ENBRIDGE INC Segments Disclosure
5. SEGMENTED INFORMATION
Year ended December 31, 2025 |
Liquids |
|
Gas |
|
Gas |
|
Renewable |
|
Total |
|
|||||
(millions of Canadian dollars) |
|
|
|
|
|
|
|
|
|
|
|||||
Operating revenues2 |
|
45,944 |
|
|
6,652 |
|
|
10,654 |
|
|
561 |
|
|
63,811 |
|
Commodity and gas distribution costs |
|
(33,038 |
) |
|
(68 |
) |
|
(3,709 |
) |
|
2 |
|
|
(36,813 |
) |
Operating and administrative |
|
(4,440 |
) |
|
(2,252 |
) |
|
(3,030 |
) |
|
(332 |
) |
|
(10,054 |
) |
Impairment of long-lived assets |
|
(240 |
) |
|
— |
|
|
(330 |
) |
|
— |
|
|
(570 |
) |
Income from equity investments |
|
1,091 |
|
|
853 |
|
|
4 |
|
|
291 |
|
|
2,239 |
|
Other income |
|
79 |
|
|
306 |
|
|
220 |
|
|
98 |
|
|
703 |
|
Earnings before interest, income taxes and depreciation and amortization |
|
9,396 |
|
|
5,491 |
|
|
3,809 |
|
|
620 |
|
|
19,316 |
|
Eliminations and Other |
|
|
|
|
|
|
|
|
|
1,161 |
|
||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
(5,661 |
) |
||||
Interest expense (Note 17) |
|
|
|
|
|
|
|
|
|
(5,023 |
) |
||||
Earnings before income taxes |
|
|
|
|
|
|
|
|
|
9,793 |
|
||||
Year ended December 31, 2024 |
Liquids |
|
Gas |
|
Gas |
|
Renewable |
|
Total |
|
|||||
(millions of Canadian dollars) |
|
|
|
|
|
|
|
|
|
|
|||||
Operating revenues2 |
|
38,183 |
|
|
6,199 |
|
|
7,542 |
|
|
514 |
|
|
52,438 |
|
Commodity and gas distribution costs |
|
(25,283 |
) |
|
(130 |
) |
|
(2,501 |
) |
|
4 |
|
|
(27,910 |
) |
Operating and administrative |
|
(4,495 |
) |
|
(2,322 |
) |
|
(2,276 |
) |
|
(304 |
) |
|
(9,397 |
) |
Impairment of long-lived assets |
|
(2 |
) |
|
(162 |
) |
|
(3 |
) |
|
(23 |
) |
|
(190 |
) |
Income from equity investments |
|
1,051 |
|
|
812 |
|
|
3 |
|
|
455 |
|
|
2,321 |
|
Gain on disposition of equity investments (Note 13) |
|
— |
|
|
1,063 |
|
|
— |
|
|
28 |
|
|
1,091 |
|
Other income |
|
77 |
|
|
196 |
|
|
104 |
|
|
59 |
|
|
436 |
|
Earnings before interest, income taxes and depreciation and amortization |
|
9,531 |
|
|
5,656 |
|
|
2,869 |
|
|
733 |
|
|
18,789 |
|
Eliminations and Other |
|
|
|
|
|
|
|
|
|
(1,904 |
) |
||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
(5,167 |
) |
||||
Interest expense (Note 17) |
|
|
|
|
|
|
|
|
|
(4,419 |
) |
||||
Earnings before income taxes |
|
|
|
|
|
|
|
|
|
7,299 |
|
||||
Year ended December 31, 2023 |
Liquids |
|
Gas |
|
Gas |
|
Renewable |
|
Total |
|
|||||
(millions of Canadian dollars) |
|
|
|
|
|
|
|
|
|
|
|||||
Operating revenues2 |
|
29,882 |
|
|
5,854 |
|
|
5,976 |
|
|
477 |
|
|
42,189 |
|
Commodity and gas distribution costs |
|
(17,106 |
) |
|
(15 |
) |
|
(2,871 |
) |
|
(20 |
) |
|
(20,012 |
) |
Operating and administrative |
|
(4,659 |
) |
|
(2,380 |
) |
|
(1,285 |
) |
|
(261 |
) |
|
(8,585 |
) |
Impairment of long-lived assets3 |
|
145 |
|
|
— |
|
|
(281 |
) |
|
(283 |
) |
|
(419 |
) |
Income from equity investments |
|
1,007 |
|
|
688 |
|
|
2 |
|
|
140 |
|
|
1,837 |
|
Other income |
|
114 |
|
|
117 |
|
|
51 |
|
|
96 |
|
|
378 |
|
Earnings before interest, income taxes and depreciation and amortization |
|
9,383 |
|
|
4,264 |
|
|
1,592 |
|
|
149 |
|
|
15,388 |
|
Eliminations and Other |
|
|
|
|
|
|
|
|
|
916 |
|
||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
(4,613 |
) |
||||
Interest expense (Note 17) |
|
|
|
|
|
|
|
|
|
(3,812 |
) |
||||
Earnings before income taxes |
|
|
|
|
|
|
|
|
|
7,879 |
|
||||
Capital Expenditures1
Year ended December 31, |
2025 |
|
2024 |
|
2023 |
|
|||
(millions of Canadian dollars) |
|
|
|
|
|
|
|||
Liquids Pipelines |
|
1,358 |
|
|
1,157 |
|
|
1,158 |
|
Gas Transmission |
|
3,271 |
|
|
2,571 |
|
|
1,944 |
|
Gas Distribution and Storage |
|
3,351 |
|
|
2,386 |
|
|
1,451 |
|
Renewable Power Generation |
|
947 |
|
|
661 |
|
|
100 |
|
Eliminations and Other |
|
174 |
|
|
59 |
|
|
55 |
|
|
|
9,101 |
|
|
6,834 |
|
|
4,708 |
|
Property, Plant and Equipment
Year ended December 31, |
2025 |
|
2024 |
|
||
(millions of Canadian dollars) |
|
|
|
|
||
Liquids Pipelines |
|
51,689 |
|
|
53,863 |
|
Gas Transmission |
|
35,421 |
|
|
34,683 |
|
Gas Distribution and Storage |
|
39,644 |
|
|
38,636 |
|
Renewable Power Generation |
|
4,439 |
|
|
3,612 |
|
Eliminations and Other |
|
405 |
|
|
310 |
|
|
|
131,598 |
|
|
131,104 |
|
GEOGRAPHIC INFORMATION
Revenues1
Year ended December 31, |
2025 |
|
2024 |
|
2023 |
|
|||
(millions of Canadian dollars) |
|
|
|
|
|
|
|||
Canada |
|
23,077 |
|
|
22,001 |
|
|
23,781 |
|
US |
|
42,117 |
|
|
31,472 |
|
|
19,868 |
|
|
|
65,194 |
|
|
53,473 |
|
|
43,649 |
|
Property, Plant and Equipment1
Year ended December 31, |
2025 |
|
2024 |
|
||
(millions of Canadian dollars) |
|
|
|
|
||
Canada |
|
49,642 |
|
|
48,873 |
|
United States |
|
81,956 |
|
|
82,231 |
|
|
|
131,598 |
|
|
131,104 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 16, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.