Enbridge Inc (ENB)
NYSE:ENB
Earnings Data
Report Date
May 08, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.72Last Year’s EPS
0.75Same Quarter Last Year
Moderate Buy
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive operational and financial story: record results, sizeable sanctioned capital ($14bn in 2025), a growing $39bn backlog (up 35%), higher annual investment capacity ($10–$11bn), robust mainline and gas transmission utilization, 100% contract renewals on major pipelines, and meaningful renewable and storage progress (safe‑harbored tax‑credit projects, >7 GW under construction/support). The principal negatives were concentrated: regulatory and policy uncertainty (notably Canadian production/carbon policy and evolving Venezuelan flows), a disappointing Ohio rate case outcome (leading to a new filing), some near‑term renewables tax‑credit headwinds and the balance sheet being near the upper end of leverage targets. Overall the positives — strong financial results, sizable backlog and clear project pipeline with good returns — materially outweigh the highlighted risks.Company Guidance
Record Financial Results
Reported record Q4 and full-year EBITDA, DCF and EPS. Q4 vs. Q4‑2024: adjusted EBITDA +$83 million, DCF +$0.06 per share, EPS +$0.13. Exceeded the midpoint of 2025 guidance for both EBITDA and DCF — the 20th consecutive year of meeting or exceeding annual guidance.
Dividend Growth and Shareholder Returns
Declared dividend increase — 31 consecutive years of dividend increases. Reaffirmed target DCF payout range 60%–70% and plans to return $40–$45 billion in distributions over the next five years.
Backlog and Growth Capital Acceleration
Sanctioned ~$14 billion of capital in 2025 and placed ~$5 billion of assets into service. Growth backlog up 35% since last Investor Day and now stands at ~$39 billion (extends through 2033). Company expects to reach FID on an additional $10–$20 billion of projects over the next 24 months.
Increased Annual Investment Capacity
Annual investment capacity increased to $10–$11 billion (supporting $6–$7 billion organic growth plus ~$4 billion of foundational capital). Management attributes growth in capacity to higher cash flows and sanctioned projects.
Liquids / Mainline Strength and MLO Progress
Mainline average throughput ≈3.1 million barrels per day; apportionment in all but 3 of the last 12 months and double‑digit apportionment in Jan–Feb 2026. Sanctioned Mainline Optimization Phase 1 (adds 150,000 bpd egress + 100,000 bpd Flanagan South; capex USD 1.4 billion; in service by end‑2027). Phase 2 could add ~250,000 bpd (target ~2028). Gray Oak 80,000 bpd expansion in service; remaining 40,000 bpd on track H1‑2026.
Gas Transmission Momentum
100% contract renewal rate on major U.S. gas transmission pipelines. Texas Eastern hit >15 Bcf/day peak in January. Announced Bay Runner sanction (Whistler extension) and upsized Eiger Express from 2.5 to 3.7 Bcf/day to meet Permian demand. Gas Transmission sanctioned ~USD 4 billion of capital in 2025 and has the largest near‑term opportunity set.
Utilities and Storage Progress
First full year of U.S. gas utilities under Enbridge Gas. Constructive rate settlements in North Carolina and Utah; new rate case filed for Ohio. Utilities investing ~USD 3 billion per year. Storage expansions underway (Aitken Creek expansion; management cited being up to ~120 Bcf of storage in both Gulf Coast and B.C. over the next two years) and Enbridge Gas Ohio posted its third‑highest throughput day in 128 years.
Renewables and Power Partnerships
Sanctioned Cowboy Phase 1 (365 MW solar + 135 MW battery storage, capex USD 1.2 billion) and Easter Wind (152 MW, USD 400 million), with secured offtakes (including Meta/MAG7). Over 1 GW committed to MAG7 customers; >2 GW of projects safe‑harbored for U.S. tax credits. First phase of Sequoia Solar entered service; power and gas projects under construction collectively support over 7 GW.
Capital Efficiency and Returns
Management highlighted improving returns: average return on capital employed for 2025 organic projects ≈11% (2026 projects just under 10%). Balance sheet metrics remain within targets: debt/adjusted EBITDA ~4.8x (target range 4.5–5.0x). Reaffirmed 2026 guidance: EBITDA $20.2–20.8 billion and DCF $5.70–6.10 per share.
Strategic and Partnership Wins
Acquired a 10% interest in Matterhorn Express via Whistler JV; completed historic investment by 38 First Nations groups in West Coast pipeline capacity (capital recycling and indigenous partnership). Continued contract extensions on LP assets and pipeline optimizations leveraging existing infrastructure.
ENB Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ENB Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 13, 2026 | $51.16 | $53.17 | +3.94% |
Nov 07, 2025 | $45.62 | $46.42 | +1.77% |
Aug 01, 2025 | $43.45 | $44.32 | +2.01% |
May 09, 2025 | $43.26 | $43.56 | +0.70% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Enbridge Inc (ENB) report earnings?
Enbridge Inc (ENB) is schdueled to report earning on May 08, 2026, Before Open (Confirmed).
What is Enbridge Inc (ENB) earnings time?
Enbridge Inc (ENB) earnings time is at May 08, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ENB EPS forecast?
ENB EPS forecast for the fiscal quarter 2026 (Q1) is 0.72.