ENB

MKT CAP:$116B

Enbridge Inc.

Market Cap

$116B

Energy·Oil & Gas Midstream·🇨🇦 Canada·NYSE

Energy·Oil & Gas Midstream·🇨🇦·NYSE

Stock Price

$53.20+$5.09 (+10.57%)

Apr 24, 2026

Company Details

Enbridge Inc. operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Li...

CEO

Gregory Lorne Ebel

IPO Date

Mar 15, 1984

Website

www.enbridge.com

Key Metrics TTM

Revenue

$38.7B

+25.2% YoY

Net Income

$4.0B

EPS (Diluted)

$1.69

Free Cash Flow

$3.1B

Revenue / Share

$17.66

Gross Margin

35.6%

Operating Margin

17.1%

Net Margin

10.2%

FCF Margin

8.0%

P/S

3.0x

P/E

29.4x

Earnings Reports

Q1 2026

May 8, 2026

PENDING

FY 2025

Feb 13, 2026

$47.6BEPS $2.37

Q4 2025

Feb 13, 2026

$12.6BEPS $0.65

Q3 2025

Nov 7, 2025

$10.7BEPS $0.22

Q2 2024

Jun 28, 2024

$8.3BEPS $0.63

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 16	$5.8B	$1.3B	$580M
Q3 16	$6.2B	$1.4B	-$158M
Q1 17	$8.1B	$2.1B	$992M
Q2 17	$8.1B	$2.4B	$1.2B
Q3 17	$6.7B	$2.2B	$1.1B
Q1 18	$9.3B	$2.6B	$642M
Q1 19	$9.4B	$3.1B	$1.9B
Q2 19	$9.7B	$2.9B	$1.7B
Q4 19	$9.0B	$2.9B	$1.3B
Q1 20	$8.8B	$2.3B	$1.1B
Q2 20	$5.8B	$2.8B	$1.5B
Q4 20	$7.3B	$3.0B	$1.6B
Q3 23	$7.2B	$2.8B	$1.3B
Q2 24	$8.3B	$3.3B	$1.7B
Q3 25	$10.7B	$3.5B	$1.7B
Q4 25	$12.6B	$4.1B	$2.0B

Valuation

Quarter	P/S	P/E
Q2 16	—	—
Q3 16	—	—
Q1 17	2.5x	39.3x
Q2 17	2.3x	43.5x
Q3 17	2.4x	37.9x
Q1 18	1.6x	22.9x
Q1 19	2.2x	23.0x
Q2 19	2.1x	19.2x
Q4 19	2.1x	21.0x
Q1 20	1.5x	23.4x
Q2 20	1.8x	27.2x
Q4 20	2.1x	28.2x
Q3 23	2.3x	32.1x
Q2 24	2.7x	17.0x
Q3 25	3.2x	28.4x
Q4 25	2.7x	26.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 16	$1.0B	$20M
Q3 16	$674M	-$76M
Q1 17	$1.2B	-$145M
Q2 17	$1.5B	-$194M
Q3 17	$1.1B	-$452M
Q1 18	$2.3B	$951M
Q1 19	$1.6B	$393M
Q2 19	$1.8B	$911M
Q4 19	$1.5B	$267M
Q1 20	$2.1B	$1.2B
Q2 20	$1.8B	$859M
Q4 20	$1.6B	$422M
Q3 23	$2.3B	$1.3B
Q2 24	$2.2B	$1.2B
Q3 25	$2.9B	$456M
Q4 25	$3.1B	$105M

Capital Expenditures

Quarter	CapEx
Q2 16	$981M
Q3 16	$750M
Q1 17	$1.4B
Q2 17	$1.7B
Q3 17	$1.6B
Q1 18	$1.4B
Q1 19	$1.2B
Q2 19	$911M
Q4 19	$1.2B
Q1 20	$889M
Q2 20	$906M
Q4 20	$1.2B
Q3 23	$915M
Q2 24	$985M
Q3 25	$2.4B
Q4 25	$3.0B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 17	+26.4%	+32.5%
Q3 17	+16.2%	+8.3%
Q1 18	+49.9%	+36.1%
Q1 19	+15.3%	+4.6%
Q2 19	+19.3%	+16.4%
Q4 19	+33.9%	+36.8%
Q1 20	-5.6%	-11.4%
Q2 20	-38.1%	-42.8%
Q4 20	-24.5%	-29.3%
Q3 23	-20.3%	-23.9%
Q2 24	-5.6%	-13.7%
Q3 25	+84.0%	+111.1%
Q4 25	+71.6%	+86.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 16	$0	0.0%
Q3 16	$0	0.0%
Q1 17	$0	0.0%
Q2 17	$0	0.0%
Q3 17	$0	0.0%
Q1 18	$0	0.0%
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q4 19	$0	0.0%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q4 20	$0	0.0%
Q3 23	$0	0.0%
Q2 24	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q2 16	$733M
Q3 16	$813M
Q1 17	$1.1B
Q2 17	$1.2B
Q3 17	$1.2B
Q1 18	$1.2B
Q1 19	$1.2B
Q2 19	$1.2B
Q4 19	$1.4B
Q1 20	$1.2B
Q2 20	$1.3B
Q4 20	$1.3B

Revenue Segments

Quarter	Energy Services Consolidate	Gas Distribution	Gas Pipelines And Processing	Green Power And Transmission	Liquids Pipelines	Commodity Sales Revenue	Electricity and Transmission Revenue	Gas Distribution Revenue	Gas Gathering and Processing Revenue	Other Revenue	Storage and Other Revenue	Transportation Revenue	Commodity Sales
Q2 17	$4.3B	$747M	$1.4B	$102M	$1.6B	—	—	—	—	—	—	—	—
Q1 19	—	—	—	—	—	$4.8B	$37M	$1.4B	$85M	$342M	$98M	$2.6B	—
Q2 19	—	—	—	—	—	$6.2B	$31M	$552M	$84M	$218M	$90M	$2.6B	—
Q1 20	—	—	—	—	—	$5.4B	$37M	$1.0B	$5M	-$666M	$111M	$2.9B	—
Q2 20	—	—	—	—	—	$2.1B	$39M	$507M	$4M	$520M	$107M	$2.5B	—
Q3 23	—	—	—	—	—	$3.4B	—	$386M	—	$15M	$194M	$3.1B	—
Q2 24	—	—	—	—	—	—	—	$570M	—	$114M	$239M	$3.5B	$3.8B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$265M	$0	$265M
Q2 22	$617M	$0	$617M
Q3 22	$558M	$0	$558M
Q4 22	$629M	$0	$629M
Q1 23	$713M	$0	$713M
Q2 23	$601M	$0	$601M
Q3 23	$1.4B	$0	$1.4B
Q4 23	$4.3B	$0	$4.3B
Q1 24	$1.0B	$0	$1.0B
Q2 24	$2.7B	$0	$2.7B
Q3 24	$1.5B	$0	$1.5B
Q4 24	$1.3B	$0	$1.3B
Q1 25	$1.5B	$0	$1.5B
Q2 25	$879M	$0	$879M
Q3 25	$1.1B	$0	$1.1B
Q4 25	$1.1B	$0	$1.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 16	925M	+4.9%	—
Q3 16	922M	-0.3%	—
Q1 17	1.19B	+28.7%	—
Q2 17	1.64B	+37.8%	+85.5%
Q3 17	1.64B	+0.4%	+77.5%
Q1 18	1.69B	+2.9%	+83.2%
Q1 19	2.02B	+19.5%	+70.1%
Q2 19	2.02B	+0.1%	+23.5%
Q4 19	2.02B	0.0%	+23.1%
Q1 20	2.02B	0.0%	+19.7%
Q2 20	2.02B	-0.0%	+0.0%
Q4 20	2.02B	+0.1%	+0.1%
Q3 23	2.05B	+1.3%	+1.4%
Q2 24	2.14B	+4.4%	+5.8%
Q3 25	2.19B	+2.2%	+8.2%
Q4 25	2.19B	+0.3%	+8.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 16	—	—
Q3 16	—	—
Q1 17	—	—
Q2 17	—	—
Q3 17	—	—
Q1 18	$732.3K	13K
Q1 19	$782.9K	12K
Q2 19	$807.7K	12K
Q4 19	$798.8K	11K
Q1 20	$776.9K	11K
Q2 20	$514.5K	11K
Q4 20	$653.0K	11K
Q3 23	$648.1K	11K
Q2 24	$720.4K	12K
Q3 25	$737.8K	15K
Q4 25	$848.1K	15K

Revenue / Employee