Enbridge Adjusted EPS In Line at $0.49 as Company Reaffirms 2026 Guidance

Enbridge Inc. (NYSE: ENB) reported third-quarter 2026 adjusted earnings of C$1.1 billion, or C$0.49 per common share, in line with the C$0.49 average analyst estimate, in an 8-K filed Friday, Nov. 6, 2026. The company reports in Canadian dollars. Adjusted earnings per share rose from C$0.46 a year earlier.

Greg Ebel, Enbridge's president and chief executive, will retire in January, and Michele Harradence will lead the company after that, the company said in the release.

GAAP earnings attributable to common shareholders were C$1.3 billion, or C$0.59 per share, compared with C$0.7 billion, or C$0.30 per share, in the third quarter of 2025. The company said the increase was primarily due to non-cash, unrealized changes in the value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks.

Earnings and cash flow

Adjusted EBITDA was C$4.4 billion, up from C$4.3 billion a year earlier, an increase of C$167 million. Gas Transmission and Gas Distribution and Storage led the gain, while Liquids Pipelines adjusted EBITDA fell C$101 million to C$2.2 billion on lower Mainline volumes and lower Market Access contributions.

Distributable cash flow was C$2.7 billion, compared with C$2.6 billion a year earlier. Cash provided by operating activities was C$2.7 billion, down from C$2.9 billion.

Acquisitions and projects

Enbridge closed its US$0.6 billion acquisition of Salt Creek Midstream's crude oil gathering business in October and announced a US$2.6 billion acquisition of Tallgrass Energy's crude oil business, which the company said will add a Rockies-to-Cushing platform. The Tallgrass deal is subject to regulatory approvals and other closing conditions.

The company completed a C$3.0 billion common equity offering to partly fund the acquisitions. It also said KKR and Apollo closed an initial C$0.7 billion investment in the Westcoast system, with a further commitment of about C$2.0 billion. The Aspen Point expansion of the B.C. Pipeline and the Tennessee Ridgeline project entered service during the quarter.

Guidance and dividend

Enbridge reaffirmed its 2026 guidance for adjusted EBITDA of C$20.2 billion to C$20.8 billion and distributable cash flow per share of C$5.70 to C$6.10. It also reaffirmed a medium-term outlook for average compound annual growth of about 5% in adjusted EBITDA, DCF per share and EPS. Analysts' average full-year 2026 adjusted EPS estimate is C$2.89.

The board declared a quarterly common dividend of C$0.97 per share, payable Dec. 1 to holders of record on Nov. 13.

The stock closed at $48.11 on Thursday, Nov. 5, the last trading session before the filing.