Canada's Enbridge profit beat estimates, reaffirms 2026 outlook

Enbridge

31/07/2026 12:10

Overview
Canada energy infrastructure firm's Q2 adjusted EPS and net income beat analyst expectations
Adjusted EBITDA rose yr/yr, driven by higher revenues in key segments
Company reaffirmed 2026 guidance and grew secured project backlog to C$41 bln

Outlook
Enbridge reaffirms 2026 adjusted EBITDA guidance of C$20.2 bln to C$20.8 bln
Company maintains 2026 DCF per share guidance of C$5.70 to C$6.10
Enbridge reiterates near-term average annual growth rate of about 5% post-2026

Result Drivers
GAS TRANSMISSION REVENUES - Higher revenues from East Tennessee and Texas Eastern rate cases drove Gas Transmission adjusted EBITDA growth
LIQUIDS PIPELINES VOLUMES - Higher Mainline and Line 9 volumes and system optimization supported Liquids Pipelines results, partly offset by lower tolls and revenue from expiring agreements
GAS DISTRIBUTION RATE INCREASES - Higher base rates in Enbridge Gas Utah and Enbridge Gas North Carolina contributed to Gas Distribution and Storage adjusted EBITDA growth

Company press release: ID:nPn7FZ15ma

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Adjusted EPS
Beat
C$0.63
C$0.59 (10 Analysts)
Q2 EPS
 
C$0.64
 
Q2 Adjusted Net Income
Beat
C$1.38 bln
C$1.36 bln (5 Analysts)
Q2 Adjusted EBITDA
 
C$4.78 bln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 14 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the oil & gas transportation services peer group is "buy."
Wall Street's median 12-month price target for Enbridge Inc is C$79.00, about 1.7% above its July 30 closing price of C$77.68
The stock recently traded at 25 times the next 12-month earnings vs. a P/E of 25 three months ago

Reuters Recommended Reads
July 30 - Enbridge pipeline trespassed on Wisconsin tribal land, must be moved, US appeals court finds
July 30 - Canada's TC Energy Q2 profit beats; EBITDA up 12%
July 30 - Canada's Pembina Pipeline Q2 revenue beats on Marketing & New Ventures growth

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)