Enbridge beats third quarter 2026 estimates with $4.4B Adjusted EBITDA and reaffirms guidance

Enbridge delivered a strong third quarter for 2026, with adjusted EBITDA and earnings surpassing analyst expectations. The company reaffirmed its full-year 2026 financial guidance and medium-term growth outlook, underpinned by a $38 billion secured growth backlog. Growth was largely driven by rate settlements in the Gas Transmission segment and customer expansion in Gas Distribution, which mitigated lower utilization in Market Access contracts.

Key Highlights

• Adjusted earnings per share of $0.49 beat the analyst estimate of $0.46.
• Adjusted EBITDA reached $4.43 billion, exceeding the $4.38 billion estimate and growing 4% year-over-year.
• Distributable Cash Flow (DCF) for the quarter was $2.7 billion, and the company reaffirmed its FY2026 DCF per share guidance of $5.70–$6.10.
• Enbridge advanced its U.S. crude footprint via the US$2.6 billion Tallgrass Energy crude business acquisition and the US$0.6 billion Salt Creek Midstream acquisition.
• The rolling 12-month Debt-to-EBITDA ratio was 5.1x at quarter-end, slightly above the target range due to currency translation effects.