Enbridge Q4 EPS $0.63, Revenue $12.3B, Reaffirms $20.2–20.8B 2026 EBITDA Guidance
Enbridge posted Q4 adjusted EPS of $0.63 and revenue of $12.32B, surpassing prior-year EPS of $0.53 and revenue of $11.59B. Distributable cash flow climbed to C$3.21B and the company reaffirmed 2026 guidance of $20.2–20.8B EBITDA and DCF per share of $5.70–6.10.
1. Q4 Financial Results
Enbridge reported adjusted EPS of $0.63 in Q4 2025, up from $0.53 a year earlier, and revenue of $12.32 billion, exceeding both the prior-year $11.59 billion and consensus estimates.
2. Segment Performance
Liquids Pipelines EBITDA rose to C$2.45 billion and Gas Transmission to C$1.31 billion, while Gas Distribution and Storage climbed to C$586 million; Renewable Power Generation fell to C$211 million and Eliminations and Other to C$105 million.
3. Distributable Cash Flow and Balance Sheet
Distributable cash flow increased to C$3.21 billion from C$3.07 billion year-over-year; long-term debt stands at C$98.96 billion with C$1.09 billion in cash and equivalents and C$1.03 billion current debt.
4. 2026 Outlook
The company reaffirmed 2026 guidance for base business Adjusted EBITDA of $20.2–20.8 billion and DCF per share of $5.70–6.10, and maintained its 2023–2026 growth targets of 7–9% EBITDA, 4–6% EPS and ~3% DCF annual increases, with post-2026 growth around 5% per year.