$ENB · ENBRIDGE INC
Enbridge filed an 8-K with its Q3 2026 earnings release. GAAP earnings attributable to common shareholders were C$1.3B (C$0.59/share) versus C$0.7B (C$0.30/share) a year ago. Adjusted earnings were C$1.1B (C$0.49/share) versus C$1.0B (C$0.46/share), and adjusted EBITDA rose to C$4.4B from C$4.3B. The company reaffirmed 2026 guidance and its ~5% medium-term growth outlook, and placed over $3B of gas transmission projects into service.
- GAAP EPS rose to C$0.59 from C$0.30 year-over-year.
- Adjusted EBITDA increased C$167M to C$4.4B.
- Distributable cash flow rose C$123M to C$2.7B.
- Secured growth backlog stands at approximately $38B.
- Completed $3.0B common equity offering to fund acquisitions.
Extended-hours last trade $48.60, up +1.02% vs regular close of $48.11, a modestly positive reaction to the reaffirmed guidance and strong results.
Enbridge delivered a beat-and-reaffirm quarter while advancing a US$2.55B acquisition and $38B growth backlog, reinforcing its 5% growth outlook.
Enbridge's $38B secured backlog and $10–11B annual investment capacity underscore midstream peers' positioning for AI-driven power and LNG demand growth.
Debt-to-EBITDA of 5.1x sits slightly above target range due to a 1.42 CAD/USD translation rate; Tallgrass and Laramie acquisitions remain subject to regulatory approvals.