Enbridge (NYSE:ENB) reported record financial results for 2025, meeting its guidance for the 20th consecutive year and providing a stable outlook for 2026 as it leverages a massive backlog of energy infrastructure projects.
The Calgary-based midstream leader posted 2025 GAAP earnings of $7.1 billion, or $3.23 per share, significantly outpacing the $5.1 billion reported in 2024.
Adjusted EBITDA reached the $20 billion milestone, a 7% year-over-year increase, while distributable cash flow (DCF) rose to $12.5 billion.
The results were driven by high utilization across its liquids and gas transmission systems and the successful integration of its recent U.S. gas utility acquisitions.
Enbridge’s growth engine showed no signs of slowing, as the company placed $5 billion of capital into service during the year and sanctioned another $14 billion in new organic projects.
This activity has pushed the company’s secured growth backlog to $39 billion, providing highly visible cash flow through the end of the decade.
Key among recent sanctions was the Mainline Optimization Phase 1, aimed at boosting Canadian oil egress to U.S. markets.
Management also reaffirmed its 2026 financial guidance, projecting adjusted EBITDA of $20.2 billion to $20.8 billion and DCF per share of $5.70 to $6.10.