Enbridge (ENB) Q2 2026 earnings summary

Executive summary

• Delivered strong Q2 2026 results with record adjusted EBITDA, high asset utilization, and operational execution across all business segments.

• Commissioned the Blackcomb Pipeline, brought the Houston Oil Terminal into service, and sanctioned major projects including Line 5 Relocation, Bay Runner Twin, and TTC Connector Pipeline.

• Secured up to CAD 20 billion in new projects for 2026-2027, with a CAD 50 billion organic growth opportunity through 2030 and a $41B secured capital backlog.

• Maintains a diversified asset base and a low-risk, utility-like business model with 31 consecutive years of dividend increases.

• Regulatory and policy shifts, along with supportive market conditions, are creating tailwinds for infrastructure investment and production growth.

Financial highlights

• Q2 2026 adjusted EBITDA reached $4.8B, up $132M year-over-year, with distributable cash flow (DCF) at $2.95B and adjusted EPS at $0.63.

• Operating revenues for Q2 2026 rose to $29.3B, but net income attributable to common shareholders was $1.4B, down from $2.2B in Q2 2025 due to lower derivative gains and higher interest expense.

• DCF per share increased to $1.35, supported by strong operating results and lower maintenance capital.

• Debt-to-EBITDA at 5.1x, slightly elevated due to FX translation, but within target range.

• Quarterly dividend declared at $0.97/share for common shares.

Outlook and guidance

• 2026 guidance reaffirmed: adjusted EBITDA $20.2–$20.8B, DCF/share $5.70–$6.10, with a 5% near-term average annual growth outlook for adjusted EBITDA, DCF/share, and EPS post-2026.

• CAD 41 billion secured capital backlog and $10–$11B annual growth capital investment capacity provide a clear growth runway.

• Expect to return CAD 40–45 billion to shareholders over the next five years.

• Management expects sufficient liquidity to fund capital projects and working capital through potential market disruptions.

• Anticipates significant project FIDs in both Liquids and Gas Transmission, with a focus on brownfield investments.