Enbridge Past Earnings Performance
Past criteria checks 4/6
Enbridge has been growing earnings at an average annual rate of 3.3%, while the Oil and Gas industry saw earnings growing at 9.5% annually. Revenues have been growing at an average rate of 8% per year. Enbridge's return on equity is 10.3%, and it has net margins of 9.3%.
Key information
3.25%
Earnings growth rate
1.13%
EPS growth rate
| Oil and Gas Industry Growth | 42.11% |
| Revenue growth rate | 7.99% |
| Return on equity | 10.33% |
| Net Margin | 9.35% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • Apr 29
ENB: Future Returns Will Reflect Rich Pricing And Regulated Utility Expansion
Analysts have slightly increased their fair value estimate for Enbridge, reflecting a somewhat higher CA$ price target supported by expectations for stronger revenue growth, a modestly lower future P/E and a stable but fractionally softer profit margin profile. Analyst Commentary Recent research on Enbridge has been active, with several price target revisions and a mix of more optimistic and more cautious views.Narrative Update • Apr 15
ENB: Future Returns Will Hinge On Rich Pricing And Utility Execution
The updated analyst price target for Enbridge reflects a modest fair value shift to CA$75.99, with recent CA$1 to CA$5 target increases from firms such as Argus, Citi, BMO Capital, RBC Capital, CIBC and Scotiabank, partly balanced by valuation driven downgrades from TD Securities and Jefferies, as analysts factor in the company’s diversified pipelines and its growing utility exposure. Analyst Commentary Recent research on Enbridge shows a mix of optimism and caution, with several firms lifting price targets while others are more restrained given the share price move and valuation.Narrative Update • Apr 01
ENB: Future Returns Will Depend On Utility Execution And Rich Market Pricing
Enbridge's fair value estimate nudged higher, supporting a modest lift in the implied CA$ price target. Analysts point to recent Street research that raised targets into the CA$72 to CA$77 range, citing the company's diversified pipeline and utility assets, minimal direct commodity exposure, and updated post earnings estimates.Narrative Update • Mar 18
ENB: Future Returns Will Rely On Utility Execution And Rich Market Pricing
Analysts have nudged the fair value estimate for Enbridge higher, with the implied price target moving roughly CA$1.48 to CA$75.29. This change is supported by a slightly lower discount rate, steady revenue growth and margin assumptions, and a modestly higher future P/E multiple after a series of recent CA$72 to CA$77 Street price target revisions.Narrative Update • Mar 04
ENB: Future Returns Will Depend On Gas Utility Delivery And Premium Valuation Risk
Analysts have lifted their Enbridge fair value estimate to CA$73.81 from CA$71.98, citing higher price targets across the Street and updated views on revenue growth, margins and future P/E assumptions. Analyst Commentary Recent Street research on Enbridge points to a mix of optimism on the company’s fundamentals and caution around where the shares are currently trading, which feeds directly into the updated fair value estimate.Narrative Update • Feb 17
ENB: Future Returns Will Rely On Gas Utility Execution And Dividend Progress
Analysts have nudged their fair value estimates for Enbridge higher. Our updated framework aligns to a CA$1.10 increase in modeled fair value to CA$71.98, as several firms raised price targets into the CA$72 to CA$77 range while citing improved visibility on long term growth, recent deal activity, and stronger valuation support, despite some downgrades following the stock's recent rally.Analysis Article • Feb 16
Industry Analysts Just Made A Meaningful Upgrade To Their Enbridge Inc. (TSE:ENB) Revenue Forecasts
Enbridge Inc. ( TSE:ENB ) shareholders will have a reason to smile today, with the analysts making substantial upgrades...Narrative Update • Feb 03
ENB: Future Returns Will Depend On Gas Utility Execution And Dividend Growth
Analysts have trimmed their fair value estimate for Enbridge by about $0.24, as a slightly higher discount rate and softer revenue outlook are being weighed against a small improvement in expected profit margins and a steady future P/E. Recent price target changes reflect mixed views across the Street.Analysis Article • Jan 29
Enbridge (TSE:ENB) Is Increasing Its Dividend To CA$0.97
The board of Enbridge Inc. ( TSE:ENB ) has announced that it will be paying its dividend of CA$0.97 on the 1st of...Narrative Update • Jan 20
ENB: Future Returns Will Hinge On Gas Utility Execution And Dividend Stability
Analysts have nudged their price targets on Enbridge slightly higher, with recent moves such as BMO to C$67, National Bank to C$66 and Scotiabank to C$70. They cite renewed interest in the company’s natural gas and utility assets as key support for the revised outlook.Narrative Update • Jan 06
ENB: Future Returns Will Rely On Dividend Durability And Execution Discipline
Analysts have inched their price targets on Enbridge higher, with moves such as C$65 to C$66, C$66 to C$67 and C$69 to C$70. These changes reflect updated views on fair value, discount rate, expected revenue contraction and profit margins, while generally maintaining more neutral Sector Perform and Market Perform stances.Narrative Update • Dec 17
ENB: Future Returns Will Depend On U.S. Investment Shift And Dividend Durability
Enbridge's fair value estimate has nudged higher to approximately C$71.07 from about C$70.45, as analysts gradually lift price targets across the midstream peer group while factoring in slightly softer revenue growth, broadly stable margins, and a modestly higher future P/E multiple. Analyst Commentary Recent Street research on Enbridge reflects a generally constructive but still balanced stance, with incremental price target increases clustered in the mid C$60s to around C$70 and rating language that largely reinforces a hold or market perform view.Narrative Update • Dec 03
ENB: Future Returns Will Rely On U.S. Projects And Dividend Stability
Analysts modestly raised their consolidated price target on Enbridge by C$1 to C$70, citing slightly improved long term revenue growth and profit margin assumptions, despite a largely unchanged risk profile. Analyst Commentary Recent research updates on Enbridge reflect a generally constructive but measured stance, with most price target revisions nudging higher while ratings largely remain neutral or sector perform.Narrative Update • Nov 19
ENB: Financial Outlook Will Remain Balanced Amid Shifting Investment Priorities
Enbridge's analyst price target has been revised higher, rising by nearly C$1 to reflect improved estimates for profit margins and a modestly lower discount rate. Recent analyst commentary highlights gradual optimism for the company's financial outlook.Narrative Update • Nov 03
ENB: U.S. Investments And Integration Progress Will Shape Near-Term Stability
Enbridge's analyst price target has increased modestly to C$69 from C$65. Analysts highlight recent earnings growth, as well as positive effects from acquisitions and rate settlements, as supporting factors.Narrative Update • Oct 20
Strong North American Energy Demand Will Fuel Infrastructure Resilience
Analysts have increased their price target for Enbridge from C$68.40 to C$69.17, citing stable sector fundamentals and expectations for steady earnings, even though revenue growth is expected to be modestly slower. Analyst Commentary Recent Street research has highlighted a range of perspectives on Enbridge’s outlook, reflecting both optimism for the company’s growth potential and some areas of near-term caution.Narrative Update • Sep 12
Strong North American Energy Demand Will Fuel Infrastructure Resilience
With both the discount rate and future P/E multiple remaining effectively unchanged, analysts made only a marginal upward revision to Enbridge’s fair value, increasing the consensus price target from CA$68.12 to CA$68.40. What's in the News Wells Fargo raised its Enbridge price target to C$62 from C$60 following a Q2 earnings beat, but maintained an Equal Weight (neutral) rating due to valuation (Periodicals).Analysis Article • Jul 27
We Think Enbridge (TSE:ENB) Is Taking Some Risk With Its Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...Analysis Article • Jul 09
Here's What To Make Of Enbridge's (TSE:ENB) Decelerating Rates Of Return
What are the early trends we should look for to identify a stock that could multiply in value over the long term? One...
New Narrative • Nov 07
Pipelines And Renewables Propel Earnings Amidst Regulatory Challenges
Strategic acquisitions and projects in utilities, renewables, and gas lines are expected to drive stable long-term revenue and earnings growth.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Enbridge makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 69,049 | 6,456 | 9,776 | 0 |
| 31 Dec 25 | 65,194 | 7,044 | 9,676 | 0 |
| 30 Sep 25 | 64,234 | 5,585 | 9,698 | 0 |
| 30 Jun 25 | 64,477 | 6,224 | 9,523 | 0 |
| 31 Mar 25 | 60,937 | 5,895 | 9,545 | 0 |
| 31 Dec 24 | 53,473 | 5,053 | 9,239 | 0 |
| 30 Sep 24 | 48,554 | 6,286 | 9,036 | 0 |
| 30 Jun 24 | 43,516 | 5,525 | 8,820 | 0 |
| 31 Mar 24 | 42,612 | 5,525 | 8,554 | 0 |
| 31 Dec 23 | 43,649 | 5,839 | 8,465 | 0 |
| 30 Sep 23 | 45,775 | 3,046 | 8,217 | 0 |
| 30 Jun 23 | 47,504 | 3,793 | 8,226 | 0 |
| 31 Mar 23 | 50,287 | 2,395 | 8,167 | 0 |
| 31 Dec 22 | 53,309 | 2,589 | 7,980 | 0 |
| 30 Sep 22 | 52,405 | 5,496 | 7,592 | 0 |
| 30 Jun 22 | 52,298 | 4,899 | 7,236 | 0 |
| 31 Mar 22 | 50,031 | 5,843 | 6,792 | 0 |
| 31 Dec 21 | 47,071 | 5,816 | 6,541 | 0 |
| 30 Sep 21 | 44,559 | 5,751 | 6,601 | 0 |
| 30 Jun 21 | 42,203 | 6,059 | 6,485 | 0 |
| 31 Mar 21 | 39,211 | 6,312 | 6,564 | 0 |
| 31 Dec 20 | 39,087 | 2,983 | 6,601 | 0 |
| 30 Sep 20 | 41,431 | 1,954 | 6,502 | 0 |
| 30 Jun 20 | 43,919 | 1,913 | 6,687 | 0 |
| 31 Mar 20 | 49,226 | 2,002 | 6,816 | 0 |
| 31 Dec 19 | 50,069 | 5,322 | 6,890 | 0 |
| 30 Sep 19 | 49,279 | 5,665 | 6,817 | 0 |
| 30 Jun 19 | 49,026 | 4,626 | 6,731 | 0 |
| 31 Mar 19 | 46,508 | 3,961 | 6,737 | 0 |
| 31 Dec 18 | 46,378 | 2,515 | 6,662 | 0 |
| 30 Sep 18 | 47,705 | 1,633 | 6,354 | 0 |
| 30 Jun 18 | 45,587 | 2,488 | 6,305 | 0 |
| 31 Mar 18 | 45,958 | 2,336 | 6,240 | 0 |
| 31 Dec 17 | 44,378 | 2,529 | 6,194 | 0 |
| 30 Sep 17 | 40,827 | 2,687 | 5,910 | 0 |
| 30 Jun 17 | 40,088 | 1,819 | 5,403 | 0 |
| 31 Mar 17 | 36,911 | 1,201 | 4,783 | 0 |
| 31 Dec 16 | 34,560 | 1,776 | 4,282 | 0 |
| 30 Sep 16 | 34,136 | 1,789 | 4,295 | 0 |
| 30 Jun 16 | 33,968 | 1,283 | 4,291 | 0 |
| 31 Mar 16 | 34,660 | 1,559 | 4,199 | 0 |
| 31 Dec 15 | 33,794 | -37 | 4,131 | 0 |
| 30 Sep 15 | 33,677 | -327 | 3,933 | 0 |
| 30 Jun 15 | 33,654 | 202 | 3,641 | 0 |
Quality Earnings: ENB has high quality earnings.
Growing Profit Margin: ENB's current net profit margins (9.3%) are lower than last year (9.7%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: ENB's earnings have grown by 3.3% per year over the past 5 years.
Accelerating Growth: ENB's earnings growth over the past year (9.5%) exceeds its 5-year average (3.3% per year).
Earnings vs Industry: ENB earnings growth over the past year (9.5%) exceeded the Oil and Gas industry -13.8%.
Return on Equity
High ROE: ENB's Return on Equity (10.3%) is considered low.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/03 10:06 |
| End of Day Share Price | 2026/06/03 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Enbridge Inc. is covered by 46 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Harshit Gupta | Accountability Research Corporation |
| John Eade | Argus Research Company |
| null null | Argus Research Company |