TLDR

  • Enbridge reported record 2025 GAAP earnings of $7.1 billion.

  • Adjusted EBITDA increased 7% to $20.0 billion.

  • Dividend rose 3%, marking 31 consecutive years of increases.

  • Secured growth backlog grew to $39 billion.

  • 2026 guidance reaffirmed with consistent growth targets.

Enbridge Inc. (ENB) shares rose to $54.15, up 4.40%, in midday trading after the company announced record 2025 financial results, reaffirmed its 2026 guidance and expanded its secured capital backlog to $39 billion.

ENB Stock Card

The pipeline and energy infrastructure leader highlighted consistent execution and long-term growth visibility across its diverse asset base.

Record Earnings And Cash Flow Performance

For full-year 2025, Enbridge reported GAAP earnings attributable to of $7.1 billion, or $3.23 per share, compared to $5.1 billion, or $2.34 per share, in 2024. Adjusted earnings reached $6.6 billion, or $3.02 per share, representing 9% and 8% increases respectively over the prior year.

Adjusted EBITDA totaled $20.0 billion, a 7% rise from $18.6 billion in 2024. Distributable cash flow grew 4% to $12.5 billion, while cash from operating activities came in at $12.3 billion versus $12.6 billion a year earlier.

The company met its financial guidance for the 20th consecutive year, underscoring operational stability across its liquids pipelines, gas transmission, and renewable energy franchises.

Dividend Growth And Financial Strength

Enbridge raised its 2026 quarterly dividend by 3% to $0.97 per share, equivalent to $3.88 annually. The increase marks the 31st consecutive year of dividend growth. The higher dividend will be paid on March 1, 2026, to shareholders of record as of February 17, 2026.

exited 2025 with a debt-to-EBITDA ratio of 4.8 times, maintaining financial flexibility to fund future expansion. Management reaffirmed its 2026 guidance for adjusted EBITDA between $20.2 billion and $20.8 billion and distributable cash flow per share between $5.70 and $6.10.

Growth Projects Expand Secured Backlog

Enbridge put $5 billion of organic growth capital into service during 2025 and approved $14 billion in new organic growth projects. These investments expanded its secured backlog to $39 billion, providing multi-year earnings visibility.

Among the major approved projects was Mainline Optimization Phase 1, which will add 150 thousand barrels per day of Mainline system capacity and 100 thousand barrels per day of Flanagan South Pipeline capacity under long-term take-or-pay contracts. The US$1.4 billion investment supports rising full-path demand across North America.

also sanctioned the Bay Runner extension to the Whistler Pipeline and expanded the Eiger Express Pipeline from 2.5 billion cubic feet per day to 3.7 billion cubic feet per day.

Renewable And Low-Carbon Investments

Enbridge continued diversifying its portfolio through renewable energy projects. sanctioned Cowboy Phase 1, a 365-megawatt solar facility paired with a 135-megawatt battery energy storage system, expandable up to 200 megawatts. The US$1.2 billion project will support a global technology company’s operations in Cheyenne, Wyoming, under long-term agreements.

It also approved Easter, a 152-megawatt onshore wind project in Amarillo, Texas. The US$0.4 billion project will supply power to Meta Platforms’ data center operations under a long-term power purchase agreement.

Long-Term Outlook And Growth Targets

Enbridge reaffirmed its near-term growth outlook for 2023 through 2026, targeting 7% to 9% growth in adjusted EBITDA, 4% to 6% growth in adjusted EPS and approximately 3% growth in distributable cash flow per share. Beyond 2026, management expects adjusted EBITDA, EPS and DCF per share to grow at roughly 5% annually.

With record earnings, a growing dividend, disciplined leverage and a $39 billion secured backlog, Enbridge continues to emphasize predictable cash flows and steady expansion across traditional and renewable energy infrastructure.