Liquids Pipelines was Enbridge’s largest segment in fiscal 2025, bringing in $45.94B of $65.19B (70%).
| Segment | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Energy Services | — | — | — | — | ||||||||||||
| Liquids Pipelines | $37.17B | $29.88B | $38.18B | $45.94B | ||||||||||||
| Gas Pipelines, Processing & Energy Services | — | — | — | — | ||||||||||||
| Gas Pipelines Processing & Energy Services | — | — | — | — | ||||||||||||
| Sponsored Investments | — | — | — | — | ||||||||||||
| Gas Distribution & Storage | $6.73B | $5.98B | $7.54B | $10.65B | ||||||||||||
| Gas Transmission | $5.43B | $5.85B | $6.20B | $6.65B | ||||||||||||
| Gas Pipelines & Processing | — | — | — | — | ||||||||||||
| Gas Transmission & Midstream | — | — | — | — | ||||||||||||
| Gas Distribution | — | — | — | — | ||||||||||||
| Consolidation, Eliminations | — | $1.46B | $1.04B | $1.38B | ||||||||||||
| Eliminations & Other | $3.40B | — | — | — | ||||||||||||
| Renewable Power Generation | $582.00M | $477.00M | $514.00M | $561.00M | ||||||||||||
| Green Power & Transmission | — | — | — | — | ||||||||||||
| Intersegment Revenue | — | — | — | — | ||||||||||||
| Intersegment Eliminations | — | — | — | — | ||||||||||||
| Total | $53.31B | $43.65B | $53.47B | $65.19B |
Enbridge brought in $65.19B from its five segments in fiscal 2025, the year ended December 31, 2025. That was up 21.9% from $53.47B in fiscal 2024. Liquids Pipelines was the largest at $45.94B (70.5%), ahead of Gas Distribution & Storage at $10.65B (16.3%) and Gas Transmission at $6.65B (10.2%). The other two segments brought in $1.94B combined.
Compared with fiscal 2024, Gas Distribution & Storage grew fastest, up 41.3% to $10.65B. Every segment above 2% of revenue grew.
Enbridge began breaking out Consolidation, Eliminations in fiscal 2023, when it brought in $1.46B. Enbridge stopped reporting Eliminations & Other as a separate segment after fiscal 2022, when it brought in $3.40B.
Commodity Sales / Costs was Enbridge’s largest product and service line in fiscal 2025, bringing in $35.18B of $65.19B (54%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Commodity Sales / Costs | — | $18.98B | $27.02B | $35.18B | ||||||
| Commodity Sales | $29.15B | — | — | — | ||||||
| Transportation & Other Services | $17.92B | $19.23B | $19.65B | $20.24B | ||||||
| Transportation & Other Services Revenues | — | — | — | — | ||||||
| Gas Distribution Sales / Costs | — | $5.44B | $6.80B | $9.77B | ||||||
| Gas Distribution Sales | $6.24B | — | — | — | ||||||
| Gas Distribution Revenue | — | — | — | — | ||||||
| Total | $53.31B | $43.65B | $53.47B | $65.19B |
Enbridge brought in $65.19B from its three product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 21.9% from $53.47B in fiscal 2024. Commodity Sales / Costs was the largest at $35.18B (54.0%), ahead of Transportation & Other Services at $20.24B (31.1%) and Gas Distribution Sales / Costs at $9.77B (15.0%).
Compared with fiscal 2024, Gas Distribution Sales / Costs grew fastest, up 43.6% to $9.77B. Every line above 2% of revenue grew.
Enbridge stopped reporting Commodity Sales ($29.15B in fiscal 2022) and Gas Distribution Sales ($6.24B in fiscal 2022) as separate lines.
Us was Enbridge’s largest region in fiscal 2025, bringing in $42.12B of $65.19B (65%).
| Geography | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Us | $25.81B | $19.87B | $31.47B | $42.12B | ||||||||||||
| United States | — | — | — | — | ||||||||||||
| Canada | $27.50B | $23.78B | $22.00B | $23.08B | ||||||||||||
| Ca | — | — | — | — | ||||||||||||
| Total | $53.31B | $43.65B | $53.47B | $65.19B |
Enbridge brought in $65.19B from its two regions in fiscal 2025, the year ended December 31, 2025. That was up 21.9% from $53.47B in fiscal 2024. Us was the largest at $42.12B (64.6%), ahead of Canada at $23.08B (35.4%).
Compared with fiscal 2024, Us grew 33.8% to $42.12B and Canada grew 4.9% to $23.08B. From fiscal 2022 to 2025, combined revenue from these regions grew from $53.31B to $65.19B, a compound annual growth rate of 6.9%. Us' share of the total rose from 48.4% to 64.6%.
Enbridge (ENB) reports its revenue by segment, by product and service and by geography. In fiscal 2025, Liquids Pipelines was its largest segment, bringing in $45.94B (70.5% of the total), followed by Gas Distribution & Storage at $10.65B (16.3%).
Liquids Pipelines was Enbridge's largest segment in fiscal 2025, bringing in $45.94B, or 70.5% of the $65.19B total across its five segments.
Commodity Sales / Costs was Enbridge's largest product and service line in fiscal 2025, bringing in $35.18B, or 54.0% of the $65.19B total across its three product and service lines.
Us was Enbridge's largest region in fiscal 2025, bringing in $42.12B, or 64.6% of the $65.19B total across its two regions.
Among Enbridge's segments that make up at least 2% of revenue, Gas Distribution & Storage grew fastest in fiscal 2025, up 41.3% from $7.54B to $10.65B.
Every figure comes from Enbridge's annual financial filings, as reported. Each line keeps the name Enbridge gives it, and years follow its fiscal calendar.
Enbridge's revenue by segment goes back to fiscal 2010, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.