Enbridge reports $682 million in third-quarter earnings

FORT ST. JOHN, B.C. — Enbridge is reporting strong third-quarter results for 2025 and reaffirming its full-year financial guidance, despite a year-over-year dip in profit.

The company released its Q3 report in a press release on Friday, saying it earned $682 million in Generally Accepted Accounting Principles (GAAP) earnings, or $0.30 per common share, for the quarter ending September 30th. 

The total is down from $1.3 billion, or $0.59 per share, during the same period in 2024.

Adjusted earnings came in at $1 billion ($0.46 per share), compared to $1.2 billion ($0.55 per share) last year. Meanwhile, earnings adjusted before interest, income taxes and depreciation and amortization (EBITDA) rose slightly to $4.3 billion, up from $4.2 billion in the third quarter of 2024.

The company also reported $2.9 billion in cash provided by operating activities, relatively unchanged from last year, and distributable cash flow (DCF) of $2.6 billion, matching 2024’s third-quarter total.

Enbridge president and CEO Greg Ebel said the company continues to see strong demand across its systems and remains well-positioned to meet its financial goals.

“Energy demand continues to grow in North America and beyond,” Ebel said. “High utilization across our systems resulted in record Q3 EBITDA, and we’re well set up to achieve our financial guidance for the 20th consecutive year.”

Ebel added that Enbridge sanctioned roughly $3 billion in new projects during the quarter, including several pipeline and natural gas storage expansions in the U.S. and Canada.

Among the newly approved investments are the Southern Illinois Connector, a US$0.5 billion crude oil project linking Wood River to Patoka, Illinois; expansions of the Egan and Moss Bluff gas storage facilities; and the Pelican CO₂ Hub in Louisiana, developed in partnership with Occidental Petroleum.

Enbridge reaffirmed its 2025 financial guidance, maintaining expectations for adjusted EBITDA between $19.4 billion and $20 billion and DCF per share between $5.50 and $5.90.

Looking beyond 2026, the company said it continues to target annual growth of around five per cent in EBITDA, earnings per share and cash flow per share through the end of the decade.

Enbridge ended the quarter with a Debt-to-EBITDA ratio of 4.8x and added $3 billion in new secured growth projects, bringing its total project backlog to $35 billion.

“All four of our premier franchises continue to deliver strong results and generate new growth opportunities,” Ebel said. 

“We remain committed to disciplined capital allocation, protecting the balance sheet and growing our dividend.”