Gross margins have experienced a persistent contraction from 43.9% in 2024Q1 to 27.6% by 2026Q1, indicating significant pressure on core profitability.
| 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 |
|---|
| Sales/Revenue | 77.97B | 65.19B | 53.47B | 43.65B | 53.31B | 47.07B | 39.09B | 50.07B | 46.38B | 44.38B | 34.56B | 33.79B | 37.64B | 32.92B | 25.31B | 19.4B | 15.13B | 12.47B | 16.13B | 11.92B | 10.64B | 8.45B | 6.54B | 4.86B | 4.55B | 4.05B | 2.94B | 2.69B | 2.34B | 2.52B | 2.46B |
| Revenue Growth % | 27.95% | 21.92% | 22.51% | -18.12% | 13.25% | 20.43% | -21.93% | 7.96% | 4.51% | 28.41% | 2.27% | -10.22% | 14.35% | 30.08% | 30.43% | 28.26% | 21.35% | -22.72% | 35.34% | 11.98% | 25.92% | 29.24% | 34.71% | 6.77% | 12.28% | 37.52% | 9.58% | 14.78% | -7.08% | 2.53% | 5.82% |
| Cost of Goods Sold | 53.99B | 43.7B | 34.21B | 25.98B | 36.91B | 32.55B | 24.38B | 34.4B | 32.65B | 31.8B | 26.25B | 27.27B | 31.06B | 28.18B | 20.99B | 14.85B | 11.29B | 9.01B | 12.79B | 9.01B | 7.82B | 5.73B | 3.92B | 2.72B | 2.58B | 2.2B | 966.5M | 903.07M | 865.02M | 1.04B | 1.06B |
| COGS % of Revenue | - | 67.03% | 63.97% | 59.52% | 69.23% | 69.16% | 62.38% | 68.7% | 70.39% | 71.66% | 75.94% | 80.68% | 82.52% | 85.6% | 82.95% | 76.56% | 74.64% | 72.28% | 79.3% | 75.59% | 73.51% | 67.77% | 59.89% | 56.02% | 56.69% | 54.39% | 32.82% | 33.6% | 36.94% | 41.13% | 43.3% |
| Gross Profit | 23.98B | 21.5B | 19.27B | 17.67B | 16.4B | 14.52B | 14.71B | 15.67B | 13.73B | 12.58B | 8.31B | 6.53B | 6.58B | 4.74B | 4.31B | 4.55B | 3.84B | 3.46B | 3.34B | 2.91B | 2.82B | 2.72B | 2.62B | 2.14B | 1.97B | 1.85B | 1.98B | 1.78B | 1.48B | 1.48B | 1.39B |
| Gross Margin % | 30.76% | 32.97% | 36.03% | 40.48% | 30.77% | 30.84% | 37.62% | 31.3% | 29.61% | 28.34% | 24.06% | 19.32% | 17.48% | 14.4% | 17.05% | 23.44% | 25.36% | 27.72% | 20.7% | 24.41% | 26.49% | 32.23% | 40.11% | 43.98% | 43.31% | 45.61% | 67.18% | 66.4% | 63.06% | 58.87% | 56.7% |
| Gross Profit Growth % | - | 11.58% | 9.03% | 7.72% | 12.99% | -1.29% | -6.18% | 14.15% | 9.17% | 51.27% | 27.35% | -0.79% | 38.81% | 9.9% | -5.15% | 18.56% | 11.03% | 3.46% | 14.76% | 3.19% | 3.49% | 3.86% | 22.87% | 8.41% | 6.62% | -6.63% | 10.87% | 20.86% | -0.46% | 6.45% | 16.16% |
| Operating Expenses | 11.62B | 10.54B | 9.62B | 9.02B | 11.22B | 6.71B | 6.75B | 7.41B | 6.79B | 6.44B | 4.36B | 4.23B | 3.38B | 3.38B | 2.8B | 2.66B | 2.33B | 2.19B | 1.97B | 1.76B | 1.67B | 1.63B | 1.54B | 1.24B | 1.36B | 1.13B | 1.32B | 1.21B | 984.06M | 912.51M | 813.21M |
| OpEx % of Revenue | - | 16.17% | 17.98% | 20.66% | 21.06% | 14.26% | 17.27% | 14.81% | 14.64% | 14.52% | 12.61% | 12.51% | 8.97% | 10.25% | 11.07% | 13.69% | 15.4% | 17.6% | 12.22% | 14.77% | 15.7% | 19.32% | 23.55% | 25.62% | 29.92% | 27.94% | 44.95% | 44.85% | 42.02% | 36.21% | 33.09% |
| Selling, General & Admin | 0 | 0 | 0 | -135M | -239M | -150M | -148M | 6.99B | 6.79B | 6.44B | 4.36B | 4.25B | 3.28B | 3.01B | 2.89B | 1.72B | 1.47B | 1.43B | 1.31B | 1.16B | 1.08B | 1.06B | 1.01B | 800.8M | 834.1M | 739.1M | 870.3M | 821.61M | 675.08M | 638.46M | 576.26M |
| SG&A % of Revenue | - | - | - | -0.31% | -0.45% | -0.32% | -0.38% | 13.96% | 14.64% | 14.52% | 12.62% | 12.57% | 8.72% | 9.16% | 11.42% | 8.87% | 9.69% | 11.47% | 8.13% | 9.76% | 10.19% | 12.51% | 15.52% | 16.49% | 18.34% | 18.25% | 29.55% | 30.57% | 28.83% | 25.34% | 23.45% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 10.54B | 9.62B | 9.15B | 11.46B | 6.86B | 6.9B | 423M | 0 | 0 | 0 | 0 | 28M | 51M | 240M | 937M | 864M | 764M | 658.4M | 596.9M | 587.4M | 575.3M | 525M | 443M | 526.6M | 392.5M | 453.5M | 383.83M | 308.98M | 274.05M | 236.95M |
| Operating Income | 12.36B | 10.96B | 9.65B | 8.65B | 5.18B | 7.8B | 7.96B | 8.26B | 4.82B | 1.57B | 2.58B | 1.86B | 3.2B | 1.36B | 1.51B | 1.89B | 1.51B | 1.26B | 1.37B | 1.15B | 1.15B | 1.09B | 1.08B | 891.4M | 608.8M | 715.7M | 654.7M | 579.14M | 492.57M | 570.98M | 580.38M |
| Operating Margin % | 15.85% | 16.81% | 18.04% | 19.82% | 9.71% | 16.58% | 20.36% | 16.5% | 10.38% | 3.54% | 7.47% | 5.51% | 8.5% | 4.15% | 5.97% | 9.75% | 9.96% | 10.12% | 8.48% | 9.64% | 10.79% | 12.92% | 16.57% | 18.36% | 13.39% | 17.67% | 22.23% | 21.55% | 21.04% | 22.66% | 23.61% |
| Operating Income Growth % | - | 13.57% | 11.54% | 67.07% | -33.66% | -1.91% | -3.67% | 71.51% | 206.56% | -39.13% | 38.61% | -41.81% | 134.43% | -9.72% | -20.04% | 25.56% | 19.43% | -7.87% | 19.09% | 0.09% | 5.17% | 0.77% | 21.55% | 46.42% | -14.94% | 9.32% | 13.05% | 17.57% | -13.73% | -1.62% | 25.49% |
| EBITDA | 18.58B | 16.62B | 14.82B | 13.26B | 9.49B | 11.66B | 11.67B | 11.65B | 8.06B | 4.73B | 4.82B | 3.89B | 4.78B | 2.73B | 2.72B | 2.83B | 2.37B | 2.02B | 2.03B | 1.75B | 1.74B | 1.67B | 1.61B | 1.33B | 1.01B | 1.11B | 1.11B | 962.96M | 801.55M | 845.03M | 817.32M |
| EBITDA Margin % | 23.83% | 25.49% | 27.71% | 30.39% | 17.81% | 24.76% | 29.85% | 23.27% | 17.38% | 10.67% | 13.95% | 11.5% | 12.69% | 8.31% | 10.74% | 14.58% | 15.67% | 16.24% | 12.57% | 14.65% | 16.31% | 19.72% | 24.59% | 27.48% | 22.27% | 27.36% | 37.63% | 35.83% | 34.23% | 33.53% | 33.25% |
| EBITDA Growth % | 16.18% | 12.17% | 11.7% | 39.69% | -18.55% | -0.1% | 0.15% | 44.52% | 70.3% | -1.8% | 24.06% | -18.65% | 74.66% | 0.63% | -3.89% | 19.32% | 17.04% | -0.11% | 16.09% | 0.6% | 4.12% | 3.64% | 20.54% | 31.77% | -8.62% | 0% | 15.08% | 20.14% | -5.15% | 3.39% | 19.5% |
| D&A (Non-Cash Add-back) | 6.22B | 5.66B | 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 |
| EBIT | 15.33B | 14.79B | 11.7B | 11.74B | 7.77B | 10.43B | 7.03B | 10.27B | 6.4B | 3.4B | 4.04B | 1.64B | 3.25B | 1.52B | 1.99B | 2.9B | 1.98B | 2.46B | 2.44B | 1.15B | 1.15B | 1.09B | 1.08B | 891.4M | 608.8M | 746.5M | 611.3M | 579.14M | 492.57M | 570.98M | 580.38M |
| Net Interest Income | -1.95B | -4.99B | -4.42B | -3.81B | -3.22B | -2.71B | -2.01B | -2.12B | -2.7B | -2.56B | -1.59B | -1.62B | -1.11B | -920M | -814M | -908M | -828M | -597M | -551M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 10M | 0 | 0 | 0 | 0 | 131M | 270M | 0 | 0 | 23M | 27M | 27M | -18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.95B | 4.99B | 4.4B | 3.82B | 3.22B | 2.71B | 2.01B | 2.12B | 2.83B | 2.83B | 1.59B | 1.62B | 1.08B | 907M | 841M | 711M | 687M | 597M | 550.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -2.5B | -1.17B | -2.35B | -772M | -636M | -76M | -3.77B | -725M | -3.97B | -5.14B | -1.47B | -1.85B | -1.03B | -752M | -326M | 121M | -275M | 607M | 523.6M | -233M | -333.7M | -307.6M | -142.1M | -44.7M | -185.3M | -242.2M | -217.7M | -191.84M | -156.35M | -199.43M | -261.75M |
| Pretax Income | 9.86B | 9.79B | 7.3B | 7.88B | 4.54B | 7.73B | 4.19B | 7.54B | 3.57B | 569M | 2.45B | 11M | 2.17B | 613M | 1.07B | 1.63B | 1.23B | 1.87B | 1.84B | 916.3M | 814.6M | 784.2M | 941.4M | 888.2M | 469.9M | 504.3M | 412.6M | 387.3M | 336.22M | 371.55M | 318.62M |
| Pretax Margin % | 12.64% | 15.02% | 13.65% | 18.05% | 8.52% | 16.42% | 10.72% | 15.05% | 7.7% | 1.28% | 7.09% | 0.03% | 5.77% | 1.86% | 4.23% | 8.39% | 8.14% | 14.98% | 11.39% | 7.69% | 7.65% | 9.28% | 14.39% | 18.29% | 10.33% | 12.45% | 14.01% | 14.41% | 14.36% | 14.74% | 12.96% |
| Income Tax | 2.11B | 2B | 1.67B | 1.82B | 1.6B | 1.42B | 774M | 1.71B | 237M | -2.7B | 142M | 170M | 611M | 123M | 128M | 568M | 251M | 306M | 508.9M | 209.2M | 192.3M | 221.3M | 289.2M | 187.4M | 102.1M | 66.7M | -1.9M | 87.53M | 95.36M | 154.25M | 138.28M |
| Effective Tax Rate % | 21.45% | 20.46% | 22.85% | 23.11% | 35.31% | 18.31% | 18.47% | 22.67% | 6.64% | -473.99% | 5.79% | 1545.45% | 28.12% | 20.07% | 11.95% | 34.89% | 20.39% | 16.38% | 27.71% | 22.83% | 23.61% | 28.22% | 30.72% | 21.1% | 21.73% | 13.23% | -0.46% | 22.6% | 28.36% | 41.52% | 43.4% |
| Net Income | 7.57B | 7.49B | 5.44B | 6.19B | 3B | 6.19B | 3.36B | 5.71B | 2.88B | 2.86B | 2.07B | 251M | 1.41B | 629M | 715M | 1B | 970M | 1.56B | 1.33B | 707.1M | 622.3M | 562.9M | 652.2M | 700.8M | 610.1M | 482.9M | 414.5M | 299.77M | 240.87M | 217.3M | 180.35M |
| Net Margin % | 9.71% | 11.49% | 10.18% | 14.18% | 5.63% | 13.15% | 8.6% | 11.39% | 6.21% | 6.44% | 5.99% | 0.74% | 3.73% | 1.91% | 2.83% | 5.17% | 6.41% | 12.53% | 8.23% | 5.93% | 5.85% | 6.66% | 9.97% | 14.43% | 13.42% | 11.92% | 14.07% | 11.15% | 10.29% | 8.62% | 7.34% |
| Net Income Growth % | 20.33% | 37.68% | -12.11% | 106.16% | -51.48% | 84.03% | -41.05% | 97.95% | 0.8% | 38.18% | 724.3% | -82.14% | 123.37% | -12.03% | -28.78% | 3.51% | -37.9% | 17.65% | 87.77% | 13.63% | 10.55% | -13.69% | -6.93% | 14.87% | 26.34% | 16.5% | 38.27% | 24.45% | 10.85% | 20.49% | 38.35% |
| Net Income (Continuing) | 7.74B | 7.79B | 5.63B | 6.06B | 2.94B | 6.31B | 3.42B | 5.83B | 3.33B | 3.27B | 2.31B | -634M | 1.56B | 490M | 1.01B | 1.49B | 980M | 1.6B | 1.38B | 707M | 622.3M | 562.9M | 652.2M | 674.1M | 336.9M | 437.6M | 379.9M | 299.77M | 240.87M | 217.3M | 180.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46M | 4M | -274M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4.92B | 4.93B | 2.99B | 3.03B | 3.51B | 2.54B | 3B | 2.59B | 3.96B | 7.6B | 577M | 1.3B | 2.02B | 4.01B | 3.26B | 846M | 658M | 727M | 797.4M | 650.5M | 715.2M | 691M | 514.9M | 523M | 560.8M | 131.1M | 126.4M | 99.97M | 0 | 0 | 0 |
| EPS (Diluted) | 3.45 | 3.24 | 2.34 | 2.84 | 1.28 | 2.87 | 1.48 | 2.63 | 1.67 | 1.65 | 1.93 | -0.04 | 1.39 | 0.55 | 0.78 | 1.30 | 1.29 | 2.13 | 1.82 | 0.98 | 0.90 | 0.82 | 0.48 | 0.51 | 0.46 | 0.72 | 0.63 | -0.33 | 0.10 | 0.10 | 0.09 |
| EPS Growth % | 20% | 38.46% | -17.61% | 121.88% | -55.4% | 93.92% | -43.73% | 57.48% | 1.21% | -14.51% | 4925% | -102.88% | 152.73% | -29.49% | -40% | 0.78% | -39.44% | 17.03% | 85.71% | 8.89% | 9.76% | 70.83% | -5.88% | 10.87% | -36.11% | 14.29% | 290.91% | -430% | 1.63% | 8.37% | -35.14% |
| EPS (Basic) | - | 3.24 | 2.34 | 2.84 | 1.28 | 2.87 | 1.48 | 2.64 | 1.67 | 1.66 | 1.95 | -0.04 | 1.39 | 0.55 | 0.79 | 1.32 | 1.30 | 2.13 | 1.84 | 0.99 | 0.91 | 0.83 | 0.48 | 0.51 | 0.46 | 0.73 | 0.64 | -0.33 | 0.10 | 0.10 | 0.09 |
| Diluted Shares Outstanding | 2.19B | 2.19B | 2.16B | 2.06B | 2.03B | 2.02B | 2.02B | 2.02B | 1.73B | 1.53B | 918M | 858M | 840M | 817M | 785M | 761M | 748M | 731.76M | 724.2M | 716.6M | 687.6M | 682.21M | 1.38B | 1.37B | 1.32B | 1.26B | 1.23B | 1.2B | 1.25B | 1.19B | 1.08B |
| Basic Shares Outstanding | 2.18B | 2.18B | 2.15B | 2.06B | 2.02B | 2.02B | 2.02B | 2.02B | 1.72B | 1.52B | 911M | 847M | 829M | 806M | 772M | 751M | 740M | 728.34M | 718.6M | 710.6M | 680M | 673.94M | 1.38B | 1.37B | 1.32B | 1.26B | 1.23B | 1.2B | 1.25B | 1.19B | 1.08B |
| Dividend Payout Ratio | - | 150.44% | 144.73% | 117.53% | 232.03% | 109.32% | 195.06% | 104.7% | 120.75% | 96.19% | 55.58% | 378.49% | 53.31% | 107.15% | 83.5% | 52.79% | 43.92% | 26.5% | 27.05% | 63.97% | 64.78% | 64.15% | 48.42% | 41.5% | 42.29% | 52.16% | 54.11% | 66.17% | 69.86% | 67.7% | 69.83% |
Regulatory and leverage exposure
As reported in recent financial filings, Enbridge's revenue growth has exhibited significant volatility, peaking at 69.0% in 2026Q1, which appears largely driven by non-core energy services fluctuations rather than sustained organic expansion of the firm's primary liquids pipeline and regulated gas utility infrastructure assets.
The wide swings in top-line performance suggest that the company's reported revenue is heavily influenced by commodity-sensitive segments that do not reflect the stability of its core toll-bridge business. Investors should monitor whether this revenue variability continues to obscure the underlying growth trajectory of the regulated rate base.
Based on the provided income statement data, Enbridge's gross margin has experienced a notable contraction, falling from 43.9% in 2024Q1 to 27.6% by 2026Q1, suggesting that rising operational costs or shifts in segment mix are exerting persistent pressure on the company's core profitability profile.
This margin erosion appears to indicate that the cost of maintaining and operating the aging pipeline network is outpacing the company's ability to pass through costs via tolling agreements. The trend warrants further investigation into whether recent utility acquisitions are diluting the higher-margin profile historically associated with liquids pipelines.
According to historical income statements, Enbridge's net income exhibits extreme quarterly variance, with net margins fluctuating between 3.7% and 17.1%, which suggests that non-operating items, such as derivative mark-to-market adjustments, are significantly distorting the quality of reported earnings for the average equity investor.
The disconnect between operating income and net income highlights the necessity of focusing on adjusted metrics rather than GAAP figures to assess true performance. Analysts should remain cautious, as these non-cash adjustments may mask underlying operational challenges or temporary relief in the company's interest expense burden.
As indicated by the provided financial data, the combination of declining gross margins and the potential for increased debt-servicing requirements following recent utility acquisitions suggests that Enbridge's current earnings quality may be more vulnerable to interest rate volatility and regulatory cost-recovery delays than the market currently anticipates.
Short-term observers might focus on the potential for further margin compression if integrity-spend requirements continue to escalate across the Mainline system. The reliance on debt-funded growth to offset stagnant organic pipeline throughput creates a risk profile that may not be fully captured by current valuation multiples.
Quick answers to the most common questions about buying ENB stock.
For fiscal year 2025, Enbridge Inc. (ENB) reported total revenue of $65.19B. This represents a 2552.5% increase compared to $2.46B in 1996.
Enbridge Inc. (ENB) is profitable, generating $7.49B in net income for the fiscal year ending 2025 with a net profit margin of 11.5%.
Enbridge Inc. (ENB) reported an operating income of $10.96B, resulting in an operating profit margin of 16.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Enbridge Inc. (ENB) generated $21.50B in gross profit for the year, representing a gross profit margin of 33.0%. This demonstrates the company's core pricing power and production efficiency.