TLDR
- Enbridge posts record Q1 earnings of $2.3 billion, $1.04 per share
- Adjusted EBITDA jumps 18% to $5.8 billion
- Company reaffirms 2025 full-year guidance
- Sanctions over $2 billion in new pipeline investments
- Stock trades at $45.97 with a 5.95% yield
Enbridge Inc. (NYSE: ENB) stock is up 0.40% at $45.97 as of early afternoon on May 9, 2025, after the company reported record first-quarter earnings and reaffirmed its 2025 financial guidance.
Enbridge posted Q1 2025 GAAP earnings of $2.3 billion, or $1.04 per share, marking a significant jump from $1.4 billion, or $0.67 per share, in the same quarter last year. Adjusted earnings came in at $2.2 billion, or $1.03 per share, compared with $2.0 billion, or $0.92 per share, in Q1 2024. The company also generated an 18% increase in adjusted EBITDA, reaching $5.8 billion. Distributable cash flow (DCF) rose 9% to $3.8 billion.
Enbridge is proud to share our #Q1 results today. The growth and strong financial results we’ve seen through the start of 2025 is reflective of our low-risk business model and solidifies Enbridge as a first-choice investment.
Learn more: https://t.co/M8HWZI2eUg pic.twitter.com/fegY0H3OgA
— Enbridge (@Enbridge) May 9, 2025
Pipeline Expansions and New Projects
Enbridge’s liquids pipeline segment remained a strong performer. CEO Greg Ebel noted that the Mainline system was fully apportioned in Q1, setting a record with 3.2 million barrels per day. To meet growing demand, the company sanctioned up to $2 billion in Mainline capital investments through 2028 and launched an open season on its Flanagan South Pipeline, aiming to add 150,000 barrels per day in capacity.
In the U.S., Enbridge reached record export volumes at its Ingleside Export Center and expects to complete Phase VII storage expansion later this year. The company also announced plans to acquire a 10% stake in the Matterhorn Express Pipeline for US$300 million and sanctioned the construction of the Traverse Pipeline, connecting key U.S. gas markets.
Renewable Power and Distribution Updates
Enbridge made progress in its renewable power business as the 130 MW Orange Grove solar project entered service on time and on budget. The Sequoia project is also on track for its initial phase launch later in 2025. In gas distribution, the company filed new rate cases in North Carolina and Utah, expecting constructive regulatory outcomes.
Financial Outlook and Stock Performance
Looking ahead, Enbridge reaffirmed its 2025 guidance for adjusted EBITDA between $19.4 billion and $20.0 billion and DCF per share between $5.50 and $5.90. The company maintains its near-term growth targets of 7-9% for adjusted EBITDA and 4-6% for adjusted EPS through 2026. Enbridge’s stock offers a forward dividend yield of 5.95%, with the next ex-dividend date on May 15, 2025.
The stock has delivered strong returns, up 9.19% year-to-date and 29.42% over the past year, outperforming the S&P/TSX Composite index. Over the last five years, ENB has posted an impressive 95.41% return.
