Enbridge Q3 2025 Earnings: GAAP Miss, Record EBITDA, and Dividend Stability

Enbridge Inc. reported its third-quarter 2025 financial results on November 7, 2025. The North American energy infrastructure giant posted a GAAP earnings per share of $0.30. This figure fell short of analyst expectations for the quarter.

The miss was primarily driven by non-cash accounting factors and higher operating costs. However, the company also delivered record adjusted EBITDA, showcasing the strength of its diversified business model.

Key Financial Performance and Market Reaction

Enbridge’s net income attributable to common shareholders was C$682 million. This was a decrease from the C$1.293 billion reported in the same period last year. The decline was linked to unrealized derivative losses and increased financing expenses.

Despite the GAAP earnings miss, the company’s cash flow metrics remained robust. Distributable cash flow was a solid C$2.57 billion. This stability is crucial for supporting the company’s dividend payments to shareholders.

Adjusted earnings came in at C$997 million. This performance underscores the company’s ability to generate steady operational cash flow. According to Reuters, such metrics are closely watched by energy sector investors.

Segment Breakdown and Strategic Growth

The company’s Gas Transmission and Midstream segment saw strong results. It contributed C$1.26 billion to EBITDA. This performance was bolstered by new pipeline projects and favorable rate settlements.

Gas Distribution and Storage also performed well, posting C$560 million. The Liquids Pipelines segment, however, experienced a slight decline. It delivered C$2.31 billion, down from C$2.34 billion a year prior.

Enbridge sanctioned approximately $3 billion in new capital projects during the quarter. This expansion significantly grows the company’s secured growth backlog. The investments span carbon capture, natural gas, and renewable energy infrastructure.

Financial Health and Dividend Outlook

Enbridge reaffirmed its full-year 2025 financial guidance. The company expects adjusted EBITDA between C$19.4 billion and C$20.0 billion. This outlook signals management’s confidence in its operational trajectory.

The board declared a quarterly dividend of $0.915 per share. This payment is consistent with the company’s long-standing commitment to shareholder returns. The dividend will be payable on December 1, 2025.

The company’s leverage ratio stood at 4.8x debt-to-EBITDA at quarter-end. This level is within the target range for a midstream energy company. It reflects a balanced approach to growth and financial discipline.

Enbridge’s Q3 2025 earnings demonstrate resilience amid market volatility. The record EBITDA and stable cash flow underscore the utility-like nature of its core assets. For income investors, the company’s dividend stability remains a key attraction.

Info at your fingertips

Did Enbridge meet its Q3 2025 earnings estimates?

Enbridge missed GAAP EPS estimates, reporting $0.30 versus a $0.39 forecast. However, it exceeded expectations on an adjusted basis, with strong EBITDA and cash flow performance.

Is the Enbridge dividend safe after this report?

Yes, the dividend appears secure. Distributable cash flow of C$2.57 billion comfortably covers the payout. The board declared the next quarterly dividend as scheduled.

Which Enbridge business segment performed the best?

The Gas Transmission and Midstream segment showed the strongest growth. It benefited from new projects and higher contracted volumes, offsetting slight softness in liquids pipelines.

What is Enbridge’s growth strategy for 2026?

Enbridge is focused on its $35 billion secured growth backlog. The company is investing heavily in natural gas, renewables, and carbon capture infrastructure to drive future earnings.

How does this report affect Enbridge’s full-year outlook?

The company reaffirmed its 2025 financial guidance. This suggests management sees no material change to its full-year performance expectations despite the quarterly GAAP miss.