Enbridge stock posts stronger Q3 as 2026 guidance stays intact

Enbridge reported stronger third-quarter results on November 6, 2026, and reaffirmed its full-year outlook. In its earnings release, the Canadian energy infrastructure group said adjusted EBITDA reached CAD 4.434 billion for the three months ended September 30, compared with CAD 4.267 billion a year earlier. Distributable cash flow increased to CAD 2.689 billion from CAD 2.566 billion.

Adjusted earnings rose to CAD 1.074 billion, or CAD 0.49 per common share, from CAD 997 million, or CAD 0.46 per share. GAAP earnings attributable to common shareholders were CAD 1.288 billion, or CAD 0.59 per share, versus CAD 682 million, or CAD 0.30 per share in the prior-year quarter.

Enbridge said the increase in GAAP earnings was driven partly by non-cash, unrealized changes in derivative values used for foreign-exchange, interest-rate and commodity-price risk management. The company also noted that adjusted EBITDA benefited from higher revenues following rate settlements and rate increases in gas transmission and gas distribution. Those gains more than offset lower market-access volumes in Liquids Pipelines and lower tolls on Line 9 deliveries.

Guidance remains unchanged

Management kept its 2026 adjusted EBITDA guidance at CAD 20.2 billion to CAD 20.8 billion and its distributable cash flow guidance at CAD 5.70 to CAD 6.10 per share. Enbridge also maintained a medium-term outlook for average annual growth of approximately 5 percent in adjusted EBITDA, distributable cash flow per share and earnings per share.

The company said its secured growth backlog stood at approximately CAD 38 billion after more than CAD 3 billion of gas transmission projects entered service during the quarter. Enbridge is targeting CAD 10 billion to CAD 20 billion of new project announcements through 2027 and expects annual growth investment capacity of CAD 10 billion to CAD 11 billion.

Transactions add infrastructure scale

Enbridge announced the acquisition of Tallgrass Energy's crude oil business for USD 2.55 billion. The assets include interests in the Pony Express Pipeline and Powder River Gateway system, storage capacity and the Stanchion crude marketing business. The associated Pony Express 2 project would expand capacity and is expected to enter service in late 2027, subject to regulatory approvals and other closing conditions.

The company also completed its USD 0.6 billion acquisition of Salt Creek Midstream's crude oil gathering business in October. Enbridge said the assets extend its position in the Delaware Basin and create a wellhead-to-export platform when combined with the Gray Oak Pipeline and the Enbridge Ingleside Energy Center.

In gas transmission, KKR and Apollo contributed approximately CAD 0.7 billion to the Westcoast system and committed a further CAD 2 billion for the Aspen Point and Sunrise expansion programs. Enbridge retained majority ownership and operational control. The company also agreed to acquire Laramie Energy assets for USD 485 million plus up to USD 65 million in contingent payments, subject to approvals.

For investors, the update combines higher adjusted operating performance with an unchanged financial framework and a large contracted project base. The main watchpoints are execution of the acquisitions, regulatory approvals, financing costs and the timing of new projects. Enbridge's board declared a quarterly common-share dividend of CAD 0.9700, payable December 1 to shareholders of record on November 13.

Enbridge stock traded at 42.44 euros on Lang & Schwarz at 14:08 CET on Tuesday, November 10.

North American energy shares remain sensitive to infrastructure spending, natural-gas demand and interest-rate expectations; investors can follow the S&P/TSX Composite for the broader Canadian market.

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