Enbridge (NYSE and TSX: ENB) reports third-quarter 2026 results before the markets open on Friday, November 6, 2026, with a conference call and webcast, according to the company. Enbridge reports in Canadian dollars, and its adjusted earnings per share were C$0.63 in the second quarter against C$0.65 a year earlier. This preview lines up the recent quarters against their year-earlier quarters, shows the analyst consensus, works out what full-year guidance implies for the second half, and covers the dividend and what to watch. Data cut-off: November 5, 2026, 11:30 UTC.
The recent quarters, each against the same quarter a year earlier
| Metric (C$) | Q3 2025 (vs Q3 2024) | Q4 2025 (vs Q4 2024) | Q1 2026 (vs Q1 2025) | Q2 2026 (vs Q2 2025) |
|---|---|---|---|---|
| Adjusted EBITDA | 4,267 million (from 4,201: +1.6%) | 5,213 million (from 5,130: +1.6%) | 5,810 million (from 5,828: -0.3%) | 4,776 million (from 4,644: +2.8%) |
| Distributable cash flow (DCF) | 2,566 million (from 2,596: -1.2%) | 3,208 million (from 3,074: +4.4%) | 3,851 million (from 3,777: +2.0%) | 2,948 million (from 2,903: +1.6%) |
| Adjusted EPS | $0.46 (from $0.55: -16.4%) | $0.88 (from $0.75: +17.3%) | $0.98 (from $1.03: -4.9%) | $0.63 (from $0.65: -3.1%) |
| GAAP EPS | $0.30 (from $0.59) | $0.89 (from $0.23) | $0.77 (from $1.04) | $0.64 (from $1.00) |
Figures are from Enbridge’s own results releases for Q3 2025 (November 7, 2025), Q4 2025 (February 13, 2026), Q1 2026 (May 8, 2026, filed with the SEC) and Q2 2026 (July 31, 2026); percentage changes are our arithmetic. Adjusted EBITDA, adjusted EPS and DCF are non-GAAP measures defined by the company. Enbridge does not report DCF per share in these releases, so the table shows total DCF.
What analysts expect
Enbridge does not publish a quarterly estimate. The consensus adjusted EPS for the third quarter is US$0.36, which is 9.1% above US$0.33 a year earlier, according to the Zacks Consensus Estimate as quoted in a Finviz preview (October 29); MarketBeat (October 30) also lists US$0.36. Zacks had US$0.38 in an October 13 article, so the estimate has come down. These consensus figures are in US dollars, while Enbridge reports in Canadian dollars (Q3 2025 adjusted EPS was C$0.46), so the two series should not be compared directly. Revenue estimates differ by source, from about US$9.62 billion (MarketBeat) to US$10.32 billion (Zacks). MarketBeat also lists US$0.65 as last year’s quarter, which is the Canadian-dollar Q2 2025 figure, so we do not use it.
What full-year guidance implies for the second half (our calculation)
Enbridge reaffirmed its 2026 guidance in the second-quarter release: adjusted EBITDA of C$20.2 billion to C$20.8 billion and DCF per share of C$5.70 to C$6.10. Adjusted EBITDA for the first half of 2026 was C$10,586 million (Q1 5,810 plus Q2 4,776). That leaves C$9,614 million to C$10,214 million for the second half, against C$9,480 million in the second half of 2025 (Q3 4,267 plus Q4 5,213), or growth of about 1.4% to 7.7%. Enbridge does not break guidance into quarters, so this is an average over the two remaining quarters, not a forecast for the third quarter alone. The company’s results for 2025 as a whole were adjusted EBITDA of C$19,952 million and adjusted EPS of C$3.02.
Share price, yield and valuation
Enbridge’s NYSE shares closed at US$48.76 on November 4, 2026 (3:59 p.m. Eastern, MarketBeat). The Finviz preview put the price at US$48.55 on October 29, below the 200-day moving average of US$52.16. The quarterly dividend of C$0.97 annualizes to C$3.88 (our arithmetic). MarketBeat showed a 5.4% yield at a Toronto price of C$71.80 on August 12; that is the latest Toronto-listed figure we found, so recalculate it with today’s price before relying on it.
What to watch on November 6
Guidance. Whether Enbridge again reaffirms the 2026 ranges above, as it did in the first and second quarters. Leverage. Debt to EBITDA was 5.1 times at June 30, which the company attributed partly to the exchange rate (period-end debt translated at 1.42 Canadian dollars per US dollar against a trailing 12-month average of 1.38); the Finviz preview gives the target range as 4.5 to 5.0 times. Backlog. The secured growth backlog was about C$41 billion after adding over C$1 billion from the Line 5 Relocation project. Mainline. Mainline throughput was 3.1 million barrels per day in the second quarter (Hudson Labs); the Finviz preview reports that the Mainline Optimization 2 expansion has been split, with the upstream portion pushed out. Leadership. The same preview reports that Greg Ebel announced his retirement on September 8 and Michele Harradence becomes CEO on January 1, 2027; we did not confirm this on Enbridge’s own site. These two previews are AI-assisted secondary sources, so treat their items as reports.
The dividend
Enbridge declared a common-share dividend of C$0.97 per share on July 27, 2026, with a record date of August 14 and payment on September 1 (Q2 release). We did not find a newer declaration in Enbridge’s releases.
For investors in Europe
Enbridge pays dividends in Canadian dollars, so your income also depends on the euro or pound exchange rate, and the US-dollar NYSE line and the Toronto line trade in different currencies. Dividends from Canadian companies are subject to non-resident withholding tax; the rate depends on your country’s tax treaty and on how your broker applies it. Our guide to dividend withholding tax by country explains how to check this. This is information, not tax advice.
Sources
- Enbridge, webcast notice for 2026 Q3 results (Friday, November 6, 2026, 9 a.m. ET)
- Enbridge, Q2 2026 results (July 31, 2026)
- Enbridge, Q1 2026 results (SEC Form 8-K exhibit) (May 8, 2026)
- Enbridge, Q4 and full-year 2025 results (February 13, 2026)
- Enbridge, Q3 2025 results (November 7, 2025)
- Finviz, Enbridge Q3 2026 earnings preview (October 29, 2026; AI-assisted; quotes Zacks consensus)
- MarketBeat, upcoming Enbridge earnings (October 30, 2026) and MarketBeat, price as of November 4, 2026
- Hudson Labs, Enbridge Q3 2026 earnings preview (October 7, 2026)
- MarketBeat, Enbridge dividend and Toronto price (August 12, 2026)
Past results come from Enbridge’s own releases. Consensus, price and yield come from the cited dated sources and may have changed. We make no prediction of the results.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Figures come from the sources listed, as of the times stated, and may be revised. Market-data summaries can differ slightly from official exchange figures. Confirm current prices with your broker. Investing involves risk, including the possible loss of capital.
