The reaffirmed guidance and growing project backlog support Enbridge's 5% growth outlook. Monitor interest expense trajectory and debt-to-EBITDA leverage (5.1x) in coming quarters. The stock may see modest positive drift from the EPS beat, but no catalyst for a major re-rating.
Price Chart
Executive Summary
Enbridge reported Q2 2026 adjusted EPS of $0.63, beating consensus of $0.60 by 5%, while adjusted EBITDA rose 2.8% YoY to $4.8B. The company reaffirmed its 2026 guidance for adjusted EBITDA of $20.2-20.8B and DCF per share of $5.70-6.10, and grew its secured project backlog to $41B. The quarter was stable with modest operational improvements offset by higher depreciation and interest costs.
Key Financial Metrics
Key Facts
- Adjusted EPS of $0.63 beat consensus of $0.60 (5% beat)
- Adjusted EBITDA of $4.8B increased $132M YoY (+2.8%)
- 2026 financial guidance reaffirmed: adjusted EBITDA $20.2-20.8B, DCF/share $5.70-6.10
- Secured growth backlog grew to ~$41B with sanctioning of Line 5 Relocation ($1B) and Bay Runner Twin
- Debt-to-EBITDA at 5.1x, elevated due to FX translation on period-end debt
- Quarterly dividend maintained at $0.97/common share
Financial Impact
Modest EPS beat of $0.03 vs consensus; no change to full-year guidance; core EBITDA growth offset by higher non-cash charges.
Risk Factors
- Debt-to-EBITDA at 5.1x, above the 4.5-5.0x target range, partly due to FX
- Higher interest expense from incremental debt issuances pressuring adjusted earnings
- GAAP earnings volatility from non-cash derivative mark-to-market adjustments
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-326744 |
| Document: enb-20260731.htm | 0001193125-26-326744 |
| Document: 0001193125-26-326744-index-headers.html | 0001193125-26-326744 |
| Document: 0001193125-26-326744-index.html | 0001193125-26-326744 |
| Document: 0001193125-26-326744.txt | 0001193125-26-326744 |
| 8-K Data (Synthetic) | 0001193125-26-326744 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $48.16 $48.20 | ▲ +0.08% | ▼ −0.02% | $46.05 (−4.38%) |
Sep 8, 2026 23d ago | 8-K | $50.15 $48.76 | ▼ −2.77% | ▼ −2.44% | $46.05 (−8.18%) |
Jul 31, 2026 9w ago | 8-K | $54.46 $51.28 | ▼ −5.84% | ▼ −9.35% | $46.05 (−15.44%) |
Jul 31, 2026 9w ago | Court Ruling | $54.46 $51.28 | ▲ +5.84% | ▲ +9.35% | $46.05 (+15.44%) |
US Market Status
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