Filing Flows › Enbridge (ENB) › Q1 2025
Enbridge (ENB) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Enbridge (ENB) reported revenue of $18.5B for the first quarter 2025 (Q1 2025), +68% from a year earlier and +14% from the quarter before. Operating margin was 19.8%, net earnings $2.4B (12.8% of revenue).
Enbridge, Q1 2025: revenue $18.5B (+68% year over year), operating margin 19.8%, net earnings $2.4B, operating cash flow $3.1B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $18.5B | +14% | +68% |
| Operating profit | $3.7B | +50% | +35% |
| Net earnings | $2.4B | +297% | +56% |
| Operating cash flow | $3.1B | -17% | -3% |
| Free cash flow | $1.3B | +19% | -32% |
What changed
Revenue was C$18.5B in Q1 2025, up 68% year over year and up 14% from the previous quarter. Commodity Sales Revenue was the largest line at 52% of revenue. Commodity Sales Revenue added C$5.4B year over year (up 130%), 72% of the total change.
Operating profit was C$3.7B, a 19.8% margin (down 4.7 points year over year). Of the extra revenue versus a year earlier, 13% reached operating profit, below the 25% margin then. Total costs grew 78% against revenue growth of 68%. The fastest-growing cost line was Other operating costs (+936%). Net earnings were C$2.4B, up 56% year over year. The effective tax rate was 21.9%.
Operating cash flow was C$3.1B (down 3% year over year), 123% of net income including minority interests. Non-cash charges added back C$1.4B of depreciation and amortization. Working capital and other items used C$0.84B. Capital expenditures of C$1.7B left free cash flow of C$1.3B.
Questions
What was Enbridge's revenue in the first quarter 2025?
Enbridge (ENB) reported revenue of $18.5B for the first quarter 2025 (Q1 2025), +68% from a year earlier and +14% from the quarter before.
Was Enbridge profitable in the first quarter 2025?
Operating profit was $3.7B (19.8% of revenue) and net earnings $2.4B.
Source: Enbridge 10-Q on SEC EDGAR.