Enbridge 8-K

Summary

Q3 2026 results with reaffirmed FY2026 guidance. Net income growth accelerated to +89% Y/Y from -36%, with its sequential decline narrowing to -7.7% from -21.5%; Enbridge attributed the GAAP increase primarily to non-cash unrealized derivative-value changes. Operating cash flow growth slowed to -5.8% Y/Y from +27.0%, while stronger Gas Transmission and Gas Distribution and Storage results offset lower Liquids Pipelines adjusted EBITDA.

Enbridge reaffirmed its FY2026 financial guidance and medium-term growth outlook. Its secured growth backlog was $38B after more than $3B of projects entered service, and the company is targeting $10B-$20B in new project announcements through 2027.

Developments

• The Tallgrass crude oil acquisition would add a 75% operating interest in the Pony Express Pipeline, a 51% interest in the Powder River Gateway system, about 8.4M barrels of storage and a crude marketing business, expanding Enbridge’s Rockies-to-Cushing footprint. The US$2.55B cash transaction includes the US$0.3B Pony Express 2 expansion, backed by take-or-pay contracts and expected to enter service in late 2027; it remains subject to approvals and other closing conditions.
• Enbridge closed its US$0.6B Salt Creek Midstream crude gathering acquisition effective 10/9/2026. The assets include full interests in the Orla and Wink North systems and a 50% interest in Delaware Crossing, with long-term commercial agreements averaging about 10 years remaining; together with Gray Oak and Ingleside, they extend the company’s Permian wellhead-to-export offering.
• KKR and Apollo contributed about $0.7B toward Westcoast system expansion spending and committed a further $2.0B for future capital costs. Their ownership interest will rise to 29% when the Sunrise expansion enters service in 2028; Enbridge will continue to operate and majority-own the system, with an option to repurchase the interest between the seventh and fourteenth years after closing.
• Enbridge agreed to acquire substantially all Laramie Energy assets for US$485M plus up to US$65M in contingent payments, adding natural gas supply for Enbridge Gas Utah through Wexpro’s cost-of-service model. Closing is expected in Q4 2026, subject to regulatory approvals and customary conditions.

Results with guidance

Metric	Q3 2026 actual	9M 2026	FY2026 guide
Adjusted EBITDA (non-GAAP)	$4.43B+3.9% Y/Y, -7.2% Q/Q	$15.0B+1.9% Y/Y	$20.2B-$20.8Breaffirmed from $20.2B-$20.8B
DCF per share (non-GAAP)	—	—	$5.70-$6.10reaffirmed from $5.70-$6.10

Results without guidance

Metric	Q3 2026	Change	9M 2026
Net income	$1.29B	+89% Y/Y, -7.7% Q/Q	$4.36B-15% Y/Y
Operating cash flow	$2.70B	-5.8% Y/Y, -34% Q/Q	$9.16B-0.0% Y/Y

What moved the numbers

• Q3 adjusted EBITDA by segment: Liquids Pipelines $2.21B, down $101M Y/Y, as lower Mainline volumes and tolls and underused Gulf Coast contracts weighed on results; Gas Transmission $1.43B, up $165M, on rate settlements, contracting and construction allowances; Gas Distribution and Storage $665M, up $105M, on higher rates and customer growth; Renewable Power Generation $127M, up $27M, with contributions from the first phase of Sequoia Solar.
• The $3.0B common equity offering on 9/14/2026 issued 44.7M shares, partly to fund the Tallgrass and Salt Creek acquisitions. Weighted-average common shares were 2.192B in Q3 2026 vs 2.181B a year earlier.
• The rolling 12-month Debt-to-EBITDA ratio was 5.1x at quarter-end, slightly above the target range; Enbridge attributed the variance to the quarter-end debt balance translating at C$1.42/US$ versus the C$1.39/US$ average rate used for trailing 12-month EBITDA.
• Enbridge Gas North Carolina issued US$500M of medium-term notes on 10/28/2026: US$250M of 10-year notes and US$250M of 30-year notes, to refinance maturing debt. Enbridge Gas Ontario issued $1.0B of 10-year and 30-year notes in August for the same purpose.
• The board declared a quarterly common dividend of $0.97 per share on 11/3/2026, payable 12/1/2026 to shareholders of record on 11/13/2026.

Other guidance (4)

Metric	Period	Guidance	Direction
New project announcement target	Through 2027	$10B-$20B	—
Adjusted EBITDA (non-GAAP)	Medium-term	5% growth Y/Y	reaffirmed
DCF per share (non-GAAP)	Medium-term	5% growth Y/Y	reaffirmed
EPS (non-GAAP)	Medium-term	5% growth Y/Y	reaffirmed

Figures extracted from the filings and checked against their text; changes and verdicts computed from them.