Enbridge stock posts stronger Q3 and reaffirms 2026 outlook

Enbridge reported stronger third-quarter results on Friday, November 6, 2026, and reaffirmed its full-year outlook. In its news release, the Calgary-based company said GAAP earnings attributable to common shareholders rose to 1.3 billion Canadian dollars from 0.7 billion Canadian dollars a year earlier.

Adjusted earnings increased to 1.1 billion Canadian dollars from 1.0 billion Canadian dollars, while adjusted earnings per common share reached 0.49 Canadian dollars, compared with 0.46 Canadian dollars in the prior-year quarter. Adjusted EBITDA rose to 4.4 billion Canadian dollars from 4.3 billion Canadian dollars. Distributable cash flow increased to 2.7 billion Canadian dollars from 2.6 billion Canadian dollars, although cash provided by operating activities declined to 2.7 billion Canadian dollars from 2.9 billion Canadian dollars.

Gas assets drive quarterly performance

Gas Transmission adjusted EBITDA rose to 1.4 billion Canadian dollars from 1.3 billion Canadian dollars, supported by rate settlements, higher contracting benefits and increased allowance for equity funds used during construction. Gas Distribution and Storage adjusted EBITDA advanced to 665 million Canadian dollars from 560 million Canadian dollars, helped by higher rates and customer growth.

Liquids Pipelines remained a drag on the comparison. Adjusted EBITDA fell to 2.2 billion Canadian dollars from 2.3 billion Canadian dollars as lower Mainline volumes, lower Line 9 tolls and underutilized Gulf Coast contracts outweighed favorable currency translation. Enbridge said the third-quarter GAAP comparison was also affected by unusual and non-operating items, including non-cash derivative valuation changes.

Capital program expands across North America

Enbridge reaffirmed 2026 adjusted EBITDA guidance of 20.2 billion to 20.8 billion Canadian dollars and distributable cash flow per-share guidance of 5.70 to 6.10 Canadian dollars. Management also retained its medium-term outlook for approximately 5% average annual growth in adjusted EBITDA, distributable cash flow per share and earnings per share.

The company placed more than 3 billion Canadian dollars of gas transmission projects into service during the quarter, including the Aspen Point expansion and Tennessee Ridgeline. Its secured growth backlog stood at approximately 38 billion Canadian dollars. Enbridge also sanctioned the 0.2 billion Canadian dollar Long Lake Expansion, which is expected to enter service in 2028.

The acquisition agenda adds both opportunity and financing demands. Enbridge agreed to acquire Tallgrass Energy's crude oil business for 2.55 billion US dollars, including interests in the Pony Express Pipeline and Powder River Gateway system. It also completed the 0.6 billion US dollar Salt Creek Midstream acquisition and raised 3.0 billion Canadian dollars through a common equity offering. A separate agreement would add Laramie Energy gas assets for 485 million US dollars plus up to 65 million US dollars in contingent payments, subject to approvals.

Enbridge stock traded at 42.37 euros on Lang & Schwarz at 13:40 CET on Monday, November 9, 2026. Investors are weighing the stronger operating performance against the capital required for acquisitions, growth projects and the equity issuance. The board declared a quarterly common-share dividend of 0.9700 Canadian dollars payable December 1 to shareholders of record November 13.

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