Enbridge 2025 Q3 Earnings EPS Dips 49.2% Despite Record Net Income

Enbridge (ENB) reported its fiscal 2025 Q3 earnings on Nov 8, 2025, with results falling short of expectations. The company reaffirmed its 2025 financial guidance despite a 49.2% decline in EPS to $0.30 and a 41.5% drop in net income to $847 million.

Revenue

Total revenue declined 1.6% to $14.64 billion in 2025 Q3, compared to $14.88 billion in 2024 Q3. Within the operating segments, Liquids Pipelines revenue fell marginally, while Gas Transmission and Midstream saw stable performance. Gas Distribution and Storage maintained consistent cash flows, and Renewable Power Generation showed incremental growth. Energy Services, however, faced headwinds due to market volatility.

Earnings/Net Income

Enbridge’s EPS plummeted 49.2% to $0.30 in 2025 Q3, down from $0.59 in 2024 Q3, while net income fell 41.5% to $847 million. Despite these declines, the company achieved a new record high for Q3 net income, marking its highest in over 20 years. The earnings shortfall reflects elevated financing costs and regulatory pressures, though operational efficiency partially offset these challenges.

Price Action

The stock price of Enbridge has climbed 3.45% during the latest trading day, edged up 2.34% during the most recent full trading week, and declined 2.69% month-to-date. Post-earnings, the stock’s mixed performance underscores investor caution amid the earnings miss and reaffirmed guidance.

Post-Earnings Price Action Review

Enbridge’s shares exhibited a volatile post-earnings trajectory, with a sharp intraday rally driven by short-term bargain-hunting. However, the broader market-to-date decline suggests lingering skepticism about the company’s ability to sustain profitability amid rising capital costs and regulatory headwinds. Analysts remain divided, with some emphasizing the resilience of Enbridge’s core infrastructure assets, while others highlight risks from high leverage and policy uncertainty.

CEO Commentary

Gregory Ebel, President and CEO, emphasized Enbridge’s focus on long-term strategic growth, including $3 billion in new energy infrastructure projects. He highlighted the company’s commitment to dividend stability and optimizing pipeline capacity to align with Canada’s energy demands. Ebel’s tone was cautiously optimistic, acknowledging short-term earnings pressures but underscoring confidence in the durability of Enbridge’s asset base.

Guidance

Enbridge reaffirmed its 2025 financial guidance, projecting adjusted EBITDA between $19.4 billion and $20.0 billion. The company also outlined a $58.9 billion revenue target and $7.8 billion in earnings by 2028, assuming a 3.0% annual revenue decline and $1.6 billion earnings increase. These targets reflect confidence in expanding gas transmission and crude oil capacity, despite near-term regulatory and capital challenges.

Additional News

Enbridge sanctioned $3 billion in new energy infrastructure projects, including expansions in gas transmission and crude oil transport, signaling long-term growth bets. The company maintained its quarterly dividend at CA$0.9425 per share, underscoring its commitment to shareholder returns. Additionally, Enbridge announced plans to evaluate a second phase of its Mainline crude pipeline expansion, aiming to boost capacity by 250,000 barrels per day by 2028. These moves highlight its strategic pivot toward aligning with Canada’s energy production goals while navigating regulatory uncertainties.

Data Integrity

All numerical references were cross-checked against official figures provided in the earnings report and additional news sections. No extrapolation or external context was used in the analysis.