Enbridge Q3 2026 earnings review

Adj. EBITDA rose 3.9% to $4.43B; 2026 guidance reaffirmed.

Enbridge Inc. · Q3 2026 · Published Nov 6, 2026 · By DeepCell AI · Sources

Enbridge Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target. Figures in C$ (Canadian dollars) unless labelled US$.

Built with DeepCell / deepcell.net

1 · Enbridge (ENB) Q3 2026 earnings review

Adj. EBITDA rose 3.9% to $4.43B; 2026 guidance reaffirmed

  1. 1.Adj. EBITDA $4.43B (+3.9%); DCF $2.69B (+4.8%)
  2. 2.Adj. EPS $0.49 in line with Yahoo CAD $0.49; Gas Transmission led
  3. 3.Placed 3.0B of Gas Transmission projects into service; backlog 38B
  4. 4.Reaffirmed 2026 Adj. EBITDA $20.2B–$20.8B and DCF/share $5.70–$6.10
  5. 5.Tallgrass US$2.55B and Salt Creek US$0.6B; 3.0B equity offering
  6. 6.Shares $48.00 Nov 6 pre-market (not a close), -0.2% vs Nov 5 close $48.11

Note: DCF is distributable cash flow. Adjusted EBITDA, adjusted earnings and DCF are non-GAAP as defined by Enbridge. Dollar figures are C$ unless labelled US$.Source: Enbridge earnings release, Nov 6, 2026; Yahoo Finance, Nov 4-6, 2026

2

2 · Executive summary

Adjusted EPS of $0.49 was in line with the Yahoo Finance CAD consensus

Q3 2026 results vs consensus

MetricActualConsensusVarianceResult
Adj. EPS (Yahoo Finance, CAD)$0.49$0.49+$0.00 / +0.0%In line
Adj. EPS (Public.com, USD)$0.35$0.36-$0.01 / -2.8%Miss

Share price around the Nov 6 release (Yahoo Finance)

MeasureNov 4 closeNov 5 closeNov 6 pre-marketChange vs Nov 5
Enbridge (NYSE: ENB)$48.78$48.11$48.00-0.2%

Note: Yahoo consensus is CAD Adj. EPS. Public.com reports USD Adj. EPS. Nov 6 pre-market is not a close (Yahoo Finance 8:36 AM ET). Company does not headline GAAP revenue vs consensus.Source: Enbridge PR Newswire release, Nov 6, 2026; Yahoo Finance analysis; Public.com; Yahoo Finance quote, Nov 6, 2026

3

3 · Q3 results vs. consensus

Enbridge reaffirmed 2026 Adj. EBITDA of $20.2B–$20.8B and ~5% medium-term growth

2026 financial guidance (reaffirmed)

MetricLowHighMidpoint
Adjusted EBITDA$20.20B$20.80B$20.50B
DCF per share$5.70$6.10$5.90

Growth outlook and capital

MetricAmountHorizonNotes
Secured growth backlog38BAs of Q3After $3B into service
Projects into service this quarter3.0BQ3 2026Gas Transmission focus
Annual investment capacity10-11BOngoingCompany capacity
Medium-term growth outlook~5% CAGRMedium termAdj. EBITDA, DCF/share, EPS

Note: DCF is distributable cash flow. Guidance and outlook figures are company targets from the Nov 6 release, not consensus estimates.Source: Enbridge PR Newswire release, Nov 6, 2026; analysis of company data

4

4 · Guidance and outlook

Adj. EBITDA rose 3.9% and DCF rose 4.8%, while OCF fell 5.8%

  1. Gas Transmission ledGas Transmission Adj. EBITDA rose 13.1% to $1,427M.
  2. Liquids softLiquids Pipelines Adj. EBITDA fell 4.4% to $2,206M.
  3. GAAP EPS doubledGAAP EPS rose to $0.59 from $0.30 on mark-to-market items.

Key figures in C$M and YoY % for Q3 2026 vs Q3 2025

C$M unless notedQ3 2025Q3 2026YoY
Adjusted EBITDA$4,267M$4,434M3.9%
Adjusted earnings$997M$1,074M7.7%
Distributable cash flow$2,566M$2,689M4.8%
Operating cash flow$2,868M$2,703M5.8%
GAAP earnings to common$682M$1,288M88.9%

Note: Adj. EBITDA, adjusted earnings and DCF are non-GAAP as defined by Enbridge.Source: Enbridge PR Newswire release, Nov 6, 2026; analysis of company data

5

5 · Q3 key financials

Gas Transmission Adj. EBITDA rose 13.1% to $1,427M, offsetting softer Liquids

Adjusted EBITDA by segment

C$M, Q3 2025 vs Q3 2026

SegmentQ3 2025Q3 2026YoY
Liquids Pipelines$2,307M$2,206M(4.4%)
Gas Transmission$1,262M$1,427M13.1%
Gas Distribution and Storage$560M$665M18.8%
Renewable Power Generation$100M$127M27.0%
Eliminations and Other$38M$9M(76.3%)
Total Adjusted EBITDA$4,267M$4,434M3.9%
Gas Transmission was 32.2% of Adj. EBITDA; Liquids was 49.8%

Note: Segment Adj. EBITDA follows the company reconciliation. Rate settlements and AFUDC lifted Gas Transmission.Source: Enbridge PR Newswire release, Nov 6, 2026; analysis of company data

6

6 · Segment results

7 · Adj. EBITDA bridge

8 · Segment mix

DCF rose 4.8% to $2,689M, helped by higher Adj. EBITDA and lower maintenance capital

Distributable cash flow

C$M, Q3 2025 to Q3 2026

$M · Q3 2025: $2,566M$M · Adj. EBITDA: $167M$M · Maint. capital: $72M$M · Other DCF items: -$116M$M · Q3 2026: $2,689MQ3 2025Adj. EBITDAMaint. capitalOther DCF itemsQ3 2026$2,400M$2,500M$2,600M$2,700M$2,800M$2,900M$2,566M$167M$72M-$116M$2,689M
Maintenance capital fell to $231M from cost-saving initiatives

Note: Other DCF items net interest, tax, NCI, preference dividends and other adjustments.Source: Enbridge PR Newswire release, Nov 6, 2026; analysis of company data

9

9 · DCF bridge

Adjusted EPS rose to $0.49 from $0.46; GAAP EPS rose to $0.59

Adjusted and GAAP earnings per share

C$ per share, Q3 2025 vs Q3 2026

Adjusted EPS · Q3 2025: 0.46Adjusted EPS · Q3 2026: 0.49GAAP EPS · Q3 2025: 0.30GAAP EPS · Q3 2026: 0.59Q3 2025Q3 2026$0.0$0.2$0.4$0.70.460.490.300.59

Adjusted EPSGAAP EPS

GAAP EPS includes unrealized derivative mark-to-market, net of tax

Note: Adjusted EPS excludes unusual, infrequent or other non-operating items as defined by Enbridge.Source: Enbridge PR Newswire release, Nov 6, 2026; analysis of company data

10

10 · EPS analysis

DCF of $2,689M exceeded maintenance capital of $231M

Operating cash flow, DCF and maintenance capital

C$M, Q3 2026

$M · Operating CF: $2,703M$M · DCF: $2,689M$M · Maint. capital: $231MOperating CFDCFMaint. capital$0M$1,000M$2,000M$3,000M$2,703M$2,689M$231M

Operating CFDCFMaint. capital

Operating cash flow was $2,703M, down from $2,868M

Note: DCF is distributable cash flow. DCF is a non-GAAP measure. Maintenance capital is shown as a positive spending amount.Source: Enbridge PR Newswire release, Nov 6, 2026; analysis of company data

11

11 · Cash flow

2026 Adj. EBITDA guidance midpoint is $20.50B within $20.2B–$20.8B

2026 Adj. EBITDA guidance

C$M, reaffirmed Nov 6

$M · Low: $20,200M$M · Midpoint: $20,500M$M · High: $20,800MLowMidpointHigh$18,000M$19,000M$20,000M$21,000M$22,000M$20,200M$20,500M$20,800M

LowMidpointHigh

DCF per share guidance $5.70–$6.10 was also reaffirmed

Note: DCF is distributable cash flow. Guidance ranges are company targets. Midpoint is the simple average of low and high.Source: Enbridge PR Newswire release, Nov 6, 2026; analysis of company data

12

12 · Guidance range

Secured backlog stands at 38B after placing 3.0B into service

Selected growth and funding items

As disclosed Nov 6, 2026

ItemAmountNotes
Secured growth backlog38BAfter Q3 into-service
Tallgrass crude acquisitionUS$2.55BRockies-to-Cushing
Salt Creek MidstreamUS$0.6BClosed in October
Common equity offering3.0BPartial funding
KKR/Apollo Westcoast0.7B + 2.0BInitial + commitment
Laramie Energy assets for Enbridge Gas Utah: US$485M (plus contingent)

Note: US$ amounts as disclosed. Equity offering funds Tallgrass, Salt Creek and future growth flexibility.Source: Enbridge PR Newswire release, Nov 6, 2026; analysis of company data

13

13 · Growth projects and funding

Estimates depend on Liquids volumes, Gas Transmission rates, project execution and FX

Indicator
What to watch
Implication
Q3 reading
Liquids volumes
Mainline and Market Access soft
Liquids Adj. EBITDA
-4.4% YoY
Gas Transmission projects
Execution and AFUDC path
Growth delivery
+13.1% YoY; 3.0B in service
Guidance delivery
21st consecutive year at stake
FY Adj. EBITDA vs guide
$20.2B–$20.8B
Funding and FX
Equity dilution; CAD/USD translation
Balance sheet capacity
3.0B equity raise

Note: Watch points are analytical, not company targets. FX: US$ earnings translated at C$1.40/US$ in Q3 2026 vs C$1.38 in Q3 2025.Source: Enbridge PR Newswire release, Nov 6, 2026; analysis of company data

14

14 · Key risks to estimates

15 · Appendix: Segment detail

16 · Appendix: Earnings detail

17 · Appendix: Cash and DCF

Appendix: acquisitions and financing

ClaimEvidenceCalculation
Tallgrass crudeUS$2.55B plus US$0.3B PXP2Rockies-to-Cushing platform
Salt Creek MidstreamUS$0.6B; closed OctoberPermian wellhead-to-water
Equity offering3.0B common equityFunds M&A and flexibility
KKR/Apollo Westcoast0.7B closed; 2.0B more committedAspen Point and Sunrise

Source: Enbridge PR Newswire release, Nov 6, 2026; analysis of company data

18

18 · Appendix: Acquisitions

Appendix: income statement and DCF detail

Selected earnings lines, C$M and YoY %

C$M unless notedQ3 2025Q3 2026YoY
Adjusted EBITDA$4,267M$4,434M3.9%
Depreciation and amortization$1,453M$1,545M6.3%
Interest expense (adj. earnings)$1,256M$1,294M3.0%
Adjusted earnings$997M$1,074M7.7%
GAAP earnings to common$682M$1,288M88.9%

EPS and DCF

MetricQ3 2025Q3 2026
Adjusted EPS (CAD)$0.46$0.49
GAAP EPS (CAD)$0.30$0.59
Distributable cash flow$2,566M$2,689M
Operating cash flow$2,868M$2,703M

Note: Adjusted EBITDA, adjusted earnings and DCF follow Enbridge definitions and are reconciled in the release appendices.Source: Enbridge PR Newswire release, Nov 6, 2026; analysis of company data

19

19 · Appendix: Income detail

Appendix: sources

  • Company earnings release (PR Newswire), Nov 6, 2026 — https://www.prnewswire.com/news-releases/enbridge-reports-strong-third-quarter-results-places-over-3-billion-of-gas-transmission-projects-into-service-and-reaffirms-2026-financial-guidance-302931417.html
  • Q3 consensus Adj. EPS and revenue: Yahoo Finance analysis, read Nov 6, 2026 — https://finance.yahoo.com/quote/ENB/analysis/
  • Q3 consensus Adj. EPS (USD): Public.com ENB earnings, Nov 6, 2026 — https://public.com/stocks/ENB/earnings
  • Share price Nov 4-5 closes: Yahoo Finance ENB history — https://finance.yahoo.com/quote/ENB/history/
  • Share price Nov 6 pre-market (not a close): Yahoo Finance ENB, 8:36 AM ET — https://finance.yahoo.com/quote/ENB/history/
  • Model figures: linked cells in this DeepCell file cite the earnings release for company actuals and the consensus/price sources above for third-party data.
  • Currency note: Company figures are Canadian dollars unless labelled US$. Share prices are NYSE ENB in US dollars.
  • Disclaimer: For information only; not investment advice. No rating or price target. Readers should verify figures against the original filings.

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20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Enbridge Inc.'s Q3 2026 earnings release of November 6, 2026. Consensus estimates (Yahoo Finance, Public.com) and share prices (CNBC, Yahoo Finance) are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Company guidance, backlog, investment capacity and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Non-GAAP measures. Adjusted EBITDA, adjusted earnings, adjusted EPS and distributable cash flow follow Enbridge's own definitions. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies' measures. The earnings release reconciles them to GAAP.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Enbridge Inc. and does not represent its views. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. The analysis reflects information available as of November 6, 2026 morning US Eastern time, with share prices through the November 5 regular-session close and a November 6 pre-market quote (Yahoo Finance, 8:36 AM ET; not a close). It will not be updated for later events, and views may change without notice.

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21

21 · Disclosures

Sources

Not investment advice; no rating or price target.

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