Enbridge Inc has reported CAD 1.95 billion ($1.43 billion) in earnings and CAD 1.92 billion in adjusted earnings for the fourth quarter of 2025, up from CAD 493 million and CAD 1.64 billion for the same three-month period in 2024 respectively.
Q4 2025 income per share of CAD 0.88 ($0.63), adjusted for extraordinary items, beat the Zacks Consensus Estimate of $0.6.
Calgary-based Enbridge, which operates oil and gas pipelines in Canada and the United States, earlier bumped up its quarterly dividend by three percent against the prior rate to CAD 0.97. The annualized rate for 2026 is CAD 3.88 per share.
Q4 2025 adjusted EBITDA rose 1.62 percent year-on-year to CAD 5.21 billion “due primarily to favorable gas transmission contracting and Venice Extension entering service, colder weather and higher rates and customer growth at Enbridge Gas Ontario, partially offset by the absence in 2025 of equity earnings related to investment tax credits from our investment in Fox Squirrel Solar”, Enbridge said in an online statement.
United States gas transmission contributed CAD 997 million to segment adjusted EBITDA, down from CAD 1 billion for Q4 2024. The U.S. figure benefited from the startup of the Venice Extension Project, which expands the Texas Eastern system’s capacity to deliver gas to Gulf Coast markets, and Enbridge’s acquisition of a stake in the Matterhorn Express Pipeline.
Enbridge also recognized “favorable contracting and successful rate case settlements on our U.S. Gas Transmission assets”, partially offset by the timing of operating costs.
Adjusted EBITDA from Canadian gas transmission increased from CAD 157 million for Q4 2024 to CAD 190 million for Q4 2025, helped by “higher revenues at Aitken Creek due to favorable storage spreads”.
Liquid pipelines logged CAD 2.45 billion in adjusted EBITDA, up from CAD 2.4 billion for Q4 2024. The Mainline System, which carries up to three million barrels a day of oil from the Canadian province of Alberta to Eastern Canada and the U.S. Midwest, accounted for CAD 1.41 billion, up from CAD 1.34 billion for Q4 2024 on “higher demand, annual escalators and surcharge
effective July 1, 2025″.
The year-on-year growth in liquid pipelines adjusted EBITDA also benefited from higher Line 9 volumes.
The segment recorded “lower contributions from the Gulf Coast and Mid-Continent Systems primarily due to lower spot volumes on the Flanagan South Pipeline”.
Gas distribution and storage registered CAD 1.14 billion in adjusted EBITDA, up from CAD 1.02 billion for Q4 2024.
Enbridge reported a “higher distribution margin resulting from an increase in rates and customer base at Enbridge Gas Ontario; higher storage optimization and pricing at Enbridge Gas Ontario; and increased revenue requirement from recovery of capital investments at Enbridge Gas Ohio and higher base rates at Enbridge Gas North Carolina”.
The company also attributed the year-over-year increase in Q4 earnings to “non-cash, unrealized changes in the value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks”.
Enbridge’s operating activities generated CAD 3.11 billion in cash for Q4 2025, down from CAD 3.66 billion for Q4 2024.
Enbridge reaffirmed its 2026 guidance for adjusted EBITDA at CAD 20.2-20.8 billion and distributable cash flow (DCF) per share at CAD 5.7-6.1.
“The company also reaffirms its 2023 to 2026 near-term growth of 7-9 percent for adjusted EBITDA, 4-6 percent for adjusted earnings per share (EPS) and approximately 3 percent for DCF per share”, it said.
“Post 2026, adjusted EBITDA, EPS and DCF per share are all expected to grow by approximately 5 percent annually”.
To contact the author, email jov.onsat@rigzone.com
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