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REVENUE (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Major Products and Services

Major Products and Services

Three months ended September 30, 2025	Liquids Pipelines			Gas Transmission			Gas Distribution and Storage			Renewable Power Generation			Eliminations and Other			Consolidated
(millions of Canadian dollars)
Transportation revenue		2,934			1,361			68			—			—			4,363
Storage and other revenue		77			158			122			—			—			357
Gas distribution sales		—			—			1,303			—			—			1,303
Electricity revenue		—			—			—			72			—			72
Commodity sales		—			32			22			—			—			54
Total revenue from contracts with customers		3,011			1,551			1,515			72			—			6,149
Commodity sales		8,101			23			—			—			218			8,342
Other revenue1,2		71			20			1			56			—			148
Intersegment revenue		—			3			(3	)		2			(2	)		—
Total revenue		11,183			1,597			1,513			130			216			14,639

Three months ended September 30, 2024	Liquids Pipelines			Gas Transmission			Gas Distribution and Storage			Renewable Power Generation			Eliminations and Other			Consolidated
(millions of Canadian dollars)
Transportation revenue3		2,906			1,264			58			—			—			4,228
Storage and other revenue		65			143			125			—			—			333
Gas distribution sales3		—			—			1,099			—			—			1,099
Electricity revenue		—			—			—			36			—			36
Commodity sales		—			37			—			—			—			37
Total revenue from contracts with customers		2,971			1,444			1,282			36			—			5,733
Commodity sales		8,725			10			—			—			214			8,949
Other revenue1,2		79			27			(2	)		96			—			200
Intersegment revenue		—			5			1			1			(7	)		—
Total revenue		11,775			1,486			1,281			133			207			14,882

Nine months ended September 30, 2025	Liquids Pipelines			Gas Transmission			Gas Distribution and Storage			Renewable Power Generation			Eliminations and Other			Consolidated
(millions of Canadian dollars)
Transportation revenue		8,934			4,190			223			—			—			13,347
Storage and other revenue		220			493			431			—			—			1,144
Gas distribution sales		—			—			6,718			—			—			6,718
Electricity revenue		—			—			—			166			—			166
Commodity sales		—			84			22			—			—			106
Total revenue from contracts with customers		9,154			4,767			7,394			166			—			21,481
Commodity sales		24,822			89			—			—			1,052			25,963
Other revenue1,2		228			45			77			223			—			573
Intersegment revenue		—			15			14			6			(35	)		—
Total revenue		34,204			4,916			7,485			395			1,017			48,017

Nine months ended September 30, 2024	Liquids Pipelines			Gas Transmission			Gas Distribution and Storage			Renewable Power Generation			Eliminations and Other			Consolidated
(millions of Canadian dollars)
Transportation revenue3		8,916			3,895			193			—			—			13,004
Storage and other revenue		192			416			351			—			—			959
Gas distribution sales3		—			—			4,223			—			—			4,223
Electricity revenue		—			—			—			137			—			137
Commodity sales		—			115			—			—			—			115
Total revenue from contracts with customers		9,108			4,426			4,767			137			—			18,438
Commodity sales		17,494			62			—			—			751			18,307
Other revenue1,2		213			46			24			228			—			511
Intersegment revenue		—			16			5			5			(26	)		—
Total revenue		26,815			4,550			4,796			370			725			37,256

1Includes realized and unrealized gains and losses from our hedging program which for the three months ended September 30, 2025 were a net $13 million gain (2024 - $54 million gain) and for the nine months ended September 30, 2025 were a net $145 million gain (2024 - $15 million gain).

2Includes revenues from lease contracts for the three months ended September 30, 2025 and 2024 of $116 million and $125 million, respectively, and for the nine months ended September 30, 2025 and 2024 of $415 million and $407 million, respectively.

3These balances reflect a transfer from Transportation revenue to Gas distribution sales of $389 million and $1.1 billion for the three and nine months ended September 30, 2024, respectively.

Recognition and Measurement of Revenues

Three months ended September 30, 2025	Liquids Pipelines			Gas Transmission			Gas Distribution and Storage			Renewable Power Generation			Consolidated
(millions of Canadian dollars)
Revenues from products transferred at a point in time		—			32			42			22			96
Revenues from products and services transferred over time1		3,011			1,519			1,473			50			6,053
Total revenue from contracts with customers		3,011			1,551			1,515			72			6,149

Three months ended September 30, 2024	Liquids Pipelines			Gas Transmission			Gas Distribution and Storage			Renewable Power Generation			Consolidated
(millions of Canadian dollars)
Revenues from products transferred at a point in time		—			37			31			—			68
Revenues from products and services transferred over time1		2,971			1,407			1,251			36			5,665
Total revenue from contracts with customers		2,971			1,444			1,282			36			5,733

Nine months ended September 30, 2025	Liquids Pipelines			Gas Transmission			Gas Distribution and Storage			Renewable Power Generation			Consolidated
(millions of Canadian dollars)
Revenues from products transferred at a point in time		—			84			109			38			231
Revenues from products and services transferred over time1		9,154			4,683			7,285			128			21,250
Total revenue from contracts with customers		9,154			4,767			7,394			166			21,481

Nine months ended September 30, 2024	Liquids Pipelines			Gas Transmission			Gas Distribution and Storage			Renewable Power Generation			Consolidated
(millions of Canadian dollars)
Revenues from products transferred at a point in time		—			115			93			—			208
Revenues from products and services transferred over time1		9,108			4,311			4,674			137			18,230
Total revenue from contracts with customers		9,108			4,426			4,767			137			18,438

1Revenue from crude oil and natural gas pipeline transportation, storage, natural gas gathering, compression and treating, natural gas distribution, natural gas storage services and electricity sales.

Schedule of Contract Balances

Contract Balances

	Contract Receivables			Contract Assets			Contract Liabilities
(millions of Canadian dollars)
Balance as at September 30, 2025		2,614			313			2,826
Balance as at December 31, 2024		3,764			330			2,828

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

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X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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