Q1 26 EPS
$0.98
BEAT +4.23%
Est. $0.94
Q1 26 Revenue
N/A
Est. $18.54B
Did ENB Beat Earnings? Q1 2026 Results
Enbridge posted a steady but modestly softer first quarter for 2026, reporting adjusted earnings of $0.98 per share as higher depreciation from newly commissioned assets and the absence of prior-year investment tax credits weighed on results compared… Read more Enbridge posted a steady but modestly softer first quarter for 2026, reporting adjusted earnings of $0.98 per share as higher depreciation from newly commissioned assets and the absence of prior-year investment tax credits weighed on results compared to $1.03 per share a year ago. GAAP earnings attributable to common shareholders fell more sharply to $1.67 billion from $2.26 billion, largely reflecting non-cash unrealized derivative losses on foreign exchange and commodity hedging instruments rather than any deterioration in core operations. Adjusted EBITDA held nearly flat at $5.81 billion, while distributable cash flow improved to $3.85 billion from $3.78 billion, supported by lower current taxes and stronger equity distributions. Gas Distribution and Storage was the quarter's brightest spot, climbing to $1.71 billion on rate escalators in Ontario and new rate case settlements, partially offsetting weakness in Liquids Pipelines. With a secured growth backlog expanding to roughly $40.00 billion and 2026 adjusted EBITDA guidance reaffirmed at $20.20 billion to $20.80 billion, Enbridge signaled continued confidence in its growth trajectory.
Key Takeaways
- • Mainline volumes averaged 3.2 million barrels per day with sustained apportionment
- • Favorable contracting on U.S. Gas Transmission assets
- • Higher distribution margin from rate escalators at Enbridge Gas Ontario
- • Higher base rates for Enbridge Gas Utah and Enbridge Gas North Carolina from recent rate case settlements
- • Higher Ontario unregulated natural gas storage revenues due to optimization and pricing
- • Stronger European offshore wind resources boosting Renewable Power
- • Lower realized foreign exchange losses on hedge settlements in Eliminations and Other
- • Lower current taxes driven by higher U.S. tax depreciation supporting DCF growth
ENB Forward Guidance & Outlook
Enbridge reaffirmed its 2026 financial guidance for adjusted EBITDA between C$20.2 billion and C$20.8 billion and DCF per share between C$5.70 and C$6.10. The company also reaffirmed its post-2026 adjusted EBITDA, DCF per share, and EPS near-term average compound annual growth rate of approximately 5%. The secured growth backlog stands at approximately C$40 billion, with approximately C$50 billion of unsanctioned opportunities being actively advanced. Annual growth capital investment capacity is expected to be C$10 to C$11 billion. U.S. gas utilities are expected to deliver 8%+ rate base compound annual growth rate through the decade.
ENB YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ENB Revenue by Segment
Business unit performance breakdown
“The past several months have presented some of the most volatile and complex conditions the global energy sector has faced in decades. Commodity price fluctuations, rapidly shifting geopolitical dynamics, and unprecedented supply disruptions have significantly impacted the energy landscape. Throughout this period, Enbridge—alongside the North American energy industry—has continued to deliver critical energy to homes and businesses around the world.”
— Greg Ebel, Q1 2026 Earnings Press Release
ENB Earnings Trends
ENB vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ENB EPS Trend
Earnings per share: estimate vs actual
ENB Revenue Trend
Quarterly revenue: estimate vs actual
ENB Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.94 | $0.98 | +4.23% | — | — |
| Q4 25 BEAT FY | $0.78 | $0.88 | +13.11% | — | — |
| FY Full Year | $2.94 | $3.02 | +2.72% | — | — |
| Q3 25 MISS | $0.51 | $0.46 | -9.79% | — | — |
| Q2 25 BEAT | $0.57 | $0.65 | +14.34% | — | — |
| Q1 25 BEAT | $0.95 | $1.03 | +7.94% | — | — |