Enbridge Inc (TSX:ENB) on Friday reported record financial results for 2025, driven by higher earnings across its operations, and reaffirmed its 2026 financial guidance.
The company posted full-year earnings attributable to common shareholders of C$7.1 billion, or C$3.23 per share, up from C$5.1 billion, or C$2.34 per share, in 2024.
Adjusted earnings rose 8% to C$3.02 per share, compared with C$2.80 per share a year earlier. Full-year adjusted EBITDA reached C$20 billion, up 7% from $18.6 billion in 2024.
For the fourth quarter, Enbridge reported a profit of C$1.95 billion, or C$0.89 per share, compared with C$493 million, or $0.23 per share, in the same period last year.
Adjusted earnings for the quarter were C$0.88 per share, ahead of analysts’ average estimate of C$0.77 per share.
Enbridge also increased its quarterly dividend by 3% to C$0.97 per share, or C$3.88 annually.
The company said it continues to expect adjusted EBITDA between C$20.2 billion and C$20.8 billion and DCF per share between C$5.70 and C$6.10 for 2026.
"Despite tariffs and geopolitical tension, 2025 showcased our low-risk commercial framework delivering predictable results amid macroeconomic uncertainty,” Enbridge CEO Greg Ebel said in a statement. “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.”
Shares of Enbridge added 2.7% at about C$73 following its earnings report.