Enbridge Inc. recently published its financial results for the third quarter of 2025, showcasing an ambitious strategic vision underscored by several new projects and solid earnings within a fluctuating energy market. The company's pursuit of growth opportunities in both traditional and renewable energy segments furnishes the firm with notable resilience and positions it as a key player in North America's energy landscape.
Enbridge Inc Earnings
Enbridge reported third-quarter GAAP earnings attributable to common shareholders of CAD $0.7 billion, equating to CAD $0.30 per common share. This result marks a decline from the previous year's quarter, which saw earnings of CAD $1.3 billion or CAD $0.59 per common share. The decrease primarily results from the non-cash, unrealized changes in the valuation of derivative financial instruments, reflecting forex, interest rates, and commodity price risks. The company's strategic decisions and operational efficiencies have nevertheless realized CAD $1.0 billion in adjusted earnings or CAD $0.46 per common share, demonstrating robust performance amid market challenges.
Table 1: Consolidated Earnings Summary
| Metric | Q3 2025 | Q3 2024 | Year-Over-Year Change |
|---|---|---|---|
| GAAP Earnings (billion CAD) | 0.7 | 1.3 | -0.6 |
| GAAP Earnings Per Share (CAD) | 0.30 | 0.59 | -0.29 |
| Adjusted Earnings (billion CAD) | 1.0 | 1.2 | -0.2 |
| Adjusted Earnings Per Share (CAD) | 0.46 | 0.55 | -0.09 |
| Adjusted EBITDA (billion CAD) | 4.3 | 4.2 | +0.1 |
| Cash from Operations (billion CAD) | 2.9 | 3.0 | -0.1 |
| Distributable Cash Flow (billion CAD) | 2.6 | 2.6 | 0 |
Revenue Breakdown
Enbridge's revenue performance across its major business segments is particularly noteworthy, illustrating the strategic breadth of its operations. The table below provides a comprehensive revenue breakdown by segment.
Table 2: Revenue Breakdown by Segment
| Segment | Q3 2024 (million CAD) | Q3 2025 (million CAD) | Change |
|---|---|---|---|
| Liquids Pipelines | 1,000 | 964 | -36 |
| Gas Transmission | 1,000 | 1,108 | +108 |
| Gas Distribution and Storage | 1,000 | 1,038 | +38 |
| Renewable Power Generation | 1,000 | 1,014 | +14 |
Analysis : The decrease in Liquids Pipelines revenue is linked to lower contributions from Flanagan South Pipeline and Spearhead Pipeline. Meanwhile, Gas Transmission and Gas Distribution experienced substantial growth, attributed to favorable contracting, strategic acquisitions, and increased rate settlements. Renewable Power Generation benefited from new project operations such as Orange Grove Solar.
Key Developments
Throughout the third quarter, Enbridge sanctioned CAD $3 billion in new projects, reinforcing its commitment to expanding infrastructure and addressing energy demand. Key projects include:
- Southern Illinois Connector : This project, jointly owned with Energy Transfer, expands capacity within the U.S. by offering 100 kbpd contracted services.
- Pelican CO2 Hub : A 50/50 joint venture with Occidental Petroleum, focused on CO2 transportation and sequestration.
- Canyon System Expansion : Serves BP's Tiber development, enhancing crude oil and natural gas pipeline activities.
- Eiger Express Pipeline : Supports U.S. Gulf Coast LNG market, adding capacity from the Permian Basin.
Comments from Company Officers
CEO Greg Ebel stated, "Energy demand continues to grow in North America and beyond. Enbridge is the only company with a large incumbent footprint positioned to deliver gas, liquids, and renewable power to customers across the continent." He emphasized the company's balanced approach—highlighted by record Q3 EBITDA—and its efforts to capitalize on growing energy demand with an "all-of-the-above" strategy. Ebel also underscored Enbridge's delivery of $35 billion worth of sanctioned capital projects, reaffirming a steady growth trajectory.
Dividends and Share Repurchases
Enbridge declared its quarterly dividend, maintaining a stable payout strategy as a core element of its shareholder return program. No specific repurchase programs were further detailed in this report.
Enbridge Inc Stock Forecast
Combining financial performance, project expansions, and market conditions, Enbridge's stock price demonstrates potential stability and growth. Based on fundamental analysis, the projected price range targets a high of USD $0.95 and a low of USD $0.75. These estimates consider ongoing investments and financial guidance reaffirmations, expecting adjusted EBITDA growth between CAD $19.4 billion and $20.0 billion for 2025, alongside a debt-managed, disciplined strategy for capital allocations.
In conclusion, while Enbridge encountered some earnings challenges, its broad portfolio and project expansions support a constructive long-term outlook. The company's strategic initiatives underpin its forecasting growth, enhancing its role as a diversified energy provider firmly embedded within North America's essential energy infrastructure.
