Enbridge Reaffirms 2026 Guidance After Gas Transmission Lift

The Tip Desk · November 6, 2026 · 4 min read

Adjusted EBITDA was $4.4 billion in the third quarter, up from $4.3 billion a year earlier, as the pipeline operator reaffirmed full-year targets.

Enbridge Inc. (ENB) reported third-quarter adjusted EBITDA of $4.4 billion, compared with $4.3 billion a year earlier, and reaffirmed 2026 guidance for adjusted EBITDA of $20.2 billion to $20.8 billion and distributable cash flow of $5.70 to $6.10 a share.

GAAP earnings attributable to common shareholders were $1.3 billion, or $0.59 a share, versus $0.7 billion, or $0.30 a share, in the year-ago quarter. The company said the increase was primarily due to non-cash, unrealized changes in derivative values used to manage foreign exchange, interest-rate and commodity-price risk, net of tax, in addition to operating items.

Adjusted earnings were $1.1 billion, or $0.49 a share, compared with $1.0 billion, or $0.46 a share, a year earlier. Distributable cash flow was $2.7 billion, versus $2.6 billion a year earlier. Cash provided by operating activities was $2.7 billion.

Gas Transmission was the operating lift. Adjusted EBITDA in the segment was $1.4 billion, up from $1.3 billion a year earlier, which the company attributed primarily to increased revenues from the East Tennessee rate-case settlement, a previously approved Texas Eastern rate increase and favorable Texas Eastern contracting, higher allowance for equity funds used during construction, and a higher average U.S.-dollar translation rate of C$1.40 per US$1, versus C$1.38 per US$1 a year earlier.

Gas Distribution and Storage adjusted EBITDA was $665 million, compared with $560 million a year earlier, which the company tied primarily to higher base rates at Enbridge Gas Utah and Enbridge Gas North Carolina after recent rate cases and to higher distribution margin, net of earnings sharing, at Enbridge Gas Ontario.

Liquids Pipelines adjusted EBITDA was $2.2 billion, down from $2.3 billion a year earlier. The company said the decline related primarily to lower Mainline volumes net of earnings sharing, lower Mainline tolls on Line 9 deliveries, and lower Market Access contributions from underutilized contracts to the U.S. Gulf Coast, partially offset by the stronger U.S.-dollar translation.

Renewable Power Generation adjusted EBITDA was $127 million, versus $100 million a year earlier, which the company attributed primarily to contributions from the first phase of Sequoia Solar, placed in service in December 2025.

Enbridge placed the Aspen Point expansion of Westcoast’s B.C. Pipeline and the Tennessee Ridgeline expansion of the East Tennessee Natural Gas Pipeline into service during the quarter. Both were removed from the secured growth backlog, which now sits at approximately $38 billion after the company added $1 billion through the Pony Express 2 growth project and the Long Lake Expansion.

The company announced a US$2.6 billion agreement to acquire Tallgrass Energy’s crude oil business, including a 75% operating interest in the Pony Express Pipeline, a 51% interest in the Powder River Gateway system, about 8.4 million barrels of crude storage, and the Stanchion marketing business, plus the US$0.3 billion Pony Express 2 expansion expected to raise capacity to about 515 kbpd and enter service in late 2027. It closed a US$0.6 billion acquisition of Salt Creek Midstream’s crude oil gathering business effective October 9.

Enbridge completed a $3.0 billion common equity offering in September to help fund those deals and enhance financial flexibility. It also closed an initial $0.7 billion investment by KKR and Apollo in the Westcoast system, with an additional $2 billion commitment to support the Aspen Point and Sunrise expansion programs; the partners’ stake is expected to reach 29% when Sunrise enters service in 2028.

The company sanctioned a $0.2 billion Long Lake Expansion expected to enter service in 2028 and agreed to acquire Laramie Energy’s assets for US$485 million plus up to US$65 million in contingent payments to expand Wexpro’s gas supply for Enbridge Gas Utah. Rolling 12-month debt-to-EBITDA was 5.1 times at quarter-end, which the company said was slightly above its target range because period-end debt translated at 1.42 Canadian dollars to the U.S. dollar versus a trailing 12-month EBITDA rate of 1.39.