Here are the 10-K annual reports from Enbridge CUM Pref SR 1 (EBBGF) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow EBBGF and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full EBBGF filings page.
Enbridge Inc. filed Amendment No. 1 to its annual report to add detailed Part III information on directors, executive compensation, governance and auditor matters, leaving the original financial disclosures unchanged.
The company reports a public float of about US$98.8 billion and 2,181,830,165 common shares outstanding as of February 6, 2026. The Board has 12 nominees, 11 of whom are independent, and all five standing committees are fully independent. Director attendance in 2025 was very strong, with most directors at 100% of meetings and all directors subject to share ownership guidelines based on a US$315,000 retainer.
Management highlights record 2025 adjusted EBITDA of $19.95 billion and distributable cash flow (DCF) per share of $5.71, within guidance. Named Executive Officers received short‑term incentive payouts at 130%–146% of target and a 1.34x payout on 2023 performance stock units, consistent with a pay‑for‑performance philosophy under which about 91% of CEO target pay and 83% of other NEO pay is at risk.
Enbridge Inc. files its 2025 annual report, outlining a diversified North American energy infrastructure business spanning liquids pipelines, gas transmission, gas distribution and storage, and renewable power generation.
The company highlights a $39 billion secured capital program through 2033, focused on low-risk, regulated or contracted projects across its systems. Enbridge reports an aggregate market value of common shares held by non‑affiliates of approximately US$98.8 billion as of June 30, 2025, and 2,181,830,165 common shares outstanding as of February 6, 2026.
Management emphasizes stable, utility-like cash flows, 31 years of consecutive dividend increases, growth in US gas utilities and LNG-linked gas transmission, and about 4,100 MW of net renewable generation capacity, mostly backed by long-term contracts and power purchase agreements.