Enbridge
ENB · NYSEPipe Lines (No Natural Gas) · Fiscal year ends Dec 31 · Reports in CAD
Enbridge reported revenue of CAD 29.3B in the fiscal year ended Dec 2025, up 13.3% from the year before. Operating income was CAD 11B, an operating margin of 37.4%, and net income was CAD 7.5B. Operating cash flow of CAD 12.3B less capital expenditure of CAD 9B left free cash flow of CAD 3.3B. Net debt was CAD 104B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | CAD 19.4B | CAD 23.9B | CAD 24.1B | CAD 25.9B | CAD 29.3B |
| Cost of revenue | CAD 28.7B | CAD 32.6B | CAD 21.4B | – | – |
| Gross profit | −CAD 9.3B | −CAD 8.7B | CAD 2.7B | – | – |
| Operating income | CAD 7.8B | CAD 5.2B | CAD 8.7B | CAD 9.6B | CAD 11B |
| Interest expense | CAD 2.7B | CAD 3.2B | CAD 3.8B | CAD 4.4B | CAD 5B |
| Pre-tax income | CAD 7.7B | CAD 4.5B | CAD 7.9B | CAD 7.3B | CAD 9.8B |
| Income tax | CAD 1.4B | CAD 1.6B | CAD 1.8B | CAD 1.7B | CAD 2B |
| Net income | CAD 6.2B | CAD 3B | CAD 6.2B | CAD 5.4B | CAD 7.5B |
| Diluted EPS | 2.87 | 1.28 | 2.84 | 2.34 | 3.22 |
| Diluted shares | 2,025M | 2,029M | 2,058M | 2,158M | 2,186M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | CAD 286M | CAD 861M | CAD 5.9B | CAD 1.8B | CAD 1.1B |
| Inventory | CAD 1.7B | CAD 2.3B | CAD 1.5B | CAD 1.5B | CAD 1.6B |
| Current assets | CAD 9B | CAD 12.1B | CAD 14.4B | CAD 13.2B | CAD 13.2B |
| Net PP&E | CAD 100B | CAD 104B | CAD 105B | CAD 131B | CAD 132B |
| Goodwill | CAD 32.8B | CAD 32.4B | CAD 31.8B | CAD 36.6B | CAD 35.3B |
| Total assets | CAD 169B | CAD 180B | CAD 180B | CAD 219B | CAD 218B |
| Deferred revenue | CAD 853M | CAD 1.1B | CAD 2.6B | CAD 2.8B | CAD 2.8B |
| Current liabilities | CAD 18.2B | CAD 20.3B | CAD 17.4B | CAD 23.8B | CAD 21B |
| Short-term debt | CAD 1.5B | CAD 2B | CAD 61M | CAD 529M | CAD 1B |
| Long-term debt | CAD 73.8B | CAD 78.7B | CAD 460M | CAD 102B | CAD 104B |
| Total liabilities | CAD 105B | CAD 116B | CAD 116B | CAD 150B | CAD 153B |
| Shareholders' equity | CAD 60.8B | CAD 59.9B | CAD 61.5B | CAD 65.9B | CAD 62.3B |
| Backlog (remaining obligations) | CAD 59.8B | CAD 58.6B | CAD 59.1B | CAD 62.6B | CAD 59.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | CAD 9.3B | CAD 11.2B | CAD 14.2B | CAD 12.6B | CAD 12.3B |
| Capital expenditure | CAD 7.8B | CAD 4.6B | CAD 4.7B | CAD 6.7B | CAD 9B |
| Free cash flow | CAD 1.4B | CAD 6.6B | CAD 9.5B | CAD 5.9B | CAD 3.3B |
| Depreciation & amortisation | CAD 3.9B | CAD 4.3B | CAD 4.6B | CAD 5.2B | CAD 5.7B |
| Stock-based compensation | CAD 157M | CAD 260M | CAD 154M | CAD 186M | CAD 285M |
| Acquisitions | CAD 3.8B | CAD 828M | CAD 954M | CAD 13.5B | CAD 0 |
| Share buybacks | CAD 0 | CAD 151M | CAD 125M | CAD 0 | CAD 0 |
| Dividends paid | CAD 6.8B | CAD 7B | CAD 7.3B | CAD 7.9B | CAD 8.2B |
| Dividend per share | 3.34 | 3.44 | 3.55 | 3.66 | 3.77 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 23.1% | 0.8% | 7.4% | 13.3% |
| Operating income growth (YoY) | – | −33.7% | 67.1% | 11.5% | 13.6% |
| EPS growth (YoY) | – | −55.4% | 121.9% | −17.6% | 37.6% |
| Gross margin | −47.7% | −36.3% | 11.3% | – | – |
| Operating margin | 40.2% | 21.7% | 35.9% | 37.3% | 37.4% |
| Net margin | 31.8% | 12.6% | 25.7% | 21.0% | 25.5% |
| Return on equityBlank when equity is negative | 10.2% | 5.0% | 10.1% | 8.3% | 12.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.2% | 3.3% | 5.3% | 4.9% | 5.5% |
| Free cash flow margin | 7.4% | 27.5% | 39.6% | 22.7% | 11.2% |
| Cash conversion (CFO ÷ net income) | 1.50x | 3.74x | 2.29x | 2.32x | 1.64x |
| Inventory days | 21 | 25 | 25 | – | – |
| Interest cover | 2.94x | 1.63x | 2.27x | 2.18x | 2.18x |
| Debt ÷ equity | 1.24x | 1.35x | 0.01x | 1.55x | 1.69x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | CAD 75B | CAD 79.9B | −CAD 5.4B | CAD 101B | CAD 104B |
| Current ratio | 0.49x | 0.60x | 0.83x | 0.55x | 0.63x |
Recent filings
More in Pipe Lines (No Natural Gas)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.