Filing Flows › Enbridge (ENB) › Q2 2026 › vs Q2 2025
Enbridge (ENB) Q2 2026 vs Q2 2025 (year over year)
Enbridge's revenue rose $14.4B (+97%) from $14.9B in Q2 2025 to $29.3B in Q2 2026. The biggest changes: Commodity Sales Revenue +$14.5B (+178%); Transportation and Other Services Revenues −$97.0M (-2%); Gas Distribution Revenue +$78.0M (+4%). Operating margin 9.9% against 15.4% (-5.5 pts).
Enbridge, Q2 2026: revenue $29.3B (+97% year over year), operating margin 9.9%, net earnings $1.5B, operating cash flow $4.1B. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 9.9% | 15.4% | -5.5 pts |
| Net margin | 5.1% | 15.3% | -10.2 pts |
| Free cash flow margin | 3.9% | 9.0% | -5.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Commodity Sales Revenue | $22.6B | $8.1B | $14.5B | +178% |
| Transportation and Other Services Revenues | $4.9B | $5.0B | −$97.0M | -2% |
| Gas Distribution Revenue | $1.8B | $1.8B | $78.0M | +4% |
| Revenue | $29.3B | $14.9B | $14.4B | +97% |
| Operating profit | $2.9B | $2.3B | $621M | +27% |
| Costs & expenses | $26.4B | $12.6B | $13.8B | +110% |
| Pre-tax earnings | $2.0B | $3.0B | −$975M | -33% |
| Other expense, net | $898M | −$698M | $1.6B | — |
| General & admin | $2.4B | $2.3B | $51.0M | +2% |
| Other operating costs | $24.0B | $10.3B | $13.8B | +134% |
| Net earnings | $1.5B | $2.3B | −$778M | -34% |
| Minority interests | $69.0M | $42.0M | $27.0M | +64% |
| Income tax | $442M | $666M | −$224M | -34% |
| Depreciation & amortization | $1.4B | $1.4B | $38.0M | +3% |
| Working capital & other | $1.2B | −$432M | $1.6B | — |
| Operating cash flow | $4.1B | $3.2B | $873M | +27% |
| Free cash flow (OCF − capex) | $1.1B | $1.3B | −$202M | -15% |
| Capital expenditures | $3.0B | $1.9B | $1.1B | +57% |
Questions
How much did Enbridge's revenue grow year over year in Q2 2026?
Enbridge's revenue rose $14.4B (+97%) from $14.9B in Q2 2025 to $29.3B in Q2 2026.
What drove Enbridge's revenue change in Q2 2026?
Commodity Sales Revenue +$14.5B (+178%); Transportation and Other Services Revenues −$97.0M (-2%); Gas Distribution Revenue +$78.0M (+4%).