Enbridge (ENB) financial statements

Energy · Oil & Gas Midstream · Market cap $104.7B

Enbridge reported revenue of 65.2B CAD in fiscal 2025, up 7.3% a year over 9 years.

Net income was 7.5B CAD and the operating margin 16.8%, against 7.5% in 2016.

Free cash flow was 3.3B CAD, and the company returned 8.2B CAD in dividends.

The diluted share count rose 138% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CAD).

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<p style="font-size:13px">Source: <a href="https://investingly.io/stocks/ENB/financials">Enbridge financials</a> on Investingly</p>

Income statement

Fiscal years, in CAD, from Enbridge's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	34.6B CAD	44.4B CAD	46.4B CAD	50.1B CAD	39.1B CAD	47.1B CAD	53.3B CAD	43.6B CAD	53.5B CAD	65.2B CAD
Cost of revenue	24.0B CAD	28.6B CAD	29.4B CAD	31.0B CAD	20.7B CAD	28.7B CAD	32.6B CAD	21.4B CAD	—	—
Selling, general and admin	4.4B CAD	6.4B CAD	6.8B CAD	7.0B CAD	6.7B CAD	6.7B CAD	8.2B CAD	8.6B CAD	9.4B CAD	10.0B CAD
Operating income	2.6B CAD	1.6B CAD	4.8B CAD	8.3B CAD	8.0B CAD	7.8B CAD	5.2B CAD	8.7B CAD	9.6B CAD	11.0B CAD
Interest expense	1.6B CAD	2.6B CAD	2.7B CAD	2.7B CAD	2.8B CAD	2.7B CAD	3.2B CAD	3.8B CAD	4.4B CAD	5.0B CAD
Pre-tax income	2.5B CAD	569M CAD	3.6B CAD	7.5B CAD	4.2B CAD	7.7B CAD	4.5B CAD	7.9B CAD	7.3B CAD	9.8B CAD
Income tax	142M CAD	-2.7B CAD	237M CAD	1.7B CAD	774M CAD	1.4B CAD	1.6B CAD	1.8B CAD	1.7B CAD	2.0B CAD
Net income	2.1B CAD	2.9B CAD	2.9B CAD	5.7B CAD	3.4B CAD	6.2B CAD	3.0B CAD	6.2B CAD	5.4B CAD	7.5B CAD
EPS (diluted)	1.93 CAD	1.65 CAD	1.46 CAD	2.63 CAD	1.48 CAD	2.87 CAD	1.28 CAD	2.84 CAD	2.34 CAD	3.22 CAD
Diluted shares	918M	1.53B	1.73B	2.02B	2.02B	2.02B	2.03B	2.06B	2.16B	2.19B
Operating margin	7.5%	3.5%	10.4%	16.5%	20.4%	16.6%	9.7%	19.8%	18.0%	16.8%
Net margin	6.0%	6.4%	6.2%	11.4%	8.6%	13.1%	5.6%	14.2%	10.2%	11.5%

Balance sheet

Fiscal years, in CAD, from Enbridge's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Cash and short-term investments	1.5B CAD	480M CAD	518M CAD	648M CAD	452M CAD	286M CAD	861M CAD	5.9B CAD	1.8B CAD	1.1B CAD
Inventory	1.2B CAD	1.5B CAD	1.3B CAD	1.3B CAD	1.5B CAD	1.7B CAD	2.3B CAD	1.5B CAD	1.5B CAD	1.6B CAD
Total current assets	7.8B CAD	9.2B CAD	8.6B CAD	8.7B CAD	7.3B CAD	9.0B CAD	12.1B CAD	14.4B CAD	13.2B CAD	13.2B CAD
Property, plant and equipment	64.3B CAD	90.7B CAD	94.5B CAD	93.7B CAD	94.6B CAD	100.1B CAD	104.5B CAD	104.6B CAD	131.1B CAD	131.6B CAD
Goodwill	78M CAD	34.5B CAD	34.5B CAD	33.2B CAD	32.7B CAD	32.8B CAD	32.4B CAD	31.8B CAD	36.6B CAD	35.3B CAD
Total assets	85.2B CAD	162.1B CAD	166.9B CAD	163.2B CAD	160.3B CAD	168.9B CAD	179.6B CAD	180.3B CAD	219.0B CAD	218.5B CAD
Total current liabilities	12.3B CAD	14.6B CAD	14.9B CAD	15.9B CAD	14.0B CAD	18.2B CAD	20.3B CAD	17.4B CAD	23.8B CAD	21.0B CAD
Long-term debt	36.5B CAD	60.9B CAD	60.3B CAD	59.7B CAD	62.8B CAD	68.0B CAD	72.9B CAD	74.7B CAD	93.4B CAD	99.0B CAD
Total liabilities	59.9B CAD	92.3B CAD	93.5B CAD	93.8B CAD	95.9B CAD	105.5B CAD	116.2B CAD	115.8B CAD	150.1B CAD	152.6B CAD
Shareholders' equity	21.4B CAD	58.1B CAD	69.5B CAD	66.0B CAD	61.4B CAD	60.8B CAD	59.9B CAD	61.5B CAD	65.9B CAD	62.3B CAD
Net debt	35.0B CAD	60.4B CAD	59.8B CAD	59.0B CAD	62.4B CAD	67.7B CAD	72.1B CAD	68.9B CAD	91.6B CAD	97.9B CAD

Cash flow

Fiscal years, in CAD, from Enbridge's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating cash flow	5.2B CAD	6.7B CAD	10.5B CAD	9.4B CAD	9.8B CAD	9.3B CAD	11.2B CAD	14.2B CAD	12.6B CAD	12.3B CAD
Capital spending	5.1B CAD	8.3B CAD	6.8B CAD	5.5B CAD	5.4B CAD	7.8B CAD	4.6B CAD	4.7B CAD	6.7B CAD	9.0B CAD
Free cash flow	77M CAD	-1.6B CAD	3.7B CAD	3.9B CAD	4.4B CAD	1.4B CAD	6.6B CAD	9.5B CAD	5.9B CAD	3.3B CAD
Stock-based compensation	130M CAD	165M CAD	106M CAD	117M CAD	145M CAD	157M CAD	260M CAD	154M CAD	186M CAD	285M CAD
Dividends paid	1.1B CAD	2.8B CAD	3.5B CAD	6.0B CAD	6.6B CAD	6.8B CAD	7.0B CAD	7.3B CAD	7.9B CAD	8.2B CAD
Share buybacks (net)	—	—	—	—	0 CAD	0 CAD	-151M CAD	-125M CAD	0 CAD	0 CAD
Net borrowing	1.9B CAD	5.2B CAD	-1.3B CAD	1.4B CAD	990M CAD	6.2B CAD	-3.7B CAD	-6.4B CAD	-6.5B CAD	-6.3B CAD
Free cash flow margin	0.2%	-3.7%	8.0%	7.8%	11.2%	3.1%	12.3%	21.9%	11.0%	5.1%
Dividends per share	1.25 CAD	1.80 CAD	2.02 CAD	2.96 CAD	3.25 CAD	3.34 CAD	3.43 CAD	3.54 CAD	3.65 CAD	3.76 CAD

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Questions

What was Enbridge's revenue in 2025?

65.2B CAD in fiscal 2025, from its 10-K filing.

How much free cash flow does Enbridge generate?

3.3B CAD in fiscal 2025 (operating cash flow minus capital spending).

From Enbridge's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.