Enbridge Reports Strong First Quarter Results, Reaffirms 2026 Financial Guidance, and Grows Secured Backlog to $40 Billion
Press Release
CALGARY, AB, May 8, 2026 – Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported first quarter 2026 financial results, reaffirmed its 2026 financial guidance and provided a quarterly business update.
Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.)
- First quarter GAAP earnings attributable to common shareholders of $1.7 billion or $0.77 per common share, compared with GAAP earnings attributable to common shareholders of $2.3 billion or $1.04 per common share in 2025
- Adjusted earnings* of $2.1 billion or $0.98 per common share*, compared with $2.2 billion or $1.03 per common share in 2025
- Adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA)* of $5.8 billion, in-line with 2025
- Cash provided by operating activities of $2.3 billion, compared with $3.1 billion in 2025
- Distributable cash flow (DCF)* of $3.9 billion, compared with $3.8 billion in 2025
- Reaffirmed 2026 full year financial guidance and multi-year financial outlook
- Sanctioned US$0.7 billion Cone project, a 300 MW onshore wind facility in Texas supporting Meta Platforms, Inc. (Meta)’s data center operations under a long-term power purchase agreement
- Sanctioned US$0.4 billion Tres Palacios expansion, adding 25 Bcf of incremental natural gas storage capacity to serve rising export demand in the U.S. Gulf Coast
- Sanctioned US$0.1 billion expansion of the Vector Pipeline, adding 400 MMcf/d of westbound capacity to the system under long-term contracts
- Announced an 8 Bcf expansion of unregulated natural gas storage at the Dawn Hub in Ontario
- Announced binding open seasons on the Flanagan South Pipeline (FSP) and Southern Access Extension Pipeline (SAX), supporting Mainline Optimization Phase 2
- Completed successful open season on the Spearhead Pipeline, substantially extending commitments beyond 2030
CEO COMMENT
Greg Ebel, President and CEO commented the following:
“The past several months have presented some of the most volatile and complex conditions the global energy sector has faced in decades. Commodity price fluctuations, rapidly shifting geopolitical dynamics, and unprecedented supply disruptions have significantly impacted the energy landscape. Throughout this period, Enbridge–alongside the North American energy industry–has continued to deliver critical energy to homes and businesses around the world.
“I am proud of the consistency of our performance this quarter, which once again reflects the strength of our diversified, low-risk business model. Mainline volumes averaged 3.2 million barrels per day and the system has been apportioned all year, highlighting sustained supply and demand from our upstream and downstream partners. In April, we amended presidential permits for a series of pipelines, providing additional operational flexibility and supporting future expansions. We also launched open seasons on the Flanagan South and Southern Access pipelines to support Mainline Optimization Phase 2, advancing an additional 250 kbpd of egress capacity from Canada.
“Across our Gas Transmission business, we are advancing high-quality growth projects, including a 25 Bcf expansion to the Tres Palacios storage facility to offer supply optionality to customers and serve demand needs from the significant growth in LNG and power generation facilities entering service across the Gulf. In the Midwest, we sanctioned an expansion to the Vector Pipeline, adding 400 MMcf/d of westbound capacity to meet growing utility demand. Lastly, in British Columbia we received federal approval for the $4 billion T-South Sunrise Expansion, and the liquefaction module was delivered to the Woodfibre LNG site, marking an important milestone for the facility.
“Our Gas Distribution and Storage business continues to be a steady area of growth, driven by our U.S. utilities with an expected 8%+ rate base compound annual growth rate through the decade. New rates are in effect for Enbridge Gas Utah and North Carolina, and a new rate case in Ohio is in progress. In Ontario, we are adding 8 Bcf of unregulated natural gas storage at the Dawn Hub to strengthen system flexibility in the region and serve rising power generation demand needs.
“Lastly, in our Power segment we sanctioned the 300 MW Cone onshore wind project in Texas supporting Meta. This brings our partnership with Meta to over 1 GW of combined power generation, and we see meaningful opportunities to further deepen this relationship over time.
“North America’s role in the global energy system has become increasingly critical. Recent geopolitical developments, including the conflict involving Iran, have reinforced the importance of energy security, positioning both Canada and the United States to increasingly supply reliable energy to global markets. We believe Enbridge can play a major role in the global energy markets with a broad and growing set of opportunities driven by increasing domestic power demand, new LNG infrastructure, and rising crude oil production across our footprint. Today, our secured capital backlog is $40 billion, and we are actively advancing approximately $50 billion of unsanctioned opportunities aligned with the structural shifts we are seeing across the energy landscape.
“Looking ahead, we remain committed to working collaboratively with policymakers and regulators to advance essential energy infrastructure across North America under our all-of-the-above approach to energy investment. This is a pivotal moment for our industry, and Enbridge is exceptionally well positioned to deploy its $10 to $11 billion annual investment capacity to generate durable, long-term value for shareholders while delivering safe and reliable service to our customers and communities. We’re on track to meet our financial guidance once again this year, and maintained our dividend aristocrat status with another year of dividend increases, further reinforcing our status as a first-choice investment opportunity.”
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