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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

      
     FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-15254

ENBRIDGE INC.

(Exact Name of Registrant as Specified in Its Charter)

     Canada

     98-0377957

     (State or Other Jurisdiction of
Incorporation or Organization)

     (I.R.S. Employer
Identification No.)

200, 425 - 1st Street S.W.

Calgary, Alberta, Canada T2P 3L8

(Address of Principal Executive Offices) (Zip Code)

(403) 231-3900

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares	ENB	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The registrant had 2,181,275,613 common shares outstanding as at October 31, 2025.


	PART I	PAGE

Item 1.	Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	63
Item 4.	Controls and Procedures	64

	PART II

Item 1.	Legal Proceedings	65
Item 1A.	Risk Factors	65
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	66
Item 3.	Defaults Upon Senior Securities	66
Item 4.	Mine Safety Disclosures	66
Item 5.	Other Information	66
Item 6.	Exhibits	66
	Signatures	67

GLOSSARY


"we", "our", "us" and "Enbridge"	Enbridge Inc.
AOCI	Accumulated other comprehensive income/(loss)
BC	British Columbia
EBITDA	Earnings before interest, income taxes and depreciation and amortization
EEP	Enbridge Energy Partners, L.P.
Enbridge Gas Ontario	Enbridge Gas Inc.
EOG	The East Ohio Gas Company
Exchange Act	United States Securities Exchange Act of 1934, as amended
IR	Incentive regulation
LNG	Liquefied natural gas
NCI	Noncontrolling interests
OCI	Other comprehensive income/(loss)
OEB	Ontario Energy Board
OPEB	Other postretirement benefit obligations
PSNC	Public Service Company of North Carolina, Incorporated
Questar	Questar Gas Company
RIN	Renewable identification number
RNG	Renewable natural gas
ROE	Return on Equity
SEP	Spectra Energy Partners, LP
the First Nations Partnership	Stonlasec8 Indigenous Investments Limited Partnership
the Guaranteed Enbridge Notes	Enbridge's outstanding guaranteed notes
the Ohio Commission	the Public Utilities Commission of Ohio
the Partnerships	Spectra Energy Partners, LP and Enbridge Energy Partners, L.P.
the PSNC Acquisition	Enbridge Inc.'s acquisition of all of the membership interests of Fall North Carolina Holdco LLC, which owns 100% of Public Service Company of North Carolina, Incorporated on September 30, 2024
the Whistler Parent JV	the joint venture formed by Enbridge Inc., WhiteWater/I Squared Capital and MPLX LP on May 29, 2024
Tomorrow RNG	Six Morrow Renewables operating landfill gas-to-renewable natural gas production facilities
US	United States of America
US Gas Utilities / the Acquisitions	Enbridge Inc.'s acquisitions of three US gas utilities from Dominion Energy, Inc.
VIE	Variable interest entities
Westcoast	Westcoast Energy Inc.
Westcoast LP	Westcoast Energy Limited Partnership
Wexpro	Wexpro Company and its consolidated subsidiaries

CONVENTIONS

The terms "we", "our", "us" and "Enbridge" as used in this report refer collectively to Enbridge Inc. and its subsidiaries unless the context suggests otherwise. These terms are used for convenience only and are not intended as a precise description of any separate legal entity within Enbridge.

Unless otherwise specified, all dollar amounts are expressed in Canadian dollars, all references to "dollars" or "$" are to Canadian dollars and all references to "US$" are to United States (US) dollars. All amounts are provided on a before-tax basis, unless otherwise stated.

FORWARD-LOOKING INFORMATION

Forward-looking information, or forward-looking statements, have been included in this quarterly report on Form 10-Q to provide information about us and our subsidiaries and affiliates, including management’s assessment of our and our subsidiaries’ future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as "anticipate", "believe", "estimate", "expect", "forecast", "intend", "likely", "plan", "project", "target" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this report include, but are not limited to, statements with respect to the following: our corporate vision and strategy, including strategic priorities and enablers; expected supply of, demand for, exports of and prices of crude oil, natural gas, natural gas liquids (NGL), liquefied natural gas (LNG), renewable natural gas (RNG) and renewable energy; energy transition and lower-carbon energy, and our approach thereto; environmental, social, governance and sustainability goals, practices and performance; industry and market conditions; anticipated utilization of our assets; dividend growth and payout policy; financial strength and flexibility; expectations on sources of liquidity and sufficiency of financial resources; expected strategic priorities and performance of the Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation businesses; the characteristics, anticipated benefits, financing and timing of our acquisitions, dispositions and other transactions, including the anticipated benefits of the acquisitions of three US gas utilities (US Gas Utilities) from Dominion Energy, Inc. (the Acquisitions); expected future actions of regulators and courts; government trade policies and potential impacts of potential and announced tariffs, duties, fees, economic sanctions, or other trade measures and the timing thereof; expected costs, benefits and in-service dates related to announced projects and projects under construction; expected capital expenditures; investable capacity and capital allocation priorities; expected equity funding requirements for our commercially secured growth program; expected future growth, development and expansion opportunities; expected optimization and efficiency opportunities; expectations about our joint venture partners' ability to complete and finance projects under construction; our ability to successfully integrate the US Gas Utilities; expected closing of acquisitions, dispositions and other transactions and the timing thereof; toll and rate cases discussions and proceedings and anticipated outcomes, timelines and impact therefrom, including those relating to the Gas Transmission and Gas Distribution and Storage businesses; operational, industry, regulatory, climate change and other risks associated with our businesses; and our assessment of the potential impact of the various risk factors identified herein.

Although we believe these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following: the expected supply of, demand for, export of and prices of crude oil, natural gas, NGL, LNG, RNG and renewable energy; anticipated utilization of assets; exchange rates; inflation; interest rates; tariffs and trade policies; availability and price of labor and construction materials; the stability of our supply chain; operational reliability; maintenance of support and regulatory approvals for our projects and transactions; anticipated in-service dates; weather; the timing, terms and closing of acquisitions, dispositions and other transactions; the realization of anticipated benefits of transactions, including the Acquisitions; governmental legislation; litigation; estimated future dividends and impact of our dividend policy on our future cash flows; our credit ratings; capital project funding; hedging program; expected earnings before interest, income taxes, and depreciation and amortization (EBITDA); expected earnings/(loss); expected future cash flows; and expected distributable cash flow. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL, LNG, RNG and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for our services. Similarly, exchange rates, inflation, interest rates and tariffs impact the economies and business environments in which we operate and may impact levels of demand for our services and cost of inputs, and are therefore inherent in all forward-looking statements. The most relevant assumptions associated with forward-looking statements regarding

announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labor and construction materials; the stability of our supply chain; the effects of inflation and foreign exchange rates on labor and material costs; the effects of interest rates on borrowing costs; the impact of weather; and customer, government, court and regulatory approvals on construction and in-service schedules and cost recovery regimes.

Our forward-looking statements are subject to risks and uncertainties pertaining to the successful execution of our strategic priorities; operating performance; legislative and regulatory parameters; litigation; acquisitions, dispositions and other transactions and the realization of anticipated benefits therefrom (including the anticipated benefits from the Acquisitions); evolving government trade policies, including potential and announced tariffs, duties, fees, economic sanctions or other trade measures; operational dependence on third parties; dividend policy; project approval and support; renewals of rights-of-way; weather; economic and competitive conditions; public opinion; changes in tax laws and tax rates; exchange rates; inflation; interest rates; commodity prices; access to and cost of capital; our ability to maintain adequate insurance in the future at commercially reasonable rates and terms; political decisions; global geopolitical conditions; and the supply of, demand for and prices of commodities and other alternative energy, including but not limited to, those risks and uncertainties discussed in this quarterly report on Form 10-Q and in our other filings with Canadian and US securities regulators. The impact of any one assumption, risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and our future course of action depends on management’s assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statement made in this quarterly report on Form 10-Q or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to us or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.

NON-GAAP AND OTHER FINANCIAL MEASURES

Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in this quarterly report on Form 10-Q makes reference to non-GAAP and other financial measures, including EBITDA. EBITDA is defined as earnings before interest, income taxes and depreciation and amortization. Management uses EBITDA to assess performance of Enbridge and to set targets. Management believes the presentation of EBITDA gives useful information to investors as it provides increased transparency and insight into the performance of Enbridge.

The non-GAAP and other financial measures are not measures that have a standardized meaning prescribed by the accounting principles generally accepted in the United States of America (US GAAP) and are not US GAAP measures. Therefore, these measures may not be comparable with similar measures presented by other issuers. A reconciliation of historical non-GAAP and other financial measures to the most directly comparable GAAP measures is set out in this MD&A and is available on our website. Additional information on non-GAAP and other financial measures may be found on our website, www.sedarplus.ca or www.sec.gov.

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ENBRIDGE INC.

CONSOLIDATED STATEMENTS OF EARNINGS


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
(unaudited; millions of Canadian dollars, except per share amounts)
Operating revenues
Commodity sales		8,396			8,986			26,069			18,422
Gas distribution sales		1,303			1,091			6,765			4,260
Transportation and other services		4,940			4,805			15,183			14,574
Total operating revenues (Note 3)		14,639			14,882			48,017			37,256
Operating expenses
Commodity costs		8,207			8,865			25,550			18,044
Gas distribution costs		280			201			2,444			1,504
Operating and administrative		2,483			2,281			7,264			6,723
Depreciation and amortization		1,398			1,317			4,197			3,783
Impairment of long-lived assets (Note 4)		—			—			330			—
Total operating expenses		12,368			12,664			39,785			30,054
Operating income		2,271			2,218			8,232			7,202
Income from equity investments		451			479			1,690			1,664
Gain on disposition of equity investments (Note 6)		—			—			—			1,091
Other income/(expense) (Note 14)		(297	)		376			1,192			(206	)
Interest expense		(1,262	)		(1,314	)		(3,777	)		(3,301	)
Earnings before income taxes		1,163			1,759			7,337			6,450
Income tax expense		(316	)		(312	)		(1,679	)		(1,437	)
Earnings		847			1,447			5,658			5,013
Earnings attributable to noncontrolling interests and redeemable noncontrolling interest		(59	)		(56	)		(227	)		(167	)
Earnings attributable to controlling interests		788			1,391			5,431			4,846
Preference share dividends		(106	)		(98	)		(311	)		(286	)
Earnings attributable to common shareholders		682			1,293			5,120			4,560
Earnings per common share attributable to common shareholders (Note 5)		0.30			0.59			2.34			2.12
Diluted earnings per common share attributable to common shareholders (Note 5)		0.30			0.59			2.33			2.12

The accompanying notes are an integral part of these interim consolidated financial statements.

ENBRIDGE INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
(unaudited; millions of Canadian dollars)
Earnings		847			1,447			5,658			5,013
Other comprehensive income/(loss), net of tax
Change in unrealized gain/(loss) on cash flow hedges		(9	)		(107	)		(23	)		21
Gain/(loss) on net investment hedges (Note 12)		(197	)		181			216			(357	)
Other comprehensive income from equity investees and other investments		5			2			26			3
Excluded components of fair value hedges		—			3			14			7
Reclassification to earnings of loss on cash flow hedges		8			9			22			18
Reclassification to earnings of pension and other postretirement benefits (OPEB) amounts		(7	)		(2	)		(20	)		(11	)
Reclassification of actuarial gain on pension and OPEB from regulatory assets		—			—			49			—
Foreign currency translation adjustments		1,329			(858	)		(2,086	)		1,527
Other comprehensive income/(loss), net of tax		1,129			(772	)		(1,802	)		1,208
Comprehensive income		1,976			675			3,856			6,221
Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interest		(80	)		(46	)		(188	)		(206	)
Comprehensive income attributable to controlling interests		1,896			629			3,668			6,015
Preference share dividends		(106	)		(98	)		(311	)		(286	)
Comprehensive income attributable to common shareholders		1,790			531			3,357			5,729

The accompanying notes are an integral part of these interim consolidated financial statements.

ENBRIDGE INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
(unaudited; millions of Canadian dollars, except per share amounts)
Preference shares
Balance at beginning and end of period		6,818			6,818			6,818			6,818
Common shares
Balance at beginning of period		71,823			71,698			71,738			69,180
Shares issued, net of issue costs (Note 10)		—			—			—			2,489
Shares issued on exercise of stock options		13			9			59			14
Shares issued on vesting of restricted stock units (RSU), net of tax		—			—			39			24
Balance at end of period		71,836			71,707			71,836			71,707
Additional paid-in capital
Balance at beginning of period		226			272			275			268
Stock-based compensation		25			21			85			74
Stock options exercised		(11	)		(9	)		(51	)		(14	)
Vested RSUs		—			2			(69	)		(42	)
Balance at end of period		240			286			240			286
Deficit
Balance at beginning of period		(17,663	)		(15,794	)		(20,046	)		(17,115	)
Earnings attributable to controlling interests		788			1,391			5,431			4,846
Preference share dividends		(106	)		(98	)		(311	)		(286	)
Common share dividends declared		(2,055	)		(1,994	)		(4,110	)		(3,940	)
Redemption value adjustment attributable to redeemable noncontrolling interest (Note 9)		(28	)		—			(28	)		—
Balance at end of period		(19,064	)		(16,495	)		(19,064	)		(16,495	)
Accumulated other comprehensive income (Note 11)
Balance at beginning of period		4,244			4,234			7,115			2,303
Other comprehensive income/(loss) attributable to common shareholders, net of tax		1,108			(762	)		(1,763	)		1,169
Balance at end of period		5,352			3,472			5,352			3,472
Total Enbridge Inc. shareholders' equity		65,182			65,788			65,182			65,788
Noncontrolling interests
Balance at beginning of period		2,910			3,025			2,993			3,029
Earnings attributable to noncontrolling interests		43			56			211			167
Other comprehensive income/(loss) attributable to noncontrolling interests, net of tax
Change in unrealized gain/(loss) on cash flow hedges		—			2			(1	)		10
Foreign currency translation adjustments		21			(12	)		(38	)		29
		21			(10	)		(39	)		39
Comprehensive income attributable to noncontrolling interests		64			46			172			206
Distributions		(81	)		(79	)		(276	)		(246	)
Contributions		1			2			8			4
Purchase of noncontrolling interests		—			(2	)		—			(2	)
Other		—			(2	)		(3	)		(1	)
Balance at end of period		2,894			2,990			2,894			2,990
Total equity		68,076			68,778			68,076			68,778
Dividends paid per common share		0.94			0.92			2.82			2.76

The accompanying notes are an integral part of these interim consolidated financial statements.

ENBRIDGE INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS


	Nine months ended September 30,
	2025			2024
(unaudited; millions of Canadian dollars)
Operating activities
Earnings		5,658			5,013
Adjustments to reconcile earnings to net cash provided by operating activities:
Depreciation and amortization		4,197			3,783
Deferred income tax expense		944			743
Unrealized derivative fair value (gain)/loss, net		(997	)		809
Income from equity investments		(1,690	)		(1,664	)
Distributions from equity investments		1,547			1,499
Impairment of long-lived assets (Note 4)		330			—
Gain on disposition of equity investments		—			(1,091	)
Other		(91	)		198
Changes in operating assets and liabilities		(739	)		(352	)
Net cash provided by operating activities		9,159			8,938
Investing activities
Capital expenditures		(5,944	)		(4,165	)
Long-term, restricted and other investments		(1,867	)		(1,851	)
Distributions from equity investments in excess of cumulative earnings		531			646
Additions to intangible assets		(215	)		(157	)
Acquisitions		—			(13,065	)
Proceeds from disposition of equity investments		349			2,724
Affiliate loans, net		—			2
Other		(41	)		(49	)
Net cash used in investing activities		(7,187	)		(15,915	)
Financing activities
Net change in short-term borrowings		745			528
Net change in commercial paper and credit facility draws		788			3,276
Debenture and term note issues, net of issue costs		8,314			8,614
Debenture and term note repayments		(6,114	)		(5,615	)
Contributions from noncontrolling interests		8			4
Distributions to noncontrolling interests		(276	)		(246	)
Proceeds from investment by redeemable noncontrolling interest in subsidiary, net of transaction costs		712			—
Common shares issued, net of issue costs		8			2,485
Preference share dividends		(311	)		(286	)
Common share dividends		(6,164	)		(5,885	)
Net change in affiliate loans		39			99
Other		(41	)		(31	)
Net cash (used in)/provided by financing activities		(2,292	)		2,943
Effect of translation of foreign denominated cash and cash equivalents and restricted cash		(28	)		151
Net change in cash and cash equivalents and restricted cash		(348	)		(3,883	)
Cash and cash equivalents and restricted cash at beginning of period1		2,000			5,985
Cash and cash equivalents and restricted cash at end of period1		1,652			2,102

The accompanying notes are an integral part of these interim consolidated financial statements.

1 As at September 30, 2025 and December 31, 2024, long-term restricted cash of $141 million (September 30, 2024 - $94 million) and $105 million (December 31, 2023 - nil), respectively, was included in Restricted long-term investments and cash in the Consolidated Statements of Financial Position.

ENBRIDGE INC.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION


	September 30, 2025			December 31, 2024
(unaudited; millions of Canadian dollars; number of shares in millions)
Assets
Current assets
Cash and cash equivalents		1,408			1,803
Restricted cash		103			92
Trade receivables and unbilled revenues		5,861			6,920
Other current assets		2,720			2,770
Accounts receivable from affiliates		84			90
Inventory		1,904			1,488
		12,080			13,163
Property, plant and equipment, net		130,946			131,104
Long-term investments		21,314			20,691
Restricted long-term investments and cash (Note 12)		1,245			998
Deferred amounts and other assets		10,738			11,034
Intangible assets, net		4,263			4,587
Goodwill		35,684			36,600
Deferred income taxes		703			796
Total assets		216,973			218,973

Liabilities and equity
Current liabilities
Short-term borrowings		1,274			529
Trade payables and accrued liabilities		6,516			7,060
Other current liabilities		4,192			7,241
Accounts payable to affiliates		22			22
Interest payable		1,204			1,231
Current portion of long-term debt		1,833			7,729
		15,041			23,812
Long-term debt		100,602			93,414
Other long-term liabilities		12,281			13,258
Deferred income taxes		20,237			19,596
		148,161			150,080
Contingencies (Note 15)
Redeemable noncontrolling interest (Note 9)		736			—
Equity
Share capital
Preference shares		6,818			6,818
Common shares (2,181 and 2,178 outstanding at September 30, 2025 and December 31, 2024, respectively)		71,836			71,738
Additional paid-in capital		240			275
Deficit		(19,064	)		(20,046	)
Accumulated other comprehensive income (Note 11)		5,352			7,115
Total Enbridge Inc. shareholders’ equity		65,182			65,900
Noncontrolling interests		2,894			2,993
		68,076			68,893
Total liabilities and equity		216,973			218,973

Variable Interest Entities (VIEs) (Note 7)

The accompanying notes are an integral part of these interim consolidated financial statements.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements of Enbridge Inc. ("we", "our", "us" and "Enbridge") have been prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP) and Regulation S-X for interim consolidated financial information. They do not include all of the information and notes required by US GAAP for annual consolidated financial statements and should therefore be read in conjunction with our audited consolidated financial statements and notes for the year ended December 31, 2024. In the opinion of management, the interim consolidated financial statements contain all normal recurring adjustments necessary to present fairly our financial position, results of operations and cash flows for the interim periods reported. These interim consolidated financial statements follow the same significant accounting policies as those included in our audited consolidated financial statements for the year ended December 31, 2024. Amounts are stated in Canadian dollars unless otherwise noted.

Our operations and earnings for interim periods can be affected by seasonal fluctuations within the gas distribution utility businesses, as well as other factors such as supply of and demand for crude oil and natural gas and may not be indicative of annual results.

Certain comparative figures in our interim consolidated financial statements have been reclassified to conform to the current year's presentation.

2. CHANGES IN ACCOUNTING POLICIES

The following policy became significant to Enbridge on July 2, 2025:

Noncontrolling Interests

Noncontrolling interests (NCI) represent ownership interests attributable to third parties in certain consolidated subsidiaries. The portion of equity not owned by us in such entities is reflected as NCI within the equity section of the Consolidated Statements of Financial Position and, in the case of Redeemable NCI, within the mezzanine equity section of the Consolidated Statements of Financial Position between long-term liabilities and equity.

Westcoast Energy Limited Partnership’s (Westcoast LP) Class A noncontrolling unitholder has the option, exercisable at any time from and after July 2, 2035, to require the Class B and Class C unitholders of Westcoast LP to redeem all of the Class A units for cash at the then-current fair value, subject to certain limitations. On a quarterly basis, the Redeemable NCI carrying amount is recognized at the higher of the amount resulting from the application of Accounting Standards Codification (ASC) 810 Consolidation and the estimated current redemption value, with measurement adjustments to the carrying amount of Redeemable NCI recognized in retained earnings. The measurement adjustments to Redeemable NCI that are recognized in retained earnings impact our earnings per common share (Note 5).

FUTURE ACCOUNTING POLICY CHANGES

Income Tax Disclosures

Accounting Standards Update (ASU) 2023-09 was issued in December 2023 to improve income tax disclosures by requiring specified categories in the annual rate reconciliation that meet quantitative thresholds and further disaggregation on income taxes paid by jurisdiction. ASU 2023-09 is effective January 1, 2025 and should be applied prospectively, with retrospective application being permitted. The effects of the new standard on the presentation of our income tax note disclosures will be reflected in our December 31, 2025 annual consolidated financial statements.

Disaggregation of Income Statement Expenses

ASU 2024-03 was issued in November 2024 to improve financial reporting by requiring entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU requires entities to disclose 1) the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, (e) depreciation, depletion and amortization recognized as part of oil and gas producing activities, (f) expense reimbursements included in a relevant expense caption, and (g) selling expenses, and 2) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is effective January 1, 2027, with interim period disclosure requirements effective after January 1, 2028 and can be applied either prospectively or retrospectively. We are currently assessing the impact of the new standard on our annual disclosures for the year ending December 31, 2027 and on our interim disclosures beginning in 2028.

3. REVENUE

Change in Revenue Classification

To better align the classification of revenues resulting from our acquisitions of the United States (US) Gas Utilities (Note 6), we have made adjustments to Gas distribution sales and Transportation and other services revenues. Revenues generated from customers who procure their own gas but use our distribution system for delivery to the end use location have been reclassified to Gas distribution sales revenue from Transportation and other services revenue on the Consolidated Statements of Earnings and reclassified to Gas distribution sales from Transportation revenue in the Revenue from Contracts with Customers tables below. Our prior period comparable results have been recast to reflect the change in revenue classification. This change did not have an impact on our Total operating revenues.

REVENUE FROM CONTRACTS WITH CUSTOMERS

Major Products and Services


Three months ended September 30, 2025	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage			Renewable Power Generation		Eliminations and Other			Consolidated
(millions of Canadian dollars)
Transportation revenue		2,934		1,361		68			—		—			4,363
Storage and other revenue		77		158		122			—		—			357
Gas distribution sales		—		—		1,303			—		—			1,303
Electricity revenue		—		—		—			72		—			72
Commodity sales		—		32		22			—		—			54
Total revenue from contracts with customers		3,011		1,551		1,515			72		—			6,149
Commodity sales		8,101		23		—			—		218			8,342
Other revenue1,2		71		20		1			56		—			148
Intersegment revenue		—		3		(3	)		2		(2	)		—
Total revenue		11,183		1,597		1,513			130		216			14,639


Three months ended September 30, 2024	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage			Renewable Power Generation		Eliminations and Other			Consolidated
(millions of Canadian dollars)
Transportation revenue3		2,906		1,264		58			—		—			4,228
Storage and other revenue		65		143		125			—		—			333
Gas distribution sales3		—		—		1,099			—		—			1,099
Electricity revenue		—		—		—			36		—			36
Commodity sales		—		37		—			—		—			37
Total revenue from contracts with customers		2,971		1,444		1,282			36		—			5,733
Commodity sales		8,725		10		—			—		214			8,949
Other revenue1,2		79		27		(2	)		96		—			200
Intersegment revenue		—		5		1			1		(7	)		—
Total revenue		11,775		1,486		1,281			133		207			14,882


Nine months ended September 30, 2025	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage		Renewable Power Generation		Eliminations and Other			Consolidated
(millions of Canadian dollars)
Transportation revenue		8,934		4,190		223		—		—			13,347
Storage and other revenue		220		493		431		—		—			1,144
Gas distribution sales		—		—		6,718		—		—			6,718
Electricity revenue		—		—		—		166		—			166
Commodity sales		—		84		22		—		—			106
Total revenue from contracts with customers		9,154		4,767		7,394		166		—			21,481
Commodity sales		24,822		89		—		—		1,052			25,963
Other revenue1,2		228		45		77		223		—			573
Intersegment revenue		—		15		14		6		(35	)		—
Total revenue		34,204		4,916		7,485		395		1,017			48,017


Nine months ended September 30, 2024	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage		Renewable Power Generation		Eliminations and Other			Consolidated
(millions of Canadian dollars)
Transportation revenue3		8,916		3,895		193		—		—			13,004
Storage and other revenue		192		416		351		—		—			959
Gas distribution sales3		—		—		4,223		—		—			4,223
Electricity revenue		—		—		—		137		—			137
Commodity sales		—		115		—		—		—			115
Total revenue from contracts with customers		9,108		4,426		4,767		137		—			18,438
Commodity sales		17,494		62		—		—		751			18,307
Other revenue1,2		213		46		24		228		—			511
Intersegment revenue		—		16		5		5		(26	)		—
Total revenue		26,815		4,550		4,796		370		725			37,256

Includes realized and unrealized gains and losses from our hedging program which for the three months ended September 30, 2025 were a net $13 million gain (2024 - $54 million gain) and for the nine months ended September 30, 2025 were a net $145 million gain (2024 - $15 million gain).

Includes revenues from lease contracts for the three months ended September 30, 2025 and 2024 of $116 million and $125 million, respectively, and for the nine months ended September 30, 2025 and 2024 of $415 million and $407 million, respectively.

These balances reflect a transfer from Transportation revenue to Gas distribution sales of $389 million and $1.1 billion for the three and nine months ended September 30, 2024, respectively.

We disaggregate revenues into categories which represent our principal performance obligations within each business segment. These revenue categories represent the most significant revenue streams in each segment and consequently are considered to be the most relevant revenue information for management to consider in evaluating performance.

Contract Balances


	Contract Receivables		Contract Assets		Contract Liabilities
(millions of Canadian dollars)
Balance as at September 30, 2025		2,614		313		2,826
Balance as at December 31, 2024		3,764		330		2,828

Contract receivables represent the amount of receivables derived from contracts with customers.

Contract assets represent the amount of revenues which have been recognized in advance of payments received for performance obligations we have fulfilled (or have partially fulfilled) and prior to the point in time at which our right to payment is unconditional. Amounts included in contract assets are transferred to accounts receivable when our right to receive the consideration becomes unconditional.

Contract liabilities represent payments received for performance obligations which have not been fulfilled. Contract liabilities primarily relate to make-up rights and deferred revenues. Revenue recognized during the three and nine months ended September 30, 2025 included in contract liabilities at the beginning of the period were $91 million and $380 million, respectively. Increases in contract liabilities from cash received, net of amounts recognized as revenues, during the three and nine months ended September 30, 2025 were $224 million and $435 million, respectively.

Performance Obligations

There were no material revenues recognized in the three and nine months ended September 30, 2025 from performance obligations satisfied in previous periods.

Revenues to be Recognized from Unfulfilled Performance Obligations

Total revenues from performance obligations expected to be fulfilled in future periods is $59.1 billion, of which $2.6 billion and $8.3 billion are expected to be recognized during the remaining three months ending December 31, 2025 and the year ending December 31, 2026, respectively.

The revenues excluded from the amounts above based on optional exemptions available under ASC 606, as explained below, represent a significant portion of our overall revenues and revenues from contracts with customers. Certain revenues such as flow-through operating costs charged to shippers are recognized at the amount for which we have the right to invoice our customers and are excluded from the amounts for revenues to be recognized in the future from unfulfilled performance obligations above. Variable consideration is excluded from the amounts above due to the uncertainty of the associated consideration, which is generally resolved when actual volumes and prices are determined. For example, we consider interruptible transportation service revenues to be variable revenues since volumes cannot be estimated. Additionally, the effect of escalation on certain tolls which are contractually escalated for inflation has not been reflected in the amounts above as it is not possible to reliably estimate future inflation rates. Revenues for periods extending beyond the current rate settlement term for regulated contracts where the tolls are periodically reset by the regulator are excluded from the amounts above since future tolls remain unknown. Finally, revenues from contracts with customers which have an original expected duration of one year or less are excluded from the amounts above.

Recognition and Measurement of Revenues


Three months ended September 30, 2025	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage		Renewable Power Generation		Consolidated
(millions of Canadian dollars)
Revenues from products transferred at a point in time		—		32		42		22		96
Revenues from products and services transferred over time1		3,011		1,519		1,473		50		6,053
Total revenue from contracts with customers		3,011		1,551		1,515		72		6,149


Three months ended September 30, 2024	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage		Renewable Power Generation		Consolidated
(millions of Canadian dollars)
Revenues from products transferred at a point in time		—		37		31		—		68
Revenues from products and services transferred over time1		2,971		1,407		1,251		36		5,665
Total revenue from contracts with customers		2,971		1,444		1,282		36		5,733


Nine months ended September 30, 2025	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage		Renewable Power Generation		Consolidated
(millions of Canadian dollars)
Revenues from products transferred at a point in time		—		84		109		38		231
Revenues from products and services transferred over time1		9,154		4,683		7,285		128		21,250
Total revenue from contracts with customers		9,154		4,767		7,394		166		21,481


Nine months ended September 30, 2024	Liquids Pipelines		Gas Transmission		Gas Distribution and Storage		Renewable Power Generation		Consolidated
(millions of Canadian dollars)
Revenues from products transferred at a point in time		—		115		93		—		208
Revenues from products and services transferred over time1		9,108		4,311		4,674		137		18,230
Total revenue from contracts with customers		9,108		4,426		4,767		137		18,438

Revenue from crude oil and natural gas pipeline transportation, storage, natural gas gathering, compression and treating, natural gas distribution, natural gas storage services and electricity sales.

4. SEGMENTED INFORMATION

         Three months ended September 30, 2025

         Liquids
Pipelines

         Gas
Transmission

         Gas
Distribution
and Storage

         Renewable
Power
Generation

         Total 
Reportable 
Segments

         (millions of Canadian dollars)

Operating revenues1

11,183

1,597

1,513

130

14,423

Commodity and gas distribution costs

ENBRIDGE INC 10-Q