Income StatementBalance SheetCash FlowSegments
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Enbridge Business Segments

Business, geographic, and product segment breakdowns

Enbridge generates $69.0B in annual revenue across 4 key segments: Gas Distributionand Storage ($4.1B), Gas Transmission ($76.0M), Liquids Pipelines ($36.8B), and Renewable Power Generation ($1.0M). The company-wide operating margin is 15.22%. Based on the Q1 2026 filing.

Gas Distributionand Storage (TTM)$4.1BGas Transmission (TTM)$76.0MLiquids Pipelines (TTM)$36.8BRenewable Power Generation (TTM)$1.0M
Latest FilingQ1 2026
Report Date2026-05-08
Market Cap$126.74B
P/E Ratio18.36
ROE10.37%

Products & Services

Cost of Goods Sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Distribution Revenue$980.0M$1.6B$548.0M$280.0M$1.2B$2.0B

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Transportation Revenue$4.5B$4.7B$4.3B$4.4B$4.4B$4.3B
Gas Distribution Revenue$2.5B$3.7B$1.8B$1.3B$3.0B$4.1B
Gas Distribution Sales$2.5B$3.7B$1.7B$1.3B$2.9B$4.1B
Storageand Other Revenue$362.0M$398.0M$389.0M$357.0M$394.0M$404.0M
Electricity Revenue$52.0M$42.0M$52.0M$72.0M$66.0M$77.0M
Commodity Sales$43.0M$24.0M$28.0M$54.0M$61.0M$45.0M

Revenue Not From Contract With Customer

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Commodity Sales$8.6B$9.5B$8.1B$8.3B$9.1B$13.1B
Other Revenue$214.0M$200.0M$257.0M$148.0M$278.0M$242.0M

Derivative Asset Liability Net Measurement Input

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Power$229.3$195.5$185.1$179.6$196.8$162.9
Crude Oil$118.3$118.4$112.2$114.4$112.7$148.5
Natural Gas Reserves$22.6$12.2$13.8$19.5$27.0$17.7

Derivative Assets Liabilities At Fair Value Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Reserves$166.0M$134.0M$69.0M$198.0M$187.0M$124.0M
Crude Oil$22.0M$25.0M-$6.0M$20.0M$51.0M-$78.0M
Power-$98.0M-$19.0M-$7.0M-$7.0M-$9.0M-$19.0M

Derivative Nonmonetary Notional Amount Outstanding

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Reserves$288.0M$242.0M$227.0M$246.0M$236.0M$241.0M
Crude Oil$25.0M$6.0M-$8.0M$19.0M$11.0M-$8.0M

Derivative Nonmonetary Notional Amount Outstanding Maturing In Remainder Of Year

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Reserves—$93.0M$42.0M$23.0M—$109.0M
Crude Oil—$1.0M-$15.0M-$8.0M—-$6.0M

Derivative Nonmonetary Notional Amount Outstanding Maturing In Year Five

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Reserves$5.0M$4.0M$14.0M$12.0M$6.0M$6.0M
Crude Oil$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M

Derivative Nonmonetary Notional Amount Outstanding Maturing In Year Four

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Reserves$11.0M$14.0M$22.0M$24.0M$12.0M$13.0M
Crude Oil$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M

Derivative Nonmonetary Notional Amount Outstanding Maturing In Year Three

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Reserves$37.0M$42.0M$56.0M$63.0M$29.0M$32.0M
Crude Oil$1.0M-$3.0M$2.0M$13.0M$1.0M$1.0M

Derivative Nonmonetary Notional Amount Outstanding Maturing In Year Two

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Reserves$79.0M$87.0M$91.0M$118.0M$66.0M$81.0M
Crude Oil$15.0M$5.0M$2.0M$11.0M$13.0M-$5.0M

Derivative Nonmonetary Notional Amount Outstanding Maturing In Year After Five

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Reserves—$2.0M$2.0M$6.0M$0.0$0.0

Derivative Nonmonetary Rate Notional Amount Outstanding

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Power-500000000.0%6400000000.0%3700000000.0%3400000000.0%3400000000.0%3100000000.0%

Derivative Nonmonetary Rate Notional Amount Outstanding Maturing In After Year Five

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Power0.0%0.0%-200000000.0%-200000000.0%-200000000.0%-200000000.0%

Derivative Nonmonetary Rate Notional Amount Outstanding Maturing In Remainder Of Year

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Power—11800000000.0%14900000000.0%14100000000.0%—14400000000.0%

Derivative Nonmonetary Rate Notional Amount Outstanding Maturing In Year Five

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Power3000000000.0%3000000000.0%2900000000.0%2900000000.0%-200000000.0%-200000000.0%

Derivative Nonmonetary Rate Notional Amount Outstanding Maturing In Year Four

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Power4900000000.0%3000000000.0%3000000000.0%3000000000.0%2900000000.0%2900000000.0%

Derivative Nonmonetary Rate Notional Amount Outstanding Maturing In Year Three

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Power3100000000.0%5100000000.0%8500000000.0%8500000000.0%5500000000.0%5500000000.0%

Derivative Nonmonetary Rate Notional Amount Outstanding Maturing In Year Two

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Power2400000000.0%10700000000.0%14200000000.0%14200000000.0%8500000000.0%8500000000.0%

Geographic

Income Tax Reconciliation Of Other Jurisdictions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non Us-$6.5M-$18.5M-$18.5M-$18.5M-$18.5M—

Percentage Of Income Tax Reconciliation Of Other Jurisdictions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non Us-0.1%-0.2%-0.2%-0.2%-0.2%—

Foreign Income Tax Expense Benefit Continuing Operations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other Countries3200000000.0%-200000000.0%-200000000.0%-200000000.0%-200000000.0%—

Pre-Tax Income (Foreign)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other Countries25825000000.0%12050000000.0%12050000000.0%12050000000.0%12050000000.0%—

Business Segments

Cost of Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Liquids Pipelines$8.1B$8.9B$7.7B$8.0B$8.4B$12.6B
Gas Distributionand Storage$982.0M$1.6B$553.0M$284.0M$1.2B$2.0B
Gas Transmission$13.0M$11.0M$16.0M$12.0M$29.0M$19.0M
Renewable Power Generation-$3.0M-$3.0M-$1.0M$2.0M$0.0$0.0

Equity Method Investment Ownership Percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Distributionand Storage50.0%———50.0%—
Gas Transmission15.0%—10.0%—74.3%—
Liquids Pipelines90.0%———90.0%—
Renewable Power Generation51.0%24.1%——51.0%—

Equity Method Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Distributionand Storage$67.0M———$66.0M—
Gas Transmission$1.6B———$2.1B—
Liquids Pipelines$2.8B———$2.6B—
Renewable Power Generation$1.6B———$1.6B—

G&A Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Liquids Pipelines$1.2B$1.1B$1.0B$1.1B$1.2B$1.1B
Gas Distributionand Storage$790.0M$772.0M$688.0M$719.0M$851.0M$774.0M
Gas Transmission$621.0M$524.0M$514.0M$571.0M$643.0M$551.0M
Renewable Power Generation$90.0M$78.0M$72.0M$87.0M$95.0M$86.0M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Distributionand Storage$8.9B———$8.7B—
Liquids Pipelines$9.0B———$8.6B—
Renewable Power Generation$414.0M———$395.0M—

Goodwill Foreign Currency Translation Gain Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Distribution and Storage$51.0M-$42.8M-$42.8M-$42.8M-$42.8M—
Gas Transmission$338.5M-$186.8M-$186.8M-$186.8M-$186.8M—
Liquids Pipelines$168.0M-$94.8M-$94.8M-$94.8M-$94.8M—
Renewable Power Generation$8.5M-$4.8M-$4.8M-$4.8M-$4.8M—

Income Loss From Continuing Operations Before Interest Income Taxes Extraordinary Items Noncontrolling Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Liquids Pipelines235200000000.0%259300000000.0%233100000000.0%228300000000.0%218900000000.0%195700000000.0%
Gas Distributionand Storage101500000000.0%160000000000.0%51000000000.0%56000000000.0%113900000000.0%170900000000.0%
Gas Transmission115000000000.0%147300000000.0%144200000000.0%127000000000.0%130600000000.0%157000000000.0%
Renewable Power Generation23600000000.0%22300000000.0%10900000000.0%8900000000.0%19900000000.0%18800000000.0%

Income Loss From Equity Method Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Transmission$201.0M$232.0M$241.0M$192.0M$188.0M$232.0M
Liquids Pipelines$253.0M$368.0M$245.0M$230.0M$248.0M$225.0M
Renewable Power Generation$190.0M$132.0M$27.0M$32.0M$100.0M$87.0M
Gas Distributionand Storage$2.0M$1.0M$0.0$1.0M$2.0M$0.0

Nonoperating Income Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Transmission$96.0M$61.0M$127.0M$64.0M$54.0M$127.0M
Gas Distributionand Storage$42.0M$49.0M$65.0M$49.0M$57.0M$52.0M
Renewable Power Generation$12.0M$46.0M$8.0M$16.0M$28.0M$13.0M
Liquids Pipelines$32.0M$19.0M$22.0M$10.0M$28.0M$0.0

Other Long Term Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Distribution and Storage$27.0M———$25.0M—
Gas Transmission$139.0M———$139.0M—
Renewable Power Generation$21.0M———$21.0M—

PP&E (Net)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Liquids Pipelines$53.9B$53.7B$51.8B$52.3B$51.7B$52.1B
Gas Distributionand Storage$38.6B$38.9B$38.3B$39.2B$39.6B$40.3B
Gas Transmission$34.7B$34.9B$34.0B$35.1B$35.4B$36.7B
Renewable Power Generation$3.6B$3.7B$3.8B$4.1B$4.4B$4.9B

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Liquids Pipelines$11.4B$12.2B$10.8B$11.2B$11.7B$15.5B
Gas Distributionand Storage$2.7B$4.0B$2.0B$1.5B$3.2B$4.4B
Gas Transmission$1.6B$1.7B$1.6B$1.6B$1.7B$1.8B
Renewable Power Generation$144.0M$120.0M$145.0M$130.0M$166.0M$174.0M

Revenue Not From Contract With Customer

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Distributionand Storage$6.0M$18.0M-$1.0M-$3.0M$7.0M$18.0M
Gas Transmission$4.0M$8.0M$4.0M$3.0M$6.0M$6.0M
Renewable Power Generation$1.0M$1.0M$3.0M$2.0M$1.0M$3.0M
Liquids Pipelines$0.0$0.0$0.0$0.0$0.0$0.0

Segment Expenditure Addition To Long Lived Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Transmission$801.0M$604.0M$691.0M$933.0M$1.0B$942.0M
Gas Distributionand Storage$974.0M$661.0M$735.0M$914.0M$1.0B$708.0M
Renewable Power Generation$452.0M$145.0M$214.0M$173.0M$415.0M$424.0M
Liquids Pipelines$391.0M$309.0M$284.0M$307.0M$458.0M$411.0M

Payments To Acquire Equity Method Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Transmission$303.0M—$413.0M———

Proceeds From Sale Of Equity Method Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Renewable Power Generation—$130.0M————