What is the primary revenue source for Enbridge (ENB)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze ENB's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Enbridge's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Enbridge Makes Money: ENB Revenue Breakdown (2025)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

The largest revenue segment accounts for 53.96% of revenue, indicating concentration.

Operating margin declined by 1.24 percentage points year over year.

Revenue: CAD 65.19B
Largest revenue segment share (Commodity Sales Revenue): 53.96%
Income tax expense: CAD 2.00B

View calculation evidence

YoY periods: FY 2025 compared with FY 2024

Source metrics

Income tax expenseIncome tax expense/(recovery) · IncomeTaxExpenseBenefit
Largest revenue segment share (Commodity Sales Revenue)Commodity Sales Revenue · segment_value / revenue * 100
Operating marginOperating income · operating_income / revenue * 100
RevenueOperating revenues · Revenues

Assets

Where is the money tied up, and how is the company financed?

Watch

Current assets do not cover near-term liabilities, indicating short-term funding pressure.

Property, plant and equipment: CAD 131.60B
Goodwill: CAD 35.28B
Accounts receivable: CAD 7.08B
Total liabilities: CAD 152.55B
Shareholder equity: CAD 65.19B

View calculation evidence

YoY periods: FY 2025 compared with FY 2024

Source metrics

GoodwillGoodwill · Goodwill
Property, plant and equipmentProperty, plant, and equipment and finance lease right-of-use asset, after accumulated depreciation and amortization · PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Shareholder equityEquity, including portion attributable to noncontrolling interest · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesLiabilities · Liabilities
Accounts receivableTrade receivables and unbilled revenues · AccountsAndOtherReceivablesNetCurrent

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 163.8% of net income.

Free cash flow remains positive after capital expenditure.

Net income: CAD 7.49B
Operating cash flow: CAD 12.27B
Cash conversion: 163.80%
Free cash flow: CAD 3.30B

View calculation evidence

YoY periods: FY 2025 compared with FY 2024

Source metrics

Net incomeEarnings attributable to controlling interests · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Watch

Dividends and net buybacks exceed free cash flow, raising questions about sustainability.

Cash dividends: CAD 8.22B
Stock issuance proceeds: CAD 28.00M
Net shareholder return: CAD 8.19B

View calculation evidence

YoY periods: FY 2025 compared with FY 2024

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Stock issuance proceedsCommon shares issued, net of issue costs · ProceedsFromIssuanceOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?