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Enbridge ENB Liquids Pipelines — Equity Method Investments

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Other financials

Income statement

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Revenue$22.4B+20.8%
Operating income$3.2B-12.2%
Net income$1.4B-38.7%
EPS (diluted)$0.76-26.2%

Balance sheet

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Cash & equivalents$1.6B-21.7%
Total debt$1.5B-98.5%
Total equity$65.0B-4.8%
Total assets$228.20B+3.7%

Cash flow

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Operating cash flow$4.1B+27.0%
CapEx$2.4B+41.6%
Free cash flow-$97.0M-107%

Valuation

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Market cap$118.92B+17.0%
Enterprise value$118.78B-38.7%
P/E19.8×+4.4×

Profitability

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Operating margin15.2%-2.2pp
Net margin10%-0.3pp
FCF margin2.7%-5.9pp

Returns & leverage

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Return on equity10.4%+0.9pp
Debt / equity-1.4×
Current ratio0.8×+0.1×

Where this comes from

Reported directly by Enbridge in its filing.

Tagged under the XBRL concept us-gaap:EquityMethodInvestments.

The source filing: Enbridge’s 10-K, filed February 13, 2026.

Filed
Feb 13, 2026, 7:05 AM EST
Fiscal year
FY2025
Accession
0001193125-26-049810
December 31,Ownership Interest20252024
DCP Midstream, LLC (Class B Units)190.0%1,4371,554
Illinois Extension Pipeline Company, L.L.C.65.0%566608
MarEn Bakken Company LLC275.0%2,0902,296
Seaway Crude Holdings LLC50.0%2,6302,820
Other30.0%–62.5%17396
Gas Transmission
DCP Midstream, LLC (Class A Units)323.4%736480
Delaware Basin Residue, LLC415.0%320319

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Enbridge's liquids pipelines — equity method investments?
Enbridge (ENB) reported liquids pipelines — equity method investments of $2.63B in Q4 2025.
How has Enbridge's liquids pipelines — equity method investments changed year-over-year?
Enbridge's liquids pipelines — equity method investments decreased by 6.7% year-over-year, from $2.82B to $2.63B.
What does liquids pipelines — equity method investments mean?
This represents the carrying value of the segment's investments in entities where it exercises significant influence but does not have full control. These investments are accounted for using the equity method, where the segment recognizes its share of the investee's earnings or losses. It highlights the segment's reliance on collaborative business models for pipeline operations.

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