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.

Kysy yhtiöstä
Liikevaihto65,2mrd USD
+21,9 %v/v
Liikevoitto (EBIT)11,0mrd USD
+13,6 %v/v
EBIT-marginaali16,8%
−1,2 %-yks.v/v
Nettotulos7 491milj. USD
+37,7 %v/v
Vapaa kassavirta3 297milj. USD
−44,0 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

020406080mrd USD2020: 39,1 mrd USD2020: EBIT 8,0 mrd USD20202021: 47,1 mrd USD2021: EBIT 7,8 mrd USD20212022: 53,3 mrd USD2022: EBIT 5,2 mrd USD20222023: 43,6 mrd USD2023: EBIT 8,7 mrd USD20232024: 53,5 mrd USD2024: EBIT 9,6 mrd USD20242025: 65,2 mrd USD2025: EBIT 11,0 mrd USD202565,211,0
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Enbridge Inc

Liiketoiminta

Osuus liikevaihdosta
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.

Asiakkaat

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.

Strategia

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 growthLyhyt aikaväli

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

Contracted pipeline and storage expansionKeskipitkä aikaväli

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

Lower-carbon diversificationKeskipitkä aikaväli

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

Balance sheet and liquidity managementLyhyt aikaväli

Large capital programs require reliable market access and disciplined refinancing.

Maantiede

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.

Riskit

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.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Pipeline and infrastructure incidents1Regulatory and rate case outcomes2Cybersecurity and technology disruption3Litigation and permitting4Weather and climate variability5Capital markets and interest rate risk6
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Pipeline and infrastructure incidentsVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    KohdistuuLiquids pipelinesOffshore pipelinesGas transmissionUtilities
  2. Regulatory and rate case outcomesVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    KohdistuuEnbridge Gas OhioNorth CarolinaUtahOther regulated utilities
  3. Cybersecurity and technology disruptionVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    KohdistuuEnterprise systemsControl systemsThird-party networks
  4. Litigation and permittingVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Dakota Access Pipeline and other regulated assets

  5. Weather and climate variabilityVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    Kohdistuu: Gas Distribution and Storage

  6. Capital markets and interest rate riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    KohdistuuDebt issuanceFloating-rate exposureRefinancing
Kysy Clarifolta: Enbridge Inc

Kirjanpito

Harkinnanvaraiset erät
Derivative fair value accounting

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

Vaikutus: 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.

Vaikutus: 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.

Vaikutus: Gas Distribution and Storage earnings and regulatory assets

Acquisition accounting and depreciation

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

Vaikutus: 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.

Vaikutus: Segment and consolidated earnings volatility

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Päivitetty: 24.9.2026

Enbridge Inc (NYSE) – Pipe Lines (No Natural Gas) | Analyysi – Clarifo