EarningsQ2 2026 Earnings Report
MX:ENBN Q2 2026 EPS Results
Actual EPS$7.98
Consensus EPS$7.38
Beat/MissBeat by +$0.61
One Year Ago EPS$8.24
MX:ENBN Q2 2026 Revenue Results
Actual Revenue$363.44B
Expected Revenue$156.06B
Beat/MissBeat by +$207.38B
YoY Revenue Growth+93.91%
Earnings Announcement Details
QuarterQ2 2026
Date07/31/2026
TimeBefore Open
Conference CallFriday, July 31, 2026
MX:ENBN Upcoming Earnings
Enbridge's next earnings date is estimated for November 6, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ENBN Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a strong operational and commercial progress narrative: high utilization, material project progress (Blackcomb commissioning, Houston terminal in service, Line 5 relocation sanctioned), sizable sanctioned capital and a large secured backlog, meaningful gas and renewables momentum, and improved adjusted EBITDA (+$130M y/y). Key financial priorities (equity self-funding, shareholder returns, reaffirmed 2026 guidance) and utility rate-base growth underpin resilience. The primary negatives were manageable near-term items: slight EPS decline from non-cash and financing charges, leverage at 5.1x influenced by FX, headwinds from lower market access contributions and higher interest rates, and timing/permitting uncertainty for larger upstream Mainline decisions (MLO2) driven by policy implementation and commodity/geopolitical volatility. Overall, positives (project sanctions, backlog, EBITDA growth, renewables and gas demand momentum, and utility growth) substantially outweigh the noted lowlights, though execution and permitting timing remain watch points.Company Guidance
Strong Q2 Operational Utilization and Mainline Volumes
High utilization across all four business units; Mainline volumes averaged 3.1 million barrels per day in Q2 2026.
Material Project Progress and New Assets In Service
Started commissioning the Blackcomb pipeline (on track for full in-service by year-end) and brought the Enbridge Houston Oil Terminal into service during the quarter; sanctioned the $1 billion Wisconsin Line 5 Relocation project with construction underway and quick-cycle service expected in early 2027.
Substantial Project Sanctions and Backlog
Sanctioned approximately $9 billion of capital in 2026 and on track to secure up to $20 billion in new projects across 2026–2027; company reports a $41 billion secured capital backlog and cites $50 billion of organic growth capital opportunities through 2030.
Liquids Franchise Growth and Mainline Optimization
Advanced Mainline Optimization Phase 1 and Southern Illinois Connector to add about 180,000 barrels per day of incremental capacity; $2 billion Mainline capital program through 2028; connected to ~75% of North America's refining capacity.
Gas Transmission Momentum
Exclusive option signed to acquire TTC Connector Pipeline (connects Tres Palacios storage to Freeport LNG); sanctioned Bay Runner Twin in the Permian; Project Beacon open season significantly exceeded expectations; began commissioning Blackcomb and started construction on $4 billion Sunrise expansion in B.C.
Renewables and Power Progress
Constructing over 2 GW of power generation across North America and Europe; partnership with Meta spans 4 projects (over 1.4 GW solar/onshore wind and 1.6 GWh battery storage); advancing ~1.5 GW of additional safe-harbor opportunities; Enbridge has constructed/sanctioned ~10.5 GW of power infrastructure company-wide.
Financial Performance — EBITDA and Guidance
Adjusted EBITDA increased by over $130 million versus Q2 2025; reaffirmed 2026 guidance; DCF per share benefited from higher utilization and lower maintenance capital.
Capital Allocation and Shareholder Returns
Continuing to equity self-fund growth; returned $38 billion to shareholders over the past five years and expects to return $40–45 billion over the next five years; 31 consecutive years of dividend increases.
Utility Rate Base Growth
Utilities demonstrating strong rate base growth with forecasted rate base growth well above 8% on average (examples: ~5%+ in Ohio up to ~19% in North Carolina).
Storage and Affordability Contributions
Utility storage investments delivered customer savings (Ontario storage saved ~$200 million last winter; Ohio avoided ~$100 million in peak-period costs); focus on affordability and stable regulated returns.
MX:ENBN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed