Enbridge Inc. Reports Q3 2025 Earnings and Pipeline Expansion Plans
Enbridge Inc. (TSX: ENB) released its third‑quarter 2025 financial results on 7 November 2025. The company reported adjusted earnings of 46 Canadian cents per share, falling short of the 51 cents forecast by analysts. Revenue was slightly lower than the same period a year earlier, with the liquid pipelines segment generating C$2.31 billion in adjusted core profit, a marginal decline from C$2.34 billion in 2024.
The decline in earnings was primarily attributed to higher financing costs linked to capital investments, including the acquisition of U.S. gas utilities. Enbridge’s core liquids pipeline business saw a 1.5 % decrease in earnings, whereas its gas transmission unit experienced a 9.4 % year‑over‑year increase.
Expansion Outlook
During the third quarter, Enbridge added C$3 billion in new growth projects south of the U.S. border. The company stated it has no immediate plans to apply to the Canadian federal Major Projects Office for a national interest project. However, Enbridge announced it will seek commercial interest in a second phase of capacity expansion on its Mainline crude pipeline network early next year. If approved, this phase could add 250,000 barrels per day of capacity.
Guidance and Targets
Enbridge reaffirmed its 2025 financial guidance and outlined a 5 % growth target through 2030, driven by its pipeline expansion initiatives. The company highlighted that the new projects are expected to support record third‑quarter EBITDA growth.
Market Reaction
Enbridge’s share price fell nearly 2 % in pre‑market trading following the earnings announcement, reflecting market concerns over the higher capital costs and the lower-than‑expected earnings.
Key Financial Highlights (Q3 2025)
| Metric | Q3 2025 | YoY Change |
|---|---|---|
| Adjusted EPS | 0.46 CAD | – |
| Revenue | Slightly lower | – |
| Liquids Pipeline Core Profit | 2.31 billion CAD | –0.3 % |
| Gas Transmission Core Profit | – | +9.4 % |
Enbridge’s focus remains on expanding its crude oil pipeline capacity while managing the financial impact of recent acquisitions and infrastructure investments.
