Enbridge Reaffirms 2026 Earnings Range at C$20.2 Billion to C$20.8 Billion
Key Facts
Enbridge reaffirmed its 2026 financial outlook, setting a range for adjusted earnings before interest, taxes, depreciation and amortization of C$20.2 billion to C$20.8 billion, and distributable cash flow of C$5.70 to C$6.10 per share, according to its second-quarter statement. The reaffirmation came as part of an update on results for the period, while the company was scheduled to report third-quarter results before markets opened on November 6, 2026. The 2026 financial range is the centerpiece of the annual guidance the company reiterated, alongside its estimate of average medium-term compound annual growth of about 5%. ENB shares closed at $48.11 on November 5, according to EL7 data. Those prices preceded the scheduled results announcement the following day and do not represent a market response to the quarterly results.
The latest documented quarterly comparison in the evidence is for the second quarter of 2026, when adjusted EBITDA was C$4.776 billion, compared with C$4.644 billion in the same period of 2025. In the same period, adjusted earnings fell to C$1.382 billion from C$1.418 billion a year earlier. Enbridge said adjusted EBITDA rose C$132 million year over year, driven mainly by higher revenue related to gas rate cases at East Tennessee, Texas Eastern and Enbridge Gas Utah. By contrast, the company attributed the C$36 million decline in adjusted earnings to higher depreciation and interest on additional debt balances. It added that improved operating performance offset part of the impact of these costs, while adjusted earnings fell by $0.02 per share.
The company places secured growth projects at the heart of its investment plan. The project backlog stood at C$41 billion through the second quarter, after more than C$1 billion was added during the period, according to an Enbridge update. The company said it has annual growth investment capacity of C$10 billion to C$11 billion and described the macro environment as the best for growth in 10 years. These figures provide context for the reaffirmed financial outlook, as the company links its plan to secured capital projects and an ongoing ability to deploy annual investment. It also confirmed in its second-quarter update that its 2026 financial ranges and medium-term growth outlook remain in place.
In a separate expansion announced on September 9, 2026, Enbridge agreed to buy Tallgrass's crude oil transportation business for $2.55 billion in cash. The assets include a 75% stake in the Pony Express Pipeline and a 51% stake in the Powder River Gateway system, according to the company's statement. The Powder River Gateway system comprises two crude oil pipelines with total capacity of about 240 thousand barrels per day, as well as about 8.4 million barrels of storage capacity. Enbridge expects the deal to increase distributable cash flow per share in the first full year of ownership. It said closing is expected later in 2026, subject to regulatory approvals and customary closing conditions, including approval from the U.S. Federal Trade Commission.
The Tallgrass agreement also includes the PXP2 expansion project, costing $300 million. Enbridge expects the project to increase Pony Express capacity to about 515 thousand barrels per day and to enter service in late 2027. This follows the company's acquisition of operating stakes in existing infrastructure and adds a future expansion to the scope of the deal. As for the company's guidance, the announced 2026 figures remain C$20.2 billion to C$20.8 billion for adjusted earnings before interest, taxes, depreciation and amortization, and C$5.70 to C$6.10 per share for distributable cash flow. The medium-term outlook reaffirmed by the company includes compound annual growth of about 5%.