Enbridge Reports Strong Third Quarter Results, Places Over $3 Billion of Gas Transmission Projects Into Service, and Reaffirms 2026 Financial Guidance
ENBRIDGE INC (ENB) filed an SEC Form 8-K — Results of Operations and Financial Condition. NEWS RELEASE Enbridge Reports Strong Third Quarter Results, Places Over $3 Billion of Gas Transmission Projects Into Service, and Reaffirms 2026 Financial Guidance CALGARY, AB, November 6, 2026 /CNW/ - Enbridge Inc. (Enbridge or the Company) (TSX:ENB) (NYSE:ENB) today reported th
How this was made
The 30-second read
Why it matters
The earnings beat and reaffirmed guidance reinforce Enbridge's financial stability, while the acquisitions expand its liquids pipeline footprint, potentially driving future cash flow growth.
Market read
Enbridge's strong earnings and strategic acquisitions are likely to boost its stock and positively affect the broader energy infrastructure sector.
What to watch
Potential regulatory or environmental hurdles on new pipeline projects could temper long‑term upside.
Enbridge Reports Strong Third Quarter Results, Places Over $3 Billion of Gas Transmission Projects Into Service, and Reaffirms 2026 Financial Guidance
Third-quarter adjusted EBITDA, adjusted earnings and distributable cash flow increased from 2025, while the Company reaffirmed its full-year guidance, added projects and acquisitions, and advanced a $38 billion secured growth backlog. Liquids Pipelines adjusted EBITDA declined, and operating cash flow was lower than 2025.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| GAAP earnings attributable to common shareholders, three months ended September 30, 2026GAAP | $1.29B | – | increased by $0.6 billion |
| GAAP earnings per common share, three months ended September 30, 2026GAAP | $0.59 per common share | – | increased by $0.29 per share |
| Cash provided by operating activities, three months ended September 30, 2026GAAP | $2.70B | – | – |
| EBITDA, three months ended September 30, 2026non-GAAP | $4.42B | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $4.43B | – | increased by $167 million |
| Adjusted earnings, three months ended September 30, 2026non-GAAP | $1.07B | – | increased by $77 million |
| Adjusted earnings per common share, three months ended September 30, 2026non-GAAP | $0.49 per common share | – | increased by $0.03 per share |
| Distributable Cash Flow, three months ended September 30, 2026non-GAAP | $2.69B | – | increased $123 million |
| Weighted average common shares outstanding, three months ended September 30, 2026other | 2.19B | – | – |
| Maintenance capital, three months ended September 30, 2026non-GAAP | −$231M | – | – |
| Interest expense, three months ended September 30, 2026non-GAAP | −$1.29B | – | – |
| GAAP earnings attributable to common shareholders, nine months ended September 30, 2026GAAP | $4.36B | – | – |
| GAAP earnings per common share, nine months ended September 30, 2026GAAP | $2.00 per common share | – | – |
| Cash provided by operating activities, nine months ended September 30, 2026GAAP | $9.16B | – | – |
| EBITDA, nine months ended September 30, 2026non-GAAP | $14.27B | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $15.02B | – | – |
| Adjusted earnings, nine months ended September 30, 2026non-GAAP | $4.59B | – | – |
| Adjusted earnings per common share, nine months ended September 30, 2026non-GAAP | $2.10 per common share | – | – |
| Distributable Cash Flow, nine months ended September 30, 2026non-GAAP | $9.49B | – | – |
| Weighted average common shares outstanding, nine months ended September 30, 2026other | 2.19B | – | – |
| Maintenance capital, nine months ended September 30, 2026non-GAAP | −$676M | – | – |
| Interest expense, nine months ended September 30, 2026non-GAAP | −$3.82B | – | – |
| Rolling 12-month Debt-to-EBITDA metric at the end of the third quarter of 2026non-GAAP | 5.1x | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Liquids Pipelines GAAP EBITDA, three months ended September 30, 2026Not provided. | $2.13B | – | – |
| Gas Transmission GAAP EBITDA, three months ended September 30, 2026Not provided. | $1.46B | – | – |
| Gas Distribution and Storage GAAP EBITDA, three months ended September 30, 2026Not provided. | $665M | – | – |
| Renewable Power Generation GAAP EBITDA, three months ended September 30, 2026Not provided. | $113M | – | – |
| Eliminations and Other GAAP EBITDA, three months ended September 30, 2026Not provided. | $49M | – | – |
| Liquids Pipelines adjusted EBITDA, three months ended September 30, 2026Lower Mainline volumes, net of earnings sharing, lower Mainline tolls on Line 9 deliveries, and lower Market Access contributions from underutilized contracts to the U.S. Gulf Coast; partially offset by translating U.S. dollar earnings at a higher average exchange rate. | $2.21B | – | decreased $101 million |
| Gas Transmission adjusted EBITDA, three months ended September 30, 2026East Tennessee rate case settlement, Texas Eastern rate increase and contracting, higher allowance for equity funds used during construction, and a higher average exchange rate for U.S. dollar earnings. | $1.43B | – | increased $165 million |
| Gas Distribution and Storage adjusted EBITDA, three months ended September 30, 2026Higher base rates for Enbridge Gas Utah and Enbridge Gas North Carolina, plus higher rates and customer growth at Enbridge Gas Ontario. | $665M | – | increased $105 million |
| Renewable Power Generation adjusted EBITDA, three months ended September 30, 2026Contributions from the first phase of Sequoia Solar, which was placed in service December 2025. | $127M | – | increased $27 million |
| Eliminations and Other adjusted EBITDA, three months ended September 30, 2026Higher realized foreign exchange losses on hedge settlements in 2026. | $9M | – | decreased $29 million |
| Liquids Pipelines GAAP EBITDA, nine months ended September 30, 2026Not provided. | $6.71B | – | – |
| Gas Transmission GAAP EBITDA, nine months ended September 30, 2026Not provided. | $4.46B | – | – |
| Gas Distribution and Storage GAAP EBITDA, nine months ended September 30, 2026Not provided. | $3.25B | – | – |
| Renewable Power Generation GAAP EBITDA, nine months ended September 30, 2026Not provided. | $419M | – | – |
| Eliminations and Other GAAP EBITDA, nine months ended September 30, 2026Not provided. | −$571M | – | – |
| Liquids Pipelines adjusted EBITDA, nine months ended September 30, 2026Not provided. | $6.85B | – | – |
| Gas Transmission adjusted EBITDA, nine months ended September 30, 2026Not provided. | $4.37B | – | – |
| Gas Distribution and Storage adjusted EBITDA, nine months ended September 30, 2026Not provided. | $3.25B | – | – |
| Renewable Power Generation adjusted EBITDA, nine months ended September 30, 2026Not provided. | $460M | – | – |
| Eliminations and Other adjusted EBITDA, nine months ended September 30, 2026Not provided. | $92M | – | – |
2026 full year and medium-term outlook outlook
- NoteAdjusted EBITDA between $20.2 billion and $20.8 billion
- NoteDCF per share between $5.70 and $6.10
- NoteAdjusted EBITDA, DCF per share, and EPS average compound annual growth rate of approximately 5%
Capital returns
- Quarterly common share dividend of $0.9700 per share, declared November 3, 2026 and payable December 1, 2026 to shareholders of record on November 13, 2026.
- Quarterly preference share dividends were declared for Series A, B, D, F, G, H, I, L, N, P, R, 1, 3, 4, 5, 7, 9, 11, 13, 15 and 19.
- Completed a $3.0 billion, 44.7 million common share bought deal offering inclusive of the fully exercised 15% underwriters' over-allotment on September 14, 2026.
What drove it
- Adjusted EBITDA increased by $167 million, led by East Tennessee Natural Gas and Texas Eastern Transmission rate settlements, higher allowance for equity during construction in Gas Transmission, and higher utility rates and customer growth.
- Gas Transmission adjusted EBITDA increased $165 million, while Gas Distribution and Storage adjusted EBITDA increased $105 million.
- Renewable Power Generation adjusted EBITDA increased $27 million from contributions from the first phase of Sequoia Solar.
- Aspen Point expansion of B.C. Pipeline and Tennessee Ridgeline entered service during the quarter.
- The secured growth backlog was approximately $38 billion after adding $1 billion through PXP2 and the Long Lake Expansion and removing Aspen Point and Tennessee Ridgeline projects that entered service.
Concerns
- Liquids Pipelines adjusted EBITDA decreased $101 million, reflecting lower Mainline volumes, lower Line 9 tolls, and underutilized Market Access contracts to the U.S. Gulf Coast.
- Cash provided by operating activities was $2,703 million, compared with $2,868 million in 2025.
- Higher depreciation from assets placed into service and higher interest expense on incremental debt balances partially offset adjusted earnings growth.
- The 5.1x rolling 12-month Debt-to-EBITDA metric was slightly above the target range, which the Company attributed to foreign exchange translation differences.
- The Tallgrass transaction remains subject to regulatory approvals and other closing conditions, while the Laramie Energy transaction remains subject to regulatory approvals and customary closing conditions.
What to watch
- Closing of the US$2.55 billion Tallgrass crude oil business acquisition and the late 2027 expected in-service date for PXP2.
- Closing of the Laramie Energy asset acquisition expected in the fourth quarter of 2026.
- An Enbridge Gas Ohio rate decision expected in or before the first quarter of 2027 and anticipated new rates effective March 1, 2027.
- Execution of the $4 billion Sunrise expansion, expected to enter service in 2028, and KKR and Apollo ownership increasing to 29% upon Sunrise entering service.
- Second phase of Sequoia Solar expected to enter service by year-end.
Balance sheet and cash flow
- Cash provided by operating activities was $2,703 million in the third quarter of 2026, compared with $2,868 million in 2025.
- Distributable Cash Flow was $2,689 million in the third quarter of 2026, compared with $2,566 million in 2025.
- The rolling 12-month Debt-to-EBITDA metric at the end of the third quarter of 2026 was 5.1x.
- Enbridge Gas North Carolina completed a US$500 million medium-term note offering on October 28, 2026, consisting of US$250 million of 10-year notes and US$250 million of 30-year notes.
- Enbridge Gas Ontario completed a $1.0 billion medium-term note offering on August 17, 2026, consisting of $600 million of 10-year notes and $400 million of 30-year notes.
- KKR and Apollo contributed approximately $0.7 billion at closing and committed to contribute an additional approximately $2.0 billion for the Aspen Point and Sunrise expansion programs.
Analysis
Enbridge reported stronger third-quarter underlying results. Adjusted EBITDA rose to $4,434 million from $4,267 million, adjusted earnings rose to $1,074 million from $997 million, and DCF rose to $2,689 million from $2,566 million. GAAP earnings attributable to common shareholders were $1,288 million, compared with $682 million, with the Company citing non-cash unrealized derivative-value changes, net of tax, in addition to operating-performance items. Cash provided by operating activities was lower at $2,703 million versus $2,868 million.
The quarter's operating improvement was concentrated in Gas Transmission and Gas Distribution and Storage. Gas Transmission adjusted EBITDA increased $165 million on rate-related revenues, favorable Texas Eastern contracting, higher allowance for equity funds used during construction, and foreign exchange translation. Gas Distribution and Storage adjusted EBITDA increased $105 million on higher utility base rates, rates and customer growth. Renewable Power Generation added $27 million of adjusted EBITDA from the first phase of Sequoia Solar.
Liquids Pipelines was the principal offset. Adjusted EBITDA declined $101 million due to lower Mainline volumes, lower tolls on Line 9 deliveries, and underutilized Market Access contracts to the U.S. Gulf Coast. Higher depreciation from assets entering service and higher interest expense on incremental debt balances also limited the conversion of EBITDA growth into adjusted earnings. DCF additionally benefited from lower maintenance capital spending related to enterprise-wide saving initiatives, although interest expense and non-cash allowance for equity during construction were offsets.
Capital deployment remained substantial. The Company completed a $3.0 billion common equity offering, announced the US$2.55 billion Tallgrass crude oil business transaction and US$0.3 billion PXP2 project, closed the US$0.6 billion Salt Creek Midstream acquisition, and received a $2.7 billion commitment from KKR and Apollo for the Westcoast system. The secured growth backlog stood at approximately $38 billion, and annual growth-capital investment capacity is expected to be $10 to $11 billion.
Management reaffirmed 2026 adjusted EBITDA guidance of $20.2 billion to $20.8 billion and DCF per share guidance of $5.70 to $6.10, along with a medium-term approximately 5% average compound annual growth outlook for adjusted EBITDA, DCF per share, and EPS. The 5.1x rolling 12-month Debt-to-EBITDA metric was slightly above the target range. The key execution items are acquisition approvals and closings, Sunrise and other sanctioned-project delivery, and whether Liquids Pipelines volumes, tolls, and Market Access utilization improve.
Management, verbatim
Our secured growth backlog stands at $38 billion, even as we placed $3 billion of completed projects into service this quarter.
Greg Ebel, President and CEO
We remain on track to achieve our financial guidance for the 21st consecutive year, reinforcing Enbridge’s ability to perform across varying macro-economic conditions and our first-choice investment proposition.
Greg Ebel, President and CEO
Not in the filing
stated, not guessed- Total revenue was not reported.
- Segment revenue was not reported; reported segment measures are EBITDA and adjusted EBITDA.
- Gross profit and gross margin were not reported.
- Operating income and operating margin were not reported.
- Free cash flow was not reported.
- Cash balance, total debt balance, and net debt balance were not reported.
- Share repurchases were not reported.
- Income tax rate was not reported.
- Prior-quarter comparisons were not reported for the reported financial metrics.
- No previous outlook section was provided, so actual results cannot be compared with prior guidance.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Enbridge is a leading North American energy infrastructure company with a diversified portfolio of gas transmission, liquids pipelines, and renewable assets.
Ticker impact
Enbridge reported Q3 2026 earnings, reaffirmed full-year guidance, and announced multiple acquisitions and a $3 bn equity raise.
likely upward pressure as investors price in earnings beat and growth acquisitions
Robust earnings, sizable acquisition activity, and a $3 bn equity offering signal financial strength and growth, which should lift the stock.
Market effects
Energy infrastructure sector may see broader buying as Enbridge's growth outlook reinforces demand for gas transmission assets.
North American energy markets could benefit from increased pipeline capacity and new gas supply projects.
Large‑cap energy infrastructure earnings can influence global commodity sentiment, especially natural gas pricing.
Counterpoint
If the market had already priced in Enbridge's growth, the reaffirmed guidance may be seen as neutral, limiting upside.
Key entities
- CompanyEnbridge Inc.
Energy infrastructure firm reporting Q3 results and growth initiatives.
- TargetTallgrass Energy LP
Seller of crude oil business acquired for $2.6 bn.
- TargetSalt Creek Midstream
Seller of crude oil gathering business acquired for $0.6 bn.
