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Enbridge (ENBN) Q3 2026 Earnings Report

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MX:ENBN Q3 2026 EPS Results

Actual EPS
MXN 6.39
Consensus EPS
MXN 6.30
Beat/Miss
Beat by +MXN 0.09
One Year Ago EPS
MXN 6.00

MX:ENBN Q3 2026 Revenue Results

Actual Revenue
MXN 275.27B
Expected Revenue
MXN 178.83B
Beat/Miss
Beat by +MXN 96.43B
YoY Revenue Growth
+43.20%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/06/2026
Time
Before Open
Conference Call
Friday, November 6, 2026
MX:ENBN Upcoming Earnings

Enbridge's next earnings date is estimated for February 5, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

MX:ENBN Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 06, 2026|% Change Since:0.00%|
Earnings Call Sentiment|Positive

The call was strongly positive. Enbridge reported higher adjusted EBITDA, reaffirmed 2026 guidance, maintained high utilization, advanced a broad portfolio of growth projects and acquisitions, and highlighted strong demand across liquids, gas transmission, utilities, and renewables. The main challenges were lower liquids pipeline results, higher financing costs and interest rates, reported leverage of 5.1 times, construction challenges on Tennessee Ridgeline, and policy or commercialization work still required for certain projects.

Company Guidance

Management reaffirmed its 2026 guidance and expects results to finish at the midpoint of the range; it expects base annual investment of 10 billion to 11 billion, while maintaining a debt-to-EBITDA target of 4.5 to 5 times. Enbridge expects $40 billion to $45 billion returned through the next 5 years, supported by a $38 billion backlog, and sees continued 5% growth right through the end of the decade. The company expects an agreement and CER approval for the West Coast toll settlement in early 2027, aims to finalize the BC agreement year end or very early in the New Year, expects strong potential for commercialization of Project Beacon by very early in the New Year, and remains on track for Woodfibre LNG’s first gas in the next year.

  • 2026 Guidance Reaffirmed for the 21st Consecutive YearEnbridge reported another quarter of strong operational and financial performance and said it remains positioned to achieve its 2026 financial guidance for the 21st consecutive year. Management expects results to finish at the midpoint of the guidance range.
  • Adjusted EBITDA Increased by $167 MillionThird-quarter adjusted EBITDA increased by $167 million compared with the third quarter of 2025, supported by consistent high utilization across Enbridge's diversified asset base.
  • Strong Diversified Business PerformanceGas transmission benefited from favorable contracting and rate case settlements in U.S. assets; gas distribution benefited from higher rates in Enbridge Gas Utah and North Carolina and customer growth in Enbridge Gas Ontario; and renewable power increased slightly following the first phase of Sequoia Solar entering service at the end of 2025.
  • Approximately $38 Billion Secured Growth BacklogEnbridge cited approximately $38 billion of secured capital and said its backlog has increased 50% since the last investor day. Management reiterated a 5% growth outlook through the end of the decade.
  • Strategic Liquids Acquisitions Expanded North American FootprintEnbridge announced the acquisition of Tallgrass's crude transportation business, including the Pony Express Pipeline and Powder River Gateway system, and Salt Creek Midstream's crude gathering assets in the Delaware Basin. The transactions add connectivity to the DJ and Powder River basins, strengthen the Permian position, and expand the company's wellhead-to-water strategy.
  • Long Lake Expansion SanctionedEnbridge sanctioned the $200 million Long Lake expansion supporting CNQ's growing operations. The project includes a new lateral pipeline and storage tank and expansion of multiple lines in the regional oil sands system, with service expected in 2028.
  • Strong Mainline Utilization and Oil Sands OpportunitiesEnbridge said its Mainline system continues to operate at or near capacity, with volumes steadily increasing over the years. Management expects Western Canadian production growth to support additional regional oil sands, diluent, carbon transportation, and basin egress opportunities.
  • Flanagan South Open Season Successfully ClosedEnbridge successfully closed an open season on Flanagan South, the downstream component of the resequenced MLO2 project, and said the project highlights its ability to expand the system modularly in response to current and long-term customer needs.
  • Gas Transmission Projects Entered ServiceAitken Point entered service under budget and ahead of schedule, adding transportation capacity for regional demand growth and West Coast LNG exports. Tennessee Ridgeline entered service on time on November 1 under long-term take-or-pay agreements.
  • Major Permian Gas Infrastructure ProgressThe Blackcomb pipeline entered service with up to 2.5 Bcf/d of capacity out of the Permian Basin, while the 2.6 Bcf/d Bayrunner pipeline achieved mechanical completion and is ready to move gas to the Rio Grande LNG facility.
  • Gas Transmission Demand Remains StrongManagement reported strong demand across British Columbia, the U.S. Northeast, the U.S. Southeast, and the Gulf Coast, driven by LNG, power generation, population growth, and industrialization. Enbridge has almost 90 Bcf of natural gas storage projects already sanctioned.
  • West Coast Toll Negotiations Are AdvancingNegotiations related to the West Coast toll settlement are well advanced, with an agreement and CER approval expected in early 2027. Management said the process is trending toward a win-win solution that provides customers with toll certainty while supporting higher achieved returns.
  • Gas Distribution Expansion and Regulatory ProgressEnbridge agreed to acquire Laramie Energy's gas assets to expand gas supply for Enbridge Gas Utah, using the Wexpro business model to provide a stable cost-of-service source of natural gas and help improve affordability. Enbridge also reached a Wyoming rate case settlement and filed an Ohio settlement that would increase revenue requirement, rate base, and equity thickness.
  • Renewable Power Portfolio Exceeds 8 GigawattsSince 2002, Enbridge has built a renewable power portfolio of more than 8 GW across North America and Europe, including more than 2 GW of projects under construction. These projects are supported by long-term contracts with high-quality counterparties, including 1.4 GW of generation capacity with Meta.
  • Capital Allocation and Financial Flexibility StrengthenedEnbridge completed a $3 billion common equity offering to derisk financing of its recent acquisitions and closed the previously announced $2.7 billion joint venture with KKR and Apollo. Management said the transactions preserve financial flexibility while supporting organic growth beyond the base annual investment of $10 billion to $11 billion.
  • Shareholder Returns Remain StrongEnbridge has returned $39 billion through dividends over the past five years and expects to return a further $40 billion to $45 billion over the next five years. The company also highlighted 31 consecutive years of dividend increases.
  • Woodfibre LNG Remains on TrackWoodfibre LNG remains on track for first gas in 2027. Management cited progress including construction activity, a breakthrough on the pipeline tunnel, and continuing drilling.
  • Project Beacon Commercialization ProgressingFollowing a successful open season, Enbridge said Project Beacon is progressing through commercial discussions and has strong potential for commercialization by very early in the New Year. Management described the project as demand-pull, focused on affordability, and supported by strong political interest.
  • Ohio Modernization Program and Data Center OpportunityEnbridge Gas Ohio has a $4 billion modernization program included in riders. Management also cited approximately 10 GW of data center and power opportunities in Ohio and said the state's large-load framework is intended to address related standards and cost-allocation concerns.
  • West Coast LNG and Storage Expansion OpportunityEnbridge said it has a permitted pipeline to the West Coast and opportunities to support additional LNG export facilities. The company is also expanding its British Columbia storage facility, which management described as providing upside optionality.
  • Aitken Point Adds Contracted CapacityAitken Point represents an investment of approximately $1.2 billion, adds more than 500,000 of capacity on T-North, and is fully contracted for 25 years.
  • Potential Oil Sands and Carbon Transportation GrowthEnbridge said it expects a significant wave of Alberta production growth requiring transportation to the Edmonton and Hardisty hubs. Management expressed interest in the Pathways carbon pipeline opportunity with the right risk package and highlighted its seven existing trunk lines and 11% Indigenous partner interest in the relevant package.
  • Leadership Succession Plan in PlaceGreg Ebel announced his retirement at year-end, with Michele Harradence appointed CEO effective January 1. Management described the succession process as the result of a multiyear planning effort and expressed confidence in Harradence and the leadership team.

MX:ENBN Earnings History

MX:ENBN earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 05, 20272026 (Q4)10.23-11.48――
Nov 06, 20262026 (Q3)6.306.3966.52% (+0.39)
Jul 31, 20262026 (Q2)7.598.228.48-3.08% (-0.26)
May 08, 20262026 (Q1)12.4112.7913.44-4.85% (-0.65)
Feb 13, 20262025 (Q4)10.1911.489.7917.33% (+1.70)
Nov 07, 20252025 (Q3)6.686.007.18-16.36% (-1.17)
Aug 01, 20252025 (Q2)7.538.487.5712.07% (+0.91)
May 09, 20252025 (Q1)12.5513.441211.96% (+1.44)
Feb 14, 20252024 (Q4)9.799.798.3517.19% (+1.44)
Nov 01, 20242024 (Q3)7.077.188.09-11.29% (-0.91)

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