Three years from now, Enbridge (TSX:ENB) stock should be worth more than it is today, and it should be paying you a bigger dividend along the way. This prediction is backed by 31 years of execution and one of the most defensible business models in North American energy.
Here’s why.
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Enbridge reports record results in 2025
Enbridge wrapped up 2025 with record EBITDA (earnings before interest, tax, depreciation, and amortization) and distributable cash flow (DCF) per share.
According to Chief Financial Officer Pat Murray, it marked the 20th consecutive year that Enbridge met or exceeded its annual financial guidance.
That kind of consistency is rare. Most energy companies are at the mercy of commodity prices. Enbridge is different.
- About 98% of its cash flow comes from regulated or long-term contracted sources, which means it continues to generate predictable income whether oil and gas prices are climbing or crashing.
- The mainline, Enbridge’s flagship crude oil pipeline system, transported an average of 3.1 million barrels per day in 2025.
- It was apportioned (meaning demand exceeded capacity) for all but three of the last 12 months of the year.
- In fact, it was still running at double-digit apportionment levels in January and February of 2026.
That’s a pipeline whereon customers are lining up to ship more than it can handle right now.
A $39 billion backlog will fuel the dividend
CEO Greg Ebel told investors on the Q4 call that Enbridge’s secured growth backlog has now grown 35% since the company’s Investor Day in March 2025. It currently stands at $39 billion and extends through 2033. Put simply: Enbridge already knows where a significant chunk of its future earnings is coming from.
The pipeline giant also expects to reach a final investment decision on another $10 billion to $20 billion in new projects over the next 24 months. Those projects span all four of its business units: liquids pipelines, gas transmission, gas utilities and storage, and renewable power.
Gas transmission is the standout right now.
- Enbridge is advancing more than 50 potential data centre opportunities that could require up to 10 billion cubic feet of natural gas per day.
- The company recently sanctioned the Bay Runner pipeline extension, upsized the Eiger Express pipeline from 2.5 to 3.7 billion cubic feet per day, and is expanding storage capacity across its network.
- All of this supports Ebel’s stated target of 5% annual growth through the end of the decade.
To put that in plain math: if Enbridge hits 5% annual growth for three straight years, the stock’s underlying cash flow, and by extension its dividend, should be meaningfully higher by 2029.
Enbridge raised its dividend again in December 2025, extending its streak to 31 consecutive years of increases. The compound annual growth rate on that dividend since the streak began is a number most companies can only dream about.
Over the next five years, Enbridge expects to pay out $40 billion to $45 billion in total dividends to shareholders. The company’s dividend payout sits squarely within its 60%–70% DCF target range, suggesting there is room to continue growing it.
The balance sheet is also in good shape. Debt-to-EBITDA sits at 4.8 times, within the company’s target range of 4.5 to 5 times, and the investment-grade credit profile remains intact.
For income investors, Enbridge offers something genuinely rare: a large, growing dividend backed by one of North America’s most essential pieces of infrastructure.
The TSX dividend stock moves about 30% of all crude oil produced in North America and roughly 20% of all natural gas consumed in the United States, according to company data.
Three years from now, Enbridge stock should be higher, its dividend should be bigger, and its backlog should be even further along. For patient investors, that’s a compelling case.
