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Side-by-side financial comparison of ENBRIDGE INC (ENB) and EQT Corporation (EQT). Click either name above to swap in a different company.
ENBRIDGE INC is the larger business by last-quarter revenue ($5.7B vs $3.4B, roughly 1.7× EQT Corporation). EQT Corporation runs the higher net margin — 44.0% vs 26.2%, a 17.8% gap on every dollar of revenue. On growth, EQT Corporation posted the faster year-over-year revenue change (94.2% vs 5.3%). ENBRIDGE INC produced more free cash flow last quarter ($2.4B vs $1.9B). Over the past eight quarters, EQT Corporation's revenue compounded faster (94.9% CAGR vs 7.6%).
Enbridge Inc. is a multinational pipeline and energy company headquartered in Calgary, Alberta, Canada. Enbridge owns and operates pipelines throughout Canada and the United States, transporting crude oil, natural gas, and natural gas liquids, and also generates renewable energy. Enbridge's pipeline system is the longest in North America and the largest oil export pipeline network in the world. Its crude oil system consists of 28,661 kilometres of pipelines. Its 38,300 kilometre natural gas p...
EQT Corporation is a leading independent natural gas exploration and production company headquartered in Pittsburgh, Pennsylvania, U.S. It mainly operates in the Appalachian Basin, producing natural gas, natural gas liquids and crude oil to supply energy for residential, commercial, industrial and power generation needs across North American markets.
ENB vs EQT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.7B | $3.4B |
| Net Profit | $1.5B | $1.5B |
| Gross Margin | — | — |
| Operating Margin | 34.7% | 60.3% |
| Net Margin | 26.2% | 44.0% |
| Revenue YoY | 5.3% | 94.2% |
| Net Profit YoY | 246.2% | 514.5% |
| EPS (diluted) | — | $2.36 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $3.4B | ||
| Q4 25 | $5.7B | $2.4B | ||
| Q3 25 | $4.5B | $2.0B | ||
| Q2 25 | $4.8B | $2.6B | ||
| Q1 25 | $6.4B | $1.7B | ||
| Q4 24 | $5.4B | $1.6B | ||
| Q3 24 | $4.2B | $1.3B | ||
| Q2 24 | $4.3B | $889.5M |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $1.5B | $677.1M | ||
| Q3 25 | $575.2M | $335.9M | ||
| Q2 25 | $1.7B | $784.1M | ||
| Q1 25 | $1.7B | $242.1M | ||
| Q4 24 | $434.4M | $418.4M | ||
| Q3 24 | $1.0B | $-300.8M | ||
| Q2 24 | $1.4B | $9.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 83.8% | ||
| Q3 25 | — | 80.7% | ||
| Q2 25 | — | 84.8% | ||
| Q1 25 | — | 78.3% | ||
| Q4 24 | — | 76.2% | ||
| Q3 24 | — | 65.7% | ||
| Q2 24 | 7.5% | 38.9% |
| Q1 26 | — | 60.3% | ||
| Q4 25 | 34.7% | 42.5% | ||
| Q3 25 | 36.9% | 30.8% | ||
| Q2 25 | 35.1% | 44.3% | ||
| Q1 25 | 41.7% | 28.5% | ||
| Q4 24 | 32.8% | 48.1% | ||
| Q3 24 | 38.7% | -22.0% | ||
| Q2 24 | 38.3% | 0.3% |
| Q1 26 | — | 44.0% | ||
| Q4 25 | 26.2% | 28.4% | ||
| Q3 25 | 12.8% | 17.1% | ||
| Q2 25 | 34.9% | 30.7% | ||
| Q1 25 | 26.8% | 13.9% | ||
| Q4 24 | 8.0% | 25.8% | ||
| Q3 24 | 24.3% | -23.4% | ||
| Q2 24 | 32.8% | 1.1% |
| Q1 26 | — | $2.36 | ||
| Q4 25 | — | $1.08 | ||
| Q3 25 | — | $0.53 | ||
| Q2 25 | — | $1.30 | ||
| Q1 25 | — | $0.40 | ||
| Q4 24 | — | $0.74 | ||
| Q3 24 | — | $-0.54 | ||
| Q2 24 | — | $0.02 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $798.6M | $326.6M |
| Total DebtLower is stronger | $72.2B | $507.5M |
| Stockholders' EquityBook value | $45.5B | $28.8B |
| Total Assets | $159.5B | $41.7B |
| Debt / EquityLower = less leverage | 1.59× | 0.02× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $326.6M | ||
| Q4 25 | $798.6M | $110.8M | ||
| Q3 25 | $1.0B | $235.7M | ||
| Q2 25 | $878.2M | $555.5M | ||
| Q1 25 | $1.5B | $281.8M | ||
| Q4 24 | $1.3B | $202.1M | ||
| Q3 24 | $1.4B | $89.0M | ||
| Q2 24 | $2.6B | $30.0M |
| Q1 26 | — | $507.5M | ||
| Q4 25 | $72.2B | $7.8B | ||
| Q3 25 | $73.4B | $8.2B | ||
| Q2 25 | $70.8B | $8.3B | ||
| Q1 25 | $70.9B | $8.4B | ||
| Q4 24 | $68.2B | $9.3B | ||
| Q3 24 | $63.7B | $13.8B | ||
| Q2 24 | $62.2B | $5.0B |
| Q1 26 | — | $28.8B | ||
| Q4 25 | $45.5B | $23.8B | ||
| Q3 25 | $47.6B | $23.2B | ||
| Q2 25 | $47.8B | $21.4B | ||
| Q1 25 | $49.8B | $20.7B | ||
| Q4 24 | $48.1B | $20.6B | ||
| Q3 24 | $48.0B | $20.3B | ||
| Q2 24 | $49.1B | $15.1B |
| Q1 26 | — | $41.7B | ||
| Q4 25 | $159.5B | $41.8B | ||
| Q3 25 | $158.4B | $41.2B | ||
| Q2 25 | $154.5B | $39.7B | ||
| Q1 25 | $160.6B | $39.7B | ||
| Q4 24 | $159.9B | $39.8B | ||
| Q3 24 | $150.2B | $39.9B | ||
| Q2 24 | $146.9B | $24.7B |
| Q1 26 | — | 0.02× | ||
| Q4 25 | 1.59× | 0.33× | ||
| Q3 25 | 1.54× | 0.35× | ||
| Q2 25 | 1.48× | 0.39× | ||
| Q1 25 | 1.42× | 0.41× | ||
| Q4 24 | 1.42× | 0.45× | ||
| Q3 24 | 1.33× | 0.68× | ||
| Q2 24 | 1.27× | 0.33× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $9.0B | $3.1B |
| Free Cash FlowOCF − Capex | $2.4B | $1.9B |
| FCF MarginFCF / Revenue | 42.0% | 57.6% |
| Capex IntensityCapex / Revenue | 114.3% | 18.0% |
| Cash ConversionOCF / Net Profit | 5.96× | 2.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | $3.5B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.1B | ||
| Q4 25 | $9.0B | $1.1B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | $2.2B | $1.7B | ||
| Q4 24 | $9.2B | $756.3M | ||
| Q3 24 | — | $593.0M | ||
| Q2 24 | — | $322.0M |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $2.4B | $512.7M | ||
| Q3 25 | — | $391.3M | ||
| Q2 25 | — | $692.1M | ||
| Q1 25 | $970.9M | $1.2B | ||
| Q4 24 | $4.3B | $164.7M | ||
| Q3 24 | — | $23.5M | ||
| Q2 24 | — | $-236.1M |
| Q1 26 | — | 57.6% | ||
| Q4 25 | 42.0% | 21.5% | ||
| Q3 25 | — | 20.0% | ||
| Q2 25 | — | 27.1% | ||
| Q1 25 | 15.1% | 71.4% | ||
| Q4 24 | 79.0% | 10.1% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | -26.5% |
| Q1 26 | — | 18.0% | ||
| Q4 25 | 114.3% | 25.7% | ||
| Q3 25 | — | 32.0% | ||
| Q2 25 | — | 21.5% | ||
| Q1 25 | 19.6% | 28.7% | ||
| Q4 24 | 90.1% | 36.4% | ||
| Q3 24 | — | 44.4% | ||
| Q2 24 | — | 62.7% |
| Q1 26 | — | 2.05× | ||
| Q4 25 | 5.96× | 1.66× | ||
| Q3 25 | — | 3.03× | ||
| Q2 25 | — | 1.58× | ||
| Q1 25 | 1.29× | 7.19× | ||
| Q4 24 | 21.18× | 1.81× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 33.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
