Enbridge Inc. Reports Second Quarter 2025 Financial Results
CALGARY, AB, Aug. 1, 2025 /PRNewswire/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported second quarter 2025 financial results, reaffirmed its 2025 financial guidance and provided a quarterly business update.
Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.)
CEO COMMENT
Greg Ebel, President and CEO commented the following:
"Our all-of-the-above approach to energy investment continues to surface value for shareholders. We are capitalizing on growing power demand and strong natural gas fundamentals. Today we sanctioned projects in GTM that will serve rising natural gas demand. This was on top of our recently announced 600 MW Clear Fork solar project in Texas that will support Meta's data center operations. Looking forward, our backlog is now over $30 billion across all four businesses, highlighting the advantage of Enbridge's scale and diversification. We remain excited about our suite of opportunities in natural gas, liquids, and power infrastructure, and are well set up to win in multiple ways as we deliver energy to our customers across North America.
"High utilization across all our systems and low-risk commercial frameworks continue to drive predictable results despite geopolitical and macroeconomic volatility. We deliver steady, dependable returns and continue to grow through optimizing our existing assets, disciplined project selection and leveraging scale where others can't. This is what allows us to succeed in all market cycles and the second quarter was no different. Enbridge reported record Q2 EBITDA and we expect to finish the year in the upper end of that guidance range. In addition, we're well on track to meet the mid-point of our per share metrics in 2025 and achieve financial guidance for the 20th consecutive year.
In Liquids, Mainline volumes averaged 3.0 mmbpd for the second quarter, with the system apportioned for six of eight months this year, including July and August. We concluded an oversubscribed Flanagan South Pipeline open season during the quarter bringing us another step closer to sanctioning Mainline Optimization Phase 1 later this year. We also launched the Southern Illinois Connector open season which will leverage Enbridge and its partner's existing infrastructure, allowing customers expanded access to Nederland and providing additional end-market optionality. In the Permian, we completed the first 80 kbpd phase of the Gray Oak Pipeline expansion and expect to complete the remaining 40 kbpd by mid-2026. Overall, the Liquids earnings for the second quarter again underline the breadth and depth of the business that continually delivers for our customers and investors.
FINANCIAL RESULTS SUMMARY
Financial results for the three and six months ended June 30, 2025 and 2024 are summarized in the table below:
- GAAP Earnings attributable to common shareholders: 2025 - 2,177 millions, 2024 - 1,848 millions
- GAAP Earnings per common share: 2025 - 1.00, 2024 - 0.86
- Cash provided by operating activities: 2025 - 3,238 millions, 2024 - 2,814 millions
- Adjusted EBITDA: 2025 - 4,644 millions, 2024 - 4,335 millions
- Adjusted Earnings: 2025 - 1,418 millions, 2024 - 1,248 millions
- Adjusted Earnings per common share: 2025 - 0.65, 2024 - 0.58
- Distributable Cash Flow: 2025 - 2,903 millions, 2024 - 2,858 millions
- Weighted average common shares outstanding: 2025 - 2,180 millions, 2024 - 2,137 millions
FINANCIAL OUTLOOK
The Company reaffirms its 2025 financial guidance for adjusted EBITDA between $19.4 billion and $20.0 billion and DCF per share between $5.50 and $5.90.
CONFERENCE CALL
Enbridge will host a conference call and webcast on August 1, 2025 at 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) to provide a business update and review 2025 second quarter results. Analysts, members of the media and other interested parties can access the call toll free at 1-800-606-3040. The call will be audio webcast live at this link.
DIVIDEND DECLARATION
The Board of Directors has declared the following quarterly dividends:
- Common Shares: $0.94250
- Preference Shares, Series A: $0.34375
- Preference Shares, Series B: $0.32513
- Preference Shares, Series D: $0.33825
- Preference Shares, Series F: $0.34613
- Preference Shares, Series G1: $0.32515
- Preference Shares, Series H: $0.38200
- Preference Shares, Series I2: $0.30058
- Preference Shares, Series L: US$0.36612
- Preference Shares, Series N: $0.41850
- Preference Shares, Series P: $0.36988
- Preference Shares, Series R: $0.39463
- Preference Shares, Series 1: US$0.41898
- Preference Shares, Series 3: $0.33050
- Preference Shares, Series 4: $0.31696
- Preference Shares, Series 5: US$0.41769
- Preference Shares, Series 7: $0.37425
- Preference Shares, Series 9: $0.35450
- Preference Shares, Series 11: $0.34231
- Preference Shares, Series 134: $0.33719
- Preference Shares, Series 15: $0.18644
- Preference Shares, Series 19: $0.38825
ABOUT ENBRIDGE INC.
At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio.
