Enbridge Inc. (TSX:ENB; NYSE:ENB) is a Canadian multinational energy company primarily involved in the transportation and distribution of crude oil, natural gas, and renewable energy across North America. The company reported robust first-quarter 2025 earnings, affirming a stable trajectory with marked increases across key financial metrics.

The company detailed a 62.4% rise in GAAP earnings, reaching $2.3 billion or $1.04 per common share, up from $1.4 billion or $0.67 per share a year earlier. Adjusted earnings rose to $2.2 billion or $1.03 per share, from $2.0 billion or $0.92 per share in the first quarter of 2024, translating to a 12% increase.

Adjusted EBITDA for the quarter stood at $5.8 billion, representing an 18% increase from $5.0 billion in the same period last year. Distributable cash flow (DCF) also increased by 9% to $3.8 billion, compared to $3.5 billion in 2024. Cash provided by operating activities totaled $3.1 billion, down slightly from $3.2 billion in Q1 2024.

The company reaffirmed its financial guidance for the year, targeting an adjusted EBITDA between $19.4 billion and $20.0 billion, and projected DCF per share between $5.50 and $5.90. Growth is anticipated within a range of 7-9% for adjusted EBITDA and 4-6% for adjusted earnings per share over the near term, with consistent annual growth of approximately 5% expected post-2026.

Enbridge has sanctioned capital investments totaling up to $2 billion for Mainline capital projects through 2028, aimed at enhancing reliability and capacity. The company’s Mainline system achieved record throughput of 3.2 million barrels per day in the first quarter of 2025, demonstrating the effectiveness of its utility model and operational strength. Additionally, investments also included acquiring a 10% stake in the Matterhorn Express natural gas pipeline for $0.3 billion and announcing the Traverse Pipeline construction.

Profit margins have shown signs of resilience across segments. Liquids pipelines achieved adjusted EBITDA of $2.6 billion, up from $2.5 billion, driven by increased throughput and toll increases. Gas transmission’s adjusted EBITDA increased by 13% to $1.4 billion. The Gas Distribution and Storage segment reported an increase from $765 million to $1.6 billion, largely attributed to contributions from U.S. gas utilities acquired in 2024 and favorable weather conditions.

The company’s debt-to-EBITDA ratio was recorded at 4.9x as of March 31, 2025, reflecting successful debt management alongside its capital investment initiatives.