Enbridge Reaffirms 2026 Guidance After Q3 Adjusted EBITDA of $4.4 Billion

Published November 6, 2026 at 9:18 AM EST

Enbridge Inc. reported third-quarter 2026 adjusted EBITDA of $4.4 billion and distributable cash flow of $2.7 billion, and reaffirmed its 2026 financial guidance, according to an 8-K furnished Friday. Figures are in Canadian dollars unless noted.

GAAP earnings attributable to common shareholders were $1.3 billion, or $0.59 per common share, compared with $0.7 billion, or $0.30, a year earlier. Adjusted earnings were $1.1 billion, or $0.49 per share, versus $1.0 billion, or $0.46. Cash from operating activities was $2.7 billion.

Guidance and growth

Enbridge reaffirmed 2026 adjusted EBITDA guidance of $20.2 billion to $20.8 billion and DCF per share of $5.70 to $6.10, along with its medium-term outlook for adjusted EBITDA, DCF per share, and EPS average compound annual growth of 5%. CEO Greg Ebel said the secured growth backlog stands at $38 billion even after the company placed $3 billion of completed projects into service in the quarter.

Acquisitions and financing

The company announced the US$2.6 billion acquisition of Tallgrass Energy LP’s crude oil business and the US$0.3 billion Pony Express 2 growth project, and closed a US$0.6 billion acquisition of Salt Creek Midstream’s crude oil gathering business. It also announced a US$0.5 billion agreement to acquire Laramie Energy assets for Enbridge Gas Utah and sanctioned a $0.2 billion Long Lake Expansion.

Enbridge closed a $3.0 billion common equity offering to partly fund the Tallgrass and Salt Creek deals and closed an initial $0.7 billion investment by KKR and Apollo with an additional $2 billion commitment for Westcoast B.C. Pipeline expansions. Aspen Point and Tennessee Ridgeline projects were placed into service.

By the numbers

Q3 adjusted EBITDA: $4.4 billion
Q3 DCF: $2.7 billion
Q3 adjusted EPS: $0.49
2026 adjusted EBITDA guidance: $20.2 billion to $20.8 billion
Secured growth backlog: $38 billion

Sources

Enbridge Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Nov. 6, 2026 (accession 0001193125-26-450711)

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