Filing Flows › Enbridge (ENB) › Q2 2025
Enbridge (ENB) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
Enbridge (ENB) reported revenue of $14.9B for the second quarter 2025 (Q2 2025), +31% from a year earlier and -20% from the quarter before. Operating margin was 15.4%, net earnings $2.3B (15.3% of revenue).
Enbridge, Q2 2025: revenue $14.9B (+31% year over year), operating margin 15.4%, net earnings $2.3B, operating cash flow $3.2B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.9B | -20% | +31% |
| Operating profit | $2.3B | -38% | +0.7% |
| Net earnings | $2.3B | -4% | +17% |
| Operating cash flow | $3.2B | +6% | +15% |
| Free cash flow | $1.3B | +0.6% | -9% |
What changed
Revenue was C$14.9B in Q2 2025, up 31% year over year and down 20% from the previous quarter. Commodity Sales Revenue was the largest line at 55% of revenue. Commodity Sales Revenue added C$2.8B year over year (up 54%), 80% of the total change.
Operating profit was C$2.3B, a 15.4% margin (down 4.7 points year over year). Of the extra revenue versus a year earlier, 0% reached operating profit, below the 20% margin then. Total costs grew 39% against revenue growth of 31%. The fastest-growing cost line was Other operating costs (+707%). Net earnings were C$2.3B, up 17% year over year. The effective tax rate was 22.3%. Non-operating items added C$0.70B, 23% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was C$3.2B (up 15% year over year), 140% of net earnings. Non-cash charges added back C$1.4B of depreciation and amortization. Working capital and other items used C$0.47B. Capital expenditures of C$1.9B left free cash flow of C$1.3B.
Questions
What was Enbridge's revenue in the second quarter 2025?
Enbridge (ENB) reported revenue of $14.9B for the second quarter 2025 (Q2 2025), +31% from a year earlier and -20% from the quarter before.
Was Enbridge profitable in the second quarter 2025?
Operating profit was $2.3B (15.4% of revenue) and net earnings $2.3B.
Source: Enbridge 10-Q on SEC EDGAR.