Enbridge earnings: guidance and what to watch

Enbridge's next results are expected on November 6, 2026. For Enbridge, watch leverage after the September financing.

What has Enbridge guided for 2026?

For 2026, Enbridge guides to adjusted EBITDA and DCF per share, while paying an annual dividend of C$3.88. The payout sits within management’s 60–70% range, leaving part of DCF to fund growth.

July reaffirmed the outlook. The Tallgrass acquisition, announced in September, was expected to have no material effect on 2026 guidance because it would close late in the year; its first full year should add to DCF per share. Management also reaffirmed approximately 5.0% growth, but gave no bridge showing how much comes from acquisitions, existing operations or new shares.

Did Enbridge keep its 2025 promise?

Enbridge forecast 2025 distributable cash flow per share at C$5.50–C$5.90. It reported C$5.71, meeting that promise. Its July 2026 presentation maintained a range of C$5.70–C$6.10 for the next year, but that commitment remains to be tested.

What is Enbridge showing in the last eight quarters?

The second quarter of 2026 showed modest operating improvement, while accounting movements made reported earnings look much weaker.

Operating income rose to C$2,910 million, while adjusted EBITDA reached C$4,776 million. DCF increased to C$2,948 million. Net income nevertheless fell because unrealized derivatives, higher depreciation and higher interest absorbed much of the operating improvement.