Enbridge Inc. (ENB) Balance Sheet

As reported in recent financial filings, Enbridge's total debt has surged to $153.2 billion by 2026Q1, representing a significant escalation from the $81.2 billion recorded in 2023Q4, which suggests that the company's balance sheet trajectory is increasingly defined by aggressive debt-funded expansion rather than organic growth.

Based on the provided balance sheet data, Enbridge's total debt has climbed to $153.2 billion as of 2026Q1, a substantial increase that warrants concern regarding the company's ability to manage refinancing risks while maintaining its historical dividend commitments amidst a tightening interest rate cycle.

According to quarterly balance sheet disclosures, Enbridge's goodwill has expanded to $50.0 billion by 2026Q1, which, when viewed alongside the $188.1 billion in net PPE, suggests that a significant portion of the asset base is tied to acquisition premiums rather than tangible infrastructure value.

As indicated by the company's financial statements, the current ratio has fluctuated significantly, reaching a low of 0.13 in 2025Q4 and settling at 0.81 in 2026Q1, which suggests that Enbridge maintains a very narrow liquidity buffer relative to its massive short-term obligations.

Based on reported figures, Enbridge's retained earnings have remained in negative territory, reaching -$27.4 billion in 2026Q1, which suggests that the company's historical capital allocation strategy has consistently prioritized distributions over the internal reinvestment of earnings into the equity base.