Enbridge matched the calendar EPS estimate at C$0.49. Adjusted EBITDA and distributable cash flow rose slightly from a year earlier. Management reaffirmed its 2026 guidance, while leverage, financing costs and a large project backlog remain important for investors to watch.
Enbridge Inc. (TSX: ENB) reported third-quarter 2026 adjusted earnings of C$0.49 per share, matching the calendar estimate. That was up from C$0.46 a year earlier, but ended the company’s recent streak of estimate beats: Enbridge had topped consensus in three of its previous four comparable quarters. GAAP earnings were C$0.59 per share. Management reaffirmed its 2026 guidance and expects results near the midpoint. For Canadian investors, the results raise two key questions: how durable are Enbridge’s cash flows, and how will it fund its large project backlog?
Recent earnings trend
Enbridge Inc
ENB.TO
ENB.TO
Enbridge Inc
WealthAwesomeMarket cap
$147.42B
P/E
23.0x
52W high
$79.56
52W low
$59.99
1W change
-4.30%
Beta
0.79
Analyst Price Targets
Based on analyst covering ENB · as of Nov 9, 2026
Wall Street analysts forecast ENB stock price to rise 18.2% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$78.20
+18.2% Upside
Previously C$78.25 on Oct 29, 2026
Current Price
C$66.14
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on ENB's historical volatility
30-Day Vol
16.3%
Annualized
90-Day Vol
17.7%
Annualized
Trend (90d)
-28.4%
Annualized drift
90d Mean
C$59.76
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$63.94 | C$60.44 – C$67.64 |
| 60 trading days | C$61.82 | C$57.09 – C$66.94 |
| 90 trading days | C$59.76 | C$54.21 – C$65.88 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 9 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 3 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-12 | — | 0.7000 | — |
| 2026-09-30 | 2026-11-06 | 0.4900 | 0.4900 | +0.0% |
| 2026-06-30 | 2026-07-31 | 0.6300 | 0.6000 | +5.0% |
| 2026-03-31 | 2026-05-08 | 0.9800 | 0.9400 | +4.3% |
| 2025-12-31 | 2026-02-13 | 0.8800 | 0.7800 | +12.8% |
| 2025-09-30 | 2025-11-07 | 0.4600 | 0.5100 | -9.8% |
Investor takeaway: Adjusted earnings, EBITDA and distributable cash flow all grew modestly year over year. Enbridge also reaffirmed its guidance, and several projects entered service. But debt stood at 5.1 times EBITDA at quarter-end, financing costs were higher, and the company raised C$3 billion through an equity offering to help fund acquisitions. Investors weighing the income and growth story can visit Enbridge’s stock page for its analyst ratings and statistical price forecast.
C$0.49 adjusted earnings per share
Enbridge’s adjusted EPS matched the calendar estimate and rose from C$0.46 in the same quarter last year. Adjusted EBITDA increased by C$167 million, and distributable cash flow rose by C$100 million. The company reaffirmed its 2026 guidance. Its quarter-end debt-to-EBITDA ratio of 5.1 times and higher financing costs remain worth watching as it advances its project backlog.
Bull case
Enbridge reported adjusted EBITDA of C$4.4 billion, up from C$4.3 billion in Q3 2025. Distributable cash flow rose to C$2.7 billion from C$2.6 billion. Management reaffirmed its full-year guidance and cited a secured growth backlog of about C$38 billion. The company plans to invest C$10 billion to C$11 billion a year in organic growth, and more than C$3 billion in gas transmission projects entered service during the quarter. Its businesses span liquids pipelines, gas transmission, gas distribution and renewable power, giving it several sources of investment and cash flow.
Bear case
Adjusted EPS matched the calendar estimate, so the result was not an upside surprise. Liquids Pipelines results were affected by lower Line 9 tolls and reduced Flanagan South throughput. Higher financing costs also offset some of the gains from stronger EBITDA and lower maintenance capital. Debt-to-EBITDA was 5.1 times at quarter-end. Management said the ratio was within its target range on an FX-adjusted basis. The C$3-billion equity offering adds financial flexibility, but investors will want to watch how Enbridge funds its plans and grows earnings per share. Policy uncertainty has also delayed the timing of the MLO2 expansion.
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