Enbridge 8-K
PositiveEarningsGuidance reaffirmed
East Tennessee, Texas Eastern and Enbridge Gas Utah rate-case revenues lifted adjusted EBITDA; non-cash items drove GAAP earnings lower.
Filed 2026-07-31 07:01 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results and reaffirmed 2026 guidance. Enbridge reported higher adjusted EBITDA and operating cash flow, while GAAP earnings fell largely because of non-cash items. It reaffirmed its full-year outlook and reported a C$41B secured growth backlog.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| GAAP earnings attributable to common shareholders | C$1.40B | C$2.18B | -35.9% |
| Adjusted earnings (non-GAAP) | C$1.38B | C$1.42B | -2.5% |
| GAAP earnings per common share | C$0.64 | C$1.00 | -36.0% |
| Adjusted earnings per common share (non-GAAP) | C$0.63 | C$0.65 | -3.1% |
| EBITDA | C$4.84B | C$5.56B | -13.0% |
| Adjusted EBITDA (non-GAAP) | C$4.78B | C$4.64B | +2.8% |
| Cash provided by operating activities | C$4.11B | C$3.24B | +27.0% |
| Distributable cash flow (non-GAAP) | C$2.95B | C$2.90B | +1.6% |
- GAAP earnings declined mainly on non-cash derivative valuation changes, a pre-issuance hedge loss and a crude oil inventory adjustment; the absence of a prior-year impairment and improved operating performance partly offset these items. Adjusted EBITDA increased C$132M, mainly from East Tennessee, Texas Eastern and Enbridge Gas Utah rate-case revenues. Higher depreciation and interest expense weighed on adjusted earnings.
- H1 2026: GAAP earnings attributable to common shareholders were C$3.07B vs C$4.44B; adjusted earnings C$3.51B vs C$3.66B; operating cash flow C$6.45B vs C$6.29B; and DCF C$6.80B vs C$6.68B. Rolling 12-month debt-to-EBITDA was 5.1x. The declared common dividend is C$0.97 per share, payable 9/1/2026 to holders of record 8/14/2026.
- Secured backlog reached C$41B after more than C$1B was added; Enbridge cited C$10–C$11B of annual growth investment capacity and a C$10–C$20B target for new project announcements over 2026–2027. Projects include the US$1.0B, 41-mile Line 5 relocation, targeted for early 2027 service; Bay Runner Twin, offering up to 2.6 Bcf/d with service expected by 2030; and an exclusive option to acquire the 25-mile, 300 MMcf/d TTC Connector, expected to enter service by year-end.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Adjusted EBITDA | FY2026 | C$20.2B–C$20.8B | — | Reaffirmed |
| DCF per share | FY2026 | C$5.70–C$6.10 | — | Reaffirmed |
| Adjusted EBITDA CAGR | Post-2026 near-term average | ≈5% | — | Reaffirmed |
| DCF per-share CAGR | Post-2026 near-term average | ≈5% | — | Reaffirmed |
| EPS CAGR | Post-2026 near-term average | ≈5% | — | Reaffirmed |
Investor Takeaways
- Second-half results against the reaffirmed FY2026 adjusted EBITDA and DCF-per-share ranges will indicate whether the company remains on track for its outlook.
- Watch whether demand for Project Beacon converts into a commercialized Algonquin expansion and whether project execution supports the company’s stated growth trajectory.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3