v3.26.1
REVENUE
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE

3. REVENUE

 

REVENUE FROM CONTRACTS WITH CUSTOMERS

Major Products and Services

Three months ended June 30, 2026

Liquids Pipelines

 

Gas Transmission

 

Gas Distribution
and Storage

 

Renewable Power Generation

 

Eliminations and Other

 

Consolidated

 

(millions of Canadian dollars)

 

 

 

 

 

 

 

 

 

 

 

 

Transportation revenue

 

2,720

 

 

1,462

 

 

73

 

 

—

 

 

—

 

 

4,255

 

Storage and other revenue

 

66

 

 

173

 

 

147

 

 

—

 

 

—

 

 

386

 

Gas distribution sales

 

—

 

 

—

 

 

1,830

 

 

—

 

 

—

 

 

1,830

 

Electricity revenue

 

—

 

 

—

 

 

—

 

 

77

 

 

—

 

 

77

 

Commodity sales

 

—

 

 

36

 

 

8

 

 

—

 

 

—

 

 

44

 

Total revenue from contracts with customers

 

2,786

 

 

1,671

 

 

2,058

 

 

77

 

 

—

 

 

6,592

 

Commodity sales

 

22,361

 

 

44

 

 

—

 

 

—

 

 

136

 

 

22,541

 

Other revenue1,2

 

74

 

 

—

 

 

24

 

 

87

 

 

—

 

 

185

 

Intersegment revenue

 

—

 

 

5

 

 

(1

)

 

—

 

 

(4

)

 

—

 

Total revenue

 

25,221

 

 

1,720

 

 

2,081

 

 

164

 

 

132

 

 

29,318

 

 

Three months ended June 30, 2025

Liquids Pipelines

 

Gas Transmission

 

Gas Distribution
and Storage

 

Renewable Power Generation

 

Eliminations and Other

 

Consolidated

 

(millions of Canadian dollars)

 

 

 

 

 

 

 

 

 

 

 

 

Transportation revenue

 

2,895

 

 

1,349

 

 

63

 

 

—

 

 

—

 

 

4,307

 

Storage and other revenue

 

75

 

 

162

 

 

152

 

 

—

 

 

—

 

 

389

 

Gas distribution sales

 

—

 

 

—

 

 

1,735

 

 

—

 

 

—

 

 

1,735

 

Electricity revenue

 

—

 

 

—

 

 

—

 

 

52

 

 

—

 

 

52

 

Commodity sales

 

—

 

 

28

 

 

—

 

 

—

 

 

—

 

 

28

 

Total revenue from contracts with customers

 

2,970

 

 

1,539

 

 

1,950

 

 

52

 

 

—

 

 

6,511

 

Commodity sales

 

7,787

 

 

29

 

 

—

 

 

—

 

 

280

 

 

8,096

 

Other revenue1,2

 

80

 

 

32

 

 

67

 

 

90

 

 

—

 

 

269

 

Intersegment revenue

 

—

 

 

4

 

 

(1

)

 

3

 

 

(6

)

 

—

 

Total revenue

 

10,837

 

 

1,604

 

 

2,016

 

 

145

 

 

274

 

 

14,876

 

 

Six months ended June 30, 2026

Liquids Pipelines

 

Gas Transmission

 

Gas Distribution
and Storage

 

Renewable Power Generation

 

Eliminations and Other

 

Consolidated

 

(millions of Canadian dollars)

 

 

 

 

 

 

 

 

 

 

 

 

Transportation revenue

 

5,515

 

 

2,933

 

 

136

 

 

—

 

 

—

 

 

8,584

 

Storage and other revenue

 

128

 

 

360

 

 

302

 

 

—

 

 

—

 

 

790

 

Gas distribution sales

 

—

 

 

—

 

 

5,943

 

 

—

 

 

—

 

 

5,943

 

Electricity revenue

 

—

 

 

—

 

 

—

 

 

154

 

 

—

 

 

154

 

Commodity sales

 

—

 

 

74

 

 

15

 

 

—

 

 

—

 

 

89

 

Total revenue from contracts with customers

 

5,643

 

 

3,367

 

 

6,396

 

 

154

 

 

—

 

 

15,560

 

Commodity sales

 

34,900

 

 

93

 

 

—

 

 

—

 

 

695

 

 

35,688

 

Other revenue1,2

 

140

 

 

30

 

 

76

 

 

181

 

 

—

 

 

427

 

Intersegment revenue

 

—

 

 

11

 

 

17

 

 

3

 

 

(31

)

 

—

 

Total revenue

 

40,683

 

 

3,501

 

 

6,489

 

 

338

 

 

664

 

 

51,675

 

 

 

Six months ended June 30, 2025

Liquids Pipelines

 

Gas Transmission

 

Gas Distribution
and Storage

 

Renewable Power Generation

 

Eliminations and Other

 

Consolidated

 

(millions of Canadian dollars)

 

 

 

 

 

 

 

 

 

 

 

 

Transportation revenue

 

6,000

 

 

2,829

 

 

125

 

 

—

 

 

—

 

 

8,954

 

Storage and other revenue

 

143

 

 

335

 

 

309

 

 

—

 

 

—

 

 

787

 

Gas distribution sales

 

—

 

 

—

 

 

5,401

 

 

—

 

 

—

 

 

5,401

 

Electricity revenue

 

—

 

 

—

 

 

—

 

 

94

 

 

—

 

 

94

 

Commodity sales

 

—

 

 

52

 

 

—

 

 

—

 

 

—

 

 

52

 

Total revenue from contracts with customers

 

6,143

 

 

3,216

 

 

5,835

 

 

94

 

 

—

 

 

15,288

 

Commodity sales

 

16,721

 

 

66

 

 

—

 

 

—

 

 

834

 

 

17,621

 

Other revenue1,2

 

157

 

 

25

 

 

120

 

 

167

 

 

—

 

 

469

 

Intersegment revenue

 

—

 

 

12

 

 

17

 

 

4

 

 

(33

)

 

—

 

Total revenue

 

23,021

 

 

3,319

 

 

5,972

 

 

265

 

 

801

 

 

33,378

 

 

1
Includes realized and unrealized gains and losses from our hedging program which for the three months ended June 30, 2026 were a net $7 million gain (2025 - $33 million gain) and for the six months ended June 30, 2026 were a net $7 million gain (2025 - $132 million gain).
2
Includes revenues from lease contracts for the three months ended June 30, 2026 and 2025 of $156 million and $141 million, respectively, and for the six months ended June 30, 2026 and 2025 of $322 million and $299 million, respectively.

 

We disaggregate revenues into categories which represent our principal performance obligations within each business segment. These revenue categories represent the most significant revenue streams in each segment and consequently are considered to be the most relevant revenue information for management to consider in evaluating performance.

 

Contract Balances

 

Contract Receivables

 

Contract
Assets

 

Contract Liabilities

 

(millions of Canadian dollars)

 

 

 

 

 

 

Balance as at June 30, 2026

 

2,968

 

 

232

 

 

2,574

 

Balance as at December 31, 2025

 

3,799

 

 

315

 

 

2,765

 

 

Contract receivables represent the amount of receivables derived from contracts with customers.

 

Contract assets represent the amount of revenues which have been recognized in advance of payments received for performance obligations we have fulfilled (or have partially fulfilled) and prior to the point in time at which our right to payment is unconditional. Amounts included in contract assets are transferred to accounts receivable when our right to receive the consideration becomes unconditional.

 

Contract liabilities represent payments received for performance obligations which have not been fulfilled. Contract liabilities primarily relate to make-up rights and deferred revenues. Revenues recognized during the three and six months ended June 30, 2026 included in contract liabilities at the beginning of the period were $79 million and $327 million, respectively. Increases in contract liabilities from cash received, net of amounts recognized as revenues, during the three and six months ended June 30, 2026 were $130 million and $251 million, respectively.

 

Performance Obligations

There were no material revenues recognized in the three and six months ended June 30, 2026 from performance obligations satisfied in previous periods.

 

Revenues to be Recognized from Unfulfilled Performance Obligations

Total revenues from performance obligations expected to be fulfilled in future periods is $57.6 billion, of which $5.1 billion and $8.6 billion are expected to be recognized during the remaining six months ending December 31, 2026 and the year ending December 31, 2027, respectively.

 

The revenues excluded from the amounts above based on optional exemptions available under ASC 606, as explained below, represent a significant portion of our overall revenues and revenues from contracts with customers. Certain revenues such as flow-through operating costs charged to shippers are recognized at the amount for which we have the right to invoice our customers and are excluded from the amounts for revenues to be recognized in the future from unfulfilled performance obligations above. Variable consideration is excluded from the amounts above due to the uncertainty of the associated consideration, which is generally resolved when actual volumes and prices are determined. For example, we consider interruptible transportation service revenues to be variable revenues since volumes cannot be estimated. Additionally, the effect of escalation on certain tolls which are contractually escalated for inflation has not been reflected in the amounts above as it is not possible to reliably estimate future inflation rates. Revenues for periods extending beyond the current rate settlement term for regulated contracts where the tolls are periodically reset by the regulator are excluded from the amounts above since future tolls remain unknown. Finally, revenues from contracts with customers which have an original expected duration of one year or less are excluded from the amounts above.

 

Recognition and Measurement of Revenues

Three months ended June 30, 2026

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

 

—

 

 

36

 

 

56

 

 

11

 

 

103

 

Revenues from products and services transferred over time1

 

2,786

 

 

1,635

 

 

2,002

 

 

66

 

 

6,489

 

Total revenue from contracts with customers

 

2,786

 

 

1,671

 

 

2,058

 

 

77

 

 

6,592

 

 

Three months ended June 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

 

—

 

 

28

 

 

31

 

 

7

 

 

66

 

Revenues from products and services transferred over time1

 

2,970

 

 

1,511

 

 

1,919

 

 

45

 

 

6,445

 

Total revenue from contracts with customers

 

2,970

 

 

1,539

 

 

1,950

 

 

52

 

 

6,511

 

 

Six months ended June 30, 2026

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

 

—

 

 

74

 

 

92

 

 

33

 

 

199

 

Revenues from products and services transferred over time1

 

5,643

 

 

3,293

 

 

6,304

 

 

121

 

 

15,361

 

Total revenue from contracts with customers

 

5,643

 

 

3,367

 

 

6,396

 

 

154

 

 

15,560

 

 

Six months ended June 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

 

—

 

 

52

 

 

67

 

 

15

 

 

134

 

Revenues from products and services transferred over time1

 

6,143

 

 

3,164

 

 

5,768

 

 

79

 

 

15,154

 

Total revenue from contracts with customers

 

6,143

 

 

3,216

 

 

5,835

 

 

94

 

 

15,288

 

 

1
Revenue 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.