Enbridge Inc. (NYSE: ENB) shares climbed in early trading after the Canadian pipeline operator reported fourth-quarter and full-year 2025 results that topped expectations and reaffirmed guidance. ENB was last quoted near $53.90, up roughly +3.9% on the session. The stock trades closer to the top of its 52-week range—approximately $39.7 low to $53.9 high—following a steady climb late in 2025 amid steady earnings beats and a dividend yield above 5%.

Q4 2025 Results: Beats and Margin Gains

Enbridge reported fourth-quarter adjusted earnings per share of CAD0.88, ahead of market consensus near CAD0.77. Revenue for the quarter was around CAD8.46 billion, modestly above forecasts. Adjusted EBITDA rose modestly year-over-year, and distributable cash flow (DCF) edged up, continuing the firm’s record sequence of cash-flow generation.

The company said Q4 profit attributable to common shareholders was CAD1.95 billion, up sharply from CAD493 million in the prior year, helped by stronger pipeline tolls and higher income from its utilities segment. Adjusted earnings per share climbed from CAD0.75 a year earlier, also beating the average analyst estimate.

Full-Year 2025: Growth Across Key Metrics

For full-year 2025, Enbridge reported GAAP earnings of CAD7.1 billion, up from CAD5.1 billion in 2024. On an adjusted basis, earnings rose about 9% to CAD6.6 billion, and adjusted EBITDA was roughly CAD0.0 billion, an increase of about 7%. Distributable cash flow rose about 4% to CAD12.5 billion. These results landed near the top end of the company’s guidance range for the year.

Enbridge noted it placed CAD5 billion of organic growth capital into service in 2025 and sanctioned around CAD14 billion of new growth projects, expanding pipeline capacity and utility and renewable energy infrastructure. The secured backlog now stands near $39 billion.

Revenue, Margins and Segment Detail

While Enbridge’s core liquids pipelines and gas transmission units delivered stable toll-based revenue, margins benefited from improved contract terms and operating efficiencies. The utilities segment’s contribution advanced on higher volume and rate settlements. Adjusted EBITDA year-over-year increases were modest but consistent with guidance.

Analyst Activity and Market Context

Energy shares, including pipeline operators like Enbridge, have benefited this earnings season from resilient demand for natural gas and crude transportation and utilities cash flows, contrasting with broader pressure on lower-growth sectors. SaaS and software stocks have faced macro headwinds from rising interest rates and slowing enterprise spending, putting a renewed spotlight on dividend-yielding infrastructure names with predictable cash flows.

Outlook and Guidance

Enbridge reaffirmed its 2026 financial guidance, targeting adjusted EBITDA of CAD20.2 billion to CAD20.8 billion and a 3% quarterly dividend increase, reflecting continued investment in its core asset base. Management reiterated expectations for steady growth in earnings and cash flow, supported by long-term contracts and project backlog.

52-Week Context and Trading

Over the past year, ENB has traded in a $39.7–$53.9 range, with significant late-2025 and early-2026 gains as the company delivered above-consensus results and clarified its growth pipeline. The stock’s recent trend shows relative strength compared with its range, supported by solid dividend income and recurring cash flows in a volatile macro backdrop.

Summary

• Stock up on earnings beats; trading near 52-week highs.
• Q4 adjusted EPS and revenue topped expectations.
• Full-year adjusted EBITDA and distributable cash flow grew year-over-year.
• No major analyst actions were tied directly to the release; some targets were raised earlier.

Sector context reflects macro pressure on growth stocks, with infrastructure names outperforming.