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Enbridge Reports Strong Third Quarter Results, Places Over $3 Billion of Gas Transmission Projects Into Service, and Reaffirms 2026 Financial Guidance

ENB
  • Enbridge Inc. reported third quarter 2026 GAAP earnings of $1.3 billion ($0.59 per share), up from $0.7 billion ($0.30 per share) in 2025.
  • Adjusted earnings for the quarter reached $1.1 billion ($0.49 per share), compared to $1.0 billion ($0.46 per share) in 2025.
  • Adjusted EBITDA totaled $4.4 billion for the quarter, an increase from $4.3 billion in the prior year period.
  • Distributable cash flow (DCF) for the quarter was $2.7 billion, up from $2.6 billion in 2025.
  • The company reaffirmed its 2026 financial guidance for adjusted EBITDA between $20.2 billion and $20.8 billion, and DCF per share between $5.70 and $6.10.
  • Enbridge announced a US$2.6 billion acquisition of Tallgrass Energy LP's crude oil business to expand its Rockies-to-Cushing pipeline platform.
  • The company closed a US$0.6 billion acquisition of Salt Creek Midstream's crude oil gathering business to enhance its Permian basin presence.
  • A $3.0 billion common equity offering was completed to partially fund the Tallgrass and Salt Creek Midstream acquisitions.
  • KKR and Apollo invested an initial $0.7 billion in Enbridge's Westcoast B.C. Pipeline system, with an additional $2 billion commitment secured for expansion programs.
  • Enbridge agreed to acquire Laramie Energy assets for US$0.5 billion to provide additional natural gas supply for Utah customers.
  • The Long Lake Expansion project was sanctioned with a cost of $0.2 billion and an expected in-service date of 2028.
  • The Aspen Point expansion of the B.C. Pipeline and the Tennessee Ridgeline project were placed into service during the quarter.
  • CEO Greg Ebel announced his retirement in January 2027 and stated that Michele Harradence will succeed him as President and CEO.
  • The secured growth backlog stands at approximately $38 billion, with a target to announce $10–20 billion in new projects through 2027.
  • Enbridge declared a quarterly common share dividend of $0.9700 per share, payable on December 1, 2026.
  • The company's rolling 12-month Debt-to-EBITDA metric was 5.1x at the end of the third quarter of 2026.
  • Renewable Power Generation construction continues on more than 2 GW of capacity, with the Sequoia Solar Phase 2 expected to enter service by year-end.
Company
Enbridge Inc.
Keywords
Enbridge Inc.