Enbridge (ENB) Financials

$53.59 -0.40 (-0.74%)

Closing price 03:59 PM Eastern

Extended Trading

$53.72 +0.14 (+0.25%)

As of 04:24 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-27	1,322	2,010	1,843	4,102	2,338	4,552	1,913	4,423	3,509	5,158
Consolidated Net Income / (Loss)	-115	1,718	2,595	2,442	4,491	2,678	4,942	2,171	4,589	3,910	5,680
Net Income / (Loss) Continuing Operations	-115	1,718	2,595	2,442	4,491	2,678	4,942	2,171	4,589	3,910	5,680
Total Pre-Tax Income	7.95	1,824	452	2,616	5,807	3,285	6,049	3,356	5,968	5,069	7,142
Total Operating Income	1,346	1,921	1,248	3,529	6,366	6,238	6,109	3,826	6,553	6,701	7,992
Total Gross Profit	6,184	7,855	12,509	12,440	14,693	14,438	14,377	15,312	16,879	16,967	19,806
Total Revenue	24,435	25,718	35,266	33,985	38,587	30,641	36,840	39,395	33,062	37,134	47,545
Operating Revenue	24,435	25,718	35,266	33,985	38,587	30,641	36,840	39,395	33,062	37,134	47,545
Total Cost of Revenue	18,250	17,864	22,757	21,544	23,894	16,203	22,464	24,083	16,184	20,167	27,739
Operating Cost of Revenue	18,250	17,864	22,757	21,544	23,894	16,203	22,464	24,083	16,184	20,167	27,739
Total Operating Expenses	4,838	5,934	11,261	8,911	8,327	8,200	8,268	11,485	10,326	10,267	11,814
Selling, General & Admin Expense	2,987	3,243	5,119	4,977	5,388	5,291	5,253	6,074	6,514	6,547	7,270
Depreciation Expense	1,463	1,667	2,514	2,379	2,613	2,910	3,015	3,190	3,494	3,588	4,129
Impairment Charge	388	1,024	3,628	1,556	326	0.00	0.00	2,221	317	132	416
Total Other Income / (Expense), net	-1,338	-97	-796	-913	-559	-2,953	-59	-470	-585	-1,632	-850
Interest Expense	1,174	1,183	2,031	1,981	2,052	2,187	2,078	2,349	2,887	3,069	3,663
Interest & Investment Income	343	319	876	1,106	1,158	-952	1,252	2,315	1,376	2,358	1,622
Other Income / (Expense), net	-508	768	359	-38	335	187	766	-435	927	-921	1,192
Income Tax Expense	123	106	-2,143	174	1,316	607	1,107	1,185	1,379	1,158	1,461
Preferred Stock Dividends Declared	208	218	262	269	295	298	292	306	267	269	306
Net Income / (Loss) Attributable to Noncontrolling Interest	-296	179	323	330	94	42	98	-48	-101	132	217
Basic Earnings per Share	($0.04)	$1.95	$1.66	$1.46	$2.64	$1.48	$2.87	$0.95	$2.15	$1.63	$2.36
Weighted Average Basic Shares Outstanding	867.61M	943.11M	1.70B	2.02B	2.02B	2.03B	2.03B	2.02B	2.13B	2.18B	2.18B
Diluted Earnings per Share	($0.04)	$1.93	$1.65	$1.46	$2.63	$1.48	$2.87	$0.95	$2.15	$1.63	$2.35
Weighted Average Diluted Shares Outstanding	867.61M	943.11M	1.70B	2.02B	2.02B	2.03B	2.03B	2.02B	2.13B	2.18B	2.18B
Weighted Average Basic & Diluted Shares Outstanding	867.61M	943.11M	1.70B	2.02B	2.02B	2.03B	2.03B	2.02B	2.13B	2.18B	2.18B
Cash Dividends to Common per Share	$1.86	$2.12	$2.41	$2.68	$2.95	$3.24	$3.34	$3.44	$3.55	$3.66	$3.77

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	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	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,397	393	1,352	1,048	1,350	957	154	1,572	1,598	490	1,497
Consolidated Net Income / (Loss)	1,512	460	1,237	1,156	1,462	1,071	221	1,732	1,704	608	1,636
Net Income / (Loss) Continuing Operations	1,512	460	1,237	1,156	1,462	1,071	221	1,732	1,704	608	1,636
Total Pre-Tax Income	1,904	555	1,752	1,441	2,002	1,302	324	2,216	2,193	835	1,897
Total Operating Income	1,776	1,325	1,483	2,002	1,661	1,642	1,396	2,554	1,681	1,631	2,127
Total Gross Profit	4,168	3,704	4,685	4,459	4,278	4,305	3,925	5,251	4,640	4,417	5,497
Total Revenue	7,884	7,273	8,978	8,152	8,284	11,015	9,683	12,867	10,922	10,511	13,244
Operating Revenue	7,884	7,273	8,978	8,152	8,284	11,015	9,683	12,867	10,922	10,511	13,244
Total Cost of Revenue	3,716	3,569	4,292	3,693	4,006	6,710	5,758	7,616	6,282	6,094	7,747
Operating Cost of Revenue	3,716	3,569	4,292	3,693	4,006	6,710	5,758	7,616	6,282	6,094	7,747
Total Operating Expenses	2,392	2,378	3,202	2,457	2,617	2,663	2,530	2,698	2,960	2,787	3,370
Selling, General & Admin Expense	1,533	1,518	1,957	1,576	1,687	1,688	1,596	1,718	1,696	1,783	2,073
Depreciation Expense	859	860	928	881	930	975	802	979	1,021	1,004	1,124
Total Other Income / (Expense), net	128	-771	269	-561	341	-340	-1,072	-337	512	-796	-229
Interest Expense	667	680	871	668	791	973	637	928	867	906	962
Interest & Investment Income	361	253	379	514	1,155	355	334	507	374	324	417
Other Income / (Expense), net	435	-344	761	-407	-23	278	-770	83	1,005	-213	316
Income Tax Expense	392	95	515	285	540	231	102	485	489	227	261
Preferred Stock Dividends Declared	66	66	73	69	69	73	59	72	75	76	83
Net Income / (Loss) Attributable to Noncontrolling Interest	50	1.48	-188	39	42	41	8.97	88	31	42	56
Basic Earnings per Share	$0.69	$0.19	$0.41	$0.49	$0.63	$0.44	($0.11)	$0.72	$0.73	$0.22	$0.68
Weighted Average Basic Shares Outstanding	2.02B	2.13B	2.13B	2.13B	2.18B	2.18B	2.18B	2.18B	2.18B	2.18B	2.18B
Diluted Earnings per Share	$0.69	$0.19	$0.42	$0.49	$0.63	$0.44	($0.11)	$0.72	$0.73	$0.22	$0.68
Weighted Average Diluted Shares Outstanding	2.02B	2.13B	2.13B	2.13B	2.18B	2.18B	2.18B	2.18B	2.18B	2.18B	2.18B
Weighted Average Basic & Diluted Shares Outstanding	2.02B	2.13B	2.13B	2.13B	2.18B	2.18B	2.18B	2.18B	2.18B	2.18B	2.18B

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	-105	650	-775	37	30	-146	-133	434	3,846	-2,767	-496
Net Cash From Operating Activities	3,305	3,873	5,291	7,696	7,243	7,667	7,244	8,299	10,757	8,750	8,948
Net Cash From Continuing Operating Activities	3,305	3,873	5,291	7,696	7,243	7,667	7,244	8,299	10,757	8,750	8,948
Net Income / (Loss) Continuing Operations	-115	1,718	2,595	2,442	4,491	2,678	4,942	2,171	4,589	3,910	5,680
Consolidated Net Income / (Loss)	-115	1,718	2,595	2,442	4,491	2,678	4,942	2,171	4,589	3,910	5,680
Depreciation Expense	1,463	1,667	2,514	2,379	2,613	2,910	3,015	3,190	3,494	3,588	4,129
Non-Cash Adjustments To Reconcile Net Income	2,454	762	451	2,204	338	2,007	435	2,946	923	1,344	164
Changes in Operating Assets and Liabilities, net	-497	-274	-269	670	-200	73	-1,147	-8.87	1,750	-92	-1,025
Net Cash From Investing Activities	-5,736	-3,834	-8,771	-2,211	-3,590	-4,058	-8,341	-3,894	-4,577	-14,141	-7,660
Net Cash From Continuing Investing Activities	-5,736	-3,834	-8,771	-2,211	-3,590	-4,058	-8,341	-3,894	-4,577	-14,141	-7,660
Purchase of Property, Plant & Equipment	-5,259	-3,816	-6,586	-4,987	-4,233	-4,237	-6,119	-3,434	-3,525	-4,660	-6,544
Acquisitions	-150	-574	-627	-396	-154	-187	-3,178	-740	-891	-9,508	-140
Purchase of Investments	-407	-383	-2,867	-1,017	-893	-382	-501	-670	-967	-2,372	-1,693
Divestitures	0.00	0.00	542	-	-	208	988	386	0.00	1,892	255
Sale and/or Maturity of Investments	0.00	0.00	99	936	79	540	468	564	851	547	497
Other Investing Activities, net	-26	-88	168	-8.79	-15	-	0.00	0.00	-46	-39	-34
Net Cash From Financing Activities	2,223	625	2,762	-5,498	-3,657	-3,739	967	-4,011	-2,169	2,461	-1,750
Net Cash From Continuing Financing Activities	2,223	625	2,762	-5,498	-3,657	-3,739	967	-4,011	-2,169	2,461	-1,742
Repayment of Debt	-740	-1,448	-3,443	-3,582	-3,750	-3,394	4,755	2,598	6,724	2,085	3,299
Repurchase of Common Equity	-	-	-	-	-	0.00	-325	-112	-95	0.00	0.00
Payment of Dividends	-1,469	-1,760	-3,555	-3,730	-5,094	-5,675	-5,795	-5,590	-6,053	-5,969	-6,563
Issuance of Debt	3,461	1,142	6,543	939	5,395	1,209	2,317	-985	-6,125	4,617	975
Issuance of Common Equity	486	1,703	1,892	33	23	22	16	12	3,379	1,728	28
Other Financing Activities, net	484	440	936	996	-	4,100	0.00	807	0.00	0.00	519
Effect of Exchange Rate Changes	103	-14	-57	50	34	-16	-3.91	41	-164	163	-34
Cash Interest Paid	1,327	1,354	2,120	1,838	2,110	1,990	1,900	2,158	2,560	2,871	3,591

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	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	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	32	1,147	2,561	-3,397	1,727	-1,203	107	224	-648	195	-266
Net Cash From Operating Activities	2,662	2,155	3,081	2,327	2,032	2,256	2,135	2,123	2,496	1,957	2,372
Net Cash From Continuing Operating Activities	2,662	2,155	3,081	2,327	2,032	2,256	2,135	2,123	2,496	1,957	2,372
Net Income / (Loss) Continuing Operations	1,543	395	1,271	1,156	1,450	1,104	200	1,732	1,801	530	1,618
Consolidated Net Income / (Loss)	1,543	395	1,271	1,156	1,450	1,104	200	1,732	1,801	530	1,618
Depreciation Expense	878	821	947	881	921	998	788	979	1,076	959	1,115
Non-Cash Adjustments To Reconcile Net Income	-11	787	191	512	-190	44	978	38	-389	420	95
Changes in Operating Assets and Liabilities, net	252	151	671	-222	-149	110	168	-625	7.74	49	-456
Net Cash From Investing Activities	-701	-825	-1,989	-5,755	-2,452	-3,573	-2,362	-1,244	-2,168	-1,748	-2,499
Net Cash From Continuing Investing Activities	-701	-825	-1,989	-5,755	-2,452	-3,573	-2,362	-1,244	-2,168	-1,748	-2,499
Purchase of Property, Plant & Equipment	-747	-845	-1,099	-875	-976	-1,232	-1,578	-1,198	-1,462	-1,608	-2,276
Acquisitions	-398	-35	-409	-4,756	-2,952	-2,079	278	-42	-49	-63	14
Purchase of Investments	-51	-3.10	-607	-304	-642	-424	-1,001	-211	-802	-327	-353
Divestitures	-	-	-	0.00	-	25	-124	90	5.04	155	3.93
Sale and/or Maturity of Investments	496	81	149	196	142	141	66	128	154	99	115
Other Investing Activities, net	-	-23	-23	-17	-14	-4.84	-2.62	-11	-15	-3.74	-4.11
Net Cash From Financing Activities	-1,912	-197	1,633	-89	2,125	142	283	-661	-930	-55	-105
Net Cash From Continuing Financing Activities	-1,912	-197	1,633	-89	2,125	142	283	-661	-930	-55	-97
Repayment of Debt	-295	3,016	2,117	-2,842	3,987	1,442	-503	229	1,829	27	1,213
Payment of Dividends	-1,534	-1,388	-1,671	-1,563	-1,539	-1,647	-1,219	-1,569	-1,742	-1,536	-1,715
Issuance of Debt	8.18	-5,116	1,105	4,315	-2,138	322	2,119	673	-1,019	940	381
Issuance of Common Equity	3.09	3,289	84	1.48	1,816	25	-114	6.95	2.59	1.94	16
Other Financing Activities, net	-	-	-	-	-	-	-	-	-	-	8.02

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	61,108	63,409	128,812	122,304	125,741	125,642	132,162	132,728	136,583	152,065	159,331
Total Current Assets	5,493	5,795	7,323	6,281	6,715	5,762	7,012	8,977	10,907	9,141	9,623
Cash & Equivalents	734	1,112	381	380	499	354	224	636	4,470	1,252	798
Restricted Cash	25	51	85	87	22	30	27	34	64	64	61
Accounts Receivable	3,931	3,715	5,642	4,833	5,193	4,174	5,454	4,234	3,405	4,868	5,227
Inventories, net	803	918	1,214	981	1,001	1,204	1,307	1,666	1,120	1,033	1,182
Other Current Assets	-	-	-	-	-	-	-	2,405	1,848	1,924	2,356
Plant, Property, & Equipment, net	46,589	47,838	72,086	69,277	72,230	74,135	78,318	77,195	79,261	91,044	95,973
Total Noncurrent Assets	9,026	9,844	49,403	46,746	46,796	45,745	46,833	46,557	45,872	51,879	53,735
Long-Term Investments	5,103	5,221	13,439	12,479	13,072	10,832	10,921	11,777	12,720	15,062	16,451
Goodwill	58	58	27,382	25,251	25,550	25,624	25,652	23,973	24,124	25,417	25,732
Intangible Assets	975	1,171	2,596	1,738	1,675	1,631	3,137	2,969	2,679	3,185	2,911
Noncurrent Deferred & Refundable Income Taxes	607	871	866	1,007	771	604	382	349	258	553	511
Other Noncurrent Operating Assets	2,285	2,523	5,119	6,271	5,728	7,054	6,741	7,490	6,091	7,663	8,131
Total Liabilities & Shareholders' Equity	61,108	63,409	128,812	122,304	125,741	125,642	132,162	132,728	136,583	152,065	159,331
Total Liabilities	44,956	44,541	73,344	68,493	72,251	75,187	82,567	85,878	87,740	104,222	111,254
Total Current Liabilities	7,819	9,185	11,621	10,885	12,252	10,958	14,267	15,002	13,206	16,536	15,318
Short-Term Debt	1,872	3,312	3,429	3,138	4,086	3,197	6,010	5,942	4,911	5,735	4,420
Accounts Payable	5,315	5,429	7,532	7,227	7,669	7,234	7,715	4,639	3,283	4,918	5,537
Other Current Liabilities	296	91	125	29	16	17	-	3,858	4,286	5,028	4,503
Other Current Nonoperating Liabilities	234	248	504	490	481	510	542	564	726	855	858
Total Noncurrent Liabilities	37,137	35,356	61,723	57,607	59,999	64,229	68,300	70,876	74,533	87,686	95,936
Long-Term Debt	28,481	27,158	48,368	44,206	45,979	49,244	53,190	53,901	56,594	64,871	72,173
Noncurrent Deferred & Payable Income Tax Liabilities	4,277	4,492	7,387	6,928	7,604	8,099	9,148	10,184	11,385	13,608	14,791
Other Noncurrent Operating Liabilities	4,379	3,707	5,968	6,473	6,415	6,885	5,961	6,791	6,554	9,207	8,972
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	1,548	2,524	3,232	-	-	-	-	-	-	0.00	537
Total Equity & Noncontrolling Interests	14,604	16,344	52,236	53,812	53,490	50,455	49,595	46,850	48,843	47,842	47,541
Total Preferred & Common Equity	13,664	15,915	46,199	50,906	50,898	48,106	47,606	44,256	46,549	45,764	45,459
Preferred Stock	4,711	5,399	6,156	5,677	5,970	6,073	6,063	5,038	5,164	4,735	4,972
Total Common Equity	8,953	10,516	40,042	45,229	44,927	42,033	41,543	39,217	41,385	41,029	40,486
Common Stock	7,731	10,337	42,858	47,394	50,042	50,989	51,001	48,060	52,604	50,009	52,595
Retained Earnings	103	-533	-1,961	-4,058	-4,866	-7,835	-8,601	-11,444	-12,964	-13,921	-15,522
Accumulated Other Comprehensive Income / (Loss)	1,180	787	-773	1,958	-210	-1,098	-858	2,601	1,744	4,941	3,414
Noncontrolling Interest	940	429	6,037	2,905	2,593	2,349	1,990	2,595	2,294	2,078	2,082

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	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	9/30/2025
Total Assets	130,921	131,456	131,814	136,583	140,852	147,079	152,300	152,065	153,032	155,354	155,793
Total Current Assets	7,333	6,778	8,224	10,907	7,394	9,134	8,804	9,141	9,457	8,129	8,674
Cash & Equivalents	722	778	1,927	4,470	897	2,621	1,388	1,252	1,451	883	1,011
Restricted Cash	55	45	29	64	126	83	98	64	88	61	74
Accounts Receivable	3,590	2,941	3,074	3,405	3,696	3,546	4,195	4,868	5,367	4,059	4,269
Inventories, net	969	915	1,157	1,120	1,021	995	1,190	1,033	854	1,038	1,367
Other Current Assets	1,997	2,097	2,037	1,848	1,654	1,890	1,932	1,924	1,697	2,088	1,953
Plant, Property, & Equipment, net	77,080	78,563	78,005	79,261	83,785	87,904	92,095	91,044	91,511	94,111	94,023
Total Noncurrent Assets	46,507	46,115	45,585	45,872	49,672	50,041	51,402	51,186	51,324	53,114	53,096
Long-Term Investments	12,544	12,033	11,283	12,720	13,428	13,873	14,251	14,369	14,589	16,092	16,198
Goodwill	23,964	24,098	23,931	24,124	25,328	25,077	25,800	25,417	25,453	25,816	25,622
Intangible Assets	2,893	2,845	2,756	2,679	3,344	3,292	3,259	3,185	3,140	3,140	3,061
Noncurrent Deferred & Refundable Income Taxes	342	198	293	258	348	341	366	553	550	400	505
Other Noncurrent Operating Assets	6,764	6,942	7,322	6,091	7,225	7,457	7,727	7,663	7,592	7,666	7,710
Total Liabilities & Shareholders' Equity	130,921	131,456	131,814	136,583	140,852	147,079	152,300	152,065	153,032	155,354	155,793
Total Liabilities	82,843	83,059	81,223	87,740	91,145	95,740	101,395	104,222	103,460	105,164	106,384
Total Current Liabilities	12,405	10,599	12,357	13,206	10,870	11,934	14,100	16,536	12,959	10,872	10,800
Short-Term Debt	6,560	5,240	6,444	4,911	4,576	5,050	5,907	5,735	4,141	2,990	2,231
Accounts Payable	3,065	2,802	3,272	3,283	2,836	3,351	4,473	4,918	4,616	4,258	4,694
Other Current Liabilities	2,256	1,934	2,106	4,286	2,768	2,742	2,864	5,028	3,388	2,764	3,010
Other Current Nonoperating Liabilities	524	623	534	726	690	791	856	855	815	860	865
Total Noncurrent Liabilities	70,438	72,460	68,867	74,533	80,275	83,806	87,296	87,686	90,501	94,293	95,584
Long-Term Debt	53,043	54,814	50,826	56,594	60,108	62,249	64,629	64,871	67,570	71,205	72,235
Noncurrent Deferred & Payable Income Tax Liabilities	10,567	10,960	11,046	11,385	12,324	13,090	13,597	13,608	13,893	14,446	14,531
Other Noncurrent Operating Liabilities	6,828	6,686	6,994	6,554	7,843	8,467	9,070	9,207	9,037	8,642	8,818
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	-	-	528
Total Equity & Noncontrolling Interests	48,078	48,396	50,590	48,843	49,707	51,340	50,905	47,842	49,572	50,189	48,881
Total Preferred & Common Equity	45,500	45,812	48,092	46,549	47,460	49,129	48,692	45,764	47,471	48,053	46,803
Preferred Stock	5,041	5,153	5,037	5,164	5,035	4,982	5,046	4,735	4,742	5,006	4,896
Total Common Equity	40,459	40,659	43,054	41,385	42,425	44,146	43,646	41,029	42,729	43,047	41,907
Common Stock	48,095	49,112	51,316	52,604	51,311	52,594	53,285	50,009	50,099	52,899	51,753
Retained Earnings	-10,169	-10,388	-11,089	-12,964	-11,592	-11,542	-12,209	-13,921	-12,369	-12,968	-13,689
Accumulated Other Comprehensive Income / (Loss)	2,533	1,935	2,827	1,744	2,706	3,094	2,570	4,941	4,999	3,116	3,843
Noncontrolling Interest	2,577	2,585	2,499	2,294	2,247	2,211	2,213	2,078	2,102	2,137	2,078

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-24.61%	5.25%	37.13%	-3.63%	13.54%	-20.59%	20.23%	6.93%	-16.07%	12.31%	28.04%
EBITDA Growth	-40.73%	89.19%	-5.38%	42.42%	58.69%	0.21%	5.95%	-33.45%	66.74%	-14.63%	42.10%
EBIT Growth	-66.80%	220.56%	-40.21%	117.15%	91.95%	-4.13%	7.02%	-50.67%	120.57%	-22.73%	58.88%
NOPAT Growth	-1,082.59%	109.30%	296.04%	-54.02%	49.41%	3.30%	-1.87%	-50.40%	103.55%	2.60%	22.96%
Net Income Growth	-108.30%	1,594.62%	51.05%	-5.90%	83.87%	-40.37%	84.54%	-56.06%	111.35%	-14.78%	45.26%
EPS Growth	-102.92%	4,925.00%	-14.51%	-11.52%	80.14%	-43.73%	93.92%	-67.04%	127.42%	-24.46%	44.51%
Operating Cash Flow Growth	50.71%	17.20%	36.60%	45.45%	-5.88%	5.86%	-5.52%	14.56%	29.62%	-18.66%	2.27%
Free Cash Flow Firm Growth	-168.81%	95.64%	-7,372.09%	119.48%	-62.40%	4.99%	-129.53%	691.32%	12.71%	-168.14%	123.72%
Invested Capital Growth	-13.07%	5.85%	116.93%	-5.50%	1.96%	1.93%	6.48%	-3.42%	-1.62%	10.34%	5.14%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-10.15%	8.31%	-1.90%	-0.51%	-1.64%	1.10%	1.94%	8.10%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	115.54%	7.08%	13.44%	-4.43%	-25.51%	32.36%	-15.94%	19.19%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	1,576.20%	5.98%	18.00%	-5.86%	-40.65%	53.36%	-21.87%	24.66%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	1,589.83%	1.64%	16.61%	-7.04%	-48.08%	70.46%	0.45%	14.28%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	44.81%	-2.10%	37.11%	-0.68%	-52.72%	91.35%	-20.61%	33.18%
EPS Q/Q Growth	0.00%	0.00%	0.00%	58.70%	-9.00%	54.17%	0.70%	-64.97%	77.79%	-42.98%	35.74%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	5.75%	2.68%	4.94%	-7.43%	19.23%	3.08%	-9.76%	2.72%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-47.46%	-34.89%	-269.76%	63.88%	27.43%	28.44%	-77.23%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-4.97%	-1.83%	0.91%	2.10%	-2.62%	-1.97%	-3.41%	0.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.31%	30.54%	35.47%	36.61%	38.08%	47.12%	39.02%	38.87%	51.05%	45.69%	41.66%
EBITDA Margin	9.42%	16.94%	11.69%	17.27%	24.14%	30.46%	26.84%	16.71%	33.19%	25.23%	28.00%
Operating Margin	5.51%	7.47%	3.54%	10.38%	16.50%	20.36%	16.58%	9.71%	19.82%	18.04%	16.81%
EBIT Margin	3.43%	10.45%	4.56%	10.27%	17.37%	20.97%	18.66%	8.61%	22.62%	15.56%	19.31%
Profit (Net Income) Margin	-0.47%	6.68%	7.36%	7.19%	11.64%	8.74%	13.41%	5.51%	13.88%	10.53%	11.95%
Tax Burden Percent	-1,445.45%	94.21%	573.99%	93.36%	77.33%	81.53%	81.69%	64.69%	76.89%	77.15%	79.54%
Interest Burden Percent	0.95%	67.84%	28.13%	74.94%	86.66%	51.13%	87.99%	98.98%	79.79%	87.70%	77.77%
Effective Tax Rate	1,545.45%	5.79%	-473.99%	6.64%	22.67%	18.47%	18.31%	35.31%	23.11%	22.85%	20.46%
Return on Invested Capital (ROIC)	-44.28%	4.30%	10.45%	3.61%	5.50%	5.57%	5.24%	2.57%	5.36%	5.27%	6.02%
ROIC Less NNEP Spread (ROIC-NNEP)	27.87%	3.93%	-4.11%	1.28%	4.29%	-0.55%	5.14%	1.94%	4.38%	2.74%	4.85%
Return on Net Nonoperating Assets (RNNOA)	43.61%	5.51%	-3.47%	0.86%	2.87%	-0.42%	4.64%	1.94%	4.23%	2.82%	5.82%
Return on Equity (ROE)	-0.67%	9.81%	6.98%	4.47%	8.37%	5.15%	9.88%	4.50%	9.59%	8.09%	11.84%
Cash Return on Invested Capital (CROIC)	-30.30%	-1.38%	-63.34%	9.27%	3.55%	3.66%	-1.04%	6.04%	6.99%	-4.56%	1.01%
Operating Return on Assets (OROA)	1.35%	4.32%	1.67%	2.78%	5.40%	5.11%	5.33%	2.56%	5.55%	4.00%	5.90%
Return on Assets (ROA)	-0.19%	2.76%	2.70%	1.95%	3.62%	2.13%	3.83%	1.64%	3.41%	2.71%	3.65%
Return on Common Equity (ROCE)	-0.35%	5.46%	4.75%	3.49%	7.03%	4.31%	8.25%	3.77%	8.08%	6.89%	10.07%
Return on Equity Simple (ROE_SIMPLE)	-0.84%	10.80%	5.62%	4.80%	8.82%	5.57%	10.38%	4.91%	9.86%	8.54%	0.00%
Net Operating Profit after Tax (NOPAT)	-19,460	1,809	7,166	3,295	4,923	5,085	4,990	2,475	5,038	5,169	6,356
NOPAT Margin	-79.64%	7.04%	20.32%	9.69%	12.76%	16.60%	13.55%	6.28%	15.24%	13.92%	13.37%
Net Nonoperating Expense Percent (NNEP)	-72.15%	0.37%	14.56%	2.33%	1.20%	6.12%	0.11%	0.63%	0.97%	2.53%	1.17%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	2.32%	4.57%	4.36%	5.12%
Cost of Revenue to Revenue	74.69%	69.46%	64.53%	63.39%	61.92%	52.88%	60.98%	61.13%	48.95%	54.31%	58.34%
SG&A Expenses to Revenue	12.22%	12.61%	14.52%	14.64%	13.96%	17.27%	14.26%	15.42%	19.70%	17.63%	15.29%
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	19.80%	23.07%	31.93%	26.22%	21.58%	26.76%	22.44%	29.15%	31.23%	27.65%	24.85%
Earnings before Interest and Taxes (EBIT)	839	2,689	1,608	3,491	6,701	6,424	6,875	3,391	7,480	5,780	9,183
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,302	4,356	4,121	5,870	9,314	9,334	9,890	6,581	10,974	9,368	13,312
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.91	2.19	0.61	0.83	1.34	1.24	1.64	1.73	1.70	2.22	2.58
Price to Tangible Book Value (P/TBV)	2.16	2.48	2.42	2.06	3.39	3.51	5.33	5.52	4.82	7.33	8.81
Price to Revenue (P/Rev)	0.70	0.90	0.69	1.11	1.56	1.70	1.85	1.72	2.13	2.45	2.19
Price to Earnings (P/E)	0.00	17.43	12.12	20.42	14.65	22.21	14.94	35.42	15.90	25.95	20.23
Dividend Yield	7.30%	6.02%	7.15%	9.50%	7.47%	9.41%	7.99%	7.92%	7.94%	6.37%	5.63%
Earnings Yield	0.00%	5.74%	8.25%	4.90%	6.83%	4.50%	6.70%	2.82%	6.29%	3.85%	4.94%
Enterprise Value to Invested Capital (EV/IC)	1.19	1.28	0.83	0.91	1.16	1.10	1.26	1.30	1.31	1.48	1.58
Enterprise Value to Revenue (EV/Rev)	2.00	2.16	2.20	2.37	2.72	3.32	3.37	3.12	3.69	4.11	3.60
Enterprise Value to EBITDA (EV/EBITDA)	21.19	12.74	18.85	13.73	11.29	10.88	12.54	18.66	11.12	16.31	12.86
Enterprise Value to EBIT (EV/EBIT)	58.16	20.63	48.32	23.09	15.69	15.81	18.05	36.21	16.32	26.44	18.64
Enterprise Value to NOPAT (EV/NOPAT)	0.00	30.66	10.84	24.47	21.35	19.98	24.86	49.61	24.22	29.56	26.94
Enterprise Value to Operating Cash Flow (EV/OCF)	14.76	14.32	14.68	10.47	14.51	13.25	17.13	14.80	11.35	17.46	19.13
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	9.53	33.05	30.43	0.00	21.06	18.57	0.00	161.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.88	1.61	0.93	0.88	0.94	1.04	1.19	1.28	1.26	1.48	1.59
Long-Term Debt to Equity	1.76	1.44	0.87	0.82	0.86	0.98	1.07	1.15	1.16	1.36	1.50
Financial Leverage	1.56	1.40	0.84	0.67	0.67	0.76	0.90	1.00	0.97	1.03	1.20
Leverage Ratio	3.61	3.56	2.59	2.30	2.31	2.42	2.58	2.75	2.81	2.99	3.25
Compound Leverage Factor	0.03	2.41	0.73	1.72	2.00	1.24	2.27	2.72	2.25	2.62	2.52
Debt to Total Capital	65.27%	61.76%	48.29%	46.80%	48.35%	50.97%	54.41%	56.09%	55.74%	59.61%	61.44%
Short-Term Debt to Total Capital	4.03%	6.71%	3.20%	3.10%	3.95%	3.11%	5.52%	5.57%	4.45%	4.84%	3.55%
Long-Term Debt to Total Capital	61.24%	55.04%	45.09%	43.70%	44.40%	47.86%	48.89%	50.52%	51.29%	54.77%	57.89%
Preferred Equity to Total Capital	10.13%	10.94%	5.74%	5.61%	5.77%	5.90%	5.57%	4.72%	4.68%	4.00%	3.99%
Noncontrolling Interests to Total Capital	5.35%	5.99%	8.64%	2.87%	2.50%	2.28%	1.83%	2.43%	2.08%	1.75%	2.10%
Common Equity to Total Capital	19.25%	21.31%	37.33%	44.71%	43.38%	40.85%	38.18%	36.76%	37.50%	34.64%	32.47%
Debt to EBITDA	13.18	7.00	12.57	8.07	5.38	5.62	5.99	9.09	5.60	7.54	5.75
Net Debt to EBITDA	10.64	5.53	9.19	5.86	3.92	4.42	4.86	7.20	4.03	5.86	4.45
Long-Term Debt to EBITDA	12.37	6.24	11.74	7.53	4.94	5.28	5.38	8.19	5.16	6.92	5.42
Debt to NOPAT	-1.56	16.84	7.23	14.37	10.17	10.31	11.86	24.18	12.21	13.66	12.05
Net Debt to NOPAT	-1.26	13.31	5.29	10.44	7.41	8.11	9.62	19.15	8.78	10.62	9.33
Long-Term Debt to NOPAT	-1.46	15.01	6.75	13.42	9.34	9.68	10.66	21.78	11.23	12.55	11.35
Altman Z-Score	0.63	0.78	0.45	0.61	0.87	0.69	0.79	0.68	0.75	0.71	0.87
Noncontrolling Interest Sharing Ratio	48.08%	44.41%	31.99%	21.97%	15.98%	16.34%	16.47%	16.26%	15.77%	14.76%	15.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.70	0.63	0.63	0.58	0.55	0.53	0.49	0.60	0.83	0.55	0.63
Quick Ratio	0.60	0.53	0.52	0.48	0.46	0.41	0.40	0.32	0.60	0.37	0.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-13,316	-581	-43,429	8,458	3,180	3,339	-986	5,831	6,572	-4,478	1,062
Operating Cash Flow to CapEx	64.14%	138.84%	86.93%	446.13%	277.88%	180.96%	118.39%	241.66%	305.14%	187.75%	136.74%
Free Cash Flow to Firm to Interest Expense	-11.34	-0.49	-21.38	4.27	1.55	1.53	-0.47	2.48	2.28	-1.46	0.29
Operating Cash Flow to Interest Expense	2.81	3.27	2.60	3.89	3.53	3.51	3.49	3.53	3.73	2.85	2.44
Operating Cash Flow Less CapEx to Interest Expense	-1.57	0.92	-0.39	3.01	2.26	1.57	0.54	2.07	2.50	1.33	0.66
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.39	0.41	0.37	0.27	0.31	0.24	0.29	0.30	0.25	0.26	0.31
Accounts Receivable Turnover	5.50	6.73	7.54	6.49	7.70	6.54	7.65	8.13	8.66	8.98	9.42
Inventory Turnover	20.37	20.76	21.35	19.63	24.11	14.70	17.89	16.20	11.62	18.73	25.04
Fixed Asset Turnover	0.53	0.54	0.59	0.48	0.55	0.42	0.48	0.51	0.42	0.44	0.51
Accounts Payable Turnover	3.36	3.33	3.51	2.92	3.21	2.17	3.01	3.90	4.09	4.92	5.31
Days Sales Outstanding (DSO)	66.31	54.26	48.42	56.25	47.42	55.79	47.69	44.88	42.17	40.66	38.75
Days Inventory Outstanding (DIO)	17.92	17.58	17.10	18.60	15.14	24.84	20.40	22.53	31.42	19.49	14.58
Days Payable Outstanding (DPO)	108.63	109.76	103.94	125.02	113.78	167.86	121.44	93.61	89.33	74.21	68.79
Cash Conversion Cycle (CCC)	-24.41	-37.92	-38.42	-50.17	-51.22	-87.23	-53.35	-26.20	-15.74	-14.07	-15.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	40,879	43,269	93,864	88,701	90,443	92,190	98,166	94,811	93,278	102,925	108,219
Invested Capital Turnover	0.56	0.61	0.51	0.37	0.43	0.34	0.39	0.41	0.35	0.38	0.45
Increase / (Decrease) in Invested Capital	-6,144	2,391	50,594	-5,163	1,743	1,747	5,976	-3,355	-1,533	9,647	5,294
Enterprise Value (EV)	48,784	55,480	77,682	80,610	105,115	101,585	124,064	122,803	122,046	152,794	171,205
Market Capitalization	17,093	23,041	24,365	37,629	60,080	51,938	67,983	67,773	70,336	91,060	104,330
Book Value per Share	$10.51	$12.12	$42.46	$26.23	$22.20	$20.75	$20.51	$19.37	$19.47	$18.84	$18.56
Tangible Book Value per Share	$9.30	$10.70	$10.67	$10.58	$8.75	$7.30	$6.30	$6.06	$6.86	$5.71	$5.43
Total Capital	46,506	49,338	107,265	101,156	103,556	102,896	108,795	106,694	110,348	118,448	124,670
Total Debt	30,353	30,470	51,797	47,345	50,065	52,441	59,200	59,843	61,505	70,606	76,593
Total Long-Term Debt	28,481	27,158	48,368	44,206	45,979	49,244	53,190	53,901	56,594	64,871	72,173
Net Debt	24,492	24,086	37,892	34,399	36,472	41,225	48,028	47,397	44,252	54,921	59,284
Capital Expenditures (CapEx)	5,153	2,790	6,086	1,725	2,606	4,237	6,119	3,434	3,525	4,660	6,544
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,213	-1,241	-1,336	-1,932	-1,972	-2,384	-1,496	-754	-1,922	-2,976	-2,133
Debt-free Net Working Capital (DFNWC)	-454	-78	-869	-1,466	-1,451	-2,000	-1,245	-84	2,612	-1,660	-1,275
Net Working Capital (NWC)	-2,326	-3,390	-4,298	-4,604	-5,537	-5,197	-7,255	-6,026	-2,300	-7,395	-5,695
Net Nonoperating Expense (NNE)	-19,345	91	4,571	852	432	2,407	49	304	450	1,259	676
Net Nonoperating Obligations (NNO)	24,727	24,401	38,396	34,889	36,953	41,735	48,571	47,960	44,434	55,083	60,141
Total Depreciation and Amortization (D&A)	1,463	1,667	2,514	2,379	2,613	2,910	3,015	3,190	3,494	3,588	4,129
Debt-free, Cash-free Net Working Capital to Revenue	-4.96%	-4.82%	-3.79%	-5.69%	-5.11%	-7.78%	-4.06%	-1.91%	-5.81%	-8.02%	-4.49%
Debt-free Net Working Capital to Revenue	-1.86%	-0.30%	-2.47%	-4.31%	-3.76%	-6.53%	-3.38%	-0.21%	7.90%	-4.47%	-2.68%
Net Working Capital to Revenue	-9.52%	-13.18%	-12.19%	-13.55%	-14.35%	-16.96%	-19.69%	-15.30%	-6.96%	-19.91%	-11.98%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.04)	$1.95	$1.66	$1.46	$2.64	$1.48	$2.87	$1.28	$2.84	$1.63	$2.36
Adjusted Weighted Average Basic Shares Outstanding	867.61M	943.11M	1.70B	2.02B	2.02B	2.03B	2.03B	2.02B	2.13B	2.18B	2.18B
Adjusted Diluted Earnings per Share	($0.04)	$1.93	$1.65	$1.46	$2.63	$1.48	$2.87	$1.28	$2.84	$1.63	$2.35
Adjusted Weighted Average Diluted Shares Outstanding	867.61M	943.11M	1.70B	2.02B	2.02B	2.03B	2.03B	2.02B	2.13B	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	867.61M	943.11M	1.70B	2.02B	2.02B	2.03B	2.03B	2.02B	2.13B	2.18B	2.18B
Normalized Net Operating Profit after Tax (NOPAT)	1,214	2,774	3,413	4,747	5,175	5,085	4,990	3,912	5,282	5,271	6,687
Normalized NOPAT Margin	4.97%	10.79%	9.68%	13.97%	13.41%	16.60%	13.55%	9.93%	15.98%	14.20%	14.06%
Pre Tax Income Margin	0.03%	7.09%	1.28%	7.70%	15.05%	10.72%	16.42%	8.52%	18.05%	13.65%	15.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.71	2.27	0.79	1.76	3.27	2.94	3.31	1.44	2.59	1.88	2.51
NOPAT to Interest Expense	-16.57	1.53	3.53	1.66	2.40	2.33	2.40	1.05	1.74	1.68	1.74
EBIT Less CapEx to Interest Expense	-3.67	-0.09	-2.21	0.89	2.00	1.00	0.36	-0.02	1.37	0.36	0.72
NOPAT Less CapEx to Interest Expense	-20.96	-0.83	0.53	0.79	1.13	0.39	-0.54	-0.41	0.52	0.17	-0.05
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-1,277.99%	102.43%	136.96%	152.72%	113.44%	211.94%	117.26%	257.49%	131.91%	152.64%	115.53%
Augmented Payout Ratio	-1,277.99%	102.43%	136.96%	152.72%	113.44%	211.94%	123.84%	262.63%	133.97%	152.64%	115.53%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	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	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-23.21%	-13.58%	4.18%	-8.69%	5.08%	51.45%	7.86%	57.84%	31.84%	-4.57%	36.78%
EBITDA Growth	93.72%	35.81%	527.78%	-14.34%	-17.13%	61.80%	-55.68%	46.04%	46.97%	-18.57%	151.52%
EBIT Growth	178.67%	50.87%	725.78%	-21.94%	-25.88%	95.53%	-72.09%	65.31%	63.92%	-26.17%	290.07%
NOPAT Growth	45.58%	4.60%	355.12%	3.90%	-13.98%	22.82%	-8.81%	24.23%	7.65%	-12.06%	92.14%
Net Income Growth	220.66%	-54.23%	229.60%	-16.22%	-3.30%	132.68%	-82.10%	49.82%	16.54%	-43.21%	639.43%
EPS Growth	212.59%	-69.51%	149.41%	-21.18%	-8.61%	127.33%	-126.19%	44.77%	16.82%	-50.68%	1,033.33%
Operating Cash Flow Growth	40.30%	67.49%	11.63%	-18.58%	-23.68%	4.70%	-30.72%	-8.76%	22.82%	-13.24%	11.12%
Free Cash Flow Firm Growth	305.43%	2,181.72%	-12.40%	-149.51%	-196.23%	-404.57%	-436.93%	37.11%	25.33%	102.89%	60.20%
Invested Capital Growth	-4.21%	-2.26%	-1.62%	6.06%	6.90%	11.98%	10.34%	4.57%	5.21%	0.84%	5.14%
Revenue Q/Q Growth	-11.69%	-7.75%	23.44%	-9.19%	1.62%	32.96%	-12.09%	32.89%	-15.12%	-3.76%	26.00%
EBITDA Q/Q Growth	6.84%	-41.62%	76.97%	-22.40%	3.35%	14.00%	-51.52%	155.66%	4.02%	-36.84%	49.75%
EBIT Q/Q Growth	8.17%	-55.58%	128.52%	-28.90%	2.70%	17.18%	-67.38%	321.10%	1.84%	-47.23%	72.35%
NOPAT Q/Q Growth	-8.77%	-22.03%	-4.80%	53.43%	-24.47%	11.33%	-29.31%	109.01%	-34.55%	-9.06%	54.45%
Net Income Q/Q Growth	9.61%	-69.56%	168.64%	-6.52%	26.51%	-26.76%	-79.34%	682.47%	-1.59%	-64.31%	169.08%
EPS Q/Q Growth	-19.09%	-72.07%	118.64%	-18.29%	-6.19%	-30.52%	-125.19%	751.18%	2.50%	-70.66%	215.69%
Operating Cash Flow Q/Q Growth	-6.86%	-19.06%	42.98%	-24.47%	-12.69%	11.04%	-5.39%	-0.53%	17.54%	-21.57%	21.17%
Free Cash Flow Firm Q/Q Growth	-32.61%	-41.43%	-21.83%	-303.26%	-30.98%	-85.37%	13.53%	70.05%	-55.52%	107.18%	-1,290.27%
Invested Capital Q/Q Growth	1.41%	-1.10%	-1.97%	7.26%	2.21%	3.60%	-3.41%	2.24%	2.83%	-0.69%	0.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.87%	50.92%	52.19%	54.70%	51.64%	39.08%	40.54%	40.81%	42.48%	42.02%	41.50%
EBITDA Margin	39.18%	24.79%	35.55%	30.38%	30.90%	26.49%	14.61%	28.11%	34.44%	22.60%	26.86%
Operating Margin	22.53%	18.22%	16.52%	24.56%	20.05%	14.90%	14.41%	19.85%	15.39%	15.51%	16.06%
EBIT Margin	28.04%	13.50%	24.99%	19.57%	19.78%	17.43%	6.47%	20.50%	24.59%	13.48%	18.44%
Profit (Net Income) Margin	19.18%	6.33%	13.77%	14.18%	17.65%	9.72%	2.29%	13.46%	15.60%	5.79%	12.36%
Tax Burden Percent	79.40%	82.96%	70.58%	80.22%	73.03%	82.26%	68.39%	78.13%	77.70%	72.83%	86.25%
Interest Burden Percent	86.15%	56.51%	78.08%	90.32%	122.21%	67.81%	51.67%	84.05%	81.66%	58.92%	77.67%
Effective Tax Rate	20.60%	17.04%	29.42%	19.78%	26.97%	17.74%	31.61%	21.87%	22.30%	27.17%	13.75%
Return on Invested Capital (ROIC)	6.16%	5.14%	4.10%	6.51%	4.81%	4.43%	3.73%	6.30%	5.04%	4.64%	6.24%
ROIC Less NNEP Spread (ROIC-NNEP)	6.36%	3.76%	4.51%	5.59%	5.31%	3.87%	2.26%	5.81%	5.77%	3.62%	5.89%
Return on Net Nonoperating Assets (RNNOA)	6.34%	3.51%	4.35%	5.58%	5.29%	3.82%	2.32%	6.24%	6.22%	4.11%	7.08%
Return on Equity (ROE)	12.49%	8.64%	8.45%	12.09%	10.10%	8.25%	6.06%	12.54%	11.26%	8.75%	13.32%
Cash Return on Invested Capital (CROIC)	7.38%	5.36%	6.99%	-0.68%	-1.79%	-6.20%	-4.56%	0.94%	0.32%	4.36%	1.01%
Operating Return on Assets (OROA)	7.14%	3.34%	6.14%	4.65%	4.64%	4.47%	1.66%	5.84%	7.23%	3.85%	5.63%
Return on Assets (ROA)	4.89%	1.57%	3.38%	3.37%	4.14%	2.49%	0.59%	3.83%	4.59%	1.65%	3.77%
Return on Common Equity (ROCE)	10.59%	7.39%	7.12%	10.25%	8.59%	7.05%	5.16%	10.76%	9.67%	7.46%	11.32%
Return on Equity Simple (ROE_SIMPLE)	6.43%	4.99%	0.00%	9.20%	8.78%	10.12%	0.00%	9.45%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1,410	1,100	1,047	1,606	1,213	1,350	955	1,995	1,306	1,188	1,834
NOPAT Margin	17.89%	15.12%	11.66%	19.70%	14.64%	12.26%	9.86%	15.51%	11.96%	11.30%	13.85%
Net Nonoperating Expense Percent (NNEP)	-0.21%	1.38%	-0.41%	0.92%	-0.50%	0.56%	1.47%	0.49%	-0.73%	1.02%	0.34%
Return On Investment Capital (ROIC_SIMPLE)	-	-	0.95%	-	-	-	0.81%	1.65%	1.05%	0.96%	1.48%
Cost of Revenue to Revenue	47.13%	49.08%	47.81%	45.30%	48.36%	60.92%	59.46%	59.19%	57.52%	57.98%	58.50%
SG&A Expenses to Revenue	19.44%	20.88%	21.80%	19.33%	20.36%	15.33%	16.48%	13.36%	15.53%	16.96%	15.65%
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	30.34%	32.70%	35.67%	30.14%	31.59%	24.18%	26.12%	20.97%	27.10%	26.51%	25.45%
Earnings before Interest and Taxes (EBIT)	2,211	982	2,244	1,595	1,638	1,920	626	2,637	2,686	1,417	2,443
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,089	1,803	3,191	2,476	2,559	2,918	1,415	3,616	3,762	2,376	3,558
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.72	1.45	1.70	0.00	1.71	2.03	2.22	2.26	2.30	2.63	2.58
Price to Tangible Book Value (P/TBV)	5.09	3.81	4.82	0.00	4.80	6.06	7.33	6.83	7.01	8.32	8.81
Price to Revenue (P/Rev)	2.06	1.91	2.13	0.00	2.31	2.43	2.45	2.31	2.22	2.50	2.19
Price to Earnings (P/E)	25.86	28.84	15.90	0.00	18.26	18.78	25.95	23.94	23.08	28.85	20.23
Dividend Yield	7.64%	8.52%	7.94%	7.31%	7.47%	6.56%	6.37%	5.99%	5.86%	5.29%	5.63%
Earnings Yield	3.87%	3.47%	6.29%	0.00%	5.48%	5.32%	3.85%	4.18%	4.33%	3.47%	4.94%
Enterprise Value to Invested Capital (EV/IC)	1.30	1.20	1.31	0.00	1.30	1.41	1.48	1.51	1.51	1.63	1.58
Enterprise Value to Revenue (EV/Rev)	3.68	3.48	3.69	0.00	4.09	4.13	4.11	3.80	3.67	3.97	3.60
Enterprise Value to EBITDA (EV/EBITDA)	15.95	13.74	11.12	0.00	13.32	13.50	16.31	15.13	13.93	15.64	12.86
Enterprise Value to EBIT (EV/EBIT)	27.43	23.35	16.32	0.00	20.68	20.34	26.44	23.30	20.73	23.72	18.64
Enterprise Value to NOPAT (EV/NOPAT)	41.11	38.53	24.22	0.00	27.51	29.24	29.56	28.56	28.63	31.41	26.94
Enterprise Value to Operating Cash Flow (EV/OCF)	13.03	10.91	11.35	0.00	13.92	15.52	17.46	18.60	18.10	20.06	19.13
Enterprise Value to Free Cash Flow (EV/FCFF)	17.18	22.09	18.57	0.00	0.00	0.00	0.00	164.25	477.70	37.45	161.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.24	1.13	1.26	1.30	1.31	1.39	1.48	1.45	1.48	1.51	1.59
Long-Term Debt to Equity	1.13	1.00	1.16	1.21	1.21	1.27	1.36	1.36	1.42	1.46	1.50
Financial Leverage	1.00	0.93	0.97	1.00	1.00	0.99	1.03	1.07	1.08	1.13	1.20
Leverage Ratio	2.70	2.65	2.81	2.78	2.79	2.80	2.99	2.96	2.98	3.07	3.25
Compound Leverage Factor	2.32	1.50	2.20	2.51	3.41	1.90	1.54	2.49	2.43	1.81	2.52
Debt to Total Capital	55.37%	53.10%	55.74%	56.55%	56.73%	58.08%	59.61%	59.13%	59.65%	60.11%	61.44%
Short-Term Debt to Total Capital	4.83%	5.97%	4.45%	4.00%	4.26%	4.86%	4.84%	3.41%	2.40%	1.80%	3.55%
Long-Term Debt to Total Capital	50.54%	47.12%	51.29%	52.55%	52.47%	53.22%	54.77%	55.71%	57.25%	58.31%	57.89%
Preferred Equity to Total Capital	4.75%	4.67%	4.68%	4.40%	4.20%	4.16%	4.00%	3.91%	4.02%	3.95%	3.99%
Noncontrolling Interests to Total Capital	2.38%	2.32%	2.08%	1.96%	1.86%	1.82%	1.75%	1.73%	1.72%	2.10%	2.10%
Common Equity to Total Capital	37.49%	39.92%	37.50%	37.09%	37.21%	35.94%	34.64%	35.23%	34.61%	33.83%	32.47%
Debt to EBITDA	7.68	6.91	5.60	6.13	6.71	6.33	7.54	6.82	6.34	6.67	5.75
Net Debt to EBITDA	6.04	5.31	4.03	4.76	5.06	4.92	5.86	5.29	4.88	5.12	4.45
Long-Term Debt to EBITDA	7.01	6.13	5.16	5.69	6.21	5.80	6.92	6.43	6.08	6.47	5.42
Debt to NOPAT	19.80	19.38	12.21	12.72	13.86	13.71	13.66	12.88	13.02	13.39	12.05
Net Debt to NOPAT	15.56	14.90	8.78	9.88	10.44	10.65	10.62	9.98	10.03	10.28	9.33
Long-Term Debt to NOPAT	18.07	17.20	11.23	11.82	12.82	12.56	12.55	12.14	12.50	12.99	11.35
Altman Z-Score	0.67	0.58	0.62	0.00	0.60	0.65	0.60	0.75	0.77	0.79	0.73
Noncontrolling Interest Sharing Ratio	15.23%	14.44%	15.77%	15.24%	14.97%	14.58%	14.76%	14.23%	14.12%	14.72%	15.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.64	0.67	0.83	0.68	0.77	0.62	0.55	0.73	0.75	0.80	0.63
Quick Ratio	0.35	0.40	0.60	0.42	0.52	0.40	0.37	0.53	0.45	0.49	0.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5,636	3,301	2,580	-4,140	-5,423	-10,053	-8,693	-2,604	-4,050	291	-3,460
Operating Cash Flow to CapEx	356.39%	255.17%	280.37%	265.91%	208.21%	183.20%	135.30%	177.19%	170.73%	121.74%	104.22%
Free Cash Flow to Firm to Interest Expense	8.45	4.85	2.96	-6.19	-6.86	-10.34	-13.64	-2.81	-4.67	0.32	-3.60
Operating Cash Flow to Interest Expense	3.99	3.17	3.54	3.48	2.57	2.32	3.35	2.29	2.88	2.16	2.47
Operating Cash Flow Less CapEx to Interest Expense	2.87	1.93	2.28	2.17	1.34	1.05	0.87	1.00	1.19	0.39	0.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.25	0.25	0.25	0.24	0.23	0.26	0.26	0.28	0.29	0.29	0.31
Accounts Receivable Turnover	7.52	7.73	8.66	8.86	10.08	10.02	8.98	9.23	11.70	10.39	9.42
Inventory Turnover	16.90	11.62	11.62	15.34	16.29	15.94	18.73	25.69	25.93	20.14	25.04
Fixed Asset Turnover	0.43	0.42	0.42	0.40	0.39	0.43	0.44	0.48	0.49	0.47	0.51
Accounts Payable Turnover	3.81	3.39	4.09	5.18	5.06	4.83	4.92	6.47	6.93	5.62	5.31
Days Sales Outstanding (DSO)	48.51	47.20	42.17	41.18	36.22	36.42	40.66	39.52	31.20	35.12	38.75
Days Inventory Outstanding (DIO)	21.59	31.41	31.42	23.79	22.41	22.90	19.49	14.21	14.08	18.12	14.58
Days Payable Outstanding (DPO)	95.68	107.79	89.33	70.52	72.16	75.59	74.21	56.45	52.66	64.98	68.79
Cash Conversion Cycle (CCC)	-25.58	-29.18	-15.74	-5.54	-13.54	-16.26	-14.07	-2.72	-7.39	-11.73	-15.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	96,217	95,156	93,278	100,630	102,853	106,560	102,925	105,229	108,209	107,457	108,219
Invested Capital Turnover	0.34	0.34	0.35	0.33	0.33	0.36	0.38	0.41	0.42	0.41	0.45
Increase / (Decrease) in Invested Capital	-4,225	-2,201	-1,533	5,746	6,636	11,404	9,647	4,599	5,356	897	5,294
Enterprise Value (EV)	124,692	113,891	122,046	0.00	133,583	150,483	152,794	158,979	163,112	174,714	171,205
Market Capitalization	69,757	62,324	70,336	0.00	75,668	88,425	91,060	96,554	98,810	110,029	104,330
Book Value per Share	$20.08	$21.29	$19.47	$19.95	$20.76	$20.04	$18.84	$19.60	$19.74	$19.22	$18.56
Tangible Book Value per Share	$6.77	$8.09	$6.86	$6.47	$7.42	$6.70	$5.71	$6.48	$6.46	$6.06	$5.43
Total Capital	108,451	107,860	110,348	114,391	118,639	121,441	118,448	121,283	124,384	123,875	124,670
Total Debt	60,054	57,270	61,505	64,684	67,299	70,536	70,606	71,711	74,195	74,466	76,593
Total Long-Term Debt	54,814	50,826	56,594	60,108	62,249	64,629	64,871	67,570	71,205	72,235	72,173
Net Debt	47,198	44,032	44,252	50,233	50,723	54,799	54,921	55,582	57,159	57,183	59,284
Capital Expenditures (CapEx)	747	845	1,099	875	976	1,232	1,578	1,198	1,462	1,608	2,276
Debt-free, Cash-free Net Working Capital (DFCFNWC)	595	355	-1,922	78	-452	-875	-2,976	-901	-697	-980	-2,133
Debt-free Net Working Capital (DFNWC)	1,419	2,311	2,612	1,100	2,251	611	-1,660	638	247	105	-1,275
Net Working Capital (NWC)	-3,822	-4,133	-2,300	-3,476	-2,800	-5,296	-7,395	-3,502	-2,742	-2,126	-5,695
Net Nonoperating Expense (NNE)	-102	639	-190	450	-249	279	733	264	-398	579	198
Net Nonoperating Obligations (NNO)	47,820	44,566	44,434	50,923	51,513	55,655	55,083	55,657	58,019	58,048	60,141
Total Depreciation and Amortization (D&A)	878	821	947	881	921	998	788	979	1,076	959	1,115
Debt-free, Cash-free Net Working Capital to Revenue	1.76%	1.09%	-5.81%	0.24%	-1.38%	-2.40%	-8.02%	-2.15%	-1.57%	-2.23%	-4.49%
Debt-free Net Working Capital to Revenue	4.19%	7.07%	7.90%	3.41%	6.89%	1.68%	-4.47%	1.53%	0.56%	0.24%	-2.68%
Net Working Capital to Revenue	-11.29%	-12.64%	-6.96%	-10.76%	-8.57%	-14.54%	-19.91%	-8.37%	-6.16%	-4.83%	-11.98%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.91	$0.26	$0.41	$0.67	$0.63	$0.44	($0.11)	$0.72	$0.73	$0.22	$0.68
Adjusted Weighted Average Basic Shares Outstanding	2.02B	2.13B	2.13B	2.13B	2.18B	2.18B	2.18B	2.18B	2.18B	2.18B	2.18B
Adjusted Diluted Earnings per Share	$0.91	$0.26	$0.42	$0.67	$0.63	$0.44	($0.11)	$0.72	$0.73	$0.22	$0.68
Adjusted Weighted Average Diluted Shares Outstanding	2.02B	2.13B	2.13B	2.13B	2.18B	2.18B	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	2.13B	2.13B	2.13B	2.18B	2.18B	2.18B	2.18B	2.18B	2.18B	2.18B
Normalized Net Operating Profit after Tax (NOPAT)	1,410	1,100	1,047	1,606	1,213	1,350	955	1,995	1,494	1,188	1,834
Normalized NOPAT Margin	17.89%	15.12%	11.66%	19.70%	14.64%	12.26%	9.86%	15.51%	13.68%	11.30%	13.85%
Pre Tax Income Margin	24.16%	7.63%	19.51%	17.68%	24.17%	11.82%	3.34%	17.23%	20.08%	7.94%	14.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.31	1.44	2.58	2.39	2.07	1.97	0.98	2.84	3.10	1.56	2.54
NOPAT to Interest Expense	2.11	1.62	1.20	2.40	1.53	1.39	1.50	2.15	1.51	1.31	1.91
EBIT Less CapEx to Interest Expense	2.19	0.20	1.32	1.08	0.84	0.71	-1.49	1.55	1.41	-0.21	0.17
NOPAT Less CapEx to Interest Expense	0.99	0.37	-0.06	1.09	0.30	0.12	-0.98	0.86	-0.18	-0.46	-0.46
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	191.72%	243.95%	131.91%	141.04%	142.80%	130.35%	152.64%	133.18%	130.66%	142.23%	115.53%
Augmented Payout Ratio	194.73%	247.87%	133.97%	141.04%	142.80%	130.39%	152.64%	133.18%	130.66%	142.23%	115.53%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, data-driven snapshot of Enbridge (NYSE: ENB) using the last four years of quarterly statements. The focus is on multi-year trends in revenue, profitability, cash flow, liquidity, and leverage to help retail investors gauge the company’s trajectory and risk profile.

Revenue growth: ENB's Q4 2025 operating revenue rose to about $13.244B from $9.683B in Q4 2024, indicating meaningful growth in the core business over the period.
Solid gross margin: Q4 2025 gross profit was about $5.497B on $13.244B of revenue, roughly a 41% gross margin, showing the business maintains a healthy profitability before operating expenses.
Robust operating cash flow: Net cash from continuing operating activities in Q4 2025 was about $2.371B, underscoring strong cash generation from the business line.
Sustained capital investment: Purchases of property, plant & equipment in Q4 2025 were around $2.276B, reflecting ongoing, substantial capex to support asset base growth and future cash flows.
Dividend framework: ENB continued to support shareholder returns, with cash dividends per share around $0.92 in Q2 2025, consistent with a high-yield, income-focused policy.
Debt load: Long-term debt stood at about $72.2B (example figure from Q3 2025: 72,235,226,538)—typical for a large, regulated-energy infrastructure company but a key lever for future interest costs and coverage considerations.
Asset base and leverage: Total assets were around $155.8B in mid-2025, with total liabilities near $106.4B, implying a sizable, asset-heavy balance sheet and substantial leverage by design.
Earnings variability: Net income fluctuates quarter to quarter (e.g., Q3 2025 net income ~ $0.61B vs. Q4 2025 ~ $1.50B), suggesting earnings are influenced by project timing, maintenance cycles, and interest/other expenses.
Interest burden: Interest expense remains material (Q3 2025 about $0.91B; Q4 2025 about $0.96B), which compresses net income and highlights sensitivity to financing costs in a rising rate environment.
Financing cash flow pressure: Net cash from financing activities was negative in recent periods (for example, around -$104.6M in Q4 2025), indicating cash outflows tied to debt service and dividends rather than external equity funding.

05/08/26 04:25 PM ETAI Generated. May Contain Errors.

Enbridge Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Enbridge's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Enbridge's net income appears to be on an upward trend, with a most recent value of $5.68 billion in 2025, falling from -$114.96 million in 2015. The previous period was $3.91 billion in 2024. See where experts think Enbridge is headed by visiting Enbridge's forecast page.

Enbridge's total operating income in 2025 was $7.99 billion, based on the following breakdown:

Total Gross Profit: $19.81 billion
Total Operating Expenses: $11.81 billion

Over the last 10 years, Enbridge's total revenue changed from $24.43 billion in 2015 to $47.55 billion in 2025, a change of 94.6%.

Enbridge's total liabilities were at $111.25 billion at the end of 2025, a 6.7% increase from 2024, and a 147.5% increase since 2015.

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 $797.84 million as of their latest financial filing in 2025.

Over the last 10 years, Enbridge's book value per share changed from 10.51 in 2015 to 18.56 in 2025, a change of 76.6%.

Related Companies

Financial statements for NYSE:ENB last updated on 2/17/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Enbridge (ENB) Financials

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Enbridge (ENB) Financials

Annual Income Statements for Enbridge

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

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

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