- Enbridge (TSX:ENB) reported GAAP earnings of $2.2 billion and adjusted EBITDA of $4.6 billion, both up from Q2 2024, reaffirming its full-year financial guidance
- The company sanctioned major projects including the Clear Fork Solar development and expansions of key pipelines and storage facilities to meet rising energy demand
- Enbridge maintained a solid Debt-to-EBITDA ratio of 4.7x and closed a $0.7 billion equity deal with the Stonlasec8 Indigenous Alliance, strengthening its community ties
- Enbridge stock (TSX:ENB) opened trading at C$62.50
Canadian energy stock Enbridge (TSX:ENB) delivered robust second quarter financial results for 2025, reporting record adjusted EBITDA and reaffirming its full-year financial guidance. The company also announced several strategic investments aimed at meeting growing demand across industrial, power, and LNG sectors.
Financial highlights
Enbridge posted GAAP earnings attributable to common shareholders of $2.2 billion, or $1.00 per share, up from $1.8 billion or $0.86 per share in Q2 2024. Adjusted earnings rose to $1.4 billion or $0.65 per share, compared to $1.2 billion or $0.58 per share last year.
Adjusted EBITDA climbed 7 per cent year-over-year to $4.6 billion, while cash provided by operating activities reached $3.2 billion, up from $2.8 billion. Distributable cash flow (DCF) remained steady at $2.9 billion.
The company reaffirmed its 2025 full-year guidance, projecting adjusted EBITDA between $19.4 billion and $20.0 billion, and DCF per share between $5.50 and $5.90. Enbridge also reiterated its multi-year financial outlook, targeting near-term growth of 7–9 per cent for adjusted EBITDA, 4–6 per cent for adjusted EPS, and ~3 per cent for DCF per share through 2026. Post-2026, all three metrics are expected to grow by approximately 5 per cent annually.
Operational developments
CEO Greg Ebel emphasized the company’s “all-of-the-above” energy strategy, highlighting new investments that align with rising energy demand:
- Clear Fork solar project: A 600 MW, US$0.9 billion solar development in Texas, supporting Meta’s data center operations under a long-term offtake agreement.
- Texas Eastern Line 31 expansion: A US$0.1 billion project to meet growing industrial and power demand.
- Matterhorn Express pipeline: Acquisition of a 10 per cent stake in the MXP.
- Traverse Pipeline upsize: Increased capacity from 1.75 to 2.5 Bcf/d to support bidirectional service between Katy and Agua Dulce.
- Aitken Creek expansion: A $0.3 billion, 40 Bcf gas storage expansion to enhance flexibility in the western Canadian LNG value chain.
- Westcoast Pipeline equity sale: Closed a $0.7 billion transaction with the Stonlasec8 Indigenous Alliance, marking a significant partnership with First Nations groups.
Enbridge exited the quarter with a Debt-to-EBITDA ratio of 4.7x, maintaining its target leverage range of 4.5x to 5.0x, which the company says provides “significant financial flexibility”.
Outlook
Despite global uncertainties, including potential tariffs, Enbridge stated that it does not expect these to materially impact its operations or capital deployment. The company remains focused on executing its strategic priorities and delivering long-term value to shareholders.
Leadership commentary
“Today we sanctioned projects in GTM that will serve rising natural gas demand. This was on top of our recently announced 600 MW Clear Fork solar project in Texas that will support Meta’s data center operations,” Enbridge’s president and CEO, Greg Ebel, said in a media release. “Looking forward, our backlog is now over $30 billion across all four businesses, highlighting the advantage of Enbridge’s scale and diversification. We remain excited about our suite of opportunities in natural gas, liquids, and power infrastructure, and are well set up to win in multiple ways as we deliver energy to our customers across North America.”
About Enbridge
Calgary-based Enbridge Inc. is a pipeline operator that supplies millions of customers with North American natural gas, oil and renewable power networks, while growing its European offshore wind portfolio and advancing new technologies in hydrogen, renewable natural gas, and carbon capture and storage.
Enbridge stock (TSX:ENB) opened trading 0.35 per cent lower at C$62.50, but its share price has risen 2.34 per cent since the year began and 18.68 per cent since this time last year.
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