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Enbridge cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$739M in Q3 2026 · $382M over twelve months

Operating cash flow$2.7B
Capital spending−$3.4B
Free cash flow−$739M
Cash / net income1.9×

Analysis

In Q3 2026, Enbridge generated $2.7B of operating cash flow and spent $3.4B on capital projects, leaving free cash flow of −$739M. That is $1.3B less than in Q3 2025 ($547M).

Over the twelve months to Sep 30, 2026, operating cash flow was $12.3B; the largest uses were capital spending ($11.9B), dividends ($8.4B), net borrowing (+) / repaid (−) ($1.6B); besides operations, cash came from other financing ($11.5B), shares issued ($2.9B); the cash balance rose by $3.5B.

Operating cash flow was $2.7B against net income of $1.4B — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$1.5B, deferred taxes +$289M, deferred revenue +$245M.

Free cash flow

Enbridge: free cash flow by quarterEnbridge: free cash flow by quarter$1.1BQ4 2024$1.3BQ1 2025$1.3BQ2 2025$547MQ3 2025$82.0MQ4 2025−$97.0MQ1 2026$1.1BQ2 2026−$739MQ3 2026
Operating cash flow less capital spending.
Enbridge: operating cash flow against capital spendingEnbridge: operating cash flow against capital spendingOperating cash flowCapital spending$3.7B$2.5BQ4 2024$3.1B$1.7BQ1 2025$3.2B$1.9BQ2 2025$2.9B$2.3BQ3 2025$3.1B$3.0BQ4 2025$2.3B$2.4BQ1 2026$4.1B$3.0BQ2 2026$2.7B$3.4BQ3 2026
Latest (Q3 2026): Operating cash flow $2.7B, Capital spending $3.4B.

Capital allocation, year by year

Enbridge: where the cash came from (up) and went (down), by fiscal yearEnbridge: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $9.3BFY2021: Net borrowing $6.2BFY2021: Shares issued $5.0MFY2021: Asset sales $2.5BFY2021: Capital spending −$7.8BFY2021: Acquisitions −$3.8BFY2021: Dividends −$6.8B$17.9BFY2021FY2022: Operating cash flow $11.2BFY2022: Net borrowing −$3.7BFY2022: Shares issued $3.0MFY2022: Capital spending −$4.6BFY2022: Acquisitions −$828MFY2022: Buybacks −$151MFY2022: Dividends −$7.0B$11.2BFY2022FY2023: Operating cash flow $14.2BFY2023: Net borrowing −$6.4BFY2023: Shares issued $4.5BFY2023: Capital spending −$4.7BFY2023: Acquisitions −$954MFY2023: Buybacks −$125MFY2023: Dividends −$7.3B$18.7BFY2023FY2024: Operating cash flow $12.6BFY2024: Net borrowing −$6.5BFY2024: Shares issued $2.5BFY2024: Asset sales $2.7BFY2024: Capital spending −$6.7BFY2024: Acquisitions −$13.5BFY2024: Dividends −$7.9B$17.8BFY2024FY2025: Operating cash flow $12.3BFY2025: Net borrowing −$6.4BFY2025: Shares issued $28.0MFY2025: Capital spending −$9.0BFY2025: Dividends −$8.2B$12.3BFY2025
Over these 5 years operating cash flow totalled $59.6B; the largest uses were dividends ($37.1B) and capital spending ($32.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.9B
Debt$105.9B
Net debt$101.0B
Due within a year$5.0B

Enbridge funds itself: free cash flow was $382M over the last twelve months, and $4.9B of cash and investments stands against $105.9B of debt ($5.0B due within a year, 1.0× covered by cash).

Enbridge: debt maturities by year (FY2025)Enbridge: debt maturities by year (FY2025)$5.0BYear 1$9.0BYear 2$4.9BYear 3$5.7BYear 4$12.6BYear 5$67.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $4.9B of cash and investments now.

Where the cash came from and went

Enbridge: sources (+) and uses (−) of cash, Q3 2026Enbridge: sources (+) and uses (−) of cash, Q3 2026Capital spending−$3.4BCash drawn (+) / kept (−)−$2.9BShares issued$2.9BOperating cash flow$2.7BOther financing$2.5BDividends−$2.1BNet borrowing (+) / repaid (−)$681MOther investing−$248MPartners−$90.0MExchange rates$23.0M
Enbridge: sources (+) and uses (−) of cash, TTM to Q3 2026Enbridge: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$12.3BCapital spending−$11.9BOther financing$11.5BDividends−$8.4BCash drawn (+) / kept (−)−$3.5BShares issued$2.9BNet borrowing (+) / repaid (−)−$1.6BOther investing−$1.0BPartners−$342MExchange rates$50.0M

From profit to cash

Enbridge: net income to operating cash flow, Q3 2026Enbridge: net income to operating cash flow, Q3 2026Net income$1.4BDepreciation & amortization$1.5BDeferred taxes$289MOther non-cash−$127MDeferred revenue$245MOperating cash flow$2.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$2.7B−$3.4B—−$2.1B$681M$2.9B−$2.9B−$739M
Q2 2026$4.1B−$3.0B—−$2.1B−$648M—−$242M$1.1B
Q1 2026$2.3B−$2.4B—−$2.1B$2.4B—−$650M−$97.0M
Q4 2025$3.1B−$3.0B—−$2.1B−$979M$20.0M$332M$82.0M
Q3 2025$2.9B−$2.3B—−$2.1B−$1.7B$2.0M−$230M$547M
Q2 2025$3.2B−$1.9B—−$2.1B−$1.3B$1.0M$900M$1.3B
Q1 2025$3.1B−$1.7B—−$2.1B−$2.4B$5.0M−$322M$1.3B
Q4 2024$3.7B−$2.5B−$407M−$2.0B−$1.4B—$102M$1.1B

Enbridge: income statement and cash flow

Enbridge, Q3 2026: revenue $15.1B (+44% year over year), operating margin 10.1%. The chart follows the revenue to costs, profit and cash.

Enbridge: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.