Filing Flows › Enbridge (ENB) › Q3 2025
Enbridge (ENB) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Enbridge (ENB) reported revenue of $14.6B for the third quarter 2025 (Q3 2025), -2% from a year earlier and -2% from the quarter before. Operating margin was 15.5%, net earnings $788M (5.4% of revenue).
Enbridge, Q3 2025: revenue $14.6B (-2% year over year), operating margin 15.5%, net earnings $788M, operating cash flow $2.9B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.6B | -2% | -2% |
| Operating profit | $2.3B | -0.8% | +2% |
| Net earnings | $788M | -65% | -43% |
| Operating cash flow | $2.9B | -11% | -4% |
| Free cash flow | $547M | -59% | -59% |
What changed
Revenue was C$14.6B in Q3 2025, down 2% year over year and down 2% from the previous quarter. Commodity Sales Revenue was the largest line at 57% of revenue. Commodity Sales Revenue lost C$0.59B year over year (down 7%), 243% of the total change.
Operating profit was C$2.3B, a 15.5% margin (up 0.6 points year over year). Total costs fell 2% while revenue fell 2%. The fastest-growing cost line was Other operating costs (+651%). Net earnings were C$0.79B, down 43% year over year. The effective tax rate was 27.2%.
Operating cash flow was C$2.9B (down 4% year over year), 339% of net income including minority interests. Non-cash charges added back C$1.4B of depreciation and amortization. Working capital and other items added C$0.62B. Capital expenditures of C$2.3B left free cash flow of C$0.55B.
Questions
What was Enbridge's revenue in the third quarter 2025?
Enbridge (ENB) reported revenue of $14.6B for the third quarter 2025 (Q3 2025), -2% from a year earlier and -2% from the quarter before.
Was Enbridge profitable in the third quarter 2025?
Operating profit was $2.3B (15.5% of revenue) and net earnings $788M.
Source: Enbridge 10-Q on SEC EDGAR.