ENBRIDGE INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ENBRIDGE INC files with the SEC in its annual reports.

In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	34,560	44,378	46,378	50,069	39,087	47,071	53,309	43,649	53,473	65,194
Cost of revenue	24,005	28,637	29,401	31,004	20,669	28,702	32,589	21,366
Gross profit	10,555	15,741	16,977	19,065	18,418	18,369	20,720	22,283
General and administrative	4,358	6,442	6,792	6,991	6,749	6,712	8,219	8,600	9,427	9,969
Operating income	2,581	1,571	4,816	8,260	7,957	7,805	5,178	8,651	9,649	10,958
Interest expense	1,590	2,556	2,703	2,663	2,790	2,655	3,179	3,812	4,419	5,023
Interest income	3			40	44	39	30
Other non-operating income	1,032	452	-52	435	238	979	-589	1,224	-1,326	1,634
Pre-tax income	2,451	569	3,570	7,535	4,190	7,729	4,542	7,879	7,299	9,793
Income tax	142	-2,697	237	1,708	774	1,415	1,604	1,821	1,668	2,004
Income from continuing operations	1,776
Net income to minority interests	240	407	451	122	53	125	-65	-133	190
Net income	2,069	2,859	2,882	5,705	3,363	6,189	3,003	6,191	5,441	7,491
EBITDA	4,821	4,734	8,062	11,651	11,669	11,657	9,495	13,264	14,816	16,619
EPS, basic	1.95	1.66	1.46	2.64	1.48	2.87	1.28	2.84	2.34	3.23
EPS, diluted	1.93	1.65	1.46	2.63	1.48	2.87	1.28	2.84	2.34	3.22
Shares, basic (weighted)	911	1,525	1,724	2,017	2,020	2,023	2,025	2,056	2,155	2,180
Shares, diluted (weighted)	918	1,532	1,727	2,020	2,021	2,025	2,029	2,058	2,158	2,186
Dividend per share	2.12	2.41	2.68	2.95	3.24	3.34	3.44	3.55	3.66	3.77

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,494	480	518	648	452	286	861	5,901	1,803	1,094
Inventory	1,233	1,528	1,339	1,299	1,536	1,670	2,255	1,479	1,488	1,621
Other current assets	231						3,255	2,440	2,770	3,230
Total current assets	7,787	9,215	8,572	8,713	7,350	8,959	12,147	14,399	13,163	13,195
Property, plant and equipment	64,284	90,711	94,540	93,723	94,571	100,067	104,460	104,641	131,104	131,598
Lease right-of-use assets				713	708	645	680	669	785	597
Goodwill	78	34,457	34,459	33,153	32,688	32,775	32,440	31,848	36,600	35,284
Intangible assets	1,573	3,267	2,372	2,173	2,080	4,008	4,018	3,537	4,587	3,991
Long-term investments	6,836	16,644	16,707	16,528	13,818	13,324	15,936	16,793	20,691	21,264
Other non-current assets	279
Total assets	85,209	162,093	166,905	163,157	160,276	168,864	179,608	180,317	218,973	218,475
Accounts payable	328
Accrued liabilities	3,718	5,135	4,604	4,536	3,497	4,470	5,235
Deferred revenue	138		850	652	978	853	1,056
Short-term debt	4,100	2,871	3,259	4,404	2,957	6,164	6,045	61	7,729	5,031
Total current liabilities	12,343	14,624	14,855	15,898	13,979	18,229	20,301	17,435	23,812	21,004
Long-term debt	36,494	60,865	60,327	59,661	62,819	67,961	72,939	460	93,414	98,963
Lease liabilities				689	681	612	677	652	738	587
Other non-current liabilities	4,981	7,510	8,834	8,324	8,783	7,617	9,189	8,653	13,258	12,302
Total liabilities	59,854	92,294	93,470	93,750	95,913	105,496	116,210	115,834	150,080	152,551
Total debt	40,945	62,927	62,967	63,585	65,358	73,809	78,742	80,438	101,819	104,410
Paid-in capital	3,399	3,194	0	187	277	365	275	268	275	242
Retained earnings	-716	-2,468	-5,538	-6,314	-9,995	-10,989	-15,486	-17,115	-20,046	-21,284
Other comprehensive income	1,058	-973	2,672	-272	-1,401	-1,096	3,520	2,303	7,115	4,681
Shareholders' equity	21,386	58,135	69,470	66,043	61,367	60,826	59,887	61,454	65,900	62,333
Minority interests	577	7,597	3,965	3,364	2,996	2,542	3,511	3,029	2,993	2,855
Total equity	21,963	65,732	73,435	69,407	64,363	63,368	63,398	64,483	68,893	65,188
Total liabilities and equity	85,209	162,093	166,905	163,157	160,276	168,864	179,608	180,317	218,973	218,475
Shares outstanding	943	1,695	2,022	2,025	2,026	2,026	2,025	2,125	2,178	2,182

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,309	3,266	3,333	5,827	3,416	6,314	2,938	6,058	5,631	7,789
Depreciation and amortization	2,240	3,163	3,246	3,391	3,712	3,852	4,317	4,613	5,167	5,661
Stock-based compensation	130	165	106	117	145	157	260	154	186	285
Deferred income tax	43	-2,877	-148	1,156	447	1,091	957	1,420	719	1,025
Change in receivables	-437	-783	857	-547	1,546	-1,030	-572	1,125	-1,638	-516
Change in inventory	-371	-289	164	-24	-254	-118	-599	763	177	-166
Change in payables	386	277	-151	63	-770	652	585	-1,542	1,383	361
Cash from operations	5,205	6,658	10,502	9,398	9,781	9,256	11,230	14,201	12,600	12,270
Capital expenditures	-5,128	-8,287	-6,806	-5,492	-5,405	-7,818	-4,647	-4,654	-6,711	-8,973
Acquisitions	-644	0	0	0	-24	-3,785	-828	-954	-13,472	0
Cash from investing	-5,152	-11,037	-3,017	-4,658	-5,177	-10,657	-5,270	-6,043	-20,363	-10,503
Debt issued	4,080	9,483	3,537	6,176	5,230	8,032
Debt repaid	-1,946	-5,054	-4,445	-4,668	-4,463	-2,264	-4,198	-4,819	-6,633	-6,849
Stock issued	2,260	1,549	21	18	5	5	3	4,450	2,485	28
Share buybacks					0	0	-151	-125	0	0
Dividends paid	-1,150	-2,750	-3,480	-5,973	-6,560	-6,766	-6,968	-7,276	-7,875	-8,220
Cash from financing	840	3,476	-7,503	-4,745	-4,770	1,236	-5,428	-2,864	3,544	-2,400
Exchange rate effect	-19	-72	68	44	-20	-5	55	-216	234	-47
Net change in cash	874	-975	50	39	-186	-170	587	5,078	-3,985	-680
Free cash flow	77	-1,629	3,696	3,906	4,376	1,438	6,583	9,547	5,889	3,297
Interest paid	1,820	2,668	2,508	2,738	2,538	2,427	2,920	3,380	4,134	4,924
Income taxes paid	194	172	277	571	524	489	495	578	861	1,207

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Operating margin	13.3%	Operating income / revenue.
EBITDA margin	20.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.6%	Pre-tax income / revenue.
Net margin	7.3%	Net income / revenue.
FCF margin	2.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.9%	Cash from operations / revenue.
Effective tax rate	20.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.
Return on invested capital (ROIC)	5.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	12.9%	Capital expenditures / revenue.
D&A / revenue	6.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	21.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	28.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	20.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	37.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	35.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	17.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	37.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	36.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	16.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-2.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-44.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-20.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-5.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-5.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.72x	Current assets / current liabilities.
Quick ratio	0.08x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.69x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	47.7%	Total debt / total assets.
Liabilities / assets	70.3%	Total liabilities / total assets.
Net debt	CA$108.55B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.44x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.17x	Operating income / interest expense.
Working capital	-CA$6.86B	Current assets - current liabilities.
Goodwill and intangibles / assets	17.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	CA$25.16B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.36x	Revenue / average total assets.
Fixed asset turnover	0.61x	Revenue / average property, plant and equipment.
FCF conversion	27.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	86.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	CA$2.59	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	CA$38.12	Revenue / diluted weighted shares.
FCF per share	CA$0.76	Free cash flow / diluted weighted shares.
Operating cash flow per share	CA$5.68	Cash from operations / diluted weighted shares.
Book value per share	CA$29.92	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	CA$11.52	Tangible book value / shares outstanding.
Cash per share	CA$0.92	(Cash + short-term investments) / shares outstanding.
Payout ratio	136.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	500.4%	Dividends paid / free cash flow, when free cash flow is positive.

What was ENBRIDGE INC's revenue in fiscal 2025?

ENBRIDGE INC reported revenue of CA$65.19B for fiscal 2025, 21.9% higher than the year before.

Was ENBRIDGE INC profitable in fiscal 2025?

Yes. Net income was CA$7.49B, a net margin of 11.5%.

How much free cash flow did ENBRIDGE INC generate in fiscal 2025?

Cash from operations of CA$12.27B minus capital expenditures of CA$8.97B left free cash flow of CA$3.30B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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