Enbridge Inc. (ENB) — Q2 2026 Earnings Preview
Key Points
| Factor | Details |
|---|---|
| Guidance Reaffirmed | 2026 guidance reaffirmed: Adjusted EBITDA $20.2B–$20.8B; DCF/share $5.70–$6.10 |
| Consensus Estimates | Q2 2026 revenue: $9,721M; EBITDA: $3,356M; EPS (GAAP): $0.43 |
| Q1 2026 Actuals | Revenue: $13,082M; Adjusted EBITDA: $5,810M; EPS (GAAP): $0.77; DCF: $3,851M |
| Q2 2025 Actuals | Revenue: $7,788M; Adjusted EBITDA: $4,644M; EPS (GAAP): $1.00; DCF: $2,903M |
| YoY Comparable | Q2 2025 was a record quarter for EBITDA; Q2 2026 faces a tough YoY comp on EBITDA/DCF |
| Growth Drivers | Mainline volumes, new project in-service (Gray Oak, Ingleside storage), rate base growth |
| Risks/Watch Areas | FX headwinds, interest expense, regulatory outcomes (Ohio rate case), commodity volatility |
| Project Backlog | Secured backlog at $40B; $10–$11B annual investment capacity; $50B unsanctioned pipeline |
What to Watch for in Q2 2026
- Execution vs. Guidance: Management has reaffirmed full-year 2026 guidance for Adjusted EBITDA ($20.2B–$20.8B) and DCF/share ($5.70–$6.10). The Street will focus on whether Q2 results keep ENB on track for the midpoint of these ranges.
- YoY Comparables: Q2 2025 was a record quarter for EBITDA and DCF. Q2 2026 faces a high bar, especially as Q1 2026 Adjusted EBITDA was flat YoY and EPS was down -5%. Any YoY decline in Q2 will be scrutinized.
- Mainline Volumes & Utilization: Q1 2026 mainline volumes hit a record 3.2MMbpd and the system was apportioned all year. Investors will look for continued high utilization and apportionment, which supports earnings and cash flow.
- Project Execution: Several major projects entered service or were sanctioned recently (Gray Oak expansion, Ingleside storage, Tres Palacios storage, Vector Pipeline expansion, Cone wind project). Progress updates and incremental contributions are key.
- Rate Base Growth: U.S. gas utilities are expected to deliver 8%+ rate base CAGR through the decade. New rates are in effect for Utah and North Carolina; Ohio rate case is pending. Watch for commentary on regulatory progress and realized returns.
- FX and Interest Expense: Q1 2026 saw FX headwinds (lower CAD/USD rate) and higher interest expense. These could continue to pressure reported results.
- Storage and LNG Exposure: ENB is expanding gas storage (Tres Palacios, Aitken Creek, Dawn Hub) and remains highly leveraged to LNG export growth. Storage rates and contract durations are trending up; watch for further color.
- Meta Partnership & Renewables: ENB’s partnership with Meta now exceeds 1GW of renewable generation. Additional project announcements or expansions would be a positive signal.
Recent Results and Trends
Quarterly Financials — Actuals (Restated Where Available)
| Quarter | Revenue ($M) | Adjusted EBITDA ($M) | EPS (GAAP) | DCF ($M) |
|---|---|---|---|---|
| Q1 2026 | 13,082 | 5,810 | 0.77 | 3,851 |
| Q4 2025 | 9,264 | 5,213 | 0.89 | 3,208 |
| Q3 2025 | 8,694 | 4,267 | 0.30 | 2,566 |
| Q2 2025 | 7,788 | 4,644 | 1.00 | 2,903 |
| Q1 2025 | 7,165 | 4,335 | 1.04 | 2,858 |
Note: Revenue figures are from consensus; Adjusted EBITDA, EPS, and DCF are as reported/restated by the company.
Full-Year Financials — Actuals (Restated Where Available)
| Fiscal Year | Revenue ($M) | Adjusted EBITDA ($M) | EPS (GAAP) | DCF ($M) |
|---|---|---|---|---|
| 2025 | 43,886 | 19,952 | 3.23 | 12,454 |
| 2024 | 30,622 | 18,620 | 2.34 | 11,991 |
Forward Consensus (Q2 2026 and FY 2026)
| Period | Revenue ($M) | EBITDA ($M) | EPS (GAAP) |
|---|---|---|---|
| Q2 2026 | 9,721 | 3,356 | 0.43 |
| Q3 2026 | 9,429 | 3,222 | 0.40 |
| Q4 2026 | 11,932 | 3,862 | 0.62 |
| FY 2026 | 48,462 | 14,556 | 2.05 |
Consensus figures are not actuals; use for forward-looking context only.
Management Commentary and Guidance
- 2026 Guidance Reaffirmed: "We continue to be confident that we'll achieve our full year EBITDA expectations between $20.2 billion and $20.8 billion and DCF of between $5.70 and $6.10 per share." (Q4 2025, Q1 2026)
- Growth Outlook: "We expect approximately 5% annual average growth through the end of the decade, driven by our growing secured capital program..." (Q1 2026)
- Project Backlog: "Today, our secured capital backlog is $40 billion, and we are actively advancing approximately $50 billion of unsanctioned opportunities..." (Q1 2026)
- Dividend: 2026 quarterly dividend increased 3% to $0.97/share ($3.88 annualized), marking the 31st consecutive annual increase.
Summary and Conclusions
- Q2 2026 faces a tough YoY comparable due to record Q2 2025 results, especially on EBITDA and DCF.
- Management has reaffirmed full-year guidance and expects to achieve the midpoint for both EBITDA and DCF/share.
- Key factors to watch: Mainline volumes and apportionment, project execution (especially new in-service assets), rate base growth in U.S. gas utilities, FX and interest expense headwinds, and incremental contributions from storage/LNG and renewables.
- Consensus expects Q2 2026 revenue of $9,721M, EBITDA of $3,356M, and EPS of $0.43, which would be a YoY decline on EBITDA and EPS versus Q2 2025 actuals.
- ENB is coming off a record year and quarter; the Street will be focused on whether the company can maintain momentum and stay on track for its full-year targets amid macro volatility and a high bar for YoY comparables.
