Enbridge (ENB) Q4 FY2021 earnings: revenue $12.5 billion, up 24.6% on the year

Enbridge Inc. (ENB) reported revenue of $12.5 billion for Q4 FY2021, the quarter ended 31 December 2021, up 24.6% on the same quarter a year earlier. Net income was $1.9 billion, up 3.3% on the year, and diluted earnings per share $0.91. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.

Revenue$12.5 billionup 24.6%

Net income$1.9 billionup 3.3%

Diluted EPS$0.91

QuarterQ4 FY2021ended 31 December 2021

The quarter, against the one before and a year earlier

Line	Q4 FY2021	Q3 FY2021	A year earlier	Change on the year
Revenue	12,470	11,466	n/a	n/a
Cost of revenue	7,368	7,467	n/a	n/a
Gross profit	5,102	3,999	n/a	n/a
Gross margin	40.9%	34.9%	n/a
Operating income	2,053	1,388	n/a	n/a
Operating margin	16.5%	12.1%	n/a
Interest expense	732	648	n/a	n/a
Pre-tax income	2,428	1,013	n/a	n/a
Income tax	463	199	n/a	n/a
Effective tax rate	19.1%	19.6%	n/a
Net income	1,933	780	n/a	n/a
Net margin	15.5%	6.8%	n/a
Diluted EPS	$0.91	$0.34	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2021	Q3 FY2021	A year earlier	Change on the year
Operating cash flow	2,302	2,163	n/a	n/a
Capital expenditure	2,343	2,012	n/a	n/a
Free cash flow	-41.0	151	n/a	n/a
Free cash flow margin	-0.3%	1.3%	n/a
Cash from investing	-5,162	-2,156	n/a	n/a
Cash from financing	2,658	41.0	n/a	n/a
Depreciation and amortisation	1,047	944	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	1,692	1,692	n/a	n/a
Dividend per share	n/a	$0.83	n/a	n/a
Diluted shares, weighted	n/a	2,026m	n/a	n/a
Shares outstanding at period end	2,026m	2,026m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2021	Q3 FY2021	A year earlier	Change on the year
Shareholders' equity	60,826	62,087	n/a	n/a
Non-controlling interest	2,542	2,575	n/a	n/a
Short-term borrowings	1,515	1,205	n/a	n/a
Debt	73,809	65,036	n/a	n/a
Operating lease liabilities	612	n/a	n/a	n/a
Finance lease liabilities	33.0	n/a	n/a	n/a
Other liabilities	29,527	33,629	n/a	n/a
Total liabilities and equity	168,864	164,532	n/a	n/a
Fixed assets	100,067	98,097	n/a	n/a
Goodwill	32,775	32,573	n/a	n/a
Intangible assets	4,008	2,212	n/a	n/a
Investments	13,324	13,489	n/a	n/a
Cash and equivalents	286	451	n/a	n/a
Inventory	1,670	1,495	n/a	n/a
Other assets	16,734	16,215	n/a	n/a
Total assets	168,864	164,532	n/a	n/a

Questions

What was Enbridge's revenue in Q4 FY2021?

Enbridge (ENB) reported revenue of $12.5 billion for Q4 FY2021, the quarter ended 31 December 2021, up 24.6% on the same quarter a year earlier.

How much did Enbridge earn in Q4 FY2021?

Net income for Q4 FY2021 was $1.9 billion, up 3.3% on the year, and diluted earnings per share $0.91.

When did Enbridge report Q4 FY2021 results?

Enbridge filed its 10-K for the quarter ended 31 December 2021 with the SEC on 11 February 2022.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	11,466	12,470	15,097	13,215	11,573	13,424	12,075	10,432	9,844	11,298	11,038	11,336	14,882	16,217	18,502	14,876	14,639	17,177	22,357	29,318
Cost of revenue	7,467	7,368	9,747	8,637	6,630	7,575	6,230	4,917	4,831	5,388	5,000	5,482	9,066	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross profit	3,999	5,102	5,350	4,578	4,943	5,849	5,845	5,515	5,013	5,910	6,038	5,854	5,816	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross margin	35%	41%	35%	35%	43%	44%	48%	53%	51%	52%	55%	52%	39%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating income	1,388	2,053	2,420	1,520	1,778	-540	2,662	2,350	1,794	1,845	2,711	2,273	2,218	2,447	3,672	2,289	2,271	2,726	3,225	2,910
Operating margin	12%	16%	16%	12%	15%	-4%	22%	23%	18%	16%	25%	20%	15%	15%	20%	15%	16%	16%	14%	10%
Interest expense	648	732	719	791	806	863	905	883	921	1,103	905	1,082	1,314	1,118	1,334	1,181	1,262	1,246	1,222	1,395
Pre-tax income	1,013	2,428	2,650	740	1,701	-549	2,376	2,520	751	2,232	1,951	2,740	1,759	849	3,187	2,987	1,163	2,456	2,365	2,012
Tax rate	20%	19%	22%	18%	19%	n/a	21%	21%	17%	30%	20%	27%	18%	27%	22%	22%	27%	13%	25%	22%
Net income	780	1,933	2,029	595	1,362	-983	1,817	1,935	621	1,818	1,512	1,943	1,391	595	2,364	2,279	788	2,060	1,778	1,501
Net margin	7%	16%	13%	5%	12%	-7%	15%	19%	6%	16%	14%	17%	9%	4%	13%	15%	5%	12%	8%	5%
Diluted EPS	$0.34	$0.91	$0.95	$0.22	$0.63	-$0.53	$0.85	$0.91	$0.26	$0.81	$0.67	$0.86	$0.59	$0.23	$1.03	$1.00	$0.30	$0.89	$0.76	$0.64
Operating cash flow	2,163	2,302	2,939	2,534	2,144	3,613	3,866	3,439	3,084	3,812	3,151	2,814	2,973	3,662	3,053	3,238	2,868	3,111	2,342	4,111
Capital expenditure	2,012	2,343	1,048	954	1,202	1,443	1,129	964	1,191	1,370	1,185	1,348	1,632	2,546	1,723	1,900	2,321	3,029	2,439	2,975
Free cash flow	151	-41.0	1,891	1,580	942	2,170	2,737	2,475	1,893	2,442	1,966	1,466	1,341	1,116	1,330	1,338	547	82.0	-97.0	1,136
Buybacks	0.0	0.0	50.0	101	0.0	0.0	0.0	125	0.0	0.0	n/a	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	1,692	1,692	1,742	1,743	1,741	1,742	1,798	1,797	1,795	1,886	1,945	1,945	1,995	1,990	2,054	2,055	2,055	2,056	2,116	2,120
Shares outstanding	2,026m	2,026m	2,026m	2,025m	2,025m	2,025m	2,025m	2,023m	2,126m	2,125m	2,126m	2,177m	2,178m	2,178m	2,180m	2,181m	2,181m	2,182m	2,184m	2,184m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 11 February 2022: the filing.