ENBRIDGE INC. recently released its Annual Report on Form 10-K for the year ended December 31, 2024, providing a detailed insight into the company's financial condition and results of operations. Here are the key highlights from the report:
Investments and Rate Proceedings: ENBRIDGE plans to invest up to US$1.3 billion in its Mainline System through 2028, focusing on extending the service life of the assets and enhancing reliability and efficiency. Stonlasec8 Indigenous Investments Limited Partnership invested approximately $736 million in the Westcoast Energy Inc. BC natural gas pipeline system. Settlements and agreements were reached in gas transmission rate proceedings with Algonquin, Maritimes & Northeast, East Tennessee, and Vector. Enbridge Gas Ontario's application for a 2024–2028 Incentive Regulation rate-setting framework was approved, incorporating a price cap incentive rate-setting mechanism for 2025–2028.
Financing Update: ENBRIDGE completed long-term debt issuances totaling $4.6 billion and US$4.7 billion during the year ended December 31, 2025. The company renewed and extended approximately $22.1 billion of its credit facilities during the annual renewal process.
Results of Operations: Segment earnings before interest, income taxes, and depreciation and amortization for 2025 were $20.5 billion, compared to $16.9 billion in 2024. Earnings attributable to common shareholders for 2025 were $7.1 billion, representing an increase from $5.1 billion in 2024. The company reported a non-cash, net unrealized derivative fair value gain of $1.3 billion in 2025, compared to a net unrealized loss of $2.1 billion in 2024. Earnings per common share attributable to common shareholders for 2025 were $3.23, up from $2.34 in 2024.
Business Factors Impacting Earnings: Full-year contributions from the US Gas Utilities in the Gas Distribution and Storage segment positively impacted earnings. ENBRIDGE Gas Ontario experienced positive earnings impact due to colder weather, higher storage optimization and pricing, and higher distribution margin and customer growth. * Higher contributions from the Gas Transmission segment were primarily due to increased revenue attributable to rate case settlements and favorable contracting on US Gas Transmission assets.
Revenues: * The company generated transportation and other services revenues of $20.2 billion in 2025, compared to $19.7 billion in 2024 and $19.2 billion in 2023.
These figures and developments provide a comprehensive overview of ENBRIDGE INC.'s financial performance and strategic initiatives as outlined in its 10-K report. As a result of these announcements, the company's shares have moved 1.67% on the market, and are now trading at a price of $47.59. If you want to know more, read the company's complete 10-K report here.
