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Enbridge ENB Liquids Pipelines — Goodwill

Other segment segments

Gas Distributionand Storage
$8.72B-1.9%
Renewable Power Generation
$395M-4.6%

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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:Goodwill.

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
Line itemLiquids PipelinesGas TransmissionGas Distributionand StorageRenewable Power GenerationConsolidated
(millions of Canadian dollars)
Balance at January 1, 20248,34417,7275,39738031,848
Dispositions3(1,026)(1,026)
Foreign exchange and other6721,354204342,264
Acquisition42233,2913,514
Balance at December 31, 20241,29,01618,2788,89241436,600
Foreign exchange and other(379)(747)(171)(19)(1,316)
Balance at December 31, 20251,28,63717,5318,72139535,284

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Enbridge's liquids pipelines — goodwill?
Enbridge (ENB) reported liquids pipelines — goodwill of $8.64B in Q4 2025.
How has Enbridge's liquids pipelines — goodwill changed year-over-year?
Enbridge's liquids pipelines — goodwill decreased by 4.2% year-over-year, from $9.02B to $8.64B.
What does liquids pipelines — goodwill mean?
This represents the intangible asset created when the liquids pipeline segment acquires another business for a price exceeding the fair value of its net identifiable assets. It reflects the premium paid for synergies, market access, and established operational networks. This balance is subject to periodic impairment testing to ensure it remains supported by future cash flows.

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