Enbridge Reports Record 2025 Financial Results, Reaffirms 2026 Financial Guidance, and Grows Secured Backlog to $39 Billion
Executive Summary
- Enbridge reported record full‑year 2025 GAAP earnings of C$7.1 bn ($3.23 per share) and adjusted EBITDA of C$20.0 bn, up 7% YoY, reaffirming 2026 guidance.
- The company increased its quarterly dividend by 3% to $0.97 per common share (31st consecutive increase) and announced a secured growth backlog of approximately US$39 bn, up ~35% year‑over‑year.
- Significant project sanctions in 2025 added US$14 bn of organic growth capital, including Mainline Optimization Phase 1, Bay Runner extension, Cowboy solar‑battery project, and Easter wind project; $5 bn of projects were placed into service.
Key Details
- Financial Highlights
- Full‑year GAAP earnings: C$7.1 bn ($3.23/share) vs. C$5.1 bn in 2024.
- Adjusted earnings: C$6.6 bn ($3.02/share), +9% YoY.
- Adjusted EBITDA: C$20.0 bn, +7% YoY.
- Distributable cash flow: C$12.5 bn, +4% YoY.
-
Debt‑to‑EBITDA: 4.8× at year‑end, within target range (4.5‑5.0×).
-
Dividend
- Quarterly dividend increased 3% to $0.9700 per common share; payable March 1 2026 (record date Feb 17 2026).
-
Preference‑share dividends listed for multiple series (see release).
-
Guidance Reaffirmed
- 2026 adjusted EBITDA forecast: US$20.2‑20.8 bn.
-
2026 DCF per share forecast: $5.70‑$6.10.
-
Project Sanctions & Growth Capital (2025)
- Liquids Pipelines: Mainline Optimization Phase 1 – US$1.4 bn, adds 150 kbpd Mainline capacity +100 kbpd Flanagan South Pipeline; Southern Illinois Connector $0.5 bn; Pelican CO₂ Hub $0.3 bn.
- Gas Transmission: Bay Runner extension (Whistler) – up to 5.3 Bcf/d; Eiger Express upsized to 3.7 Bcf/d; Gulf Coast Storage program $0.5 bn; Birch Grove, Canyon System, Algonquin, Aitken Creek expansions ($0.4‑$0.3 bn each).
- Gas Distribution & Storage: Utility growth capital $2.2 bn across four utilities.
-
Renewable Power: Cowboy Phase 1 (365 MW solar + 135 MW BESS) – US$1.2 bn; Easter wind project (152 MW) – US$0.4 bn; Clear Fork Solar $0.9 bn; Sequoia Solar Phase 1 $0.6 bn.
-
Projects Placed Into Service 2025 ($5 bn total)
-
Gas Distribution utility growth capital $2.2 bn, Transmission modernization $0.7 bn, Sequoia Solar Phase 1 $0.6 bn, Mainline Capital Investment $0.5 bn, Orange Grove Solar $0.3 bn, Appalachia to Market II $0.1 bn, Ingleside Energy Center VII & Gray Oak expansions $0.1 bn.
-
Backlog
- Secured growth backlog now ≈ US$39 bn (≈35% increase YoY).
-
Expected $8 bn of projects to be placed into service in 2026, funded by anticipated $10‑11 bn annual growth‑capital capacity.
-
Financing Update
-
November 2025 senior notes issuance: US$1.5 bn (three tranches – 3‑yr $500 m, 5‑yr $500 m, 10‑yr $500 m). Proceeds used to reduce debt, fund capex, and general corporate purposes.
-
Operational Updates
- Liquids Pipelines adjusted EBITDA up $51 m Q4 YoY; Gas Transmission adjusted EBITDA up $40 m Q4 YoY (Venice Extension, Matterhorn acquisition).
- Gas Distribution adjusted EBITDA up $124 m Q4 YoY driven by higher rates and storage optimization.
-
Renewable Power adjusted EBITDA down $97 m Q4 YoY due to loss of equity earnings from Fox Squirrel Solar tax credits.
-
Conference Call
- Enbridge will host a call/webcast on Feb 13 2026 at 9:00 a.m. ET to discuss the results and business update.
Notable Quotes
“We are proud to announce that Enbridge has once again achieved record EBITDA and DCF per share, marking the 20th consecutive year of achieving or exceeding financial guidance.” – Greg Ebel, President & CEO