Enbridge Earnings Beat, Revenue Tops Forecasts
Enbridge earnings beat as Q4 adjusted EPS and revenue topped forecasts and the 10-K filing gives traders fresh disclosure to reassess guidance.
KEY TAKEAWAYS
- Q4 adjusted EPS was $0.65 and revenue was $8.46 billion, both above consensus.
- Enbridge filed its 2025 Form 10-K with audited financials at 08:01 ET.
- Management reaffirmed 2026 EBITDA and DCF guidance and highlighted a CAD39 billion secured project backlog.
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Enbridge Inc. (ENB) reported on Feb. 13, 2026, that fourth-quarter adjusted earnings per share (EPS) and revenue exceeded forecasts, enabling the company to reaffirm its 2026 outlook and file its 2025 Form 10-K.
Quarter Results and Guidance
Enbridge said in a press release at 7:00 a.m. ET that fourth-quarter revenue reached US$8.46 billion, surpassing the US$8.39 billion consensus. Adjusted EPS was US$0.65, above the forecast of US$0.56. The company reaffirmed its 2026 guidance for adjusted EBITDA and distributable cash flow (DCF) per share.
The filing showed Enbridge submitted its 2025 Form 10-K to the U.S. Securities and Exchange Commission at 8:01 a.m. ET, including audited consolidated financial statements and management’s discussion and analysis with Canadian regulators.
Adjusted EBITDA for the quarter rose to CAD5.2 billion, an increase of CAD83 million from a year earlier, lifting full-year adjusted EBITDA to CAD19.95 billion, up about CAD1.3 billion from 2024. Distributable cash flow was CAD1.47 per share for the quarter and CAD5.71 for the year. Adjusted earnings for 2025 increased by CAD541 million versus 2024, while GAAP earnings attributable to common shareholders totaled CAD7.1 billion, or CAD3.23 per share, for the year.
Management described the results as record-setting, highlighting gains across adjusted EBITDA, distributable cash flow, and adjusted EPS.
Operations and Leverage
Company slides showed a secured project backlog of CAD39 billion, about 35% larger than at the March 2025 investor day. Approximately CAD14 billion of projects were sanctioned in 2025, including about CAD4 billion each in liquids and gas transmission and roughly CAD3 billion in utilities.
The mainline averaged about 3.1 million barrels per day in the fourth quarter. Enbridge recorded double-digit apportionment in January and February 2026. The company’s leverage ratio stood near 4.8 times debt to EBITDA, within management’s target range of 4.5 to 5.0 times.
Management attributed the strong results to higher volumes, contracting, and improved utility performance despite variable winter weather.
Enbridge reaffirmed 2026 guidance for adjusted EBITDA of CAD20.2 billion to CAD20.8 billion and distributable cash flow per share of CAD5.70 to CAD6.10. The company reiterated compound annual growth rates of 7% to 9% for EBITDA, 4% to 6% for EPS, and about 3% for distributable cash flow per share through 2026.
Beyond 2026, Enbridge expects about 5% annual growth in EBITDA, distributable cash flow per share, and EPS. It anticipates CAD10 billion to CAD20 billion of potential final investment decisions over the next 24 months and plans CAD40 billion to CAD45 billion in shareholder distributions over five years, targeting a payout ratio of 60% to 70% of distributable cash flow. Management also projected a return on capital employed near 9.5% in 2026.
The outlook relies on low-risk brownfield projects, regulated and contracted cash flows, and equity self-funding.
