Enbridge Inc (ENB) Q4 2025 Earnings Call Highlights: Record Financial Performance and Strategic …

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Sat, February 14, 2026 at 6:01 AM GMT+9 4 min read

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**EBITDA:** Record fourth quarter and full year EBITDA, with an increase of $83 million compared to Q4 2024.

**DCF (Distributable Cash Flow):** Increased by $0.06 compared to Q4 2024.

**EPS (Earnings Per Share):** Increased by $0.13 compared to Q4 2024.

**Debt-to-EBITDA Ratio:** Maintained within the leverage range of 4.5 to 5x.

**Capital Sanctioned:** $14 billion of capital sanctioned across all businesses in 2025.

**Assets Placed into Service:** $5 billion of assets placed into service during the past year.

**Dividend Increase:** Increased for 31 consecutive years.

**Growth Backlog:** Increased by 35% since the last Investor Day.

**2026 Guidance:** EBITDA expected between $20.2 billion and $20.8 billion; DCF between $5.70 and $6.10 per share.

**Annual Investment Capacity:** Between $10 billion to $11 billion annually.

**Return on Capital Employed:** Average of approximately 11% across all organic projects.

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Release Date: February 13, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Enbridge Inc (NYSE:ENB) achieved record financial results in 2025, exceeding the midpoint of its guidance for both EBITDA and DCF per share.

The company increased its dividend for the 31st consecutive year, maintaining its status as a dividend aristocrat.

Enbridge Inc (NYSE:ENB) sanctioned $14 billion of capital across all businesses and placed $5 billion of assets into service in 2025.

The growth backlog has increased by 35% since the last Investor Day, indicating strong ongoing business and earnings growth opportunities.

Enbridge Inc (NYSE:ENB) maintained a strong investment-grade credit profile with a debt-to-EBITDA ratio within the target range of 4.5 to 5x.

Negative Points

The company faced a somewhat disappointing rate case decision in Ohio, although it maintained the allowed ROE at 9.8%.

Enbridge Inc (NYSE:ENB) is exposed to geopolitical risks, such as potential impacts from Venezuelan crude entering the market.

The company needs to navigate regulatory and political challenges, particularly in Canada, to support major energy infrastructure projects.

There is uncertainty regarding the long-term outcome of Venezuelan production and its impact on the US Gulf Coast market.

Enbridge Inc (NYSE:ENB) must manage the risks associated with policy changes that could affect project development and investment conditions.

Q & A Highlights

Q: Notice that the investment capacity increased by $1 billion, but the longer-term post '26 growth trajectory still looks around 5%. How do these reconcile, and is there potential upside in '27, '28 EBITDA growth? A: Gregory Ebel, President and CEO, explained that the capacity grows with EBITDA growth, and as more projects are brought in, more capacity is needed. Patrick Murray, CFO, added that the growth rate through the end of the decade was considered with the backlog of strong returning low-risk projects, ensuring confidence in achieving the 5% growth target.

Story Continues  

Q: Given the project backlog, which could include $10 billion to $20 billion of project sanctions over the next two years, how do you think about exceeding the $10 billion to $11 billion of annual investment capacity? A: Gregory Ebel stated that not all projects happen instantly, and the current backlog runs through 2033. The capacity will grow with EBITDA growth, and there are opportunities for recycling capital, as seen with the West Coast pipeline sale to indigenous nations, to create a buffer and add more to the backlog.

Q: How does the discussion of marginal all-in rates change with the expected rerouting of Venezuelan barrels to the Gulf Coast, especially for MLO3? A: Colin Gruending, EVP, President - Liquids Pipelines, noted that the tariffs are competitive and often cost-informed, especially as they are socialized to all mainline shippers. The expansions are optimizations, making the tariffs competitive and in the money.

Q: Can you speak to the growth rate of the Gas Transmission segment and its sustainability? A: Matthew Akman, Head of Corporate Strategy, highlighted the long runway for natural gas due to affordability and reliability issues. The segment is well-positioned for power demand, data centers, and export trends, with expansions in the Permian and other regions, ensuring sustainable growth.

Q: Are there any signs from Canadian or Alberta governments on supporting major energy infrastructure projects, including back-stopping cost overruns or financing? A: Gregory Ebel mentioned positive signals from the MOU between Alberta and Canada, but emphasized the need for concrete actions. While loan guarantees exist for certain stakeholders, private sector players are unlikely to receive such support. The focus is on stable policy and backstopping until projects are built.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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