Enbridge Inc., together with its subsidiaries, operates as an energy infrastructure company. The company operates through four segments: Liquids Pipelines, Gas Transmission, ...
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Est. EPS $0.53 · Revenue $10.50B · 8 analysts
Est. EPS $0.86 · Revenue $12.75B · 8 analysts
Est. EPS $2.97 · Revenue $82.25B · 10 analysts
Est. EPS $1.05 · Revenue $13.56B · 3 analysts
$3.83 per share
$3.83 per share
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $65.2B | +21.9% | -6.3% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $7.5B | +37.7% | -38.6% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +33.0% | -8.5% | -17.1% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +16.8% | -6.9% | -38.8% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +11.5% | +12.9% | -34.5% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $3.1B | -45.2% | +800.6% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +4.8% | -55.1% | +847.3% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 170.7% | +10.6% | +1.8% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 0.46x | -16.9% | -10.9% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $299.8B | +36.9% | -27.4% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 3.24 vs 2.92 | +10.8% | 0.64 vs 0.53 | +21.5% |
| Revenue Surprise | $65.2B vs $60.5B | +7.7% | $29.3B vs $10.5B | +179.2% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Jun 14, 2019 | Williams Catherine Lynne | director | Common Shares | A | 690 | — |
| Jun 14, 2019 | Williams Catherine Lynne | director | Deferred Stock Units | A | 602 | — |
| Jun 14, 2019 | Tutcher Dan C | director | Deferred Stock Units | A | 1,726 | — |
| Jun 14, 2019 | Tutcher Dan C | director | Deferred Stock Units | A | 1,726 | — |
| Jun 14, 2019 | MADDEN TERESA S | director | Deferred Stock Units | A | 863 | — |
Marlon Samuel: Good morning, and welcome to the Enbridge Inc. Second Quarter 2026 Conference Call. My name is Marlon Samuel, and I am the Vice President of Investor Relations and Insurance. Joining me this morning are Greg Ebel, President and CEO; Pat Murray, EVP and Chief Financial Officer; and the heads of each of our business units: Colin Gruending, Liquids Pipelines; Matthew Akman, Gas Transmission; Michele Harradence, Gas Distribution & Storage; and Allen Capps, Renewable Power. Please note, this conference call is being recorded. As per usual, this call is being webcast and I encourage those listening to follow along with the supporting slides. We will try to keep the call to roughly 1 hour and in order to answer as many questions as possible, we will be limiting questions to one plus a single follow-up if necessary. We will be prioritizing questions from the investment community. So if you are a member of the media, please direct your inquiries to our communications team who will be happy to respond. As always, our Investor Relations team will be available after the call for any follow-up questions. On to Slide 2, where I will remind you that we will be referring to forward-looking information on today's presentation and Q&A. By its nature, this information contains forecast assumptions and expectations about future outcomes, which are subject to the risks and uncertainties outlined here and discussed more fully in our public disclosure filings. We will also be referring to non-GAAP measures summarized below. With that, I'll turn it over to Greg Ebel. Gregory Ebel: Well, thanks very much, Marlon, and good morning, everyone, and thanks for joining us on the call today. We finished the first half of the year with a solid quarter 2, reflecting strong financial performance and setting us up to achieve our 2026 guidance. Utilization remained high across all 4 businesses, including strong Q2 Mainline volumes averaging 3.1 million barrels per day. Alongside our partners in the Gulf, we began commissioning the Blackcomb pipeline during the quarter and are on track to bring it online by year-end. We also brought the Enbridge Houston Oil Terminal into service during the quarter. And within Liquids Pipelines, we sanctioned the Wisconsin Line 5 Relocation project. In Gas Transmission, we signed an exclusive option agreement, allowing Enbridge to acquire the TTC Connector Pipeline along the Gulf Coast, which connects Tres Palacios Gas Storage to Freeport LNG. In the Permian, we sanctioned the Bay Runner Twin project, which alongside the initial Bay Runner Pipeline, will serve Rio Grande's LNG facility along the U.S. Gulf Coast. All said, we are well on track to secure up to $20 billion in new projects in the 2026-'27 time frame. Now let's dive right into the quarter's presentation. As we outlined here, it is truly an exciting time to be in the energy industry. There is a widening array of opportunities in front of all 4 core franchises at Enbridge, …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Gregory Lorne Ebel | President, Chief Executive Officer & Director | CAD 4,740,619 | Male | 1964 | Active |
Cynthia Lynn Hansen | Advisor | CAD 1,682,043 | Female | 1965 | Active |
Colin Kenneth Gruending | Executive Vice President & President of Liquids Pipelines | CAD 1,565,606 | Male | 1970 | Active |
Reginald Douglas Hedgebeth | Executive Vice President of External Affairs & Chief Legal Officer | CAD 1,515,249 | Male | 1968 | Active |
Patrick Robert Murray | Executive Vice President & Chief Financial Officer | CAD 1,355,174 | Male | 1976 | Active |
Maximilian G. Chan | Senior Vice President of Operations, Engineering & Liquids Pipelines | — | Male | 1979 | Active |
Laura J. Buss Sayavedra | Senior Vice President of Safety, Projects & Chief Administrative Officer | — | Female | 1967 | Active |
Melissa LaForge | Senior Vice President & Chief Accounting Officer | — | Female | 1986 | Active |
Joseph A. Gollapalli | VP & CTO | — | — | — | Active |
Scott R. Arndt | Senior Vice President & Chief Information Officer | — | — | — | Active |
Energy Transfer and Enbridge generate plenty of cash with their “toll road” businesses. They can easily cover their distributions and dividends with their distributable cash flow.
Enbridge's CAD 41 billion secured growth backlog supports a 5% long-term CAGR in adjusted EBITDA, DCF per share, and EPS, with 2027 a major commissioning year. The Mainline System contributes roughly one-third of Enbridge EBITDA, making emerging competing egress pipelines a material medium-term throughput risk. Debt to EBITDA is 5.1x, above Enbridge's 4.5x to 5.0x target, while interest expense consumes roughly 27% of adjusted EBITDA. This is a risk to monitor amid rising rates.
Enbridge maintains a buy rating, driven by a 5.5% dividend yield, modest EBITDA growth, and a robust C$41 billion secured project backlog. Q2 2026 delivered record adjusted EBITDA of C$4.776 billion and reaffirmed guidance, reflecting the company's utility-like earnings stability and visible cash flows. Growth opportunities span liquids, natural gas, utilities, and renewables, with up to C$20 billion in new projects expected to be sanctioned through 2027.
Enbridge has one of the lowest-risk business models in the energy sector. It has a multi-year, multi-billion-dollar backlog of commercially secured expansion projects.
Pipeline operators are collecting tolls on surging LNG exports and NGL shipments while most investors overlook the sector entirely. Three midstream names are quietly raising payouts and posting record cash flows, and the window to lock in above-market yields may not stay open long.
