Enbridge Reports Record 2025 Financial Results, Reaffirms 2026 Financial Guidance, and Grows Secured Backlog to $39 Billion

About this update from Enbridge Inc.

[{"type":"text","content":" CALGARY, AB , Feb. 13, 2026 /CNW/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported fourth quarter 2025 financial results, reaffirmed its 2026 financial guidance and provided a quarterly business update.","length":232,"tagName":"p"},{"type":"text","content":" Highlights (All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices. ) ","length":191,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Full-year GAAP earnings attributable to common shareholders of $7.1 billion or $3.23 per common share, compared with GAAP earnings attributable to common shareholders of $5.1 billion or $2.34 per common share in 2024","length":216,"tagName":"p"}]},{"val":[{"type":"text","content":"Full-year adjusted earnings* of $6.6 billion or $3.02 per common share*, an increase of 9% and 8% respectively, compared with $6.0 billion or $2.80 per common share in 2024","length":172,"tagName":"p"}]},{"val":[{"type":"text","content":"Full-year adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA)* of $20.0 billion, an increase of 7%, compared with $18.6 billion in 2024","length":174,"tagName":"p"}]},{"val":[{"type":"text","content":"Full-year cash provided by operating activities of $12.3 billion, compared with $12.6 billion in 2024","length":101,"tagName":"p"}]},{"val":[{"type":"text","content":"Full-year distributable cash flow (DCF)* of $12.5 billion, an increase of 4%, compared with $12.0 billion in 2024","length":113,"tagName":"p"}]},{"val":[{"type":"text","content":"Achieved financial guidance for the 20th consecutive year, reflecting continued business resilience and predictability across all franchises","length":140,"tagName":"p"}]},{"val":[{"type":"text","content":"Increased the 2026 quarterly dividend by 3% to $0.97 ($3.88 annualized) per share, reflecting the 31st consecutive annual increase","length":130,"tagName":"p"}]},{"val":[{"type":"text","content":"Reaffirmed 2026 full year financial guidance and multi-year financial outlook","length":77,"tagName":"p"}]},{"val":[{"type":"text","content":"Placed $5 billion of organic growth capital into service in 2025","length":64,"tagName":"p"}]},{"val":[{"type":"text","content":"Sanctioned $14 billion of organic growth projects during 2025","length":61,"tagName":"p"}]},{"val":[{"type":"text","content":"Sanctioned Mainline Optimization Phase 1 (MLO1), adding 150 kbpd of Mainline system capacity and 100 kbpd of Flanagan South Pipeline (FSP) capacity under long-term take-or-pay contracts, supporting full-path demand, for US$1.4 billion","length":234,"tagName":"p"}]},{"val":[{"type":"text","content":"Sanctioned the Bay Runner extension to the Whistler Pipeline and upsized the previously announced Eiger Express Pipeline from 2.5 Bcf/d to 3.7 Bcf/d","length":148,"tagName":"p"}]},{"val":[{"type":"text","content":"Sanctioned Cowboy Phase 1, a 365 MW solar facility and a 135 MW battery energy storage system (BESS), expandable up to 200 MW, under long-term agreements to support a global technology company's operations in Cheyenne, Wyoming, for US$1.2 billion","length":250,"tagName":"p"}]},{"val":[{"type":"text","content":"Sanctioned Easter, a 152 MW onshore wind project in Amarillo, Texas supporting Meta Platforms, Inc. (Meta)'s data center operations under a long-term power purchase agreement, for US$0.4 billion","length":198,"tagName":"p"}]},{"val":[{"type":"text","content":"Exited the year with Debt-to-EBITDA* of 4.8x, providing significant financial flexibility","length":89,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":2167,"olType":false},{"type":"readMore"},{"type":"text","content":" CEO COMMENT Greg Ebel, President and CEO commented the following:","length":65,"tagName":"p","attribs":{}},{"type":"text","content":""With the changing dynamics we see in today's energy sector, our all-of-the-above approach to energy and incumbent asset footprint positions us to capitalize on growing energy demand. This past year, Enbridge continued to benefit from our size and capacity, securing $14 billion of projects across our four businesses. Sanctioned projects addressed a range of energy demand themes, advancing incremental WCSB egress, expanding natural gas transmission capacity in the U.S. Northeast, bolstering our natural gas storage businesses on the Gulf Coast and in British Columbia, and building on our partnership with Meta in the power space. I'm pleased with the progress we've made towards the commitments laid out last Enbridge Day, ahead of the timelines shared just under a year ago. Today, our total secured backlog sits at $39 billion, up approximately 35% since Enbridge Day, and we'll continue to advance our suite of opportunities across natural gas, liquids, and renewable power to meet growing energy demand in North America and beyond.","length":1066,"tagName":"p","attribs":{}},{"type":"text","content":""Despite tariffs and geopolitical tension, 2025 showcased our low-risk commercial framework delivering predictable results amid macroeconomic uncertainty. We're proud to announce that Enbridge has once again achieved record EBITDA and DCF per share, marking the 20th consecutive year of achieving or exceeding financial guidance.","length":338,"tagName":"p","attribs":{}},{"type":"text","content":""In Liquids, Mainline volumes averaged 3.1 MMbpd in 2025, and the system was apportioned for nine months of the year. This quarter we sanctioned Mainline Optimization Phase 1, which will add 150 kbpd of incremental WCSB egress and is expected to enter service in 2027. The project includes a 100 kpbd expansion of our Flanagan South Pipeline system, adding critical full-path service to the U.S. Gulf Coast. Along with the expansion of FSP, our existing customers on that system also extended the majority of their existing contracts beyond 2040, showcasing long-term demand for our integrated system. Despite the uncertainty created by the events in Venezuela, our shippers have made it clear they remain interested in advancing further egress along the Mainline from Canada down to the Gulf Coast. The opportunity to deliver Mainline Optimization Phase 2 and create cost effective incremental egress in 2028 continues to advance with our customers.","length":955,"tagName":"p","attribs":{}},{"type":"text","content":""In Gas Transmission, alongside our Whistler Parent JV partners, we sanctioned Bay Runner, an extension of the Whistler Pipeline. We continue to advance the pipeline that will serve the Rio Grande LNG facility, leveraging a combination of the previously sanctioned Rio Bravo Pipeline and the Bay Runner project. These projects will serve up to 5.3 Bcf/d of the natural gas demand for the Rio Grande project, providing supply from the Agua Dulce hub. This follows the upsizing of the Eiger Express Pipeline in November, driven by growing demand for Permian natural gas egress capacity. We continue to advance over 50 data center opportunities across North America, requiring up to 10 Bcf/d of new takeaway capacity in close proximity to our existing Gas Transmission assets and expect to sanction additional projects supporting power generation and data centers in 2026 and the years ahead.","length":894,"tagName":"p","attribs":{}},{"type":"text","content":""In Gas Distribution, new rates have come into effect for both Enbridge Gas North Carolina and Utah, after each respective utility commission approved settlements filed in 2025. At Enbridge Gas Ohio, we filed a new rate case at the end of the year. We plan to continue to invest approximately $3 billion per year in growth capital across our four utilities, helping keep the systems operating safely and reliably into the future.","length":434,"tagName":"p","attribs":{}},{"type":"text","content":""In Renewable Power, we are sanctioning two new projects that advance our growing partnership with global technology companies. Cowboy Phase 1 is a 365 MW solar project and a 135 MW battery energy storage system, expandable up to 200 MW, in Wyoming. Easter will provide an additional 152 MW of onshore wind power in Texas to support Meta's technology and data center operations. Both projects are secured by long-term power purchase agreements and are expected to be fully in service by 2027. We now have over 750 MW of power generation under construction to support Meta's operations that will also add new generation to the grid.","length":649,"tagName":"p","attribs":{}},{"type":"text","content":""2025 was another milestone year for Enbridge and we are focused on capturing the next set of growth opportunities across the energy landscape. Our leverage remains within our 4.5x to 5.0x range and our annual investment capacity for additional growth projects is growing alongside the Company, now sitting between $10 billion and $11 billion. We have made significant progress towards the commitments laid out last Enbridge Day and will continue to win our share of attractive opportunities, positioning Enbridge as a first-choice investment opportunity."","length":571,"tagName":"p","attribs":{}},{"type":"text","content":" FINANCIAL RESULTS SUMMARY ","length":25,"tagName":"p","attribs":{}},{"type":"text","content":"Financial results for the three and twelve months ended December 31, 2025 and 2024 are summarized in the table below:","length":117,"tagName":"p","attribs":{}},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:LEFT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"2","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" Three months ended December 31, 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Please refer to Non-GAAP Reconciliations Appendices . ","length":83,"tagName":"p","attribs":{}}]}]}],"length":83},{"type":"text","content":"GAAP earnings attributable to common shareholders for the fourth quarter of 2025 increased by $1.5 billion, or $0.66 per share, compared with the same period in 2024. This increase was primarily due to non-cash, unrealized changes in the value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks. In addition, the increased quarterly operating performance discussed below contributed to the higher earnings.","length":464,"tagName":"p","attribs":{}},{"type":"text","content":"On a full year basis for 2025, GAAP earnings attributable to common shareholders increased by $2.0 billion, or $0.89 per share, due to the same non-cash, unrealized changes in the value of derivative financial instruments discussed above, partially offset by the absence of the 2024 gain on sale from the disposition of interests in Alliance Pipeline and Aux Sable and an impairment of rate-regulated assets in Enbridge Gas Ohio.","length":429,"tagName":"p","attribs":{}},{"type":"text","content":"The period-over-period comparability of GAAP earnings attributable to common shareholders is impacted by certain unusual, infrequent or other non-operating factors which are noted in the reconciliation schedule included in Appendix A of this news release. Refer to the Company's Management's Discussion & Analysis for 2025 filed in conjunction with the year-end financial statements for a detailed discussion of GAAP financial results.","length":447,"tagName":"p","attribs":{}},{"type":"text","content":"Adjusted EBITDA in the fourth quarter of 2025 increased by $83 million compared with the same period in 2024. This was due primarily to favorable Gas Transmission contracting and Venice Extension entering service, colder weather and higher rates and customer growth at Enbridge Gas Ontario, partially offset by the absence in 2025 of equity earnings related to investment tax credits from our investment in Fox Squirrel Solar.","length":431,"tagName":"p","attribs":{}},{"type":"text","content":"Adjusted EBITDA for the year ended December 31, 2025 increased by $1.3 billion compared with the same period in 2024. This was primarily driven by a full year of contributions from the U.S. Gas Utilities, colder weather, higher rates and customer growth at Enbridge Gas Ontario, higher contributions from our Gas Transmission segment from rate case settlements and favorable contracting, and Venice Extension entering service. These factors were partially offset by lower spot volumes on the Flanagan South liquids pipeline, the absence in 2025 of equity earnings related to investment tax credits from our investment in Fox Squirrel Solar, and the absence of contributions from Alliance Pipeline and Aux Sable due to the sale of our interests in April 2024.","length":778,"tagName":"p","attribs":{}},{"type":"text","content":"Adjusted earnings in the fourth quarter of 2025 increased by $281 million, or $0.13 per share, compared with the same period in 2024, due to EBITDA factors discussed above and lower income tax expense, mainly driven by lower effective U.S. tax rate primarily from the impacts of higher investment tax credits, partially offset by higher depreciation from assets placed into service since the fourth quarter of 2024.","length":415,"tagName":"p","attribs":{}},{"type":"text","content":"Adjusted earnings for the year ended December 31, 2025 increased by $541 million, or $0.22 per share, compared with the same period in 2024, primarily due to the same factors discussed above for the fourth quarter, partially offset by higher interest expense, primarily due to higher average debt balance outstanding.","length":342,"tagName":"p","attribs":{}},{"type":"text","content":"DCF for the fourth quarter of 2025 increased $134 million compared with the same period in 2024, primarily due to EBITDA factors discussed above in addition to lower maintenance capital spend related to supply chain optimization and lower current taxes due to higher investment tax credits, partially offset by higher average debt principal, resulting in higher interest expense.","length":379,"tagName":"p","attribs":{}},{"type":"text","content":"DCF for the year ended December 31, 2025 increased by $463 million, compared with the same period in 2024, primarily due to EBITDA factors discussed above, partially offset by higher interest expense primarily due to higher average debt balance outstanding, higher current taxes on higher earnings, and higher maintenance capital from the acquired U.S. Gas Utilities.","length":382,"tagName":"p","attribs":{}},{"type":"text","content":"Per share metrics in 2025, relative to 2024, are negatively impacted by the at-the-market (ATM) issuances of common shares in the second quarter of 2024 as part of the funding plan for the U.S. Gas Utilities.","length":208,"tagName":"p","attribs":{}},{"type":"text","content":"Detailed financial information and analysis can be found below under Fourth Quarter and Annual 2025 Financial Results .","length":118,"tagName":"p","attribs":{}},{"type":"text","content":" FINANCIAL OUTLOOK ","length":17,"tagName":"p","attribs":{}},{"type":"text","content":"The Company reaffirms its 2026 financial guidance for adjusted EBITDA between $20.2 billion and $20.8 billion and DCF per share between $5.70 and $6.10.","length":152,"tagName":"p","attribs":{}},{"type":"text","content":"Enbridge increased its 2026 quarterly dividend by 3% to $0.97 ($3.88 annualized) per share, commencing with the dividend payable on March 1, 2026 to shareholders of record on February 17, 2026. This marks the 31st consecutive dividend increase for the Company.","length":290,"tagName":"p","attribs":{}},{"type":"text","content":"The Company also reaffirms its 2023 to 2026 near-term growth of 7-9% for adjusted EBITDA, 4-6% for adjusted earnings per share (EPS) and approximately 3% for DCF per share. Post 2026, adjusted EBITDA, EPS and DCF per share are all expected to grow by approximately 5% annually.","length":277,"tagName":"p","attribs":{}},{"type":"text","content":" FINANCING UPDATE ","length":16,"tagName":"p","attribs":{}},{"type":"text","content":"In November 2025, Enbridge Inc. issued US$1.5 billion of senior notes consisting of US$500 million of 3-year notes, US$500 million of 5-year notes, and US$500 million of 10-year notes. Proceeds from these offerings were used to pay down existing indebtedness, finance capital expenditures, and for general corporate purposes.","length":325,"tagName":"p","attribs":{}},{"type":"text","content":"The Company's rolling 12-month Debt-to-EBITDA metric at the end of the year was 4.8x, within our Debt-to-EBITDA target range of 4.5-5.0x.","length":141,"tagName":"p","attribs":{}},{"type":"text","content":" SECURED GROWTH PROJECT EXECUTION UPDATE ","length":39,"tagName":"p","attribs":{}},{"type":"text","content":"Enbridge brought approximately $5 billion of growth projects into service in 2025, including:","length":93,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"$2.2B of Gas Distribution's Utility Growth Capital across all four utilities","length":80,"tagName":"p"}]},{"val":[{"type":"text","content":"US$0.7B of Gas Transmission's Modernization program","length":55,"tagName":"p"}]},{"val":[{"type":"text","content":"US$0.6B Sequoia Solar Phase 1","length":29,"tagName":"p"}]},{"val":[{"type":"text","content":"$0.5B of Mainline Capital Investment","length":36,"tagName":"p"}]},{"val":[{"type":"text","content":"US$0.3B Orange Grove Solar","length":26,"tagName":"p"}]},{"val":[{"type":"text","content":"US$0.1B Appalachia to Market II","length":31,"tagName":"p"}]},{"val":[{"type":"text","content":"US$0.1B of Enbridge Ingleside Energy Center VII and Gray Oak expansions","length":71,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":328,"olType":false},{"type":"text","content":"Enbridge added approximately $14 billion of projects to its secured growth backlog in 2025:","length":91,"tagName":"p","attribs":{}},{"type":"text","content":" Liquids Pipelines ","length":17,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"$2.0B Mainline Capital Investment","length":33,"tagName":"p"}]},{"val":[{"type":"text","content":"US$1.4B Mainline Optimization Phase 1","length":37,"tagName":"p"}]},{"val":[{"type":"text","content":"US$0.5B Southern Illinois Connector Pipeline","length":44,"tagName":"p"}]},{"val":[{"type":"text","content":"US$0.3B Pelican CO 2 Hub","length":23,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":137,"olType":false},{"type":"text","content":" Gas Transmission ","length":16,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"US$0.5B U.S. Gulf Coast Storage program","length":39,"tagName":"p"}]},{"val":[{"type":"text","content":"$0.4B Birch Grove Expansion","length":27,"tagName":"p"}]},{"val":[{"type":"text","content":"US$0.3B Canyon System Expansion","length":31,"tagName":"p"}]},{"val":[{"type":"text","content":"US$0.3B Algonquin Gas Transmission Enhancement","length":46,"tagName":"p"}]},{"val":[{"type":"text","content":"$0.3B Aitken Creek Expansion","length":33,"tagName":"p"}]},{"val":[{"type":"text","content":"US$0.2B Gas Transmission Modernization","length":38,"tagName":"p"}]},{"val":[{"type":"text","content":"US$0.1B Line 31 Texas Eastern Expansion","length":39,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":253,"olType":false},{"type":"text","content":" Gas Distribution and Storage ","length":28,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"$2.8B Utility Growth Capital","length":28,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":28,"olType":false},{"type":"text","content":" Renewable Power ","length":15,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"US$1.2B Cowboy Phase 1","length":22,"tagName":"p"}]},{"val":[{"type":"text","content":"US$0.9B Clear Fork Solar","length":24,"tagName":"p"}]},{"val":[{"type":"text","content":"US$0.4B Easter","length":14,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":60,"olType":false},{"type":"text","content":"The secured growth backlog now sits at approximately $39 billion and we expect to place $8 billion into service in 2026. Financing of the secured growth program is expected to be provided through the Company's anticipated $10-11 billion of annual growth capital investment capacity.","length":286,"tagName":"p","attribs":{}},{"type":"text","content":" FOURTH QUARTER BUS INESS UPDATES ","length":31,"tagName":"p","attribs":{}},{"type":"text","content":" Liquids Pipelines: Mainline Optimization Phase 1 ","length":48,"tagName":"p","attribs":{}},{"type":"text","content":"During the quarter, Enbridge sanctioned Mainline Optimization Phase One, a US$1.4 billion expansion of the Mainline and FSP systems to meet customer demand for incremental egress, increasing deliveries of Canadian heavy oil to key refining markets in the U.S. Midwest (PADD II) and Gulf Coast (PADD III). MLO1 is expected to add 150 kbpd of Mainline system capacity, and 100 kbpd of FSP capacity via increased horsepower, upstream optimizations and terminal enhancements. The combined project is expected to enter service in 2027.","length":530,"tagName":"p","attribs":{}},{"type":"text","content":"The FSP expansion is underpinned by long-term, take-or-pay contracts providing full-path service from Edmonton, Alberta to Houston, Texas. In addition, the majority of existing customers also elected to extend their existing FSP full-path contracts beyond 2040.","length":261,"tagName":"p","attribs":{}},{"type":"text","content":" Gas Transmission: Permian Joint Venture Strategic Update ","length":56,"tagName":"p","attribs":{}},{"type":"text","content":"Enbridge has sanctioned the Bay Runner extension to the Whistler Pipeline to serve natural gas demands from NextDecade's Rio Grande LNG development. This new system will offer incremental service between the Agua Dulce hub and Brownsville in combination with the Rio Bravo Pipeline project for a total capacity of up to 5.3 Bcf/d. In November, the Matterhorn joint venture announced it had upsized the previously sanctioned Eiger Express Pipeline to 3.7 Bcf/d from 2.5 Bcf/d, secured by additional firm transportation agreements. The new capacity will not impact the expected in-service date in 2028.","length":609,"tagName":"p","attribs":{}},{"type":"text","content":" Gas Distribution & Storage: Enbridge Gas Ohio Rate Case Application ","length":71,"tagName":"p","attribs":{}},{"type":"text","content":"In December 2025, Enbridge Gas Ohio filed a base rate case application proposing an annual revenue requirement increase of US$163 million, to be effective in early 2027. The base rate increase was proposed to recover the investment in distribution infrastructure and other costs to serve, including operating expenses and debt servicing costs.","length":343,"tagName":"p","attribs":{}},{"type":"text","content":" Renewable Power: Cowboy Phase 1 ","length":31,"tagName":"p","attribs":{}},{"type":"text","content":"Enbridge has sanctioned Cowboy Phase 1, a greenfield development in Cheyenne, Wyoming, consisting of 365 MW of solar generation capacity and 135 MW of battery energy storage, expandable up to 200 MW with further utility review and approval. Cheyenne Light Fuel and Power (CLFP), through Wyoming's Large Power Contract Service (LPCS) tariff, will deliver the power generated from the project to a global technology company under a long-term power purchase agreement. The BESS capacity is contracted to support the same customers' operations through a long-term fixed-price battery tolling agreement with CLFP through the same LPCS tariff, and the batteries will be supplied and maintained by Tesla. Enbridge expects to invest US$1.2 billion to construct both the Cowboy solar facility and the BESS, both of which are expected to enter service by the end of 2027.","length":874,"tagName":"p","attribs":{}},{"type":"text","content":" Renewable Power: Easter ","length":23,"tagName":"p"},{"type":"text","content":"Enbridge has sanctioned Easter, an onshore wind project near Amarillo, Texas. Easter is expected to have 152 MW of wind generation capacity and Meta has signed a power purchase agreement for the renewable output from the project. Enbridge expects the project to cost US$0.4 billion with phased project completions expected in 2026 and 2027.","length":340,"tagName":"p"},{"type":"text","content":" FOURTH QUARTER AND ANNUAL 2025 FINANCIAL RESULTS ","length":48,"tagName":"p","attribs":{}},{"type":"text","content":" GAAP Segment EBITDA and Cash Flow from Operations ","length":49,"tagName":"p","attribs":{}},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.33em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"5","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" Three months ended December 31, 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