Cash Flow Statement

Operating Cash Flow

+9%

+25%

10Y

Currency: CAD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	464	421	361	337	337	583	677	674	676	472	555	652	760	606	494	563	533	598	625	622	659	647	630	707	731	1 243	1 313	1 328	1 635	1 371	1 526	1 562	1 346	1 091	944	781	1 059	1 319	1 219	1 221	1 144	820	1 088	936	766	816	915	494	801	1 508	1 049	1 608	894	484	(219)	(159)	1 409	1 338	1 838	2 309	1 907	2 796	4 048	3 266	2 831	2 917	2 115	3 333	4 846	5 349	6 196	5 827	2 440	2 387	2 431	3 416	6 794	6 538	6 248	6 314	6 357	5 443	6 012	2 938	2 747	4 141	3 381	6 058	5 757	5 757	6 581	5 631	6 556	6 876	6 276	7 789
Depreciation & Amortization	403	408	406	404	401	425	435	443	456	442	450	525	558	586	612	575	578	581	585	587	589	594	600	597	604	610	630	658	685	717	737	764	783	791	814	1 017	941	1 017	1 075	1 147	1 170	1 206	1 235	1 236	1 258	1 282	1 333	1 370	1 414	1 473	1 513	1 577	1 685	1 777	1 909	2 024	2 109	2 179	2 217	2 240	2 353	2 666	2 952	3 163	3 315	3 276	3 227	3 246	3 262	3 275	3 320	3 391	3 433	3 540	3 631	3 712	3 762	3 742	3 751	3 852	3 975	4 110	4 242	4 317	4 408	4 481	4 569	4 613	4 660	4 796	4 949	5 167	5 382	5 500	5 581	5 661
Change in Deffered Taxes	(52)	(7)	82	(78)	(74)	38	2	86	127	44	32	13	1	16	(22)	108	73	(25)	15	(21)	43	98	66	41	93	150	144	258	116	118	232	218	327	291	227	203	231	276	314	365	263	129	108	3	28	159	428	131	199	406	98	587	196	102	214	7	703	494	129	43	(170)	111	687	(2 877)	(3 185)	(3 621)	(3 653)	(148)	434	989	886	1 156	8	124	91	447	1 529	1 317	1 318	1 091	1 145	913	902	957	1 018	1 407	1 280	1 420	1 070	1 114	1 240	719	889	897	920	1 025
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	13	8	12	15	18	22	23	24	26	25	25	26	28	26	28	29	31	35	35	36	35	41	42	43	41	54	62	73	82	64	65	52	49	36	36	37	34	44	32	12	30	27	27	47	28	30	30	32	36	0	36	62	71	103	106	92	98	115	105	109	285
Other Non-Cash Items	16	(14)	28	63	85	(168)	(277)	(265)	(291)	(35)	(134)	(162)	(162)	(122)	64	55	72	68	(24)	3	(5)	(11)	15	13	(15)	(661)	(775)	(846)	(1 036)	(651)	(774)	(770)	(630)	(275)	72	4	177	79	286	317	556	1 253	1 153	1 341	1 352	1 258	738	1 618	1 631	447	1 464	572	1 720	2 469	3 201	3 387	1 403	1 640	736	154	139	(1 112)	(2 246)	2 180	3 801	4 629	5 674	1 617	(369)	(1 329)	(1 906)	(2 521)	1 782	1 661	1 455	721	(3 382)	(2 923)	(2 365)	(2 015)	(2 032)	(1 170)	(1 813)	1 203	944	(336)	648	(2 199)	(1 199)	(1 351)	(2 476)	(905)	(1 715)	(2 023)	(1 605)	(2 866)
Cash Taxes Paid	0	0	0	105	0	0	0	203	0	0	0	243	0	0	0	150	0	0	0	183	0	0	0	226	0	0	0	161	0	0	0	205	271	309	295	115	0	0	0	(28)	0	0	0	267	0	0	0	107	0	0	0	9	0	0	0	80	0	0	0	194	0	0	0	172	0	0	0	277	0	0	0	571	0	0	0	524	0	0	0	489	0	0	0	495	0	0	0	578	0	0	0	861	0	0	0	0
Cash Interest Paid	0	0	0	473	0	0	0	509	0	0	0	549	0	0	0	537	0	0	0	563	0	0	0	607	0	0	0	607	0	0	0	656	805	997	1 151	871	0	0	0	955	0	0	0	988	0	0	0	1 097	0	0	0	1 435	0	0	0	1 835	0	0	0	1 820	0	0	0	2 668	0	0	0	2 508	0	0	0	2 738	0	0	0	2 538	0	0	0	2 427	0	0	0	2 920	0	0	0	3 380	0	0	0	4 134	0	0	0	4 924
Change in Working Capital	(305)	29	(135)	152	16	(201)	(277)	(570)	(438)	(111)	179	(141)	207	(69)	(649)	(354)	(264)	(96)	(10)	124	82	(32)	(60)	(6)	(72)	(89)	(112)	(26)	97	326	536	243	(44)	(315)	(399)	(128)	(40)	(138)	29	321	(277)	(264)	(389)	(642)	(385)	(543)	(352)	(272)	(1 144)	(1 078)	(1 432)	(1 777)	(760)	(528)	(684)	(688)	(713)	(731)	39	459	891	1 260	926	926	1 314	2 248	1 979	2 454	1 311	350	1 412	1 545	2 368	2 241	1 912	1 485	833	935	668	14	186	380	164	1 815	3 040	3 369	4 124	4 309	3 198	2 545	2 456	1 988	1 390	1 676	1 649	661
Cash from Operating Activities	527 N/A	838 +59%	741 -11%	877 +18%	765 -13%	678 -11%	560 -17%	369 -34%	529 +44%	812 +54%	1 082 +33%	887 -18%	1 364 +54%	1 016 -26%	499 -51%	947 +90%	992 +5%	1 126 +13%	1 191 +6%	1 315 +10%	1 367 +4%	1 297 -5%	1 251 -4%	1 352 +8%	1 342 -1%	1 253 -7%	1 200 -4%	1 372 +14%	1 497 +9%	1 881 +26%	2 257 +20%	2 017 -11%	1 782 -12%	1 583 -11%	1 658 +5%	1 877 +13%	2 368 +26%	2 553 +8%	2 923 +14%	3 371 +15%	2 856 -15%	3 144 +10%	3 195 +2%	2 874 -10%	3 019 +5%	2 972 -2%	3 062 +3%	3 341 +9%	2 901 -13%	2 756 -5%	2 692 -2%	2 567 -5%	3 735 +46%	4 304 +15%	4 421 +3%	4 571 +3%	4 911 +7%	4 920 +0%	4 959 +1%	5 205 +5%	5 120 -2%	5 721 +12%	6 367 +11%	6 658 +5%	8 076 +21%	9 449 +17%	9 342 -1%	10 502 +12%	9 484 -10%	8 634 -9%	9 908 +15%	9 398 -5%	10 031 +7%	9 953 -1%	9 520 -4%	9 781 +3%	9 536 -3%	9 609 +1%	9 620 +0%	9 256 -4%	9 631 +4%	9 676 +0%	9 507 -2%	11 230 +18%	12 157 +8%	13 062 +7%	14 002 +7%	14 201 +1%	13 486 -5%	12 861 -5%	12 750 -1%	12 600 -1%	12 502 -1%	12 926 +3%	12 821 -1%	12 270 -4%
Investing Cash Flow
Capital Expenditures	(736)	(850)	(836)	(730)	(667)	(520)	(460)	(391)	(377)	(370)	(371)	(496)	(508)	(542)	(586)	(724)	(795)	(925)	(1 060)	(1 206)	(1 496)	(1 707)	(2 104)	(2 299)	(2 467)	(2 662)	(2 810)	(3 636)	(3 861)	(3 759)	(3 884)	(3 320)	(2 867)	(2 814)	(2 588)	(3 109)	(2 568)	(2 675)	(3 005)	(3 681)	(4 000)	(4 614)	(5 019)	(5 357)	(6 001)	(6 441)	(7 242)	(8 447)	(9 400)	(10 434)	(10 575)	(10 732)	(9 880)	(9 203)	(8 581)	(7 374)	(7 437)	(6 764)	(6 016)	(5 255)	(5 458)	(6 625)	(7 750)	(9 076)	(9 094)	(8 359)	(7 615)	(7 346)	(7 091)	(6 563)	(6 335)	(5 692)	(5 270)	(5 263)	(5 572)	(5 620)	(6 528)	(7 007)	(7 748)	(8 093)	(7 070)	(6 343)	(5 356)	(4 821)	(4 915)	(4 925)	(4 935)	(4 876)	(4 908)	(5 305)	(5 749)	(6 930)	(7 486)	(8 051)	(8 767)	(9 165)
Other Items	(1 317)	272	322	478	884	617	558	651	652	(101)	209	(503)	(568)	(587)	(869)	(152)	(240)	(174)	(435)	(392)	(257)	(261)	83	70	113	1 410	1 353	783	1 257	(8)	(351)	14	(705)	(828)	(502)	(793)	(124)	(298)	(144)	(1 398)	(1 360)	(1 382)	(1 679)	(847)	(918)	(952)	(1 094)	(984)	(1 131)	(1 034)	(856)	(1 159)	(1 145)	(972)	(793)	(559)	(471)	(1 188)	(1 480)	103	(1 290)	(424)	(236)	(1 961)	(563)	12	1 540	4 329	3 994	3 228	1 361	1 034	1 490	1 796	2 299	443	663	495	308	(2 564)	(2 947)	(2 833)	(2 552)	(449)	(474)	(558)	(680)	(1 167)	(7 490)	(9 635)	(12 706)	(13 433)	(6 874)	(5 730)	(2 868)	(1 338)
Cash from Investing Activities	(2 053) N/A	(578) +72%	(514) +11%	(252) +51%	218 N/A	97 -55%	98 +1%	260 +165%	275 +6%	(471) N/A	(162) +66%	(1 000) -518%	(1 076) -8%	(1 129) -5%	(1 455) -29%	(877) +40%	(1 034) -18%	(1 100) -6%	(1 495) -36%	(1 598) -7%	(1 754) -10%	(1 968) -12%	(2 020) -3%	(2 229) -10%	(2 354) -6%	(1 253) +47%	(1 457) -16%	(2 853) -96%	(2 604) +9%	(3 767) -45%	(4 236) -12%	(3 306) +22%	(3 572) -8%	(3 642) -2%	(3 090) +15%	(3 902) -26%	(2 692) +31%	(2 973) -10%	(3 149) -6%	(5 079) -61%	(5 360) -6%	(5 996) -12%	(6 698) -12%	(6 204) +7%	(6 919) -12%	(7 393) -7%	(8 336) -13%	(9 431) -13%	(10 531) -12%	(11 468) -9%	(11 431) +0%	(11 891) -4%	(11 025) +7%	(10 175) +8%	(9 374) +8%	(7 933) +15%	(7 908) +0%	(7 952) -1%	(7 496) +6%	(5 152) +31%	(6 748) -31%	(7 049) -4%	(7 986) -13%	(11 037) -38%	(9 657) +13%	(8 347) +14%	(6 075) +27%	(3 017) +50%	(3 097) -3%	(3 335) -8%	(4 974) -49%	(4 658) +6%	(3 780) +19%	(3 467) +8%	(3 273) +6%	(5 177) -58%	(5 865) -13%	(6 512) -11%	(7 440) -14%	(10 657) -43%	(10 017) +6%	(9 176) +8%	(7 908) +14%	(5 270) +33%	(5 389) -2%	(5 483) -2%	(5 615) -2%	(6 043) -8%	(12 398) -105%	(14 940) -21%	(18 455) -24%	(20 363) -10%	(14 360) +29%	(13 781) +4%	(11 635) +16%	(10 503) +10%
Financing Cash Flow
Net Issuance of Common Stock	228	231	487	493	288	297	65	71	86	66	48	(306)	(298)	(291)	(290)	54	46	53	56	63	611	611	607	584	65	22	16	29	(14)	18	23	36	45	47	70	66	68	64	530	972	1 799	2 777	3 119	3 099	2 677	2 872	2 237	2 056	1 919	1 620	2 089	1 843	1 567	719	55	57	2 276	2 250	2 250	2 997	774	773	779	2 038	2 047	2 043	2 033	(189)	(484)	(485)	(488)	(282)	1	3	3	5	(111)	(110)	(110)	(410)	(1 093)	(1 449)	(1 449)	(1 151)	(353)	(125)	4 325	4 325	0	6 935	2 485	2 485	2 490	6	8	28
Net Issuance of Debt	1 551	(194)	(239)	(1 316)	(1 441)	(1 146)	(1 021)	(341)	(527)	(233)	(586)	745	399	787	1 590	291	399	336	714	646	286	627	600	781	1 417	435	718	2 187	1 560	2 338	2 555	1 500	2 304	2 509	1 841	2 226	790	984	445	902	1 165	191	1 143	1 795	1 659	2 197	2 316	3 392	5 952	8 022	8 188	9 000	6 662	5 800	5 621	3 663	2 553	1 684	1 228	(411)	2 769	3 295	4 054	3 901	1 799	(325)	(3 264)	(3 584)	(1 716)	143	2 359	2 206	610	210	656	2 532	3 520	4 397	5 212	9 122	8 999	9 180	8 071	2 497	917	(576)	(4 219)	876	3 158	6 069	11 246	9 690	9 026	7 489	6 560	5 945
Cash Paid for Dividends	(315)	(380)	(445)	(258)	(268)	(276)	(285)	(291)	(292)	(294)	(295)	(323)	(331)	(339)	(347)	(368)	(382)	(396)	(409)	(410)	(422)	(434)	(447)	(442)	(451)	(387)	(365)	(366)	(349)	(406)	(417)	(421)	(422)	(420)	(425)	(433)	(452)	(484)	(504)	(537)	(582)	(612)	(663)	(690)	(721)	(767)	(804)	(852)	(889)	(919)	(959)	(994)	(1 067)	(1 132)	(1 178)	(1 238)	(1 275)	(1 318)	(1 389)	(1 443)	(1 945)	(2 333)	(2 692)	(3 080)	(3 080)	(3 156)	(3 279)	(3 844)	(4 569)	(5 344)	(6 089)	(6 356)	(6 517)	(6 659)	(6 793)	(6 940)	(6 986)	(7 034)	(7 084)	(7 133)	(7 183)	(7 227)	(7 265)	(7 306)	(7 355)	(7 414)	(7 476)	(7 628)	(7 784)	(7 940)	(8 149)	(8 262)	(8 380)	(8 499)	(8 566)	(8 639)
Other	53	109	166	422	423	423	423	(4)	(4)	(4)	(1)	(2)	(6)	(12)	(7)	1	(0)	(7)	(20)	(31)	(31)	(24)	(18)	(18)	(16)	(19)	(17)	(10)	(11)	(22)	(35)	(33)	(35)	(31)	(4)	98	(25)	(76)	293	693	612	566	506	191	537	523	302	474	133	151	(25)	(79)	368	339	239	491	(55)	427	381	(303)	(196)	(198)	(233)	617	388	(163)	1 094	114	374	524	(598)	(313)	(324)	(365)	(332)	(367)	(372)	(362)	(365)	(343)	(405)	(410)	(484)	532	557	522	581	(437)	(394)	(371)	(357)	(369)	(422)	(405)	307	266
Cash from Financing Activities	1 516 N/A	(234) N/A	(32) +86%	(659) -1 966%	(999) -52%	(703) +30%	(819) -17%	(565) +31%	(737) -31%	(465) +37%	(834) -80%	114 N/A	(236) N/A	145 N/A	946 +552%	(22) N/A	63 N/A	(14) N/A	341 N/A	268 -21%	443 +65%	779 +76%	743 -5%	904 +22%	1 014 +12%	51 -95%	353 +589%	1 840 +422%	1 185 -36%	1 928 +63%	2 126 +10%	1 082 -49%	1 892 +75%	2 105 +11%	1 482 -30%	1 957 +32%	381 -81%	488 +28%	764 +57%	2 030 +166%	2 994 +47%	2 922 -2%	4 105 +40%	4 395 +7%	4 152 -6%	4 825 +16%	4 051 -16%	5 070 +25%	7 115 +40%	8 874 +25%	9 293 +5%	9 770 +5%	7 530 -23%	5 726 -24%	4 737 -17%	2 973 -37%	3 499 +18%	3 043 -13%	2 470 -19%	840 -66%	1 402 +67%	1 537 +10%	1 908 +24%	3 476 +82%	1 154 -67%	(1 601) N/A	(3 416) -113%	(7 503) -120%	(6 395) +15%	(5 162) +19%	(4 816) +7%	(4 745) +1%	(6 230) -31%	(6 811) -9%	(6 466) +5%	(4 770) +26%	(3 949) +17%	(3 109) +21%	(2 347) +25%	1 236 N/A	318 -74%	94 -70%	(1 127) N/A	(5 428) -382%	(6 234) -15%	(7 593) -22%	(6 789) +11%	(2 864) +58%	(695) +76%	4 693 N/A	5 225 +11%	3 544 -32%	2 714 -23%	(1 409) N/A	(1 691) -20%	(2 400) -42%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	16	17	5	(9)	(35)	(43)	(19)	(12)	(12)	(11)	(25)	31	25	20	28	(32)	(12)	0	6	13	20	38	9	38	59	102	126	152	143	42	37	(9)	(19)	12	(13)	(63)	(72)	(44)	(5)	28	68	42	8	28	44	62	55	39	(20)	(38)	(26)	(10)	(5)	(2)	35	70	55	63	16	(8)	(216)	(59)	(5)	(65)	234	81	(13)	55	(47)
Net Change in Cash	(10) N/A	25 N/A	195 +671%	(33) N/A	(16) +52%	72 N/A	(161) N/A	63 N/A	66 +4%	(123) N/A	86 N/A	1 -98%	52 +3 607%	32 -38%	(10) N/A	48 N/A	21 -57%	12 -42%	38 +208%	(14) N/A	56 N/A	108 +91%	(27) N/A	27 N/A	2 -94%	51 +3 320%	96 +87%	375 +291%	95 -75%	47 -51%	138 +194%	(242) N/A	59 N/A	27 -54%	38 +41%	(80) N/A	46 N/A	43 -7%	569 +1 223%	347 -39%	510 +47%	98 -81%	570 +482%	1 053 +85%	252 -76%	410 +63%	(1 210) N/A	(1 000) +17%	(477) +52%	171 N/A	592 +246%	505 -15%	342 -32%	(19) N/A	(64) -237%	(246) -284%	544 N/A	48 -91%	(76) N/A	874 N/A	(214) N/A	196 N/A	226 +15%	(975) N/A	(471) +52%	(504) -7%	(121) +76%	50 N/A	34 -32%	145 +326%	146 +1%	39 -73%	83 +113%	(270) N/A	(180) +33%	(186) -3%	(316) -70%	(38) +88%	(177) -366%	(170) +4%	(70) +59%	629 N/A	542 -14%	587 +8%	597 +2%	2 -100%	1 590 +79 400%	5 078 +219%	334 -93%	2 609 +681%	(545) N/A	(3 985) -631%	937 N/A	(2 277) N/A	(450) +80%	(680) -51%
Free Cash Flow
Free Cash Flow	(209) N/A	(12) +94%	(95) -693%	148 N/A	99 -33%	158 +60%	100 -37%	(23) N/A	152 N/A	442 +191%	711 +61%	390 -45%	856 +119%	474 -45%	(87) N/A	223 N/A	197 -11%	200 +1%	132 -34%	109 -17%	(130) N/A	(410) -217%	(853) -108%	(948) -11%	(1 126) -19%	(1 410) -25%	(1 609) -14%	(2 264) -41%	(2 364) -4%	(1 879) +21%	(1 628) +13%	(1 303) +20%	(1 085) +17%	(1 231) -13%	(930) +24%	(1 232) -32%	(200) +84%	(122) +39%	(82) +33%	(310) -278%	(1 144) -269%	(1 470) -28%	(1 824) -24%	(2 483) -36%	(2 982) -20%	(3 469) -16%	(4 180) -20%	(5 106) -22%	(6 499) -27%	(7 678) -18%	(7 883) -3%	(8 165) -4%	(6 145) +25%	(4 899) +20%	(4 160) +15%	(2 803) +33%	(2 526) +10%	(1 844) +27%	(1 057) +43%	(50) +95%	(338) -576%	(904) -167%	(1 383) -53%	(2 418) -75%	(1 018) +58%	1 090 N/A	1 727 +58%	3 156 +83%	2 393 -24%	2 071 -13%	3 573 +73%	3 706 +4%	4 761 +28%	4 690 -1%	3 948 -16%	4 161 +5%	3 008 -28%	2 602 -13%	1 872 -28%	1 163 -38%	2 561 +120%	3 333 +30%	4 151 +25%	6 409 +54%	7 242 +13%	8 137 +12%	9 067 +11%	9 325 +3%	8 578 -8%	7 556 -12%	7 001 -7%	5 670 -19%	5 016 -12%	4 875 -3%	4 054 -17%	3 105 -23%

Income Statement Balance Sheet Cash Flow Statement

Enbridge Inc
TSX:ENB

Cash Flow Statement

Cash Flow Statement
Enbridge Inc

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Enbridge Inc TSX:ENB

Cash Flow Statement

Cash Flow Statement Enbridge Inc

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Enbridge Inc
TSX:ENB

Cash Flow Statement
Enbridge Inc