Enbridge stock: stronger Q3, steady 2026 outlook

Enbridge reported stronger third-quarter results on November 6, 2026, and reaffirmed its full-year financial guidance. The Enbridge news release said adjusted earnings increased to 1.1 billion Canadian dollars from 1.0 billion Canadian dollars a year earlier, while adjusted earnings per share rose to 0.49 Canadian dollars from 0.46 Canadian dollars.

Adjusted EBITDA reached 4.434 billion Canadian dollars, up from 4.267 billion Canadian dollars in the third quarter of 2025. Distributable cash flow rose to 2.689 billion Canadian dollars from 2.566 billion Canadian dollars, although cash from operating activities declined to 2.703 billion Canadian dollars from 2.868 billion Canadian dollars.

Gas transmission leads operating growth

Gas Transmission was the strongest contributor to the operating improvement. Its adjusted EBITDA increased to 1.427 billion Canadian dollars from 1.262 billion Canadian dollars, supported by rate settlements, a previously approved rate increase at Texas Eastern and higher allowance for equity funds used during construction.

Gas Distribution and Storage also advanced, with adjusted EBITDA rising to 665 million Canadian dollars from 560 million Canadian dollars. Enbridge attributed the gain mainly to higher base rates at Enbridge Gas Utah and Enbridge Gas North Carolina, as well as higher distribution margins and customer growth at Enbridge Gas Ontario.

Liquids Pipelines remained a drag on the quarterly mix. Adjusted EBITDA fell to 2.206 billion Canadian dollars from 2.307 billion Canadian dollars because of lower Mainline volumes, lower Line 9 tolls and weaker Market Access contributions. The company also said higher interest expense and depreciation from newly completed assets partly offset the improvement in adjusted earnings.

Backlog and acquisitions shape outlook

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 maintained its medium-term target for average annual growth of about 5% in adjusted EBITDA, distributable cash flow per share and earnings per share.

The company placed the Aspen Point expansion of the British Columbia Pipeline and the Tennessee Ridgeline project into service during the quarter. At the same time, its secured growth backlog stood at 38 billion Canadian dollars. Enbridge expects annual growth investment capacity of 10 billion to 11 billion Canadian dollars and is targeting 10 billion to 20 billion Canadian dollars of new project announcements through 2027.

Recent transactions broaden the platform but also increase execution and financing demands. Enbridge announced the 2.6 billion US dollar acquisition of Tallgrass Energy's crude oil business, closed the 0.6 billion US dollar Salt Creek Midstream acquisition and agreed to acquire Laramie Energy assets for 485 million US dollars plus potential contingent payments. The company completed a 3.0 billion Canadian dollar common equity offering to support acquisitions and financial flexibility. Debt-to-EBITDA stood at 5.1 times at the end of the quarter, slightly above the stated target range because of foreign exchange translation.

Enbridge stock traded at 42.44 euros on Lang & Schwarz at 13:47 CET on Tuesday, November 10, 2026. The quote provides a current trading reference, while the earnings release remains the basis for assessing the company's operating performance.

The board declared a quarterly common-share dividend of 0.9700 Canadian dollars on November 3. The payment is scheduled for December 1 to shareholders of record on November 13. CEO Greg Ebel also said he plans to retire in January, with Michele Harradence set to lead the next phase of the company's growth.

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