Enbridge (ENB) Q3 2026 earnings summary

Executive summary

• Record Q3 adjusted EBITDA of $4.434B, adjusted earnings of $1.074B and DCF of $2.689B; 2026 guidance and medium-term ~5% growth outlook reaffirmed.

• Strong utilization and project execution across four businesses; more than $3B of gas transmission projects entered service and secured growth backlog stood at ~$38B.

• Acquisitions and project additions advanced across Liquids Pipelines and Gas Distribution; $3B common equity offering supported transactions and financial flexibility.

• Greg Ebel plans to retire at year-end 2026; Michele Harradence is set to become CEO on January 1, 2027.

Financial highlights

• Q3 adjusted EBITDA was $4.434B vs. $4.267B; adjusted earnings were $1.074B, or $0.49/share, vs. $997M, or $0.46/share.

• Q3 DCF was $2.689B vs. $2.566B; nine-month adjusted EBITDA was $15.020B vs. $14.739B and DCF was $9.488B vs. $9.246B.

• Q3 GAAP earnings attributable to common shareholders were $1.288B, or $0.59/share, vs. $682M, or $0.30/share; non-cash derivative fair-value changes drove much of the increase.

• Cash from operating activities was $2.703B vs. $2.868B; Q3 financing costs rose to $1.394B from $1.352B, while maintenance capital fell to $231M from $303M.

• Nine-month adjusted earnings were $4.586B vs. $4.657B; adverse derivative marks affected comparisons, partly offset by the absence of a prior-year impairment.

Outlook and guidance

• FY2026 adjusted EBITDA guidance reaffirmed at $20.2B–$20.8B and DCF/share at $5.70–$6.10; management expects full-year results at the EBITDA midpoint.

• Medium-term adjusted EBITDA, DCF/share and EPS growth outlook reaffirmed at ~5% average CAGR.

• Annual growth investment capacity is $10B–$11B; target is $10B–$20B of new project announcements through 2027.

• Secured backlog is ~$38B, including a $15B sanctioned project portfolio; nearly 90 Bcf of storage expansions are planned along the U.S. Gulf Coast and B.C.

• Gas transmission/storage contracting and higher Seaway spot volumes are tailwinds; lower Liquids Pipelines Market Access contributions and higher U.S. interest rates are headwinds.