Free cash flow margins have deteriorated sharply from 21.1% in 2023Q4 to a marginal 0.5% in 2026Q1, reflecting an inability to convert operational revenue into surplus cash.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 13.89B | 16.84B | 12.6B | 14.2B | 11.23B | 9.26B | 9.78B | 9.4B | 10.5B | 6.58B | 5.21B | 4.57B | 2.55B | 3.34B | 2.87B | 3.37B | 1.85B | 2.02B | 1.39B | 1.38B | 1.3B | 903.5M | 886.7M | 395.2M | 877.4M | 133.9M | 264M | 495.08M | 316.25M | 432.02M | 538.03M |
| Operating CF Margin % | - | 25.82% | 23.56% | 32.53% | 21.07% | 19.66% | 25.02% | 18.77% | 22.64% | 14.84% | 15.08% | 13.53% | 6.77% | 10.15% | 11.36% | 17.37% | 12.24% | 16.18% | 8.6% | 11.57% | 12.19% | 10.69% | 13.56% | 8.14% | 19.29% | 3.31% | 8.96% | 18.42% | 13.51% | 17.14% | 21.89% |
| Operating CF Growth % | 35.67% | 33.62% | -11.27% | 26.46% | 21.33% | -5.37% | 4.08% | -10.51% | 59.51% | 26.35% | 14% | 79.47% | -23.77% | 16.25% | -14.74% | 82.12% | -8.23% | 45.35% | 0.65% | 6.24% | 43.63% | 1.89% | 124.37% | -54.96% | 555.26% | -49.28% | -46.68% | 56.55% | -26.8% | -19.7% | 13% |
| Net Income | 7.57B | 16.19B | 5.63B | 6.06B | 2.94B | 6.31B | 3.42B | 5.71B | 3.33B | 3.27B | 2.31B | 376M | 1.56B | 629M | 1.01B | 1.23B | 970M | 1.56B | 1.33B | 707.1M | 622.3M | 562.9M | 652.2M | 674.1M | 367.8M | 437.6M | 379.9M | 299.77M | 240.87M | 217.3M | 180.35M |
| Depreciation & Amortization | 7.31B | 7.77B | 5.17B | 4.61B | 4.32B | 3.85B | 3.71B | 3.39B | 3.25B | 3.16B | 2.24B | 2.02B | 1.58B | 1.37B | 1.21B | 937M | 864M | 764M | 658.5M | 596.9M | 587.4M | 575.3M | 525M | 443M | 403.9M | 392.5M | 453.5M | 383.83M | 308.98M | 274.05M | 236.95M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 145M | 0 | 0 | 165M | 130M | 97M | 116M | 91M | 106M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 1.18B | 1.41B | 719M | 1.42B | 957M | 1.09B | 447M | 1.16B | -148M | -2.88B | 43M | 7M | 587M | 131M | -40M | 415M | 238M | 218M | 258.1M | 40.8M | -21M | 108.1M | 12.7M | 85.8M | -64.7M | -54M | -157.1M | 5.5M | -26.16M | -142.96K | 12.61M |
| Other Non-Cash Items | 10.42B | -6.6B | 1.22B | -201M | 3.03B | -535M | 1.97B | -595M | 3.16B | 3.29B | 851M | 2.75B | 482M | 1.53B | 1.28B | 181M | 42M | -770M | -846.3M | 13.2M | -17.7M | 54.6M | -162.1M | -237.9M | 18.8M | -38.5M | 129.1M | -62.21M | -49.38M | -3.15M | 35.08M |
| Working Capital Changes | -1.43B | -1.93B | -133M | 2.31B | -12M | -1.47B | 93M | -259M | 915M | -427M | -362M | -688M | -1.78B | -409M | -769M | 401M | -263M | 243M | -10.3M | 20.7M | 126.7M | -397.4M | -141.1M | -569.8M | 151.6M | -603.7M | -515.4M | -131.8M | -158.05M | -56.04M | 73.04M |
| Change in Receivables | 0 | -711.56M | -1.66B | 1.14B | -555M | -1.07B | 1.55B | -653M | 911M | -759M | -444M | 766M | -267M | -842M | -79M | 104M | -478M | 76M | 201.6M | 0 | 3.9M | -441.4M | -347.4M | 0 | 0 | -864.3M | -65.3M | -67.13M | -174.77M | -75.48M | -82.23M |
| Change in Inventory | 0 | -227.59M | 177M | 763M | -599M | -118M | -254M | -24M | 164M | -289M | -371M | -315M | -186M | -315M | 42M | 93M | -42M | 99M | -135.3M | 159.5M | 134.1M | -215.7M | 35.3M | -224.8M | 76M | -145.8M | -144.7M | -17.36M | -47.83M | -30.74M | 13.84M |
| Change in Payables | 0 | 525.1M | 1.38B | -1.61B | 601M | 704M | -769M | 151M | -273M | 224M | 467M | -1.48B | -795M | 878M | -367M | 504M | 283M | 134M | -181.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -14.11B | -14.41B | -20.36B | -6.04B | -5.27B | -10.66B | -5.18B | -4.66B | -1.63B | -11B | -5.19B | -7.93B | -11.89B | -9.43B | -6.2B | -4.02B | -2.67B | -3.31B | -2.85B | -2.26B | -1.58B | -833M | -999.7M | 259.5M | -251.7M | -1.34B | -949.8M | -1.21B | -1.59B | -1.1B | -822.39M |
| Capital Expenditures | -12.63B | -12.31B | -6.93B | -4.88B | -4.82B | -8.09B | -5.62B | -5.69B | -7.35B | -8.86B | -5.25B | -7.37B | -10.73B | -8.45B | -5.63B | -2.68B | -2.41B | -3.32B | -3.64B | -2.3B | -1.19B | -680.6M | -496.4M | -391.3M | -729.9M | -683.3M | -364.3M | -800.35M | -1.46B | -651.47M | -560.5M |
| CapEx % of Revenue | 16.2% | 18.89% | 12.96% | 11.17% | 9.04% | 17.19% | 14.38% | 11.37% | 15.84% | 19.97% | 15.21% | 21.82% | 28.51% | 25.66% | 22.25% | 13.82% | 15.91% | 26.63% | 22.54% | 19.29% | 11.14% | 8.05% | 7.59% | 8.06% | 16.05% | 16.87% | 12.37% | 29.78% | 62.54% | 25.85% | 22.8% |
| Acquisitions | -645.31M | 0 | -10.75B | -954M | -306M | -3.79B | -24M | 2.12B | 5.83B | 657M | -645M | -106M | -394M | -212M | -340M | -1.2B | -196M | -145M | -47M | 0 | -101.4M | -88.6M | -833.9M | -78.3M | -289.3M | -599.1M | -16.5M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -886.1M | -2.58B | -2.69B | 1.06B | 898M | 1.86B | -4.67B | 2.19B | 1.19B | 712M | 1.3B | 270M | 293M | 205M | 280M | 244M | 27M | -17M | 106.6M | 63.6M | 69M | 26.1M | 347.2M | 448.4M | 1.94B | -16.9M | -569M | -405.38M | -129.72M | -449.61M | -261.89M |
| Cash from Financing | 21.21M | -3.29B | 3.54B | -2.86B | -5.43B | 1.24B | -4.77B | -4.75B | -7.5B | 3.48B | 1.1B | 2.97B | 9.77B | 5.07B | 4.39B | 1.38B | 749M | 1.11B | 1.84B | 904.2M | 268.1M | -22.1M | 114.4M | -591.3M | -692.2M | 1.21B | 699.2M | 639.32M | 1.35B | 706.65M | 266.41M |
| Debt Issued (Net) | 2.59B | 8.15B | 9.69B | 876M | 2.5B | 9.12B | 2.53B | 2.21B | -3.58B | 3.9B | -411M | 3.66B | 9B | 3.39B | 1.79B | 902M | 1.12B | 1.18B | 2.19B | 781M | 646.3M | 290.8M | 745.1M | -340.7M | -1.32B | 1.45B | 726.9M | 388.74M | 1.18B | 538.1M | 259.42M |
| Equity Issued (Net) | -7.2M | 38.39M | 2.48B | 4.33B | -1.15B | -410M | 5M | -282M | -189M | 2.04B | 3B | 57M | 1.84B | 2.06B | 3.1B | 972M | 66M | 36M | 29.4M | 601M | 63.1M | 53.7M | -305.6M | 70.9M | 493.1M | 23.3M | 175.4M | 448.78M | 341.33M | 315.65M | 141.57M |
| Dividends Paid | -10.34B | -11.84B | -8.26B | -7.63B | -7.31B | -7.13B | -6.94B | -6.36B | -3.84B | -3.08B | -1.44B | -1.24B | -994M | -852M | -690M | -537M | -433M | -454M | -366.1M | -459.2M | -410M | -368M | -322.7M | -290.8M | -284.7M | -251.9M | -224.3M | -198.35M | -168.27M | -147.11M | -125.94M |
| Share Repurchases | 0 | 0 | 0 | -125M | -151M | 0 | 0 | -300M | -210M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -350M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 7.78B | 362.01M | -369M | -437M | 532M | -343M | -367M | -313M | -1.27B | 617M | -303M | 592M | -79M | 474M | 191M | 43M | -1M | 310M | -9.9M | -18.8M | -31.3M | 1.4M | -2.4M | -30.7M | 422.1M | -4.1M | 21.2M | 144.68K | -154.8K | 0 | -8.63M |
| Net Change in Cash | 227.04M | -933.05M | -3.98B | 5.08B | 587M | -170M | -186M | 39M | 50M | -1.01B | 1.1B | -246M | 485M | -1B | 1.05B | 78M | -85M | -215M | 380.4M | 27M | -14.2M | 48.4M | 1.4M | 63.4M | -33.3M | 7.5M | 13.4M | -71.33M | 73.53M | 706.65M | 266.41M |
| Free Cash Flow | 2.03B | 4.52B | 5.67B | 9.32B | 6.41B | 1.16B | 4.16B | 3.71B | 3.16B | -2.28B | -44M | -2.8B | -8.19B | -5.11B | -2.76B | 22M | -556M | -1.3B | -2.25B | -920.5M | 112.4M | 222.9M | 390.3M | 3.9M | 180.7M | -549.4M | -100.3M | -305.27M | -1.15B | -219.44M | -22.47M |
| FCF Margin % | 2.61% | 6.94% | 10.6% | 21.36% | 12.02% | 2.47% | 10.65% | 7.4% | 6.8% | -5.14% | -0.13% | -8.29% | -21.74% | -15.51% | -10.89% | 0.11% | -3.68% | -10.45% | -13.94% | -7.72% | 1.06% | 2.64% | 5.97% | 0.08% | 3.97% | -13.57% | -3.41% | -11.36% | -49.04% | -8.71% | -0.91% |
| FCF Growth % | -61.37% | -20.21% | -39.2% | 45.5% | 451.07% | -72.05% | 12.28% | 17.43% | 238.42% | -5081.82% | 98.43% | 65.75% | -60.3% | -85.2% | -12631.82% | 103.96% | 57.33% | 42.04% | -144.22% | -918.95% | -49.57% | -42.89% | 9906.27% | -97.84% | 132.89% | -447.76% | 67.14% | 73.42% | -423.28% | -876.39% | -147.37% |
| FCF per Share | 0.93 | 2.07 | 2.63 | 4.53 | 3.16 | 0.57 | 2.06 | 1.83 | 1.83 | -1.49 | -0.05 | -3.27 | -9.74 | -6.25 | -3.51 | 0.03 | -0.74 | -1.78 | -3.10 | -1.28 | 0.16 | 0.33 | 0.28 | 0.00 | 0.14 | -0.44 | -0.08 | -0.25 | -0.92 | -0.18 | -0.02 |
| FCF Conversion (FCF/Net Income) | 0.27x | 2.25x | 2.32x | 2.29x | 3.74x | 1.50x | 2.91x | 1.65x | 3.64x | 2.30x | 2.52x | 18.21x | 1.81x | 5.31x | 4.02x | 3.36x | 1.91x | 1.29x | 1.05x | 1.95x | 2.09x | 1.61x | 1.36x | 0.56x | 1.44x | 0.28x | 0.64x | 1.65x | 1.31x | 1.99x | 2.98x |
| Interest Paid | 0 | 4.92B | 4.13B | 3.38B | 2.92B | 2.43B | 2.54B | 2.74B | 2.51B | 2.67B | 1.82B | 1.83B | 1.44B | 1.1B | 988M | 0 | 871M | 656M | 607M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 1.21B | 861M | 578M | 495M | 489M | 524M | 571M | 277M | 172M | 194M | 80M | 9M | 107M | 267M | 0 | 115M | 205M | 161M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and capex
According to reported financial statements, Enbridge's OCF/NI ratio has fluctuated wildly, reaching a peak of 6.15 in 2024Q4, which suggests that reported net income is frequently decoupled from the actual cash-generating capacity of the firm's core midstream and utility assets.
The persistent gap between net income and operating cash flow indicates that non-cash items, likely including derivative mark-to-market adjustments, are significantly distorting the company's earnings profile. Investors should monitor this divergence as it complicates the assessment of true operational profitability and dividend coverage.
As reported in recent quarterly filings, Enbridge's FCF margin has experienced a sharp decline from 21.1% in 2023Q4 to a marginal 0.5% by 2026Q1, reflecting a deteriorating ability to convert operational success into surplus cash after accounting for necessary capital expenditures.
This downward trajectory in free cash flow suggests that the company's capital-intensive growth strategy is increasingly consuming the cash generated by its legacy assets. The narrowing margin warrants further investigation into whether current dividend levels remain sustainable without continued reliance on external financing.
Based on the provided data, Enbridge's CapEx/Revenue ratio surged to 27.9% in 2025Q4, highlighting a significant increase in capital intensity that appears to be outpacing the company's ability to generate commensurate top-line growth from its infrastructure investments.
The elevated level of capital expenditure suggests that the firm is heavily reinvesting in its network, likely to support the integration of recent utility acquisitions and ongoing maintenance requirements. This high capital burden appears to be the primary driver behind the recent compression in free cash flow.
As indicated by quarterly cash flow statements, Enbridge has experienced significant swings in working capital, including a notable $2.6 billion outflow in 2026Q1, which suggests that the company's cash position is highly sensitive to the timing of operational payments and inventory-related adjustments.
These erratic working capital movements may indicate underlying inefficiencies in cash management or the impact of the energy services segment's commodity-linked activities. Such volatility complicates short-term liquidity planning and may necessitate higher cash buffers than a standard utility-like business would typically require.
Quick answers to the most common questions about buying ENB stock.
Enbridge Inc. (ENB) generated $16.84B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Enbridge Inc. (ENB) generated $4.52B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Enbridge Inc. (ENB) spent $12.31B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Enbridge Inc. (ENB) returned $11.84B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.