.78	0.45	0.61	0.87	0.69	0.79	0.68	0.75	0.71
Noncontrolling Interest Sharing Ratio	53.06%	48.08%	44.41%	31.99%	21.97%	15.98%	16.34%	16.47%	16.26%	15.77%	14.76%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.86	0.70	0.63	0.63	0.58	0.55	0.53	0.49	0.60	0.83	0.55
Quick Ratio	0.74	0.60	0.53	0.52	0.48	0.46	0.41	0.40	0.32	0.60	0.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,954	-13,316	-581	-43,429	8,458	3,180	3,339	-986	5,831	6,572	-4,478
Operating Cash Flow to CapEx	24.40%	64.14%	138.84%	86.93%	446.13%	277.88%	180.96%	118.39%	241.66%	305.14%	187.75%
Free Cash Flow to Firm to Interest Expense	-5.10	-11.34	-0.49	-21.38	4.27	1.55	1.53	-0.47	2.48	2.28	-1.46
Operating Cash Flow to Interest Expense	2.26	2.81	3.27	2.60	3.89	3.53	3.51	3.49	3.53	3.73	2.85
Operating Cash Flow Less CapEx to Interest Expense	-6.99	-1.57	0.92	-0.39	3.01	2.26	1.57	0.54	2.07	2.50	1.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.55	0.39	0.41	0.37	0.27	0.31	0.24	0.29	0.30	0.25	0.26
Accounts Receivable Turnover	6.71	5.50	6.73	7.54	6.49	7.70	6.54	7.65	8.13	8.66	8.98
Inventory Turnover	24.93	20.37	20.76	21.35	19.63	24.11	14.70	17.89	16.20	11.62	18.73
Fixed Asset Turnover	0.75	0.53	0.54	0.59	0.48	0.55	0.42	0.48	0.51	0.42	0.44
Accounts Payable Turnover	4.30	3.36	3.33	3.51	2.92	3.21	2.17	3.01	3.90	4.09	4.92
Days Sales Outstanding (DSO)	54.44	66.31	54.26	48.42	56.25	47.42	55.79	47.69	44.88	42.17	40.66
Days Inventory Outstanding (DIO)	14.64	17.92	17.58	17.10	18.60	15.14	24.84	20.40	22.53	31.42	19.49
Days Payable Outstanding (DPO)	84.93	108.63	109.76	103.94	125.02	113.78	167.86	121.44	93.61	89.33	74.21
Cash Conversion Cycle (CCC)	-15.85	-24.41	-37.92	-38.42	-50.17	-51.22	-87.23	-53.35	-26.20	-15.74	-14.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	47,023	40,879	43,269	93,864	88,701	90,443	92,190	98,166	94,811	93,278	102,925
Invested Capital Turnover	0.74	0.56	0.61	0.51	0.37	0.43	0.34	0.39	0.41	0.35	0.38
Increase / (Decrease) in Invested Capital	6,934	-6,144	2,391	50,594	-5,163	1,743	1,747	5,976	-3,355	-1,533	9,647
Enterprise Value (EV)	62,955	48,784	55,480	77,682	80,610	105,115	101,585	124,064	122,803	122,046	152,794
Market Capitalization	25,003	17,093	23,041	24,365	37,629	60,080	51,938	67,983	67,773	70,336	91,060
Book Value per Share	$10.64	$10.51	$12.12	$42.46	$26.23	$22.20	$20.75	$20.51	$19.37	$19.47	$18.84
Tangible Book Value per Share	$8.93	$9.30	$10.70	$10.67	$10.58	$8.75	$7.30	$6.30	$6.06	$6.86	$5.71
Total Capital	52,578	46,506	49,338	107,265	101,156	103,556	102,896	108,795	106,694	110,348	118,448
Total Debt	34,454	30,353	30,470	51,797	47,345	50,065	52,441	59,200	59,843	61,505	70,606
Total Long-Term Debt	32,257	28,481	27,158	48,368	44,206	45,979	49,244	53,190	53,901	56,594	64,871
Net Debt	28,672	24,492	24,086	37,892	34,399	36,472	41,225	48,028	47,397	44,252	54,921
Capital Expenditures (CapEx)	8,988	5,153	2,790	6,086	1,725	2,606	4,237	6,119	3,434	3,525	4,660
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-48	-1,213	-1,241	-1,336	-1,932	-1,972	-2,384	-1,496	-754	-1,922	-2,976
Debt-free Net Working Capital (DFNWC)	1,078	-454	-78	-869	-1,466	-1,451	-2,000	-1,245	-84	2,612	-1,660
Net Working Capital (NWC)	-1,119	-2,326	-3,390	-4,298	-4,604	-5,537	-5,197	-7,255	-6,026	-2,300	-7,395
Net Nonoperating Expense (NNE)	596	-19,345	91	4,571	852	432	2,407	49	304	450	1,259
Net Nonoperating Obligations (NNO)	28,899	24,727	24,401	38,396	34,889	36,953	41,735	48,571	47,960	44,434	55,083
Total Depreciation and Amortization (D&A)	1,358	1,463	1,667	2,514	2,379	2,613	2,910	3,015	3,190	3,494	3,588
Debt-free, Cash-free Net Working Capital to Revenue	-0.15%	-4.96%	-4.82%	-3.79%	-5.69%	-5.11%	-7.78%	-4.06%	-1.91%	-5.81%	-8.02%
Debt-free Net Working Capital to Revenue	3.33%	-1.86%	-0.30%	-2.47%	-4.31%	-3.76%	-6.53%	-3.38%	-0.21%	7.90%	-4.47%
Net Working Capital to Revenue	-3.45%	-9.52%	-13.18%	-12.19%	-13.55%	-14.35%	-16.96%	-19.69%	-15.30%	-6.96%	-19.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.39	($0.04)	$1.95	$1.66	$1.46	$2.64	$1.48	$2.87	$1.28	$2.84	$1.63
Adjusted Weighted Average Basic Shares Outstanding	851.64M	867.61M	943.11M	1.70B	2.02B	2.02B	2.03B	2.03B	2.02B	2.13B	2.18B
Adjusted Diluted Earnings per Share	$1.37	($0.04)	$1.93	$1.65	$1.46	$2.63	$1.48	$2.87	$1.28	$2.84	$1.63
Adjusted Weighted Average Diluted Shares Outstanding	851.64M	867.61M	943.11M	1.70B	2.02B	2.02B	2.03B	2.03B	2.02B	2.13B	2.18B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	851.64M	867.61M	943.11M	1.70B	2.02B	2.02B	2.03B	2.03B	2.02B	2.13B	2.18B
Normalized Net Operating Profit after Tax (NOPAT)	2,042	1,214	2,774	3,413	4,747	5,175	5,085	4,990	3,912	5,282	5,271
Normalized NOPAT Margin	6.30%	4.97%	10.79%	9.68%	13.97%	13.41%	16.60%	13.55%	9.93%	15.98%	14.20%
Pre Tax Income Margin	5.77%	0.03%	7.09%	1.28%	7.70%	15.05%	10.72%	16.42%	8.52%	18.05%	13.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.60	0.71	2.27	0.79	1.76	3.27	2.94	3.31	1.44	2.59	1.88
NOPAT to Interest Expense	2.04	-16.57	1.53	3.53	1.66	2.40	2.33	2.40	1.05	1.74	1.68
EBIT Less CapEx to Interest Expense	-6.65	-3.67	-0.09	-2.21	0.89	2.00	1.00	0.36	-0.02	1.37	0.36
NOPAT Less CapEx to Interest Expense	-7.21	-20.96	-0.83	0.53	0.79	1.13	0.39	-0.54	-0.41	0.52	0.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	100.00%	-1,277.99%	102.43%	136.96%	152.72%	113.44%	211.94%	117.26%	257.49%	131.91%	152.64%
Augmented Payout Ratio	100.00%	-1,277.99%	102.43%	136.96%	152.72%	113.44%	211.94%	123.84%	262.63%	133.97%	152.64%

This table displays calculated financial ratios and metrics derived from Enbridge's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.10%	-26.19%	-23.21%	-13.58%	4.18%	-8.69%	5.08%	51.45%	7.86%	57.84%	31.84%
EBITDA Growth	-81.59%	-8.25%	93.72%	35.81%	527.78%	-14.34%	-17.13%	61.80%	-55.68%	46.04%	46.97%
EBIT Growth	-118.25%	-11.37%	178.67%	50.87%	725.78%	-21.94%	-25.88%	95.53%	-72.09%	65.31%	63.92%
NOPAT Growth	-132.61%	2.71%	45.58%	4.60%	355.12%	3.90%	-13.98%	22.82%	-8.81%	24.23%	7.65%
Net Income Growth	-165.05%	-16.28%	220.66%	-54.23%	229.60%	-16.22%	-3.30%	132.68%	-82.10%	49.82%	16.54%
EPS Growth	-194.44%	-10.53%	212.59%	-69.51%	149.41%	-21.18%	-8.61%	127.33%	-126.19%	44.77%	16.82%
Operating Cash Flow Growth	94.12%	21.40%	40.30%	67.49%	11.63%	-18.58%	-23.68%	4.70%	-30.72%	-8.76%	22.82%
Free Cash Flow Firm Growth	162.42%	290.32%	305.43%	2,181.72%	-12.40%	-149.51%	-196.23%	-404.57%	-436.93%	37.11%	25.33%
Invested Capital Growth	-3.42%	-6.70%	-4.21%	-2.26%	-1.62%	6.06%	6.90%	11.98%	10.34%	4.57%	5.21%
Revenue Q/Q Growth	2.39%	3.61%	-11.69%	-7.75%	23.44%	-9.19%	1.62%	32.96%	-12.09%	32.89%	-15.12%
EBITDA Q/Q Growth	-61.71%	468.69%	6.84%	-41.62%	76.97%	-22.40%	3.35%	14.00%	-51.52%	155.66%	4.02%
EBIT Q/Q Growth	-155.10%	669.94%	8.17%	-55.58%	128.52%	-28.90%	2.70%	17.18%	-67.38%	321.10%	1.84%
NOPAT Q/Q Growth	-139.03%	476.72%	-8.77%	-22.03%	-4.80%	53.43%	-24.47%	11.33%	-29.31%	109.01%	-34.55%
Net Income Q/Q Growth	-194.87%	244.60%	9.61%	-69.56%	168.64%	-6.52%	26.51%	-26.76%	-79.34%	682.47%	-1.59%
EPS Q/Q Growth	-234.92%	263.46%	-19.09%	-72.07%	118.64%	-18.29%	-6.19%	-30.52%	-125.19%	751.18%	2.50%
Operating Cash Flow Q/Q Growth	114.51%	3.57%	-6.86%	-19.06%	42.98%	-24.47%	-12.69%	11.04%	-5.39%	-0.53%	17.54%
Free Cash Flow Firm Q/Q Growth	1,957.42%	183.94%	-32.61%	-41.43%	-21.83%	-303.26%	-30.98%	-85.37%	13.53%	70.05%	-55.52%
Invested Capital Q/Q Growth	-2.62%	0.08%	1.41%	-1.10%	-1.97%	7.26%	2.21%	3.60%	-3.41%	2.24%	2.83%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.96%	48.41%	52.87%	50.92%	52.19%	54.70%	51.64%	39.08%	40.54%	40.81%	42.48%
EBITDA Margin	5.90%	32.38%	39.18%	24.79%	35.55%	30.38%	30.90%	26.49%	14.61%	28.11%	34.44%
Operating Margin	-6.80%	22.05%	22.53%	18.22%	16.52%	24.56%	20.05%	14.90%	14.41%	19.85%	15.39%
EBIT Margin	-4.16%	22.89%	28.04%	13.50%	24.99%	19.57%	19.78%	17.43%	6.47%	20.50%	24.59%
Profit (Net Income) Margin	-11.07%	15.45%	19.18%	6.33%	13.77%	14.18%	17.65%	9.72%	2.29%	13.46%	15.60%
Tax Burden Percent	164.95%	78.54%	79.40%	82.96%	70.58%	80.22%	73.03%	82.26%	68.39%	78.13%	77.70%
Interest Burden Percent	161.31%	85.96%	86.15%	56.51%	78.08%	90.32%	122.21%	67.81%	51.67%	84.05%	81.66%
Effective Tax Rate	0.00%	21.46%	20.60%	17.04%	29.42%	19.78%	26.97%	17.74%	31.61%	21.87%	22.30%
Return on Invested Capital (ROIC)	-1.94%	6.38%	6.16%	5.14%	4.10%	6.51%	4.81%	4.43%	3.73%	6.30%	5.04%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.07%	6.04%	6.36%	3.76%	4.51%	5.59%	5.31%	3.87%	2.26%	5.81%	5.77%
Return on Net Nonoperating Assets (RNNOA)	-3.07%	5.88%	6.34%	3.51%	4.35%	5.58%	5.29%	3.82%	2.32%	6.24%	6.22%
Return on Equity (ROE)	-5.02%	12.27%	12.49%	8.64%	8.45%	12.09%	10.10%	8.25%	6.06%	12.54%	11.26%
Cash Return on Invested Capital (CROIC)	6.04%	9.43%	7.38%	5.36%	6.99%	-0.68%	-1.79%	-6.20%	-4.56%	0.94%	0.32%
Operating Return on Assets (OROA)	-1.24%	6.22%	7.14%	3.34%	6.14%	4.65%	4.64%	4.47%	1.66%	5.84%	7.23%
Return on Assets (ROA)	-3.29%	4.20%	4.89%	1.57%	3.38%	3.37%	4.14%	2.49%	0.59%	3.83%	4.59%
Return on Common Equity (ROCE)	-4.20%	10.38%	10.59%	7.39%	7.12%	10.25%	8.59%	7.05%	5.16%	10.76%	9.67%
Return on Equity Simple (ROE_SIMPLE)	0.00%	4.18%	6.43%	4.99%	0.00%	9.20%	8.78%	10.12%	0.00%	9.45%	0.00%
Net Operating Profit after Tax (NOPAT)	-410	1,546	1,410	1,100	1,047	1,606	1,213	1,350	955	1,995	1,306
NOPAT Margin	-4.76%	17.31%	17.89%	15.12%	11.66%	19.70%	14.64%	12.26%	9.86%	15.51%	11.96%
Net Nonoperating Expense Percent (NNEP)	1.13%	0.34%	-0.21%	1.38%	-0.41%	0.92%	-0.50%	0.56%	1.47%	0.49%	-0.73%
Return On Investment Capital (ROIC_SIMPLE)	-0.38%	-	-	-	0.95%	-	-	-	0.81%	1.65%	1.05%
Cost of Revenue to Revenue	55.04%	51.59%	47.13%	49.08%	47.81%	45.30%	48.36%	60.92%	59.46%	59.19%	57.52%
SG&A Expenses to Revenue	17.45%	16.87%	19.44%	20.88%	21.80%	19.33%	20.36%	15.33%	16.48%	13.36%	15.53%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	51.77%	26.36%	30.34%	32.70%	35.67%	30.14%	31.59%	24.18%	26.12%	20.97%	27.10%
Earnings before Interest and Taxes (EBIT)	-359	2,044	2,211	982	2,244	1,595	1,638	1,920	626	2,637	2,686
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	508	2,891	3,089	1,803	3,191	2,476	2,559	2,918	1,415	3,616	3,762
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.73	1.77	1.72	1.45	1.70	0.00	1.71	2.03	2.22	2.26	2.30
Price to Tangible Book Value (P/TBV)	5.52	5.27	5.09	3.81	4.82	0.00	4.80	6.06	7.33	6.83	7.01
Price to Revenue (P/Rev)	1.72	1.98	2.06	1.91	2.13	0.00	2.31	2.43	2.45	2.31	2.22
Price to Earnings (P/E)	35.42	43.45	25.86	28.84	15.90	0.00	18.26	18.78	25.95	23.94	23.08
Dividend Yield	7.92%	7.45%	7.64%	8.52%	7.94%	7.31%	7.47%	6.56%	6.37%	5.99%	5.86%
Earnings Yield	2.82%	2.30%	3.87%	3.47%	6.29%	0.00%	5.48%	5.32%	3.85%	4.18%	4.33%
Enterprise Value to Invested Capital (EV/IC)	1.30	1.32	1.30	1.20	1.31	0.00	1.30	1.41	1.48	1.51	1.51
Enterprise Value to Revenue (EV/Rev)	3.12	3.47	3.68	3.48	3.69	0.00	4.09	4.13	4.11	3.80	3.67
Enterprise Value to EBITDA (EV/EBITDA)	18.66	19.87	15.95	13.74	11.12	0.00	13.32	13.50	16.31	15.13	13.93
Enterprise Value to EBIT (EV/EBIT)	36.21	40.15	27.43	23.35	16.32	0.00	20.68	20.34	26.44	23.30	20.73
Enterprise Value to NOPAT (EV/NOPAT)	49.61	51.20	41.11	38.53	24.22	0.00	27.51	29.24	29.56	28.56	28.63
Enterprise Value to Operating Cash Flow (EV/OCF)	14.80	14.27	13.03	10.91	11.35	0.00	13.92	15.52	17.46	18.60	18.10
Enterprise Value to Free Cash Flow (EV/FCFF)	21.06	13.55	17.18	22.09	18.57	0.00	0.00	0.00	0.00	164.25	477.70
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.28	1.24	1.24	1.13	1.26	1.30	1.31	1.39	1.48	1.45	1.48
Long-Term Debt to Equity	1.15	1.10	1.13	1.00	1.16	1.21	1.21	1.27	1.36	1.36	1.42
Financial Leverage	1.00	0.97	1.00	0.93	0.97	1.00	1.00	0.99	1.03	1.07	1.08
Leverage Ratio	2.75	2.68	2.70	2.65	2.81	2.78	2.79	2.80	2.99	2.96	2.98
Compound Leverage Factor	4.43	2.30	2.32	1.50	2.20	2.51	3.41	1.90	1.54	2.49	2.43
Debt to Total Capital	56.09%	55.35%	55.37%	53.10%	55.74%	56.55%	56.73%	58.08%	59.61%	59.13%	59.65%
Short-Term Debt to Total Capital	5.57%	6.09%	4.83%	5.97%	4.45%	4.00%	4.26%	4.86%	4.84%	3.41%	2.40%
Long-Term Debt to Total Capital	50.52%	49.26%	50.54%	47.12%	51.29%	52.55%	52.47%	53.22%	54.77%	55.71%	57.25%
Preferred Equity to Total Capital	4.72%	4.68%	4.75%	4.67%	4.68%	4.40%	4.20%	4.16%	4.00%	3.91%	4.02%
Noncontrolling Interests to Total Capital	2.43%	2.39%	2.38%	2.32%	2.08%	1.96%	1.86%	1.82%	1.75%	1.73%	1.72%
Common Equity to Total Capital	36.76%	37.57%	37.49%	39.92%	37.50%	37.09%	37.21%	35.94%	34.64%	35.23%	34.61%
Debt to EBITDA	9.09	9.43	7.68	6.91	5.60	6.13	6.71	6.33	7.54	6.82	6.34
Net Debt to EBITDA	7.20	7.32	6.04	5.31	4.03	4.76	5.06	4.92	5.86	5.29	4.88
Long-Term Debt to EBITDA	8.19	8.39	7.01	6.13	5.16	5.69	6.21	5.80	6.92	6.43	6.08
Debt to NOPAT	24.18	24.29	19.80	19.38	12.21	12.72	13.86	13.71	13.66	12.88	13.02
Net Debt to NOPAT	19.15	18.86	15.56	14.90	8.78	9.88	10.44	10.65	10.62	9.98	10.03
Long-Term Debt to NOPAT	21.78	21.62	18.07	17.20	11.23	11.82	12.82	12.56	12.55	12.14	12.50
Altman Z-Score	0.59	0.69	0.67	0.58	0.62	0.00	0.60	0.65	0.60	0.75	0.77
Noncontrolling Interest Sharing Ratio	16.26%	15.33%	15.23%	14.44%	15.77%	15.24%	14.97%	14.58%	14.76%	14.23%	14.12%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.60	0.59	0.64	0.67	0.83	0.68	0.77	0.62	0.55	0.73	0.75
Quick Ratio	0.32	0.35	0.35	0.40	0.60	0.42	0.52	0.40	0.37	0.53	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,945	8,362	5,636	3,301	2,580	-4,140	-5,423	-10,053	-8,693	-2,604	-4,050
Operating Cash Flow to CapEx	249.95%	342.43%	356.39%	255.17%	280.37%	265.91%	208.21%	183.20%	135.30%	177.19%	170.73%
Free Cash Flow to Firm to Interest Expense	5.14	12.50	8.45	4.85	2.96	-6.19	-6.86	-10.34	-13.64	-2.81	-4.67
Operating Cash Flow to Interest Expense	4.82	4.27	3.99	3.17	3.54	3.48	2.57	2.32	3.35	2.29	2.88
Operating Cash Flow Less CapEx to Interest Expense	2.89	3.02	2.87	1.93	2.28	2.17	1.34	1.05	0.87	1.00	1.19
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.27	0.25	0.25	0.25	0.24	0.23	0.26	0.26	0.28	0.29
Accounts Receivable Turnover	8.13	6.90	7.52	7.73	8.66	8.86	10.08	10.02	8.98	9.23	11.70
Inventory Turnover	16.20	21.52	16.90	11.62	11.62	15.34	16.29	15.94	18.73	25.69	25.93
Fixed Asset Turnover	0.51	0.46	0.43	0.42	0.42	0.40	0.39	0.43	0.44	0.48	0.49
Accounts Payable Turnover	3.90	4.19	3.81	3.39	4.09	5.18	5.06	4.83	4.92	6.47	6.93
Days Sales Outstanding (DSO)	44.88	52.90	48.51	47.20	42.17	41.18	36.22	36.42	40.66	39.52	31.20
Days Inventory Outstanding (DIO)	22.53	16.96	21.59	31.41	31.42	23.79	22.41	22.90	19.49	14.21	14.08
Days Payable Outstanding (DPO)	93.61	87.17	95.68	107.79	89.33	70.52	72.16	75.59	74.21	56.45	52.66
Cash Conversion Cycle (CCC)	-26.20	-17.31	-25.58	-29.18	-15.74	-5.54	-13.54	-16.26	-14.07	-2.72	-7.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	94,811	94,884	96,217	95,156	93,278	100,630	102,853	106,560	102,925	105,229	108,209
Invested Capital Turnover	0.41	0.37	0.34	0.34	0.35	0.33	0.33	0.36	0.38	0.41	0.42
Increase / (Decrease) in Invested Capital	-3,355	-6,816	-4,225	-2,201	-1,533	5,746	6,636	11,404	9,647	4,599	5,356
Enterprise Value (EV)	122,803	125,622	124,692	113,891	122,046	0.00	133,583	150,483	152,794	158,979	163,112
Market Capitalization	67,773	71,722	69,757	62,324	70,336	0.00	75,668	88,425	91,060	96,554	98,810
Book Value per Share	$19.37	$19.98	$20.08	$21.29	$19.47	$19.95	$20.76	$20.04	$18.84	$19.60	$19.74
Tangible Book Value per Share	$6.06	$6.72	$6.77	$8.09	$6.86	$6.47	$7.42	$6.70	$5.71	$6.48	$6.46
Total Capital	106,694	107,681	108,451	107,860	110,348	114,391	118,639	121,441	118,448	121,283	124,384
Total Debt	59,843	59,603	60,054	57,270	61,505	64,684	67,299	70,536	70,606	71,711	74,195
Total Long-Term Debt	53,901	53,043	54,814	50,826	56,594	60,108	62,249	64,629	64,871	67,570	71,205
Net Debt	47,397	46,282	47,198	44,032	44,252	50,233	50,723	54,799	54,921	55,582	57,159
Capital Expenditures (CapEx)	1,104	835	747	845	1,099	875	976	1,232	1,578	1,198	1,462
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-754	711	595	355	-1,922	78	-452	-875	-2,976	-901	-697
Debt-free Net Working Capital (DFNWC)	-84	1,488	1,419	2,311	2,612	1,100	2,251	611	-1,660	638	247
Net Working Capital (NWC)	-6,026	-5,072	-3,822	-4,133	-2,300	-3,476	-2,800	-5,296	-7,395	-3,502	-2,742
Net Nonoperating Expense (NNE)	544	166	-102	639	-190	450	-249	279	733	264	-398
Net Nonoperating Obligations (NNO)	47,960	46,806	47,820	44,566	44,434	50,923	51,513	55,655	55,083	55,657	58,019
Total Depreciation and Amortization (D&A)	867	847	878	821	947	881	921	998	788	979	1,076
Debt-free, Cash-free Net Working Capital to Revenue	-1.91%	1.96%	1.76%	1.09%	-5.81%	0.24%	-1.38%	-2.40%	-8.02%	-2.15%	-1.57%
Debt-free Net Working Capital to Revenue	-0.21%	4.11%	4.19%	7.07%	7.90%	3.41%	6.89%	1.68%	-4.47%	1.53%	0.56%
Net Working Capital to Revenue	-15.30%	-14.00%	-11.29%	-12.64%	-6.96%	-10.76%	-8.57%	-14.54%	-19.91%	-8.37%	-6.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.85)	$0.86	$0.91	$0.26	$0.41	$0.67	$0.63	$0.44	($0.11)	$0.72	$0.73
Adjusted Weighted Average Basic Shares Outstanding	2.02B	2.02B	2.02B	2.13B	2.13B	2.13B	2.18B	2.18B	2.18B	2.18B	2.18B
Adjusted Diluted Earnings per Share	($0.85)	$0.85	$0.91	$0.26	$0.42	$0.67	$0.63	$0.44	($0.11)	$0.72	$0.73
Adjusted Weighted Average Diluted Shares Outstanding	2.02B	2.02B	2.02B	2.13B	2.13B	2.13B	2.18B	2.18B	2.18B	2.18B	2.18B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.02B	2.02B	2.02B	2.13B	2.13B	2.13B	2.18B	2.18B	2.18B	2.18B	2.18B
Normalized Net Operating Profit after Tax (NOPAT)	-410	1,546	1,410	1,100	1,047	1,606	1,213	1,350	955	1,995	1,494
Normalized NOPAT Margin	-4.76%	17.31%	17.89%	15.12%	11.66%	19.70%	14.64%	12.26%	9.86%	15.51%	13.68%
Pre Tax Income Margin	-6.71%	19.68%	24.16%	7.63%	19.51%	17.68%	24.17%	11.82%	3.34%	17.23%	20.08%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.63	3.05	3.31	1.44	2.58	2.39	2.07	1.97	0.98	2.84	3.10
NOPAT to Interest Expense	-0.72	2.31	2.11	1.62	1.20	2.40	1.53	1.39	1.50	2.15	1.51
EBIT Less CapEx to Interest Expense	-2.55	1.81	2.19	0.20	1.32	1.08	0.84	0.71	-1.49	1.55	1.41
NOPAT Less CapEx to Interest Expense	-2.65	1.06	0.99	0.37	-0.06	1.09	0.30	0.12	-0.98	0.86	-0.18
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	257.49%	290.80%	191.72%	243.95%	131.91%	141.04%	142.80%	130.35%	152.64%	133.18%	130.66%
Augmented Payout Ratio	262.63%	290.80%	194.73%	247.87%	133.97%	141.04%	142.80%	130.39%	152.64%	133.18%	130.66%

Key Financial Trends

The latest quarterly financial data from Enbridge (NYSE: ENB) through Q2 2025 shows several key trends over the last four years:

Strong and Growing Net Income: Enbridge reported consolidated net income of $1.8 billion in Q2 2025, up compared to previous quarters. The net income showed resilience, recovering strongly after a loss reported in Q4 2022.
Increasing Operating Revenue: Operating revenues have generally trended upward from around $7.9 billion in Q2 2023 to over $10.9 billion in Q2 2025, demonstrating revenue growth over this period.
Robust Operating Cash Flows: Net cash from continuing operating activities increased to approximately $2.5 billion in Q2 2025, compared to $2.03 billion in Q2 2024, indicating strong cash generation capabilities.
Consistent Capital Investment: Capital expenditure through purchases of property, plant, and equipment remained substantial (around $1.46 billion in Q2 2025), reflecting ongoing investment in infrastructure to support future growth.
Dividend Growth: Cash dividends per common share increased from $0.89 in Q1 2023 to $0.94 in Q2 2025, reflecting a commitment to returning cash to shareholders and growing shareholder value.
Stable Debt Levels Relative to Assets: Total liabilities have increased but remain proportional to the total assets, with the company managing a long-term debt level of about $71.2 billion as of Q2 2025.
Moderate Inflation in Operating Expenses: Operating expenses, including depreciation and SG&A, have risen but at a controlled pace, supporting expanding gross profits.
Negative Retained Earnings: The company has negative retained earnings (approximately -$12.97 billion at Q2 2025), which could indicate accumulated losses from prior periods or dividend payments exceeding earnings historically.
High Long-Term Debt: Enbridge carries a significant amount of long-term debt (over $71 billion), which poses financial risk if interest rates rise or cash flow decreases.
Volatility in Other Income/Expense: The company has experienced swings in other income and expense, including impairment charges and fluctuations in investment income, which introduce some earnings variability.

Summary: Over the past four years, Enbridge has demonstrated solid growth in revenue and profitability, supported by strong cash flow generation and significant ongoing capital investments. The company maintains a healthy operating performance but carries a sizeable debt load and negative retained earnings, reflecting historical challenges. Continuous monitoring of debt management and earnings quality will be important.

08/29/25 01:11 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Enbridge's Financials

When does Enbridge's fiscal year end?

According to the most recent income statement we have on file, Enbridge's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Enbridge's net income changed over the last 10 years?

Enbridge's net income appears to be on an upward trend, with a most recent value of $3.91 billion in 2024, rising from $1.38 billion in 2014. The previous period was $4.59 billion in 2023. View Enbridge's forecast to see where analysts expect Enbridge to go next.

What is Enbridge's operating income?

Enbridge's total operating income in 2024 was $6.70 billion, based on the following breakdown:

Total Gross Profit: $16.97 billion
Total Operating Expenses: $10.27 billion

How has Enbridge's revenue changed over the last 10 years?

Over the last 10 years, Enbridge's total revenue changed from $32.41 billion in 2014 to $37.13 billion in 2024, a change of 14.6%.

How much debt does Enbridge have?

Enbridge's total liabilities were at $104.22 billion at the end of 2024, a 18.8% increase from 2023, and a 133.6% increase since 2014.

How much cash does Enbridge have?

In the past 10 years, Enbridge's cash and equivalents has ranged from $223.84 million in 2021 to $4.47 billion in 2023, and is currently $1.25 billion as of their latest financial filing in 2024.

How has Enbridge's book value per share changed over the last 10 years?

Over the last 10 years, Enbridge's book value per share changed from 10.64 in 2014 to 18.84 in 2024, a change of 77.0%.

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This page (NYSE:ENB) was last updated on 8/29/2025 by MarketBeat.com Staff

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Enbridge (ENB) Financials

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Enbridge (ENB) Financials

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