Enbridge Stock (ENB) in December 2025: Dividend Hike, 2026 Outlook and AI-Powered Growth
Enbridge is back on income investors' radar. The company raised its dividend for 2026 and issued fresh guidance that points to steady cash flow growth, a large project backlog, and continued discipline on leverage.
Here's what matters now if you own, track, or model TSX:ENB / NYSE:ENB.
Where ENB trades today
As of December 5, 2025, TSX:ENB closed at C$66.58. ENB on the NYSE trades near US$48 with a 52-week range around US$39.73-US$50.54 and a market cap near US$105B.
The annual dividend shown on most US trackers is about US$2.69 per share, implying a yield near 5.5-5.7%. On the TSX, the 2025 dividend is C$0.9425 quarterly (C$3.77 annualized), with a higher 2026 rate already set.
The big December update: 2026 guidance + a 3% dividend increase
Enbridge's December 3 update keeps the story clear: low-risk growth, funded and contracted.
- 2026 Adjusted EBITDA: C$20.2-C$20.8B
- 2026 DCF per share: C$5.70-C$6.10
- Growth vs. 2025 midpoints: ~4%
- New projects in service 2026: ~C$8B, largely regulated/contracted
- Through 2026 guidance: EBITDA CAGR 7-9%, EPS 4-6%, DCF/share ~3%
- Beyond 2026: management still targets ~5% annual growth in EBITDA, EPS, and DCF/share
The board approved a 3% dividend increase for 2026 to C$3.88 annualized (C$0.97 quarterly), effective with the March 1, 2026 payment. That marks 31 straight years of dividend growth. At ~C$66-67, the forward yield sits in the mid-5% range.
Balance sheet and capital plan
For 2026, Enbridge plans ~C$10B of growth capex (ex-maintenance), expects to remain within a 4.5-5.0× debt/EBITDA range, and does not plan to issue common equity. About C$10B of debt issuance is expected, much of it refinancing, with a meaningful portion of rates hedged.
Translation: same playbook-long-dated, contracted growth while protecting the dividend.
How 2025 is tracking: record quarters, bigger backlog
- Q1 2025: Adj. EBITDA C$5.8B (+18% y/y), DCF C$3.8B (+9%), Adj. EPS C$1.03. ~C$3B of new projects added.
- Q2 2025: Record adj. EBITDA C$4.6B (+7% y/y), DCF C$2.9B (flat as higher financing/taxes offset). Another ~C$2B sanctioned, including the 600 MW Clear Fork Solar for Meta.
- Q3 2025: Adj. EBITDA C$4.27B (slightly up), DCF C$2.57B (flat), Adj. EPS down on financing/depreciation. Guidance intact; cash generation solid.
The secured growth backlog is now ~C$35B, with ~C$7B added in 2025 across liquids, gas T&S, and low-carbon projects.
Growth engine: pipelines, LNG, and AI-driven power demand
Oil pipelines: Mainline expansion
Mid-November approvals add 250,000 bpd to Mainline and Flanagan South by 2027, with a potential second 250,000 bpd phase later in the decade. The system remains highly utilized and apportioned, reflecting strong Western Canadian supply.
Gas transmission and LNG: Gulf Coast and Northeast
- Permian takeaway and Gulf Coast connectivity via Matterhorn Express and Traverse.
- Storage expansions at Egan and Moss Bluff add 20+ Bcf to support LNG and power through the 2030s.
- AGT Enhancement adds ~75 MMcf/d of firm capacity in the Northeast by 2029.
Management notes the gas network touches ~45% of US gas-fired generation and sits within 50 miles of 40+ Bcf/d of potential data-center/power-related demand-useful context given AI-linked load growth.
Data centers and AI: real demand, real contracts
Enbridge is tracking 60+ data-center or power projects across its gas utilities and transmission lines, a pipeline of more than C$4B of potential investment by 2030. On the renewables side, ~1.4 GW of solar is slated to enter service by 2027, including the 600 MW Clear Fork project contracted with Meta.
Big idea: AI drives electricity demand; gas and firm renewables bridge the gap; Enbridge owns a large slice of the required infrastructure.
Regulatory overhang: Line 5
On October 30, 2025, the US Army Corps' St. Paul District issued a key permit for a 41-mile reroute of Line 5 around the Bad River Reservation in Wisconsin. That's progress-but it's not the end of the process. State permits and Michigan litigation (including the Straits of Mackinac tunnel) still matter.
Net effect: risk is lower at the margin, but not gone. Cash flow sensitivity remains if outcomes turn adverse. For background, see recent coverage at Reuters or Enbridge's updates on its investor site.
Dividend profile
2025 dividend: C$3.77. 2026 dividend: C$3.88 (+3%), marking 31 consecutive increases. On the NYSE, the annualized rate shown by most trackers is ~US$2.69, yielding ~5.6% at ~US$48.
The payout looks high on accounting EPS but is sized against DCF, which remains the management yardstick. The task for investors is simple: watch DCF growth versus capex and interest expense. So far, the guide and recent quarters support a slow-and-steady path.
What the Street is saying
Consensus sits at "Moderate Buy." Average 12-month targets on TSX cluster near C$70-71-roughly mid-single-digit price upside on top of a 5-6% yield. Independent models peg fair value in the same neighborhood, while flagging persistent capex needs and leverage around the high-4× zone.
Who owns the stock
Institutional holders own roughly 55% of shares. Recent filings show incremental buying from large asset managers-typical for a defensive, income-oriented infrastructure name with low short interest.
Opportunities and risks
- Upside: AI/data-center power demand, Western Canada oil export growth, LNG build-out, dividend compounding.
- Risks: Line 5 and permitting outcomes, higher-for-longer rates and refinancing, energy-transition policy pressure, execution on large projects and US gas utility integration.
Fast answers for busy readers
Is ENB a buy?
Analysts lean constructive but measured: modest price upside plus a 5-6% yield. Fit depends on your income needs, tolerance for regulatory/leverage risk, and your view on oil, gas, and AI-driven power demand. This is information, not investment advice.
What's the current yield?
- NYSE: ~US$2.69 annualized dividend; ~5.5-5.7% at ~US$48.
- TSX: 2025 C$3.77 annual; 2026 C$3.88; forward yield mid-5% at mid-C$60s.
12-month price target?
On TSX, the average sits around C$70.6-about 6% above ~C$66.6-plus the dividend. Other aggregators land in a similar range.
Bottom line
Enbridge looks like what it aims to be: a core North American energy infrastructure platform with steady, mostly contracted cash flows; a visible backlog; and a high, growing dividend. The trade-off is clear-policy and permitting risk, interest costs, and ongoing capex-balanced by durable demand for oil exports, gas and LNG, and rising AI-driven electricity loads.
If you're modeling total return, assume mild price appreciation, mid-5% yield, and 3-5% dividend growth. The rest comes down to execution and the rate path.
If you track AI's impact on demand and need a quick resource, this curated list may help: AI tools for finance.
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