AltaGas (ALA) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results with normalized EBITDA of $391M (up 14% year-over-year) and normalized EPS of $0.31 (up 15%), driven by strong Midstream and Utilities performance and record LPG exports.

• Income before income taxes rose to $383M, up 69% year-over-year.

• Raised 2026 normalized EBITDA guidance by 4% to $2.0–$2.1B and normalized EPS by 6% to $2.35–$2.60.

• Advanced major growth projects, including REEF (85% complete), NEBC Liquids Expansion, and Groundbirch Rail Terminal.

• Maintained a strong balance sheet with leverage at 4.4x, below the target range.

Financial highlights

• Q2 2026 normalized EBITDA reached $391M, up from $342M in Q2 2025 (14% increase); normalized EPS was $0.31, up from $0.27 (15% increase).

• Income before income taxes was $383M, up from $226M year-over-year (69% increase).

• Normalized net income was $97M, up from $81M year-over-year.

• Cash from operations reached $490M, up from $365M in Q2 2025.

• 2026 capital budget increased to $1.8B, with 61% allocated to Utilities and 36% to Midstream.

Outlook and guidance

• 2026 normalized EBITDA guidance raised to $2.0–$2.1B (4% increase); normalized EPS guidance raised to $2.35–$2.60 (6% increase).

• Five-year EPS CAGR increased to 8% and EBITDA CAGR to 7%.

• Utilities and Midstream segments each expected to contribute ~50% of normalized EBITDA.

• Capital allocation priorities remain focused on maintenance, modernization, and advancing key growth projects.

• Guidance reflects strong YTD performance and robust outlook for both segments.