Enbridge (ENB) Q1 2026 earnings summary

Executive summary

• First quarter 2026 delivered strong financial results with high asset utilization, record Mainline volumes, and robust growth across all business units, though GAAP earnings and EPS declined due to non-cash derivative losses and lower Liquids Pipelines contributions.

• Adjusted EBITDA was $5.8 billion, nearly flat year-over-year, while distributable cash flow (DCF) rose to $3.9 billion from $3.8 billion, and adjusted EPS was $0.98, down from $1.03 in Q1 2025.

• Revenue increased to $22,357 million from $18,502 million year-over-year, driven by higher commodity and gas distribution sales, but offset by higher operating expenses and derivative losses.

• The secured capital backlog increased to $40 billion, with major expansions and new project sanctions in wind, gas storage, and pipeline segments.

• 2026 financial guidance and multi-year outlook were reaffirmed, maintaining leverage within the 4.5x–5.0x Debt-to-EBITDA target range.

Financial highlights

• Adjusted EBITDA was $5.8 billion, nearly unchanged from $5.83 billion in Q1 2025, with DCF per share up to $1.76 and adjusted EPS down by $0.05 year-over-year.

• GAAP earnings attributable to common shareholders were $1.7 billion ($0.77 per share), down from $2.3 billion ($1.04 per share), mainly due to non-cash, unrealized derivative losses.

• Cash provided by operating activities was $2.3 billion, down from $3.1 billion in Q1 2025.

• Capital expenditures increased to $2,485 million from $1,754 million year-over-year.

• Quarterly dividend per common share declared at $0.97, with increases maintaining dividend aristocrat status.

Outlook and guidance

• 2026 adjusted EBITDA guidance reaffirmed at $20.2–$20.8 billion and DCF per share at $5.70–$6.10.

• Medium-term outlook projects ~5% CAGR for EBITDA, DCF per share, and EPS beyond 2026.

• Annual investment capacity of $10–$11 billion supports growth and capital program.

• Guidance extends through 2030, with updates expected at future investor days.

• No changes to dividend policy or payout guidance; focus on maintaining investment grade credit ratings and financial flexibility.