ENBNFNYSEPipe Lines (No Natural Gas)US GAAP · USD

Enbridge Inc

Enbridge owns and operates a large North American energy infrastructure network that moves crude oil, natural gas, and renewable energy. Its business is built around long-lived pipelines, utility distribution systems, storage, and power assets that earn regulated or contracted cash flows from shippers, utilities, and power customers.

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Revenue65.2bn USD
+21.9 %y/y
Operating profit (EBIT)11.0bn USD
+13.6 %y/y
EBIT margin16.8%
−1.2 ppy/y
Net income7,491m USD
+37.7 %y/y
Free cash flow3,297m USD
−44.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

020406080bn USD2020: 39.1 bn USD2020: EBIT 8.0 bn USD20202021: 47.1 bn USD2021: EBIT 7.8 bn USD20212022: 53.3 bn USD2022: EBIT 5.2 bn USD20222023: 43.6 bn USD2023: EBIT 8.7 bn USD20232024: 53.5 bn USD2024: EBIT 9.6 bn USD20242025: 65.2 bn USD2025: EBIT 11.0 bn USD202565.211.0
RevenueOperating profit (EBIT)

Business

Share of revenue
Liquids Pipelines40 %

Pipelines and terminals that transport, store, and export crude oil and other liquid hydrocarbons.

Gas Transmission28 %

Natural gas pipelines and related gathering, processing, and storage assets in Canada and the US.

Gas Distribution and Storage22 %

Regulated utility operations that deliver natural gas to residential, commercial, and industrial customers.

Renewable Power Generation5 %

Wind, solar, and geothermal power assets in North America and Europe.

Other and Midstream5 %

Offshore pipelines, midstream investments, and RNG-related assets.

Customers

Enbridge sells infrastructure capacity and utility service to oil producers, refiners, natural gas shippers, local distribution customers, and power buyers. Its liquids business serves producers and refiners that need reliable takeaway and market access, while its gas utilities serve households and businesses that need regulated delivery and storage. The customer base is anchored by long-term contracts, regulated rate cases, and utility franchise relationships rather than spot-market demand.

Oil producers and refiners

Buy liquids pipeline and terminal capacity to move crude from basins to market and export points.

Natural gas shippers and producers

Use transmission, gathering, processing, and storage assets to move gas across North America.

Utility gas customers

Residential, commercial, and industrial customers buy regulated gas delivery and storage service.

Power and renewable counterparties

Buy electricity from wind, solar, and geothermal assets under contracted or merchant arrangements.

RNG and low-carbon infrastructure customers

Buy landfill gas-to-RNG and food-waste-to-RNG infrastructure services and capacity.

Strategy

Enbridge is focused on expanding and optimizing regulated and contracted infrastructure while maintaining investment-grade financing access. Recent disclosures show continued emphasis on rate cases, capital investment recovery, and project execution in gas utilities and transmission, alongside liquids system reliability and throughput. The company is also building a lower-carbon platform through renewable power and RNG assets, but the core strategy remains cash-flow stability from essential energy infrastructure.

Utility rate base growthShort term

Rate cases and infrastructure recovery support recurring earnings and cash flow.

Contracted pipeline and storage expansionMedium term

Long-term contracts reduce volume risk and support project returns.

Lower-carbon diversificationMedium term

RNG and renewable power broaden the asset base and align with energy transition demand.

Balance sheet and liquidity managementShort term

Large capital programs require reliable market access and disciplined refinancing.

Geography

Enbridge’s core footprint is Canada and the United States, where most pipelines, utilities, and storage assets are located. It also has renewable power assets in Europe and offshore/midstream exposure in the Gulf Coast, which broadens its operating and regulatory footprint. Geography matters because the business depends on cross-border energy flows, regional utility regulation, and basin-to-market pipeline corridors.

Risks

Enbridge’s main risks come from operating complex, high-consequence energy infrastructure under heavy regulatory and environmental scrutiny. Earnings can also move with weather, commodity-linked volumes, rate case outcomes, foreign exchange, and financing costs, while cyber and physical disruptions can affect safety and service reliability. The company’s large capital program and long-dated assets make goodwill, impairment, and litigation outcomes important watchpoints.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Pipeline and infrastructure incidents1Regulatory and rate case outcomes2Cybersecurity and technology disruption3Litigation and permitting4Weather and climate variability5Capital markets and interest rate risk6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Pipeline and infrastructure incidentsImpact: HighLikelihood: Medium

    The company operates hazardous liquids and gas systems where failures can cause safety, environmental, and financial losses.

    ExposureLiquids pipelinesOffshore pipelinesGas transmissionUtilities
  2. Regulatory and rate case outcomesImpact: HighLikelihood: Medium

    Utility and transmission earnings depend on approved rates, revenue requirements, and allowed returns.

    ExposureEnbridge Gas OhioNorth CarolinaUtahOther regulated utilities
  3. Cybersecurity and technology disruptionImpact: HighLikelihood: Medium

    Operational technology and enterprise systems are critical to safe pipeline and utility operations.

    ExposureEnterprise systemsControl systemsThird-party networks
  4. Litigation and permittingImpact: HighLikelihood: Medium

    Large infrastructure assets face legal challenges, permit delays, and potential injunctions.

    Exposure: Dakota Access Pipeline and other regulated assets

  5. Weather and climate variabilityImpact: MediumLikelihood: Medium

    Colder or milder weather changes gas utility volumes and can affect operating performance and demand.

    Exposure: Gas Distribution and Storage

  6. Capital markets and interest rate riskImpact: MediumLikelihood: Medium

    The business relies on debt markets to fund capital projects and refinance maturities.

    ExposureDebt issuanceFloating-rate exposureRefinancing

Accounting

Judgemental items
Derivative fair value accounting

Mark-to-market gains and losses on hedges can materially swing reported earnings without changing cash flow.

Impact: Foreign exchange, interest rate, and commodity risk management

Goodwill impairment testing

Fair value estimates for reporting units depend on discount rates, projected earnings, and regulatory assumptions.

Impact: Potential non-cash impairment charges if assumptions weaken

Regulatory accounting and rate cases

Utility revenue requirements, disallowances, and settlements affect recognized revenue and asset recovery.

Impact: Gas Distribution and Storage earnings and regulatory assets

Acquisition accounting and depreciation

Recent utility and RNG acquisitions increase depreciation and amortization and change comparability.

Impact: Post-close earnings and asset base growth

Foreign currency translation

US dollar earnings translated into Canadian dollars can move reported results even when local performance is stable.

Impact: Segment and consolidated earnings volatility

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Last updated: 24/09/2026