Filing Flows › Enbridge (ENB) › Q3 2026 › vs Q3 2025
Enbridge (ENB) Q3 2026 vs Q3 2025 (year over year)
Enbridge's revenue rose $6.4B (+44%) from $14.6B in Q3 2025 to $21.1B in Q3 2026. The biggest changes: Commodity Sales Revenue +$6.5B (+77%); Transportation and Other Services Revenues −$52.0M (-1%); Gas Distribution Sales +$49.0M (+4%). Operating margin 10.1% against 15.5% (-5.4 pts).
Enbridge, Q3 2026: revenue $21.1B (+44% year over year), operating margin 10.1%, net earnings $1.4B, operating cash flow $2.7B. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 10.1% | 15.5% | -5.4 pts |
| Net margin | 6.6% | 5.4% | +1.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Commodity Sales Revenue | $14.9B | $8.4B | $6.5B | +77% |
| Transportation and Other Services Revenues | $4.9B | $4.9B | −$52.0M | -1% |
| Gas Distribution Sales | $1.3B | $1.3B | $49.0M | +4% |
| Revenue | $21.1B | $14.6B | $6.4B | +44% |
| Operating profit | $2.1B | $2.3B | −$133M | -6% |
| Costs & expenses | $18.9B | $12.4B | $6.6B | +53% |
| Pre-tax earnings | $1.9B | $1.2B | $716M | +62% |
| Other expense, net | $259M | $1.1B | −$849M | -77% |
| General & admin | $2.5B | $2.5B | −$18.0M | -0.7% |
| Other operating costs | $16.5B | $9.9B | $6.6B | +67% |
| Net earnings | $1.4B | $788M | $607M | +77% |
| Minority interests | $46.0M | $59.0M | −$13.0M | -22% |
| Income tax | $438M | $316M | $122M | +39% |
| Depreciation & amortization | $1.5B | $1.4B | $92.0M | +7% |
| Working capital & other | $182M | −$682M | $864M | — |
| Operating cash flow | $2.7B | $2.9B | −$165M | -6% |
| Capital expenditures | $3.4B | $2.3B | $1.1B | +48% |
| Negative free cash flow (OCF − capex) | $739M | −$547M | $1.3B | — |
Questions
How much did Enbridge's revenue grow year over year in Q3 2026?
Enbridge's revenue rose $6.4B (+44%) from $14.6B in Q3 2025 to $21.1B in Q3 2026.
What drove Enbridge's revenue change in Q3 2026?
Commodity Sales Revenue +$6.5B (+77%); Transportation and Other Services Revenues −$52.0M (-1%); Gas Distribution Sales +$49.0M (+4%).