Financial Performance - Full-year GAAP earnings attributable to common shareholders reached $7.1 billion or $3.23 per share, a 39% increase from $5.1 billion or $2.34 per share in 2024[3] - Full-year adjusted earnings were $6.6 billion or $3.02 per share, reflecting a 9% increase compared to $6.0 billion or $2.80 per share in 2024[3] - Full-year adjusted EBITDA was $20.0 billion, up 7% from $18.6 billion in 2024[3] - DCF for the year increased by $463 million compared to 2024, primarily due to EBITDA growth[20] - Adjusted EBITDA for Q4 2025 was $5,213 million, up from $5,130 million in Q4 2024, with full year adjusted EBITDA at $19,952 million compared to $18,620 million in 2024[59] - Adjusted earnings for Q4 2025 increased by $281 million to $1,921 million, with adjusted earnings per share rising to $0.88 from $0.75 in Q4 2024[60] - Full year 2025 DCF was impacted by lower maintenance capital spend and lower current taxes due to higher investment tax credits[58] - DCF for the twelve months ended December 31, 2025, was CAD 12,454 million, compared to CAD 11,991 million in 2024, indicating a growth of 3.9%[92] Growth and Investments - The secured backlog grew to $39 billion, an increase of approximately 35% since Enbridge Day[4] - Enbridge sanctioned $14 billion of organic growth projects in 2025, including Mainline Optimization Phase 1 for US$1.4 billion, adding 150 kbpd of capacity[3] - The company plans to invest approximately $3 billion annually in growth capital across its utilities[8] - Enbridge sanctioned Cowboy Phase 1, a US$1.2 billion solar and battery energy storage project expected to enter service by the end of 2027, with a total capacity of 365 MW solar and 135 MW battery storage[33] - The company is advancing new technologies including hydrogen, renewable natural gas, and carbon capture and storage as part of its growth strategy[73] Dividends and Shareholder Returns - The quarterly dividend was increased by 3% to $0.97 per share, marking the 31st consecutive annual increase[3] - The quarterly dividend per common share was increased by 3% to $0.9700, effective March 1, 2026[66] Segment Performance - Enbridge's Liquids Pipelines adjusted EBITDA for Q4 2025 was C$2,446 million, a C$51 million increase from Q4 2024, with full year 2025 adjusted EBITDA at C$9,710 million, up C$56 million year-over-year[40] - Gas Transmission adjusted EBITDA for Q4 2025 was C$1,312 million, a C$40 million increase from Q4 2024, with full year 2025 adjusted EBITDA at C$5,397 million, up C$615 million year-over-year[44] - Gas Distribution and Storage adjusted EBITDA for Q4 2025 was C$1,139 million, a C$124 million increase from Q4 2024, with full year 2025 adjusted EBITDA at C$4,139 million, up C$1.3 billion year-over-year[47] - Enbridge's Renewable Power Generation adjusted EBITDA for Q4 2025 was C$211 million, a decrease of C$97 million from Q4 2024, with full year 2025 adjusted EBITDA at C$672 million, down C$148 million year-over-year[51] Debt and Financial Ratios - The company's Debt-to-EBITDA ratio at the end of 2025 was 4.8x, within the target range of 4.5-5.0x[25] Future Outlook - Enbridge reaffirmed its 2026 financial guidance for adjusted EBITDA between $20.2 billion and $20.8 billion and DCF per share between $5.70 and $6.10[23] - The company anticipates continued growth in 2026, with projected increases in DCF per share, EPS, and adjusted EBITDA[68] - Enbridge will host a conference call on February 13, 2026, to discuss the fourth quarter results and future outlook[62] Currency Impact - The favorable effect of translating U.S. dollar earnings at a higher average exchange rate in 2025 positively impacted adjusted EBITDA across segments compared to 2024[38] Other Financial Metrics - Net cash provided by operating activities for Q4 2025 was CAD 3,111 million, a decrease from CAD 3,662 million in Q4 2024[92] - Eliminations and Other adjusted EBITDA decreased by $35 million in Q4 2025 compared to Q4 2024, totaling a decrease of $461 million for the full year 2025 compared to 2024[55]

Core Insights - Enbridge Inc. reported record financial results for 2025, reaffirming its financial guidance for 2026 and growing its secured backlog to $39 billion, a 35% increase since the last Enbridge Day [1][2][3] Financial Performance - Full-year distributable cash flow (DCF) reached $12.5 billion, up 4% from $12.0 billion in 2024 [1][2] - Adjusted EBITDA for 2025 was $20.0 billion, a 7% increase from $18.6 billion in 2024 [1][2] - GAAP earnings attributable to common shareholders for 2025 were $7.1 billion, or $3.23 per share, compared to $5.1 billion, or $2.34 per share in 2024 [1][2] Growth Projects - Enbridge sanctioned $14 billion of organic growth projects in 2025, including significant investments in renewable energy and gas transmission [1][2][3] - The company placed $5 billion of organic growth capital into service in 2025 [1][2] - Key projects include the Cowboy Phase 1 solar facility and the Easter wind project, both secured by long-term power purchase agreements [1][2][3] Dividend and Financial Guidance - The quarterly dividend for 2026 was increased by 3% to $0.97 per share, marking the 31st consecutive annual increase [1][2][3] - Enbridge reaffirmed its 2026 financial guidance for adjusted EBITDA between $20.2 billion and $20.8 billion and DCF per share between $5.70 and $6.10 [1][2][3] Debt and Financing - The company exited 2025 with a Debt-to-EBITDA ratio of 4.8x, providing significant financial flexibility [1][2] - In November 2025, Enbridge issued $1.5 billion in senior notes to pay down existing debt and finance capital expenditures [1][2][3] Business Segment Performance - Liquids Pipelines segment adjusted EBITDA for 2025 was $9.7 billion, reflecting increased demand and operational efficiencies [4][5] - Gas Transmission segment adjusted EBITDA increased to $5.4 billion, driven by favorable contracting and successful rate case settlements [4][5] - Gas Distribution and Storage segment adjusted EBITDA rose to $4.1 billion, supported by higher rates and customer growth [4][5]

Group 1 - The article discusses the importance of enabling Javascript and cookies in browsers to prevent access issues [1] - It highlights that users with ad-blockers may face restrictions when trying to access content [1]

Core Insights - Enbridge Inc. (ENB) is scheduled to report its fourth-quarter 2025 results on February 13, 2026, with earnings estimated at 60 cents per share and revenues at $11.8 billion, indicating a 1.3% year-over-year improvement [1][8] Financial Performance - ENB has beaten consensus earnings estimates in three of the last four quarters, with an average surprise of 1.76% [2] - The company has an Earnings ESP of -1.01% and a Zacks Rank of 3 (Hold), suggesting a lower likelihood of an earnings beat this quarter [4] Revenue Generation - ENB is expected to have stable fee-based revenues due to its midstream business model, which is less affected by oil and natural gas price volatility [6] - The Gas Transmission business unit is anticipated to contribute significantly to earnings, alongside the Liquid Pipelines segment [6] Market Performance - ENB's stock has increased by 11.9% over the past year, underperforming the industry average of 13.8% and Kinder Morgan's 15.7% increase [9] - The company's current EV/EBITDA ratio stands at 15.61, which is above the industry average of 14.51, indicating a premium valuation [12] Investment Outlook - Enbridge is positioned to generate additional cash flows from over C$30 billion in secured capital projects, which include liquid pipelines, gas transmissions, and renewables [14] - The company has a strong history of rewarding shareholders with dividend increases for 31 consecutive years [15] - However, ENB's debt-to-capitalization ratio of 60.4% is higher than the industry average of 57.7%, raising concerns about its debt burden [16] Competitor Analysis - Kinder Morgan reported fourth-quarter 2025 adjusted earnings of 39 cents per share, exceeding the consensus estimate of 37 cents [17] - Enterprise Products Partners reported adjusted earnings of 75 cents per unit, beating the consensus estimate of 70 cents [17]

Core Viewpoint - Enbridge Inc. is currently at a 52-week high, and while it has a strong dividend yield of over 5.6%, caution is advised before its upcoming earnings report [1][2]. Company Overview - Enbridge Inc. operates major energy infrastructure, focusing on the transportation of oil and natural gas, as well as managing utility and renewable energy assets [2]. - The company benefits from a predictable business model and a robust customer base, which supports its operations [2]. Market Context - The current administration's policies, described as "drill baby drill," are expected to lead to lower oil and gas prices, which could impact the energy sector [2]. - Increased oil production is seen as beneficial for Enbridge and similar companies in the industry [2].

Core Insights - The midstream segment of the energy sector is highlighted as a prime area for ultra-high-yield stocks, focusing on companies that facilitate the transportation of oil and natural gas [1] Company Summaries - **Energy Transfer (NYSE: ET)**: Offers the highest yield at 7.2%. The company previously cut its distribution in half during the pandemic to strengthen its balance sheet, but it has since resumed growth, now exceeding pre-cut levels. Future distribution growth is projected at 3% to 5% annually, supported by capital investments of up to $5.5 billion by 2026, making it suitable for aggressive investors [2][3][4] - **Enterprise Products Partners (NYSE: EPD)**: Known for reliability, it has increased its distribution for 27 consecutive years and holds an investment-grade credit rating. Its distributable cash flow comfortably covers its distribution by 1.7 times, appealing to conservative investors. Expected distribution growth is similar to that of Energy Transfer [5] - **Enbridge (NYSE: ENB)**: A leader in the midstream industry with additional exposure to regulated natural gas utilities and clean energy assets. It aims to adapt its business to align with global energy transitions. Enbridge has increased its dividend for 30 consecutive years, making it a suitable option for those seeking a clean-energy hedge despite having the lowest yield among the three at 5.6% [6][7]

Group 1 - The article promotes an actively managed portfolio focused on undervalued preferred stocks and baby bonds, highlighting the potential for high returns [1] - It emphasizes the annualized yield achieved on closed trades, suggesting a strong performance track record [1] - The company invites investors to join its Conservative Income Portfolio, indicating a strategy aimed at generating consistent income [1] Group 2 - The methodology for achieving high returns is mentioned, suggesting a structured approach to investment [2]

Group 1 - The article promotes an actively managed portfolio focused on undervalued preferred stocks and baby bonds, highlighting the potential for high returns [1] - It emphasizes the annualized yield achieved on closed trades, suggesting a strong performance track record [1] - The company invites investors to join its Conservative Income Portfolio, indicating a strategy aimed at generating consistent income [1] Group 2 - The methodology for achieving high returns is mentioned, suggesting a structured approach to investment [2]

Core Insights - Enbridge and Dominion Energy are both involved in the green energy transition but have different approaches, with Enbridge focusing on midstream infrastructure and Dominion on decarbonizing its power generation fleet [1] Group 1: Dominion Energy - Dominion Energy serves over 3.6 million customers in Virginia, North Carolina, and South Carolina, benefiting from increased demand due to data center growth [2] - The company generates over 2,500 megawatts from renewable projects, enough to power 625,000 homes, and is the largest producer of carbon-free electricity in New England [2] - In Q3, Dominion's EPS rose 6% year over year to $1.16, with operating earnings increasing 10% to $921 million, and management expects annual EPS growth of 5% to 7% through 2029 [5] - Dominion's $50 billion five-year capital plan allocates over 80% for zero-carbon power generation and grid modernization [5] - The company has a market cap of $53 billion, with a dividend yield of 4.28% and a payout ratio of around 87% [3] Group 2: Enbridge - Enbridge operates the world's longest crude oil and hydrocarbon liquids pipeline system, which accounts for about 60% of its revenue [6] - The company is also the largest natural gas utility franchise in North America, contributing nearly 20% to its revenue [7] - Enbridge's renewable energy segment, while the smallest, is the fastest-growing, with Q3 EBITDA rising 16% year over year to $100 million [9] - The company has significant renewable projects underway, including a $1.1 billion solar project in Texas [9] - Enbridge's adjusted EBITDA rose 9% year over year to $14.7 billion in the first nine months of 2025, with a dividend yield of about 5.4% [10][11] Group 3: Investment Considerations - Dominion Energy is positioned as a pure-play utility green energy stock, actively retiring fossil fuel plants and expanding its renewable energy portfolio [12] - Enbridge is viewed as a high-yield energy investment, leveraging cash flows from its traditional operations to fund growth in renewables and carbon capture [13]

Group 1 - Enbridge Inc. Cumulative Redeemable Preferred Shares, Series L (EBBNF) relies on the same underlying cash flow as Enbridge Inc. (ENB) common stock, with preferred dividends being paid before common dividends [1] - The investment strategy mentioned focuses on building a resilient, income-generating portfolio with a long-term growth mindset, primarily through long-only investments [1] - The approach blends dividend-paying equities, REITs, and other income strategies with selective growth opportunities, emphasizing disciplined, fundamentals-driven investing [1]