v3.26.3
REVENUE
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE

3. REVENUE

 

REVENUE FROM CONTRACTS WITH CUSTOMERS

Major Products and Services

Three months ended September 30, 2026

Liquids Pipelines

 

Gas Transmission

 

Gas Distribution
and Storage

 

Renewable Power Generation

 

Eliminations and Other

 

Consolidated

 

(millions of Canadian dollars)

 

 

 

 

 

 

 

 

 

 

 

 

Transportation revenue

 

2,772

 

 

1,435

 

 

67

 

 

—

 

 

—

 

 

4,274

 

Storage and other revenue

 

66

 

 

172

 

 

130

 

 

—

 

 

—

 

 

368

 

Gas distribution sales

 

—

 

 

—

 

 

1,344

 

 

—

 

 

—

 

 

1,344

 

Electricity revenue

 

—

 

 

—

 

 

—

 

 

84

 

 

—

 

 

84

 

Commodity sales

 

—

 

 

40

 

 

9

 

 

—

 

 

—

 

 

49

 

Total revenue from contracts with customers

 

2,838

 

 

1,647

 

 

1,550

 

 

84

 

 

—

 

 

6,119

 

Commodity sales

 

14,530

 

 

59

 

 

—

 

 

—

 

 

213

 

 

14,802

 

Other revenue1,2

 

52

 

 

15

 

 

24

 

 

65

 

 

—

 

 

156

 

Intersegment revenue

 

—

 

 

5

 

 

2

 

 

2

 

 

(9

)

 

—

 

Total revenue

 

17,420

 

 

1,726

 

 

1,576

 

 

151

 

 

204

 

 

21,077

 

 

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

 

 

62

 

 

—

 

 

—

 

 

4,357

 

Storage and other revenue

 

77

 

 

158

 

 

119

 

 

—

 

 

—

 

 

354

 

Gas distribution sales

 

—

 

 

—

 

 

1,295

 

 

—

 

 

—

 

 

1,295

 

Electricity revenue

 

—

 

 

—

 

 

—

 

 

72

 

 

—

 

 

72

 

Commodity sales

 

—

 

 

32

 

 

22

 

 

—

 

 

—

 

 

54

 

Total revenue from contracts with customers

 

3,011

 

 

1,551

 

 

1,498

 

 

72

 

 

—

 

 

6,132

 

Commodity sales

 

8,101

 

 

23

 

 

—

 

 

—

 

 

218

 

 

8,342

 

Other revenue1,2

 

71

 

 

20

 

 

18

 

 

56

 

 

—

 

 

165

 

Intersegment revenue

 

—

 

 

3

 

 

(3

)

 

2

 

 

(2

)

 

—

 

Total revenue

 

11,183

 

 

1,597

 

 

1,513

 

 

130

 

 

216

 

 

14,639

 

 

Nine months ended September 30, 2026

Liquids Pipelines

 

Gas Transmission

 

Gas Distribution
and Storage

 

Renewable Power Generation

 

Eliminations and Other

 

Consolidated

 

(millions of Canadian dollars)

 

 

 

 

 

 

 

 

 

 

 

 

Transportation revenue

 

8,287

 

 

4,368

 

 

203

 

 

—

 

 

—

 

 

12,858

 

Storage and other revenue

 

194

 

 

532

 

 

432

 

 

—

 

 

—

 

 

1,158

 

Gas distribution sales

 

—

 

 

—

 

 

7,287

 

 

—

 

 

—

 

 

7,287

 

Electricity revenue

 

—

 

 

—

 

 

—

 

 

238

 

 

—

 

 

238

 

Commodity sales

 

—

 

 

114

 

 

24

 

 

—

 

 

—

 

 

138

 

Total revenue from contracts with customers

 

8,481

 

 

5,014

 

 

7,946

 

 

238

 

 

—

 

 

21,679

 

Commodity sales

 

49,430

 

 

152

 

 

—

 

 

—

 

 

908

 

 

50,490

 

Other revenue1,2

 

192

 

 

45

 

 

100

 

 

246

 

 

—

 

 

583

 

Intersegment revenue

 

—

 

 

16

 

 

19

 

 

5

 

 

(40

)

 

—

 

Total revenue

 

58,103

 

 

5,227

 

 

8,065

 

 

489

 

 

868

 

 

72,752

 

 

 

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

 

 

187

 

 

—

 

 

—

 

 

13,311

 

Storage and other revenue

 

220

 

 

493

 

 

428

 

 

—

 

 

—

 

 

1,141

 

Gas distribution sales

 

—

 

 

—

 

 

6,696

 

 

—

 

 

—

 

 

6,696

 

Electricity revenue

 

—

 

 

—

 

 

—

 

 

166

 

 

—

 

 

166

 

Commodity sales

 

—

 

 

84

 

 

22

 

 

—

 

 

—

 

 

106

 

Total revenue from contracts with customers

 

9,154

 

 

4,767

 

 

7,333

 

 

166

 

 

—

 

 

21,420

 

Commodity sales

 

24,822

 

 

89

 

 

—

 

 

—

 

 

1,052

 

 

25,963

 

Other revenue1,2

 

228

 

 

45

 

 

138

 

 

223

 

 

—

 

 

634

 

Intersegment revenue

 

—

 

 

15

 

 

14

 

 

6

 

 

(35

)

 

—

 

Total revenue

 

34,204

 

 

4,916

 

 

7,485

 

 

395

 

 

1,017

 

 

48,017

 

 

1
Includes realized and unrealized gains and losses from our hedging program which for the three months ended September 30, 2026 were a net $35 million loss (2025 - $13 million gain) and for the nine months ended September 30, 2026 were a net $28 million loss (2025 - $145 million gain).
2
Includes revenues from lease contracts for the three months ended September 30, 2026 and 2025 of $106 million and $116 million, respectively, and for the nine months ended September 30, 2026 and 2025 of $428 million and $415 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 September 30, 2026

 

2,818

 

 

228

 

 

2,885

 

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 nine months ended September 30, 2026 included in contract liabilities at the beginning of the period were $118 million and $445 million, respectively. Increases in contract liabilities from cash received, net of amounts recognized as revenues, during the three and nine months ended September 30, 2026 were $245 million and $496 million, respectively.

 

Performance Obligations

There were no material revenues recognized in the three and nine months ended September 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 are $56.4 billion, of which $2.6 billion and $8.9 billion are expected to be recognized during the remaining three 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 Accounting Standards Codification (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 included in the transaction price only when a significant reversal of cumulative revenue is not probable. 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 September 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

 

—

 

 

40

 

 

38

 

 

15

 

 

93

 

Revenues from products and services transferred over time1

 

2,838

 

 

1,607

 

 

1,512

 

 

69

 

 

6,026

 

Total revenue from contracts with customers

 

2,838

 

 

1,647

 

 

1,550

 

 

84

 

 

6,119

 

 

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

 

 

1,456

 

 

50

 

 

6,036

 

Total revenue from contracts with customers

 

3,011

 

 

1,551

 

 

1,498

 

 

72

 

 

6,132

 

 

Nine months ended September 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

 

—

 

 

114

 

 

130

 

 

48

 

 

292

 

Revenues from products and services transferred over time1

 

8,481

 

 

4,900

 

 

7,816

 

 

190

 

 

21,387

 

Total revenue from contracts with customers

 

8,481

 

 

5,014

 

 

7,946

 

 

238

 

 

21,679

 

 

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

 

 

7,224

 

 

128

 

 

21,189

 

Total revenue from contracts with customers

 

9,154

 

 

4,767

 

 

7,333

 

 

166

 

 

21,420

 

 

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.