Enbridge Inc. reported third‑quarter 2025 results that showed GAAP earnings attributable to common shareholders of $682 million, or $0.30 per share, a decline of $0.60 billion from the same period in 2024. Adjusted EBITDA rose to $4.267 billion, up $0.10 billion from $4.167 billion in Q3 2024, while adjusted earnings reached $997 million, or $0.46 per share, and distributable cash flow totaled $2.566 billion.
Analysts had forecast revenue of $10,860 million for the quarter, and Enbridge’s reported revenue matched that estimate, indicating that top‑line performance met market expectations even as earnings metrics diverged from consensus. The company’s adjusted earnings per share of $0.46 fell short of the consensus range of $0.51 to $0.53, a miss of roughly $0.05 to $0.07 per share, or 9–13% below expectations.
The decline in GAAP earnings was driven primarily by a $0.60 billion drop in the estimated value of financial instruments, a one‑time accounting adjustment that reduced reported earnings without reflecting underlying operating performance. This accounting impact explains why GAAP earnings fell while adjusted metrics remained positive.
Adjusted earnings missed consensus because of higher financing costs associated with recent acquisitions of U.S. gas utilities, which increased interest expense and depreciation. The company’s debt‑to‑EBITDA ratio of 4.8× at quarter‑end reflects the impact of these financing costs on profitability, underscoring the trade‑off between growth investments and short‑term earnings pressure.
Adjusted EBITDA growth of $0.10 billion was largely attributable to the acquisition of Enbridge Gas North Carolina and other U.S. gas utilities, which added operating income and expanded the company’s regulated pipeline footprint. Asset performance improvements and higher utilization rates in the Liquids Pipelines Gulf Coast and Mid‑Continent segments also contributed to the modest EBITDA increase.
Enbridge reaffirmed its 2025 guidance, maintaining an adjusted EBITDA range of $19.4 billion to $20.0 billion and a discounted cash‑flow per share forecast of $5.50 to $5.90. The company also completed a $1.0 billion offering of 30‑year hybrid subordinated notes and an $800 million medium‑term note issuance, providing liquidity for future investments and refinancing maturing debt.
The company added approximately $3 billion of new projects to its secured growth backlog, reflecting continued investment in long‑term, contract‑backed pipeline expansions. Dividend policy remained unchanged, with a quarterly dividend of C$0.9425 per common share, and the company’s debt‑to‑EBITDA ratio of 4.8× signals a manageable leverage profile amid ongoing capital deployment.
CEO Greg Ebel highlighted that “high utilization across Enbridge’s systems resulted in record Q3 EBITDA” and expressed confidence in meeting the 20th consecutive year of guidance. Market reaction was muted, with the stock slipping about 1% in pre‑market trading, largely driven by the adjusted earnings miss and the higher financing costs that weighed on profitability.
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