From StructYou came from “Enbridge looks big and busy — and just as indebted”Back to the brief ↗Feed / ENB

Enbridge Inc

ENB

Energy · 55.45 +0.5% today

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Jodie read · what matters now

Revenue jumped to $65.2B last year, but the company is spending and refinancing at scale while its valuation rests on which multiple investors choose.

The story is only the start. Jodie keeps watching the filing evidence, the companies connected to ENB, and whether its market group begins moving.

P/E16.2xlatest annual facts
Revenue YoY+21.9%2025-12-31
Operating margin16.8%-1.2 pts YoY
Latest story10-Q · Jul 31, 2026Read on Struct ↗
Disclosed connections18 verified links15 additional receipts in Pro
Organic co-movement groupCanadian Energy Infrastructure · Early FollowerLast observed group; it is between live snapshots · See active groups →

Earlier comparable assessment · baseline

The latest filing shows material pressure

10-Q filed 2026-05-08 against the comparable filing from 2025-05-09.

A newer Struct brief is shown above. This older assessment remains here for comparison, not as the current read.

cautious
OperationscautiousEvidence score -1
liquidityconstructiveEvidence score +1
valuationmixed

What improved

  • Revenue increased 2.2% versus the comparable filing period.
  • Operating cash flow covered net income at 1.32x, improving versus the comparable period.

What weakened

  • Operating margin fell 5.9 percentage points.
  • Net income decreased 24.8% versus the comparable filing period.
  • Net margin fell 7.1 percentage points.

Filing receipts

“The increase in cash provided by financing activities period-over-period was primarily due to: • higher long-term debt issuances and lower long-term debt repayments in 2026 when compared to the same period in 2025; partially offset by • net commercial paper and credit facility repayments in 2026 when compared to net draws during the same period in 2025.”

“The increase in cash used in investing activities period-over-period was primarily due to higher capital expenditures in 2026 when compared to the same period in 2025.”

“higher storage optimization and pricing at Enbridge Gas Ontario, and higher base rates for Enbridge Gas Utah; and • higher contributions from our Gas Transmission segment primarily due to favorable contracting on US Gas Transmission assets and higher revenues from Aitken Creek Gas Storage Facility (Aitken Creek) and British Columbia (BC) Pipeline.”

Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.

Who this business touches

The relationships behind ENB

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

ETEnergy Transfer LPpartnerFull receipt with Pro →
OXYOccidental Petroleum CorporatiopartnerFull receipt with Pro →

Depended on by

ESEversource Energy (D/B/A)supplierFull receipt with Pro →

Filing peers

LYVEVHWTW

Companies whose filings use similar operating language.

You can see the shape of the network here. Pro opens 15 more links, the original filing receipts, and alerts when connected names begin moving. See Pro →

What is moving around it

Live connections

ENB is currently a Early Follower in the organic co-movement group Canadian Energy Infrastructure. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for ENB; it is not active in the latest market snapshot.

Theme membership history

No durable theme membership has been observed for this name yet.