Filing Flows › Enbridge (ENB) › Q4 2025
Enbridge (ENB) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
Enbridge (ENB) reported revenue of $17.2B for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +17% from the quarter before. Operating margin was 15.9%, net earnings $2.1B (12.0% of revenue).
Enbridge, Q4 2025: revenue $17.2B (+6% year over year), operating margin 15.9%, net earnings $2.1B, operating cash flow $3.1B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.2B | +17% | +6% |
| Operating profit | $2.7B | +20% | +11% |
| Net earnings | $2.1B | +161% | +246% |
| Operating cash flow | $3.1B | +8% | -15% |
| Free cash flow | $82.0M | -85% | -93% |
What changed
Revenue was C$17.2B in Q4 2025, up 6% year over year and up 17% from the previous quarter. Commodity Sales Revenue was the largest line at 53% of revenue.
Operating profit was C$2.7B, a 15.9% margin (up 0.8 points year over year). Of the extra revenue versus a year earlier, 29% reached operating profit, above the 15% margin then. Total costs grew 5% against revenue growth of 6%. Net earnings were C$2.1B, up 246% year over year. The effective tax rate was 13.2%.
Operating cash flow was C$3.1B (down 15% year over year), 146% of net income including minority interests. Non-cash charges added back C$1.5B of depreciation and amortization. Working capital and other items used C$0.48B. Capital expenditures of C$3.0B left free cash flow of C$0.08B.
Questions
What was Enbridge's revenue in the fourth quarter 2025?
Enbridge (ENB) reported revenue of $17.2B for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +17% from the quarter before.
Was Enbridge profitable in the fourth quarter 2025?
Operating profit was $2.7B (15.9% of revenue) and net earnings $2.1B.
Source: Enbridge 10-K on SEC EDGAR.