Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
ENBRIDGE INC ENB
· Other · Pipe Lines (No Natural Gas)
Filing evidence summary
Mixed evidenceCoverage 5/5 core metricsFlagged areas: Solvency & liquidity.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- 3 filing risk checks flagged
Flagged areas: Solvency & liquidity.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Operating margin was stable
Operating margin changed +0.1 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
- Revenue expanded
Latest reported annual revenue changed +13.3% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Free cash flow was positive
Latest reported free cash flow was $3.3B.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Solvency & liquidity
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Liquids Pipelines Segment12.2B CAD41.6%0.0% yoy
- Gas Distributionand Storage Segment10.5B CAD35.7%+40.1% yoy
- Gas Transmission Segment6.41B CAD21.8%+6.6% yoy
- Renewable Power Generation Segment232M CAD0.8%+22.8% yoy
Members sum to the consolidated $29.3B for this period.
- Transportation Revenue17.8B CAD60.6%+1.8% yoy
- Gas Distribution Sales9.61B CAD32.8%+42.5% yoy
- Storageand Other Revenue1.54B CAD5.2%+16.4% yoy
- Electricity Revenue232M CAD0.8%+22.8% yoy
- Commodity Sales167M CAD0.6%+5.7% yoy
Members sum to the consolidated $29.3B for this period.
- United States42.1B CADshare n/a+33.8% yoy
- Canada23.1B CADshare n/a+4.9% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- Liquids Pipelines Segment2.79B CAD42.3%-6.2% yoy
- Gas Distributionand Storage Segment2.06B CAD31.2%+5.5% yoy
- Gas Transmission Segment1.67B CAD25.3%+8.6% yoy
- Renewable Power Generation Segment77M CAD1.2%+48.1% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 3,997 US-listed filers · 60 in Other| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $29.3B | 96thof 3,301 top third | 81stof 13 top third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 13.3% | 68thof 3,137 top third | 96thof 13 top third |
Operating margin operating income ÷ revenue | 37.4% | 96thof 2,819 top third | 88thof 12 top third |
Net margin net income ÷ revenue | 25.5% | 88thof 3,263 top third | 88thof 12 top third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | 11.2% | 69thof 2,679 top third | 88thof 12 top third |
Return on equity net income ÷ stockholders' equity (positive equity only) | 12.0% | 73rdof 3,576 top third | 84thof 53 top third |
Interest coverage operating income ÷ interest expense (interest expense > 0) | 2.2× | 56thof 819 middle third | 63rdof 4 middle third |
Net debt ÷ operating cash flow net debt ÷ operating cash flow (OCF > 0) · lower is ranked higher | 8.4× | 13thof 1,546 bottom third | 33rdof 26 bottom third |
Cash conversion operating cash flow ÷ net income (net income > 0) | 1.6× | 51stof 1,444 middle third | 61stof 19 middle third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -2.2% | 28thof 1,869 bottom third | 48thof 20 middle third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 0.2% | 66thof 1,551 middle third | 50thof 17 middle third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 1 changed period| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2021-03-31 | 5,441,000,000 CAD 10-Q 2021-05-07 | 5,391,000,000 CAD 10-Q 2022-05-06 | -0.9% | first · latest |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
debt, leases, revenue, segments, contingencies, taxes and more · the filer's own wordsDebt · 4,127 characters as filed
6. DEBT CREDIT FACILITIES The following table provides details of our committed credit facilities as at June 30, 2026: Maturity 1 Total Facility Draws 2 Available (millions of Canadian dollars) Enbridge Inc. 2027 - 2049 8,045 6,866 1,179 Enbridge (U.S.) Inc. 2027 - 2030 10,667 3,916 6,751 Enbridge Pipelines Inc. 2027 2,000 1,996 4 Enbridge Gas Inc. 2027 2,500 1,570 930 Total committed credit facilities 23,212 14,348 8,864 1 Maturity date is inclusive of the one-year term out option for certain credit facilities. 2 Includes facility draws and commercial paper issuances that are back-stopped by credit facilities. In July 2026, we renewed our 364 -day extendible credit facilities, extending the maturity dates to July 2028 , which includes a one -year term out provision from July 2027. We also renewed our five -year credit facilities, extending the maturity dates to July 2031 . Further, we extended the maturity dates of our three -year credit facilities to July 2029 . In addition to the committed credit facilities noted above, we maintain $ 1.6 billion of uncommitted demand letter of credit facilities, of which $ 885 million was unutilized as at June 30, 2026. As at December 31, 2025, we had $ 1.6 billion of uncommitted demand letter of credit facilities, of which $ 932 million was unutilized. Our credit facilities carry a weighted average standby fee of 0.1 % per annum on the unused portion and draws bear interest at market rates. Certain credit facilities serve as a back-stop t …
DebtDisclosureTextBlock · excerpt; the full note is in the filing
Revenue disaggregation · 4,900 characters as filed
Major Products and Services Three months ended June 30, 2026 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other Consolidated (millions of Canadian dollars) Transportation revenue 2,720 1,462 73 4,255 Storage and other revenue 66 173 147 386 Gas distribution sales 1,830 1,830 Electricity revenue 77 77 Commodity sales 36 8 44 Total revenue from contracts with customers 2,786 1,671 2,058 77 6,592 Commodity sales 22,361 44 136 22,541 Other revenue 1,2 74 24 87 185 Intersegment revenue 5 ( 1 ) ( 4 ) Total revenue 25,221 1,720 2,081 164 132 29,318 Three months ended June 30, 2025 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other Consolidated (millions of Canadian dollars) Transportation revenue 2,895 1,349 63 4,307 Storage and other revenue 75 162 152 389 Gas distribution sales 1,735 1,735 Electricity revenue 52 52 Commodity sales 28 28 Total revenue from contracts with customers 2,970 1,539 1,950 52 6,511 Commodity sales 7,787 29 280 8,096 Other revenue 1,2 80 32 67 90 269 Intersegment revenue 4 ( 1 ) 3 ( 6 ) Total revenue 10,837 1,604 2,016 145 274 14,876 Six months ended June 30, 2026 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other Consolidated (millions of Canadian dollars) Transportation revenue 5,515 2,933 136 8,584 Storage and other revenue 128 360 302 790 Gas distribution sales 5,943 …
DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing
Income taxes · 652 characters as filed
9. INCOME TAXES The effective income tax rates for the three months ended June 30, 2026 and 2025 were 22.0 % and 22.3 % , respectively, and for the six months ended June 30, 2026 and 2025 were 23.5 % and 22.1 % , respectively. The period-over-period changes in the effective income tax rates are due to higher US minimum tax, the absence of US investment tax credits in 2026, and the effects of rate-regulated accounting for income taxes, mainly driven by the Reaccelerated Investment Incentive Property rules enacted in March 2026 as part of Bill C-15 (45-1), Budget Implementation Act, No. 1 , relative to lower earnings over the comparative periods.
IncomeTaxDisclosureTextBlock
New accounting pronouncements · 1,197 characters as filed
FUTURE ACCOUNTING POLICY CHANGES Disaggregation of Income Statement Expenses Accounting Standards Update (ASU) 2024-03 was issued in November 2024 to improve financial reporting by requiring entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU requires entities to disclose 1) the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, (e) depreciation, depletion and amortization recognized as part of oil and gas producing activities, (f) expense reimbursements included in a relevant expense caption, and (g) selling expenses, and 2) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is effective January 1, 2027, with interim period disclosure requirements effective after January 1, 2028 and can be applied either prospectively or retrospectively. The additional note disclosures will be included in our December 31, 2027 annual consolidated financial statements and in our interim financial statements beginning in 2028.
NewAccountingPronouncementsPolicyPolicyTextBlock
Revenue recognition · 8,498 characters as filed
3. REVENUE REVENUE FROM CONTRACTS WITH CUSTOMERS Major Products and Services Three months ended June 30, 2026 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other Consolidated (millions of Canadian dollars) Transportation revenue 2,720 1,462 73 4,255 Storage and other revenue 66 173 147 386 Gas distribution sales 1,830 1,830 Electricity revenue 77 77 Commodity sales 36 8 44 Total revenue from contracts with customers 2,786 1,671 2,058 77 6,592 Commodity sales 22,361 44 136 22,541 Other revenue 1,2 74 24 87 185 Intersegment revenue 5 ( 1 ) ( 4 ) Total revenue 25,221 1,720 2,081 164 132 29,318 Three months ended June 30, 2025 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other Consolidated (millions of Canadian dollars) Transportation revenue 2,895 1,349 63 4,307 Storage and other revenue 75 162 152 389 Gas distribution sales 1,735 1,735 Electricity revenue 52 52 Commodity sales 28 28 Total revenue from contracts with customers 2,970 1,539 1,950 52 6,511 Commodity sales 7,787 29 280 8,096 Other revenue 1,2 80 32 67 90 269 Intersegment revenue 4 ( 1 ) 3 ( 6 ) Total revenue 10,837 1,604 2,016 145 274 14,876 Six months ended June 30, 2026 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other Consolidated (millions of Canadian dollars) Transportation revenue 5,515 2,933 136 8,584 Storage and other reve …
RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing
Segment reporting · 4,144 characters as filed
4. SEGMENTED INFORMATION Three months ended June 30, 2026 Liquids Pipelines Gas Transmission Gas Distribution and Storage 1 Renewable Power Generation Total Reportable Segments (millions of Canadian dollars) Operating revenues 2 25,221 1,720 2,081 164 29,186 Commodity and gas distribution costs ( 21,924 ) ( 33 ) ( 547 ) ( 22,504 ) Operating and administrative ( 985 ) ( 564 ) ( 710 ) ( 87 ) ( 2,346 ) Income from equity investments 283 227 26 536 Other income 28 83 54 15 180 Earnings before interest, income taxes and depreciation and amortization 2,623 1,433 878 118 5,052 Eliminations and Other ( 216 ) Depreciation and amortization ( 1,429 ) Interest expense ( 1,395 ) Earnings before income taxes 2,012 Three months ended June 30, 2025 Liquids Pipelines Gas Transmission Gas Distribution and Storage 1 Renewable Power Generation Total Reportable Segments (millions of Canadian dollars) Operating revenues 2 10,837 1,604 2,016 145 14,602 Commodity and gas distribution costs ( 7,741 ) ( 16 ) ( 553 ) 1 ( 8,309 ) Operating and administrative ( 1,032 ) ( 514 ) ( 688 ) ( 72 ) ( 2,306 ) Impairment of long-lived assets 3 ( 330 ) ( 330 ) Income from equity investments 245 241 27 513 Other income 22 127 65 8 222 Earnings before interest, income taxes and depreciation and amortization 2,331 1,442 510 109 4,392 Eliminations and Other 1,167 Depreciation and amortization ( 1,391 ) Interest expense ( 1,181 ) Earnings before income taxes 2,987 Six months ended June 30, 2026 Liquids Pipelines Gas Tr …
SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing
Source: SEC DERA Financial Statement and Notes data sets (txt.tsv), excerpts of the filer's own note text; the full note is in the linked filing. Excerpts are the first part of each note exactly as tagged in the filing; open the filing for the full text and the tables. Descriptive and educational, not advice.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.