Q3 25 EPS
$0.46
MISS 9.79%
Est. $0.51
Q3 25 Revenue
N/A
Est. $11.86B
vs S&P Since Q3 25
+14.8%
BEATING MARKET
ENB +23.0% vs S&P +8.1%
Market Reaction
Did ENB Beat Earnings? Q3 2025 Results
Enbridge fell short of Wall Street expectations in Q3 2025, posting adjusted EPS of $0.46 against a consensus estimate of $0.51, a miss of 9.79%, as higher depreciation, financing costs, and noncontrolling interests tied to its 2024 U.S. Gas utility … Read more Enbridge fell short of Wall Street expectations in Q3 2025, posting adjusted EPS of $0.46 against a consensus estimate of $0.51, a miss of 9.79%, as higher depreciation, financing costs, and noncontrolling interests tied to its 2024 U.S. Gas utility acquisitions weighed on the bottom line. GAAP earnings dropped sharply to $682 million, or $0.30 per share, from $1.29 billion a year ago, hurt by non-cash unrealized derivative losses on foreign exchange, interest rate, and commodity hedges. Underneath the earnings pressure, however, the operational picture was notably resilient, with record Q3 adjusted EBITDA of $4.27 billion and high utilization across its pipeline systems. The quarter also featured roughly $3 billion in newly sanctioned growth projects, lifting Enbridge's secured backlog to approximately $35 billion through 2030. Management reaffirmed 2025 adjusted EBITDA guidance of $19.4 billion to $20 billion and DCF per share of $5.50 to $5.90, with post-2026 growth targeted at approximately 5% annually across EBITDA, EPS, and DCF per share.
Key Takeaways
- • Record Q3 adjusted EBITDA driven by high utilization across systems
- • Contributions from Enbridge Gas North Carolina acquisition completed in Q4 2024
- • Favorable contracting and rate case settlements on U.S. Gas Transmission assets
- • Texas Eastern Venice Extension entering service in Q4 2024
- • Acquisitions of Matterhorn Express Pipeline interest and Delaware Basin Residue Pipeline
- • Higher revenue from renewable energy certificates and Orange Grove Solar entering service
- • Higher average CAD/USD exchange rate (C$1.38 vs C$1.36)
ENB YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
ENB Revenue by Segment
Business unit performance breakdown
“Energy demand continues to grow in North America and beyond. Throughout North America, we have an abundant supply of natural resources. Enbridge is the only company with a large incumbent footprint positioned to deliver gas, liquids and renewable power to customers across the continent and to new markets. Our 'all-of-the-above' approach enables us to capitalize on growing demand for all forms of energy, providing first-choice service for customers both today and in the future.”
— Greg Ebel, Q3 2025 Earnings Press Release
ENB Earnings Trends
ENB vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ENB EPS Trend
Earnings per share: estimate vs actual
ENB Revenue Trend
Quarterly revenue: estimate vs actual
ENB Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.94 | $0.98 | +4.23% | — | — |
| Q4 25 BEAT FY | $0.78 | $0.88 | +13.11% | — | — |
| FY Full Year | $2.94 | $3.02 | +2.72% | — | — |
| Q3 25 MISS | $0.51 | $0.46 | -9.79% | — | — |
| Q2 25 BEAT | $0.57 | $0.65 | +14.34% | — | — |
| Q1 25 BEAT | $0.95 | $1.03 | +7.94% | — | — |