10-K · February 13, 2026
Enbridge Inc.'s 2025 10-K report highlights a period of strong financial performance, with revenue growth driven primarily by the Gas Distribution and Storage segment, which reported revenues of CAD 10.6 billion, up…
Earnings analysis · 10-Q
ENB earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
Enbridge Inc. reported Q1 2026 results showing a significant decrease in revenue and EPS from the prior quarter, with total revenue of CAD 12.50 billion and diluted EPS of CAD 0.77, which fell short of analyst…
Read full summary
Enbridge Inc. reported Q1 2026 results showing a significant decrease in revenue and EPS from the prior quarter, with total revenue of CAD 12.50 billion and diluted EPS of CAD 0.77, which fell short of analyst expectations. Despite this decline, management reaffirmed its guidance for adjusted EBITDA between CAD 20.2 billion and CAD 20.8 billion for the full year, indicating confidence in operational performance going forward.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.77
What stood out
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Revenue Decline
Total revenue for Q1 2026 was CAD 12.50 billion, down 2.65% from CAD 12.86 billion in Q1 2025.
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EPS Miss
The diluted EPS of CAD 0.77 in Q1 2026 missed the consensus estimate of CAD 0.89.
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Adjusted EBITDA Guidance Reaffirmed
Management reaffirmed its full-year adjusted EBITDA outlook to be between CAD 20.2 billion and CAD 20.8 billion.
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Strong DCF Growth
Despite weak operating results, DCF growth has been strong compared to previous quarters.
What to watch
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Decline in GAAP Earnings
GAAP earnings have fallen significantly compared to the previous year, signaling potential operational issues.
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Geopolitical Risks
Heightened geopolitical tensions, especially in energy-producing regions, could disrupt operations.
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Trade Measures Uncertainty
Potential tariffs and trade measures from the US may adversely affect operations and financial results.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · November 7, 2025
Enbridge Inc. reported a disappointing Q3 2025 with revenue of $10.51 billion and diluted EPS of $0.22, falling short of expectations. Revenue declined compared to both the previous quarter and year-over-year,…
10-Q · August 1, 2025
Enbridge Inc. reported strong Q2 2025 results with revenue of $10.93 billion, exceeding estimates by 17.97%, and an EPS of $0.73, beating expectations by 14.63%. The results reflect improved operational performance…
10-Q · May 9, 2025
Enbridge Inc. reported strong financial results for Q1 2025, with revenues significantly above estimates at $12.86 billion, surpassing the consensus of $9.53 billion. The diluted EPS of $0.72 also beat expectations,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.