Enbridge Q2 Earnings: $1.4B GAAP, Reaffirms 2026 Guidance, Backlog Hits $41B
ENB sits 24% above its 52-week low of $44.8.
Summary
Enbridge reported Q2 2026 GAAP earnings of $1.4 billion, down from $2.2 billion a year ago due to non-cash derivative losses, while adjusted EBITDA rose to $4.8 billion. The company reaffirmed its 2026 guidance and grew its secured project backlog to $41 billion.
Key Events · Earnings and Guidance · ENB
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Q2 GAAP Earnings Decline
GAAP earnings attributable to common shareholders fell to $1.4 billion ($0.64/share) from $2.2 billion ($1.00/share) in Q2 2025, driven by non-cash unrealized derivative losses and a pre-issuance hedge loss.
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Adjusted EBITDA Growth
Adjusted EBITDA increased 3% to $4.8 billion, supported by rate case outcomes at East Tennessee, Texas Eastern, and Enbridge Gas Utah.
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2026 Guidance Reaffirmed
Full-year 2026 guidance maintained: adjusted EBITDA of $20.2–$20.8 billion and DCF per share of $5.70–$6.10, with a 5% medium-term growth outlook.
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Secured Backlog Expands to $41B
The secured growth backlog grew by $1 billion to $41 billion, driven by the sanctioning of the US$1.0 billion Line 5 Relocation project in Wisconsin.
Analysis · ENB · Energy & Transportation
Enbridge delivered mixed Q2 results with GAAP earnings down sharply on non-cash derivative losses, but adjusted EBITDA rose 3% and DCF held steady. The company reaffirmed its full-year 2026 guidance and highlighted a growing $41 billion secured project backlog, signaling confidence in its long-term growth trajectory despite near-term earnings volatility.
At the time of this filing, ENB was trading at $55.57 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $121B. The 52-week trading range was $44.80 to $58.45. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.