Key Takeaways Enbridge posted Q4 EPS of 63 cents, topped estimates and rose from 53 cents a year ago.ENB's revenues climbed to $12.32B, driven by higher EBITDA in Liquids Pipelines and Gas units.Enbridge reaffirmed its 2026 EBITDA and DCF outlook and expects around 5% annual growth beyond 2026.Enbridge Inc. (ENB) reported fourth-quarter 2025 adjusted earnings per share (EPS) of 63 cents, which beat the Zacks Consensus Estimate of 60 cents. The bottom line improved from the year-ago quarter’s level of 53 cen ...

Financial Data and Key Metrics Changes - NextEra Energy reported full-year adjusted earnings per share of $3.71, an increase of over 8% from 2024, slightly exceeding previous guidance [4] - The company expects to grow adjusted earnings per share at a compound annual growth rate of 8%+ through 2032 and maintain the same growth rate from 2032 to 2035, based on the 2025 earnings [4][33] - For the full year 2025, NextEra Energy's adjusted earnings per share from the corporate and other segment decreased by $0.12 year-over-year, primarily due to higher interest costs [32] Business Line Data and Key Metrics Changes - Florida Power & Light (FPL) reported earnings per share increased by $0.21 compared to 2024, driven by regulatory capital employed growth of approximately 8.1% [27] - FPL's capital expenditures for 2025 totaled approximately $8.9 billion, with a reported return on equity for regulatory purposes expected to be around 11.7% [27][28] - Energy Resources added approximately 13.5 GW to its backlog, including a record quarter of 3.6 GW, and placed 7.2 GW of projects into commercial operations, marking a record for a single year [13][31] Market Data and Key Metrics Changes - FPL's retail sales increased by 1.7% year-over-year on a weather-normalized basis, driven by strong customer growth, adding over 90,000 customers in the fourth quarter of 2025 [29] - Florida's economy is robust, with an annual gross domestic product of approximately $1.8 trillion, making it the 15th largest economy globally [29] Company Strategy and Development Direction - NextEra Energy is focused on executing its strategic plan with over 12 growth opportunities, emphasizing the need for more energy infrastructure in the U.S. [6] - FPL plans to invest between $90 billion and $100 billion through 2032 to support Florida's growth while keeping customer bills low [7] - The company is advancing its gas transmission business and has secured approximately $5 billion in new projects since 2023 [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet growing power demand and highlighted the importance of being a proven energy infrastructure builder [4][25] - The management team noted that the current economic environment presents significant opportunities for growth, particularly in renewable energy and battery storage [15][24] - The company is also leveraging artificial intelligence to enhance operations and improve grid reliability [24] Other Important Information - NextEra Energy has secured solar panels and battery storage to meet development expectations through 2029, providing a competitive advantage [14][15] - The company has a strong balance sheet and is well-positioned to support large-scale energy projects, particularly for hyperscalers [19][21] Q&A Session Summary Question: How does Google's acquisition of Intersect fit with NextEra's partnership with Google? - Management stated that the acquisition has no impact on their partnership, emphasizing NextEra's strong position and flexibility in energy development compared to smaller developers [36][39] Question: What are the gating items for large load agreements in Florida? - Management indicated that customers are waiting for legislative outcomes regarding water usage and other local requirements before moving forward with agreements [73][75] Question: What does success in 2026 look like for NextEra? - Management outlined that success would involve meeting development expectations and making significant announcements regarding large load projects in Florida [49][51]

Core Viewpoint - Enbridge Inc. has provided its 2026 guidance, projecting adjusted EBITDA between $20.2 billion and $20.8 billion, with distributable cash flow (DCF) per share estimated at $5.70 to $6.10 [1]. Group 1: 2026 Guidance - The company anticipates EBITDA contributions from Liquids Pipelines of approximately $9.6 billion, Gas Transmission around $5.5 billion, and Gas Distribution & Storage roughly $4.5 billion [2]. - Enbridge plans to invest about $10 billion in growth capital for 2026, excluding maintenance capital, while targeting a year-end debt-to-EBITDA ratio of 4.5 to 5 times [2]. Group 2: Dividend Information - The company has increased its quarterly dividend by 3% to 97 cents, which translates to an annualized dividend of $3.88, effective March 1, 2026 [3]. Group 3: 2025 & Long-Term Outlook - For 2025, adjusted EBITDA is projected to be in the upper half of the $19.4 billion to $20 billion range, with DCF per share at the midpoint of $5.50 to $5.90 [4]. - Enbridge reaffirmed its 2023–2026 compound annual growth rate (CAGR) outlook of 7% to 9% for EBITDA, 4% to 6% for adjusted EPS, and approximately 3% for DCF per share, with post-2026 growth expected at around 5% for EBITDA, EPS, and DCF per share [4]. - The company expects about $8 billion in new projects to enter service in 2026, supported by low-risk commercial frameworks, and anticipates strong growth from recent rate settlements in Gas Distribution and Gas Transmission [4]. Group 4: Recent Earnings Results - In the latest earnings report, the company reported third-quarter adjusted EPS of 33 cents, which fell short of the estimated 39 cents, and revenue of $10.633 billion, below the consensus of $10.860 billion [5]. - Enbridge shares experienced a slight increase of 0.35%, reaching $48.29 at the time of publication [5].

Core Viewpoint - Enbridge Inc. (ENB) is a leading midstream energy company known for generating stable cash flows, allowing it to consistently reward shareholders through dividend increases over the past three decades [1][7]. Group 1: Business Model and Cash Flow - As a midstream player, Enbridge's assets are primarily booked by shippers for the long term, which minimizes its exposure to volume and price risks, thus ensuring stable cash flows [1]. - Enbridge has a secured capital program of C$32 billion, which includes projects in liquid pipelines, gas transmission, renewables, and gas distribution & storage, indicating potential for incremental cash flows and continued shareholder rewards [2][7]. Group 2: Dividend and Yield - Enbridge currently offers a dividend yield of 5.6%, reflecting its commitment to returning capital to shareholders [2]. - Other midstream energy companies, such as Enterprise Products Partners LP (EPD) and Kinder Morgan Inc. (KMI), also demonstrate stable cash flows with distribution yields of 6.86% and 4.3%, respectively [3]. Group 3: Stock Performance and Valuation - Over the past year, Enbridge's shares have increased by 28%, outperforming the industry average increase of 24.3% [4][7]. - The company's current valuation is reflected in a trailing 12-month enterprise value to EBITDA (EV/EBITDA) ratio of 15.61X, which is above the broader industry average of 13.97X [6]. Group 4: Earnings Estimates - The Zacks Consensus Estimate for Enbridge's 2025 earnings has remained unchanged over the past week, indicating stability in earnings expectations [9].

Core Insights - Enbridge Inc. reported second-quarter 2025 adjusted earnings per share of 47 cents, exceeding the Zacks Consensus Estimate of 41 cents and improving from 42 cents per share in the prior year [1] - Total quarterly revenues reached $10.8 billion, up from $8.3 billion in the same quarter last year, also surpassing the Zacks Consensus Estimate of $9.1 billion [1] Financial Performance - The strong quarterly results were driven by higher Adjusted EBITDA contributions from the Gas Transmission and Gas Distribution and Storage segments [2] - Enbridge's Distributable Cash Flow (DCF) was reported at C$2.9 billion, an increase from C$2.86 billion a year ago [8] Segment Analysis - **Liquids Pipelines**: Adjusted EBITDA totaled C$2.34 billion, down from C$2.46 billion in the prior year, primarily due to lower contributions from the Gulf Coast and Mid-Continent systems [4] - **Gas Transmission**: Adjusted earnings increased to C$1.38 billion from C$1.08 billion in the second quarter of 2024, aided by higher contributions from the U.S. gas transmission segment and rate case settlements [5] - **Gas Distribution and Storage**: This segment generated a profit of C$840 million, up from C$567 million in the prior year, driven by increased contributions from U.S. Gas Utilities [6] - **Renewable Power Generation**: Earnings decreased to C$120 million from C$147 million in the prior year [6] - **Eliminations and Other**: This segment recorded a negative adjusted EBITDA of C$36 million, compared to earnings of C$83 million in the second quarter of 2024 [7] Balance Sheet - At the end of the second quarter, Enbridge reported long-term debt of C$97 billion, with cash and cash equivalents of C$1.2 billion and a current portion of long-term debt of C$3.2 billion [9] Outlook - Enbridge reaffirmed its 2025 guidance, projecting adjusted EBITDA between $19.4 billion and $20.0 billion and DCF per share between $5.50 and $5.90 [12] - The company also reaffirmed a near-term growth outlook (2023-2026) of 7-9% for adjusted EBITDA and 3% for DCF per share [12]