Enbridge Reaffirms 2026 Guidance as Secured Backlog Hits $40B
Enbridge recorded first quarter GAAP earnings of C$1.7 billion (C$0.77 per share) and adjusted EBITDA of C$5.8 billion with distributable cash flow rising to C$3.9 billion. The company reaffirmed its 2026 financial guidance and increased its secured capital backlog to US$40 billion by sanctioning US$1.2 billion of new projects.
1. First Quarter Financial Results
Enbridge delivered GAAP earnings of C$1.7 billion (C$0.77 per share) in the first quarter, down from C$2.3 billion a year earlier, and reported adjusted earnings of C$2.1 billion (C$0.98 per share). Adjusted EBITDA held steady at C$5.8 billion, while distributable cash flow rose to C$3.9 billion from C$3.8 billion.
2. Project Sanctions and Expansions
It sanctioned US$0.7 billion for the 300 MW Cone onshore wind project in Texas, US$0.4 billion for the 25 Bcf Tres Palacios storage expansion, and US$0.1 billion for the Vector Pipeline westbound expansion. Additional growth initiatives include an 8 Bcf Dawn Hub storage expansion in Ontario and binding open seasons for the Flanagan South and Southern Access pipelines.
3. Backlog, Guidance and Outlook
The company reaffirmed its full-year 2026 financial guidance and reported a secured capital backlog of US$40 billion, supported by approximately US$50 billion of unsanctioned opportunities. Enbridge plans US$10–11 billion in annual capital investment and maintains its dividend aristocrat status while positioning for energy security trends.