NYSE : ENB
Enbridge Inc. — Financial statements
Energy · Oil & Gas Midstream · Canada
Last price 49.27 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 109.82B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Enbridge Inc. (ENB) reported revenue of 83.49B CAD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 83.49B | 65.19B | 53.47B | 43.65B | 53.31B | 47.07B |
| Cost of Revenue | 56.28B | 38.04B | 29.04B | 21.37B | 32.59B | 28.70B |
| Gross Profit | 27.21B | 27.16B | 24.43B | 22.28B | 20.72B | 18.37B |
| Selling, General & Admin | 9.83B | 9.68B | 9.24B | 8.46B | 7.98B | 6.54B |
| Operating Expenses | 15.55B | 15.34B | 14.41B | 13.08B | 12.30B | 10.39B |
| Operating Income | 11.66B | 11.82B | 10.03B | 9.21B | 8.42B | 7.98B |
| Interest Expense | -5.12B | -5.02B | -4.42B | -3.81B | -3.18B | -2.65B |
| Earnings From Equity Investments | 2.06B | 2.22B | 2.30B | 1.82B | 2.06B | 1.60B |
| Currency Exchange Gain (Loss) | -961.00M | 708.00M | -2.08B | 692.00M | -1.00B | 286.00M |
| Other Non Operating Income (Expenses) | 605.00M | 633.00M | 564.00M | 397.00M | 174.00M | 224.00M |
| EBT Excluding Unusual Items | 8.24B | 10.36B | 6.40B | 8.30B | 6.47B | 7.43B |
| Merger & Restructuring Charges | -21.00M | |||||
| Impairment of Goodwill | -2.46B | |||||
| Gain (Loss) on Sale of Investments | 1.09B | 1.08B | ||||
| Gain (Loss) on Sale of Assets | 319.00M | |||||
| Asset Writedown | -240.00M | -570.00M | -190.00M | -419.00M | -541.00M | |
| Pretax Income | 8.00B | 9.79B | 7.30B | 7.88B | 4.54B | 7.73B |
| Income Tax Expense | 1.67B | 2.00B | 1.67B | 1.82B | 1.60B | 1.42B |
| Earnings From Continuing Operations | 6.33B | 7.79B | 5.63B | 6.06B | 2.94B | 6.31B |
| Minority Interest in Earnings | -199.00M | -298.00M | -190.00M | 133.00M | 65.00M | -125.00M |
| Net Income | 6.13B | 7.49B | 5.44B | 6.19B | 3.00B | 6.19B |
| Preferred Dividends & Other Adjustments | 454.00M | 447.00M | 388.00M | 352.00M | 414.00M | 373.00M |
| Net Income to Common | 5.67B | 7.04B | 5.05B | 5.84B | 2.59B | 5.82B |
| Shares Outstanding (Basic) | 2.18B | 2.18B | 2.15B | 2.06B | 2.02B | 2.02B |
| Shares Outstanding (Diluted) | 2.19B | 2.19B | 2.16B | 2.06B | 2.03B | 2.02B |
| EPS (Basic) | 2.60 | 3.23 | 2.34 | 2.84 | 1.28 | 2.87 |
| EPS (Diluted) | 2.59 | 3.22 | 2.34 | 2.84 | 1.28 | 2.87 |
| Free Cash Flow | 1.67B | 3.30B | 5.89B | 9.55B | 6.58B | 1.44B |
| Free Cash Flow Per Share | 0.76 | 1.51 | 2.73 | 4.64 | 3.24 | 0.71 |
| Dividend Per Share | 3.83 | 3.77 | 3.66 | 3.55 | 3.44 | 3.34 |
| Gross Margin | 32.59% | 41.66% | 45.69% | 51.05% | 38.87% | 39.02% |
| Operating Margin | 13.96% | 18.13% | 18.75% | 21.09% | 15.80% | 16.95% |
| Profit Margin | 6.79% | 10.80% | 9.45% | 13.38% | 4.86% | 12.36% |
| Free Cash Flow Margin | 2.00% | 5.06% | 11.01% | 21.87% | 12.35% | 3.06% |
| EBITDA | 17.38B | 17.48B | 15.19B | 13.82B | 12.74B | 11.83B |
| EBITDA Margin | 20.82% | 26.82% | 28.41% | 31.66% | 23.90% | 25.13% |
| D&A For EBITDA | 5.72B | 5.66B | 5.17B | 4.61B | 4.32B | 3.85B |
| EBIT | 11.66B | 11.82B | 10.03B | 9.21B | 8.42B | 7.98B |
| EBIT Margin | 13.96% | 18.13% | 18.75% | 21.09% | 15.80% | 16.95% |
| Effective Tax Rate | 20.89% | 20.46% | 22.85% | 23.11% | 35.32% | 18.31% |
| Revenue as Reported | 83.49B | 65.19B | 53.47B | 43.65B | 53.31B | 47.07B |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.01B | 1.09B | 1.80B | 5.90B | 861.00M | 286.00M |
| Trading Asset Securities | 88.00M | 106.00M | 67.00M | 65.00M | 660.00M | 64.00M |
| Cash & Short-Term Investments | 2.10B | 1.20B | 1.87B | 5.97B | 1.52B | 350.00M |
| Accounts Receivable | 9.94B | 7.17B | 7.01B | 4.50B | 5.73B | 5.06B |
| Other Receivables | 346.00M | 375.00M | 347.00M | 323.00M | 841.00M | |
| Receivables | 9.94B | 7.51B | 7.38B | 4.84B | 6.05B | 5.91B |
| Inventory | 1.59B | 1.62B | 1.49B | 1.48B | 2.25B | 1.67B |
| Restricted Cash | 58.00M | 83.00M | 92.00M | 84.00M | 46.00M | 34.00M |
| Other Current Assets | 4.03B | 2.78B | 2.33B | 2.03B | 2.27B | 1.00B |
| Total Current Assets | 17.72B | 13.20B | 13.16B | 14.40B | 12.15B | 8.96B |
| Property, Plant & Equipment | 137.66B | 132.19B | 131.89B | 105.31B | 105.14B | 100.71B |
| Long-Term Investments | 22.42B | 21.38B | 20.84B | 16.85B | 16.19B | 13.41B |
| Goodwill | 36.22B | 35.28B | 36.60B | 31.85B | 32.44B | 32.77B |
| Other Intangible Assets | 3.97B | 3.99B | 4.59B | 3.54B | 4.02B | 4.01B |
| Long-Term Deferred Tax Assets | 940.00M | 701.00M | 796.00M | 341.00M | 472.00M | 488.00M |
| Long-Term Deferred Charges | 1.05B | |||||
| Other Long-Term Assets | 12.73B | 11.73B | 11.10B | 8.04B | 8.45B | 6.51B |
| Total Assets | 231.65B | 218.47B | 218.97B | 180.32B | 179.61B | 168.86B |
| Accounts Payable | 10.18B | 7.59B | 7.08B | 4.33B | 6.28B | 4.56B |
| Accrued Expenses | 1.26B | 1.18B | 1.23B | 958.00M | 763.00M | 693.00M |
| Short-Term Debt | 1.57B | 1.03B | 529.00M | 400.00M | 2.00B | 1.51B |
| Current Portion of Long-Term Debt | 6.71B | 5.08B | 7.81B | 6.27B | 6.04B | 6.31B |
| Current Portion of Leases | 125.00M | 137.00M | 117.00M | 104.00M | 105.00M | |
| Current Income Taxes Payable | 901.00M | 959.00M | 596.00M | 683.00M | 478.00M | |
| Other Current Liabilities | 4.85B | 5.10B | 6.07B | 4.76B | 4.43B | 4.56B |
| Total Current Liabilities | 24.58B | 21.00B | 23.81B | 17.43B | 20.30B | 18.23B |
| Long-Term Debt | 103.92B | 99.05B | 93.49B | 74.80B | 72.94B | 67.98B |
| Long-Term Leases | 1.12B | 1.04B | 916.00M | 716.00M | 645.00M | |
| Pension & Post-Retirement Benefits | 410.00M | 448.00M | 518.00M | 461.00M | 728.00M | |
| Long-Term Deferred Tax Liabilities | 21.66B | 20.28B | 19.60B | 15.03B | 13.78B | 11.69B |
| Other Long-Term Liabilities | 12.65B | 10.69B | 11.69B | 7.13B | 8.01B | 6.22B |
| Total Liabilities | 162.80B | 152.55B | 150.08B | 115.83B | 116.21B | 105.50B |
| Common Stock | 71.95B | 71.88B | 71.74B | 69.18B | 64.76B | 64.80B |
| Additional Paid-In Capital | 183.00M | 242.00M | 275.00M | 268.00M | 275.00M | 365.00M |
| Retained Earnings | -20.33B | -21.28B | -20.05B | -17.11B | -15.49B | -10.99B |
| Comprehensive Income & Other | 6.73B | 4.68B | 7.12B | 2.30B | 3.52B | -1.10B |
| Total Common Equity | 58.53B | 55.52B | 59.08B | 54.64B | 53.07B | 53.08B |
| Minority Interest | 3.50B | 3.59B | 2.99B | 3.03B | 3.51B | 2.54B |
| Shareholders' Equity | 68.84B | 65.92B | 68.89B | 64.48B | 63.40B | 63.37B |
| Total Liabilities & Equity | 231.65B | 218.47B | 218.97B | 180.32B | 179.61B | 168.86B |
| Total Debt | 112.20B | 106.40B | 103.01B | 82.51B | 81.80B | 76.56B |
| Net Cash (Debt) | -110.10B | -105.20B | -101.14B | -76.54B | -80.28B | -76.21B |
| Net Cash Per Share | -50.33 | -48.12 | -46.87 | -37.19 | -39.57 | -37.64 |
| Filing Date Shares Outstanding | 2.18B | 2.18B | 2.18B | 2.13B | 2.02B | 2.03B |
| Total Common Shares Outstanding | 2.18B | 2.18B | 2.18B | 2.12B | 2.02B | 2.03B |
| Working Capital | -6.86B | -7.81B | -10.65B | -3.04B | -8.15B | -9.27B |
| Book Value Per Share | 26.80 | 25.44 | 27.13 | 25.71 | 26.21 | 26.20 |
| Tangible Book Value | 18.34B | 16.24B | 17.89B | 19.25B | 16.61B | 16.30B |
| Tangible Book Value Per Share | 8.40 | 7.44 | 8.22 | 9.06 | 8.20 | 8.04 |
| Land | 4.33B | 4.18B | 3.60B | 3.64B | 3.32B | |
| Machinery | 5.82B | 4.80B | 4.51B | 4.91B | 4.91B | |
| Construction In Progress | 7.24B | 5.65B | 2.83B | 2.32B | 2.27B |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 6.13B | 7.49B | 5.44B | 6.19B | 3.00B | 6.19B |
| Depreciation & Amortization | 5.72B | 5.66B | 5.17B | 4.61B | 4.32B | 3.85B |
| Loss (Gain) From Sale of Assets | -319.00M | |||||
| Asset Writedown & Restructuring Costs | 240.00M | 570.00M | 190.00M | 419.00M | 3.01B | |
| Loss (Gain) From Sale of Investments | -1.09B | -1.08B | ||||
| Loss (Gain) on Equity Investments | -84.00M | -158.00M | -183.00M | 182.00M | -229.00M | 30.00M |
| Other Operating Activities | 1.68B | 111.00M | 3.21B | 485.00M | 2.22B | 970.00M |
| Change in Accounts Receivable | -519.00M | -519.00M | -1.66B | 1.14B | -555.00M | -1.07B |
| Change in Inventory | -166.00M | -166.00M | 177.00M | 763.00M | -599.00M | -118.00M |
| Change in Accounts Payable | 383.00M | 383.00M | 1.38B | -1.61B | 601.00M | 704.00M |
| Change in Other Net Operating Assets | -949.00M | -1.10B | -24.00M | 2.01B | 541.00M | -984.00M |
| Operating Cash Flow | 12.43B | 12.27B | 12.60B | 14.20B | 11.23B | 9.26B |
| Capital Expenditures | -10.76B | -8.97B | -6.71B | -4.65B | -4.65B | -7.82B |
| Cash Acquisitions | -13.47B | -954.00M | -828.00M | -3.79B | ||
| Divestitures | 1.26B | |||||
| Sale (Purchase) of Intangibles | -203.00M | -192.00M | -219.00M | -222.00M | -174.00M | -275.00M |
| Investment in Securities | -742.00M | -1.29B | 93.00M | -125.00M | 244.00M | -107.00M |
| Other Investing Activities | -41.00M | -46.00M | -54.00M | -88.00M | 135.00M | 65.00M |
| Investing Cash Flow | -11.75B | -10.50B | -20.36B | -6.04B | -5.27B | -10.66B |
| Short-Term Debt Issued | 542.00M | 228.00M | 71.00M | 481.00M | 394.00M | |
| Long-Term Debt Issued | 12.25B | 16.09B | 15.38B | 7.55B | 10.99B | |
| Total Debt Issued | 11.65B | 12.79B | 16.32B | 15.45B | 8.03B | 11.39B |
| Short-Term Debt Repaid | -1.60B | |||||
| Long-Term Debt Repaid | -6.85B | -6.63B | -12.98B | -5.53B | -2.26B | |
| Total Debt Repaid | -3.07B | -6.85B | -6.63B | -14.57B | -5.53B | -2.26B |
| Net Debt Issued (Repaid) | 8.58B | 5.95B | 9.69B | 876.00M | 2.50B | 9.12B |
| Issuance of Common Stock | 22.00M | 28.00M | 2.48B | 4.45B | 3.00M | 5.00M |
| Repurchase of Common Stock | -125.00M | -151.00M | ||||
| Preferred Dividends Paid | -425.00M | -419.00M | -387.00M | -352.00M | -338.00M | -367.00M |
| Common Dividends Paid | -8.35B | -8.22B | -7.88B | -7.28B | -6.97B | -6.77B |
| Dividends Paid | -8.77B | -8.64B | -8.26B | -7.63B | -7.31B | -7.13B |
| Other Financing Activities | 225.00M | 266.00M | -369.00M | -437.00M | 532.00M | -758.00M |
| Financing Cash Flow | 54.00M | -2.40B | 3.54B | -2.86B | -5.43B | 1.24B |
| Foreign Exchange Rate Adjustments | 54.00M | -47.00M | 234.00M | -216.00M | 55.00M | -5.00M |
| Net Cash Flow | 790.00M | -680.00M | -3.98B | 5.08B | 587.00M | -170.00M |
| Free Cash Flow | 1.67B | 3.30B | 5.89B | 9.55B | 6.58B | 1.44B |
| Free Cash Flow Margin | 2.00% | 5.06% | 11.01% | 21.87% | 12.35% | 3.06% |
| Free Cash Flow Per Share | 0.76 | 1.51 | 2.73 | 4.64 | 3.24 | 0.71 |
| Levered Free Cash Flow | -1.06B | -239.25M | 3.76B | 3.95B | 2.88B | -1.56B |
| Unlevered Free Cash Flow | 2.14B | 2.90B | 6.52B | 6.33B | 4.86B | 100.00M |
| Cash Interest Paid | 4.92B | 4.92B | 4.13B | 3.38B | 2.92B | 2.43B |
| Cash Income Tax Paid | 1.21B | 1.21B | 861.00M | 578.00M | 495.00M | 489.00M |
| Change in Working Capital | -1.25B | -1.41B | -133.00M | 2.31B | -12.00M | -1.47B |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 110.40B | 104.57B | 92.35B | 76.77B | 79.17B | 79.11B |
| Enterprise Value | 196.70B | 186.86B | 164.28B | 140.93B | 146.04B | 143.10B |
| Last Close Price | 49.46 | 45.97 | 38.48 | 30.45 | 30.80 | 28.94 |
| PE Ratio | 26.70 | 20.36 | 26.30 | 17.36 | 41.39 | 17.21 |
| PS Ratio | 1.88 | 2.20 | 2.48 | 2.32 | 2.01 | 2.13 |
| PB Ratio | 2.28 | 2.17 | 1.93 | 1.57 | 1.69 | 1.58 |
| P/TBV Ratio | 8.55 | 8.83 | 7.43 | 5.27 | 6.45 | 6.14 |
| P/FCF Ratio | 92.56 | 43.49 | 22.57 | 10.62 | 16.28 | 69.62 |
| P/OCF Ratio | 12.42 | 11.69 | 10.55 | 7.14 | 9.54 | 10.82 |
| EV/Sales Ratio | 3.35 | 3.93 | 4.42 | 4.26 | 3.71 | 3.85 |
| EV/EBITDA Ratio | 16.07 | 14.66 | 15.56 | 13.47 | 15.52 | 15.31 |
| EV/EBIT Ratio | 23.96 | 21.67 | 23.57 | 20.22 | 23.47 | 22.70 |
| EV/FCF Ratio | 164.92 | 77.71 | 40.14 | 19.50 | 30.03 | 125.93 |
| Debt / Equity Ratio | 1.63 | 1.61 | 1.50 | 1.28 | 1.29 | 1.21 |
| Debt / EBITDA Ratio | 6.42 | 6.05 | 6.72 | 5.91 | 6.36 | 6.42 |
| Debt / FCF Ratio | 67.27 | 32.27 | 17.49 | 8.64 | 12.43 | 53.24 |
| Net Debt / Equity Ratio | 1.60 | 1.60 | 1.47 | 1.19 | 1.27 | 1.20 |
| Net Debt / EBITDA Ratio | 6.33 | 6.02 | 6.66 | 5.54 | 6.30 | 6.44 |
| Net Debt / FCF Ratio | 66.01 | 31.91 | 17.17 | 8.02 | 12.20 | 53.00 |
| Asset Turnover | 0.38 | 0.30 | 0.27 | 0.24 | 0.31 | 0.29 |
| Inventory Turnover | 37.41 | 24.47 | 19.57 | 11.44 | 16.61 | 17.91 |
| Quick Ratio | 0.49 | 0.41 | 0.39 | 0.62 | 0.37 | 0.34 |
| Current Ratio | 0.72 | 0.63 | 0.55 | 0.83 | 0.60 | 0.49 |
| Return on Equity (ROE) | 9.22% | 11.55% | 8.44% | 9.47% | 4.63% | 9.89% |
| Return on Assets (ROA) | 3.29% | 3.38% | 3.14% | 3.20% | 3.02% | 3.03% |
| Return on Invested Capital (ROIC) | 5.19% | 5.51% | 4.97% | 4.97% | 3.85% | 4.79% |
| Return on Capital Employed (ROCE) | 5.60% | 6.00% | 5.10% | 5.70% | 5.30% | 5.30% |
| Earnings Yield | 3.74% | 5.22% | 4.09% | 6.11% | 2.80% | 6.18% |
| FCF Yield | 1.08% | 2.30% | 4.43% | 9.42% | 6.14% | 1.44% |
| Dividend Yield | 5.63% | 5.74% | 6.00% | 7.44% | 6.50% | 6.76% |
| Payout Ratio | 150.45% | 115.33% | 151.85% | 123.21% | 243.29% | 115.25% |
| Buyback Yield / Dilution | -0.14% | -1.30% | -4.86% | -1.43% | -0.20% | -0.20% |
| Total Shareholder Return | 5.50% | 4.44% | 1.14% | 6.01% | 6.30% | 6.56% |