By Robb M. Stewart
Enbridge logged a lift in earnings for the latest quarter despite a backdrop of tariffs and geopolitical uncertainty as the pipeline operator and gas utility benefited from strong demand.
The Canadian energy company recorded earnings of 1.95 billion Canadian dollars (US$1.43 billion), or C$0.89 a share, in the last three months of 2025, up sharply from C$493 million, or C$0.23 a share, in the same period last year. The jump was thanks largely to unrealized changes in the value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks, Enbridge said.
On an adjusted basis, earnings before interest, taxes, depreciation and amortization rose to C$5.21 billion from C$5.13 billion a year earlier. That beat the C$5.14 billion that analysts polled by FactSet expected.
That was in part boosted by colder weather, higher rates and customer growth at Enbridge's gas operations in Ontario, and a lift in earnings across the gas-transmission segment from rate case settlements and favorable contracting, as well as the company's Venice Extension entering service bringing fuel to Venture Global's Plaquemines liquefied natural gas export facility. Underlying earnings rose across its liquids pipelines, gas transmission, and gas distribution and storage operations, but weakened in renewable power generation.
Enbridge's adjusted Ebitda for the full year came in at C$19.95 billion, up from C$18.62 billion the year before and toward the high end of the between C$19.4 billion and C$20 billion targeted by Enbridge.
Distributable cash flow, an industry metric, increased to C$3.21 billion, from C$3.07 billion in the last quarter of 2024.
The company said it has secured a project backlog worth about C$39 billion, with roughly C$8 billion of that expected to come into service this year.
Enbridge, which moves roughly 30% of the crude oil produced in North America and nearly 20% of the natural gas consumed in the U.S., affirmed its forecast for adjusted Ebitda in the new year to rise to between C$20.2 billion and C$20.8 billion, while distributable cash flow was projected to be C$5.70 to C$6.10 a share. After 2026, it anticipates growth in earnings of about 5% annually.
The company in November made the decision to push ahead with a $1.4 billion expansion of its core network to boost deliveries of Canadian heavy oil and reach key refining markets in the U.S. Midwest and Gulf Coast. A little over a year earlier, it said it would spend $700 million to build and operate crude oil and natural gas pipelines in the Gulf of Mexico for BP's Kaskida deepwater development.
TC Energy, which operates almost 58,000 miles of natural has pipelines in North America plus seven power-generation facilities, on Thursday said it was lifting its quarterly dividend 3.2% after its fourth-quarter comparable Ebitda increased to C$2.96 billion in the fourth quarter from C$2.62 billion previously. That beat the C$2.89 billion mean forecast of analysts.
Most of TC Energy's earnings are underpinning by rate-regulated or long-term "take-or-pay" contracts, offering stability in cash flows and limited exposure to commodity price moves. The company said its profit rose in the latest quarter despite 2025 being marked by heightened geopolitical risks, trade policy uncertainty and market volatility.
TC Energy placed C$8.3 billion of projects into service during the last year, and Chief Executive Francois Poirier said there remains confidence TC Energy can deploy the planned C$6 billion of net annual capital spending through 2030. Capital spent in the last year totaled C$6.34 billion, down 20% from 2024.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
February 13, 2026 08:03 ET (13:03 GMT)
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