Enbridge (ENB) Q1 2026 earnings summary

Executive summary

• Strong Q1 2026 financial performance with high asset utilization, record Mainline volumes, and robust growth across all business units, though GAAP earnings and EPS declined year-over-year due to non-cash derivative losses and lower Liquids Pipelines contributions.

• Reaffirmed 2026 guidance and medium-term outlook, maintaining a 4.5x–5.0x debt-to-EBITDA target and strong liquidity, supported by a $40 billion secured capital backlog.

• Advanced and completed major expansions in storage, pipelines, and renewables, including Ingleside, Gray Oak, Cone wind, Tres Palacios, and Dawn Hub projects.

• Diversified, regulated, and long-term contracted cash flows underpin stability and growth, with continued partnership expansions and visible growth through the decade.

• Major regulatory and legal developments included settlements and approvals in gas transmission rate cases and ongoing litigation regarding the Line 5 pipeline.

Financial highlights

• Adjusted EBITDA was $5.8 billion, nearly flat year-over-year; DCF per share increased to $1.76, and adjusted EPS was $0.98, down from $1.03 in Q1 2025.

• GAAP earnings attributable to common shareholders were $1.7 billion ($0.77 per share), down from $2.3 billion ($1.04 per share) in Q1 2025, mainly due to non-cash, unrealized derivative losses.

• Total operating revenues rose 21% year-over-year to $22,357 million, driven by higher commodity and gas distribution sales.

• Liquids segment saw lower results due to absence of a litigation settlement and lower tolls; Gas Transmission and Distribution benefited from favorable contracting and recent rate cases.

• Renewables segment lower due to absence of investment tax credits, partially offset by strong wind resources.

Outlook and guidance

• 2026 full-year adjusted EBITDA guidance of $20.2–$20.8 billion and DCF per share of $5.70–$6.10 reaffirmed, with medium-term outlook projecting ~5% CAGR for EBITDA, DCF per share, and EPS beyond 2026.

• On track to achieve midpoints of guidance ranges for both EBITDA and DCF per share.

• Dividend per share growth expected to align with medium-term cash flow growth; no changes to dividend policy or payout guidance.

• Guidance extends through 2030, with updates expected at future investor days.

• Annual investment capacity of $10–$11 billion to support growth and capital projects.