[ENB] Enbridge: Q3 2026 Earnings Test a Full Mainline Against Per-Share Dilution

Enbridge is a North American energy infrastructure company headquartered in Calgary, Canada, operating four businesses: crude oil and liquids pipelines, interstate natural gas pipelines, regulated gas distribution utilities and renewable power[1]. Enbridge Q3 2026 earnings are scheduled for 2026-11-06 and will cover the Third quarter 2026 (three months ended September 30, 2026)[2]. In the latest disclosed quarter, the second quarter of 2026, adjusted EBITDA was C$4,776 million against C$4,644 million a year earlier; distributable cash flow was C$2,948 million against C$2,903 million; adjusted earnings per share were C$0.63, below C$0.65 a year earlier; and operating cash flow was C$4.1 billion against C$3.2 billion[3]. The company does not give quarterly guidance, but with its second-quarter results it reaffirmed full-year 2026 guidance for adjusted EBITDA of C$20.2 billion to C$20.8 billion and distributable cash flow per share of C$5.70 to C$6.10[3], and when it announced an acquisition in September it said the deal would not materially affect 2026 guidance[4]. Drillr's earnings calendar puts third-quarter consensus EPS at 0.379; the calendar does not label the currency, and because its second-quarter actual of 0.46 corresponds to the company's reported C$0.63, the figure appears to be in US dollars[5].

Three things matter most in this report. The first is whether liquids pipeline earnings can return to year-over-year growth: the segment's first-half 2026 adjusted EBITDA was C$4,644 million, C$313 million below C$4,957 million a year earlier, and although the second quarter recovered to C$2,341 million, only C$5 million above the prior year[3], Mainline volumes are already close to operating capacity of about 3.2 million barrels per day[1], so the third quarter, the first full quarter after the July toll adjustment, will show how much volume a full pipeline can still convert into profit. The second is whether rate-case increases carry through the seasonally weak quarter: in the second quarter, Gas Transmission adjusted EBITDA rose to C$1,421 million and Gas Distribution to C$878 million[3], and with both businesses in their off-season in the third quarter, the results will test whether growth comes mainly from rates rather than weather. The third is whether per-share cash flow stays under pressure: second-quarter distributable cash flow per weighted share was about C$1.35, and quarter-end debt to EBITDA was 5.1 times, above the 4.5 to 5.0 times target range[3], while in September the company sold 38.9 million shares in a bought deal at C$66.85 each for C$2.6 billion[4], so third-quarter per-share measures and leverage will show the combined dilution from capital spending, interest and the share issue.

Company Background and Business Structure

Enbridge is an energy infrastructure company built around long-lived pipeline assets that has gradually expanded into natural gas and utilities. The company has operated and repeatedly expanded Canada's Mainline crude oil system since 1949[1], later entered the US natural gas pipeline business through its merger with Spectra Energy, and acquired three US gas utilities from Dominion Energy[6]. President and Chief Executive Officer Greg Ebel will retire on December 31, 2026, and Michele Harradence, currently President of Gas Distribution and Storage, will succeed him on January 1, 2027[6].

Liquids Pipelines is the largest segment, and its core Mainline system consists of the Canadian Mainline and the US Lakehead System. The Canadian Mainline comprises six adjacent pipelines with combined operating capacity of about 3.2 million barrels per day, carrying western Canadian crude to the US Midwest and eastern Canada; shippers nominate volumes monthly, and tolls are set under the Mainline Tolling Settlement (MTS)[1]. The segment also owns market access pipelines to the US Gulf Coast, the Gray Oak pipeline and the Enbridge Ingleside Energy Center, North America's largest crude export terminal by volume, with export capability of 1.6 million barrels per day[1]. Because the segment also runs a crude marketing business, its 2025 operating revenue reached C$45,944 million, most of it thin-margin commodity sales, while segment GAAP EBITDA for the year was C$9,396 million[1].

The other three segments earn money in ways closer to regulated utilities. Gas Transmission operates interstate pipelines and storage regulated by the US Federal Energy Regulatory Commission (FERC), including Texas Eastern, Algonquin and East Tennessee, with 2025 GAAP EBITDA of C$5,491 million[1]. Gas Distribution and Storage serves about 4.0 million customers in Ontario, about 1.2 million in Ohio, about 1.2 million in Utah, Wyoming and Idaho, and about 0.7 million in North Carolina; gas costs pass through to customers, and profit comes from the return on approved rate base, with 2025 GAAP EBITDA of C$3,809 million including a C$330 million impairment from the Ohio rate order[1]. Renewable Power runs wind, solar and storage projects in North America and Europe, with 2025 GAAP EBITDA of C$620 million[1], and some projects sit under a long-term partnership with Meta that the second-quarter call said covers 1.4 gigawatts of solar and wind and 1.6 gigawatt-hours of battery storage[7].

Financial History and Current Position

According to the 2025 annual report, Enbridge's revenue swings widely while its operating cash flow stays steady. Operating revenue was C$65,194 million in 2025 against C$53,473 million in 2024; 2025 operating income was C$10,958 million, and earnings attributable to common shareholders were C$7,072 million, or C$3.23 per share[1]. The revenue swings come mainly from crude marketing sales, whereas 2025 operating cash flow of C$12,270 million was close to C$12,600 million in 2024[1]. Capital expenditures rose from C$6,711 million in 2024 to C$8,973 million in 2025, showing that the company has entered a new construction peak[1].

In the first half of 2026, adjusted measures were roughly flat but earnings per share had already slipped. First-half adjusted EBITDA was C$10,586 million against C$10,472 million a year earlier; distributable cash flow was C$6,799 million against C$6,680 million; and adjusted EPS was C$1.61 against C$1.68[3]. GAAP EPS fell from C$2.04 to C$1.41, driven mainly by swings in unrealized derivative gains and losses rather than a full reflection of operating change[3]. First-half operating cash flow was C$6,453 million against C$6,291 million, while capital expenditures rose from C$3,623 million to C$5,414 million and common share dividends paid totaled C$4,236 million[8].

The second quarter on its own matched the first-half picture: total profit grew slightly while per-share measures and leverage came under pressure. Second-quarter adjusted EBITDA was C$4,776 million, distributable cash flow was C$2,948 million, adjusted EPS was C$0.63, and quarter-end debt to EBITDA was 5.1 times, above the 4.5 to 5.0 times target range[3]. On financing, the company issued C$2 billion of medium-term notes in February 2026 and US$2 billion in March[9], and in September sold 38.9 million common shares in a bought deal at C$66.85 each for gross proceeds of C$2.6 billion, partly to fund announced acquisitions[4].

Operating Model

Enbridge's revenue comes mainly from volume- or capacity-based tolls and regulated rates, so its profit is relatively insensitive to commodity prices. Mainline revenue roughly equals delivered volume times the MTS-adjusted international joint toll; the initial heavy crude toll from Hardisty to Chicago was C$1.65 per barrel on the Canadian Mainline plus US$2.57 per barrel on the Lakehead System, plus surcharges[1]. Gas Transmission revenue equals reserved capacity times FERC-approved rates, and Gas Distribution collects delivery charges from about 7.1 million customers based on the return on approved rate base; in both, increments come mainly from step-ups won in rate cases[1]. In 2025, operating revenue was C$45,944 million in Liquids Pipelines, C$10,654 million in Gas Distribution, C$6,652 million in Gas Transmission and C$561 million in Renewable Power[1].

Segment profit equals revenue less commodity and gas costs and operating and administrative expense, plus equity earnings, and Mainline profit is further bounded by the MTS return collar. The MTS performance collar is designed to let the Mainline earn returns of 11% to 14.5%; returns above the cap are shared with shippers and the company is protected below the floor, so when the pipeline runs full, profit growth comes mainly from annual toll escalation and cost control rather than additional volume[1]. The four segments' 2025 GAAP EBITDA totaled C$19,316 million, with Liquids Pipelines about half[1]. At the consolidated level, adjusted earnings are what remains of adjusted EBITDA after depreciation, interest, income tax and preferred dividends; second-quarter depreciation was C$1,482 million and interest C$1,288 million, and because both grew faster than EBITDA, first-half adjusted EPS fell from C$1.68 to C$1.61[3].

Cash flow is supported by tolls and gas charges collected monthly, but growth funding increasingly depends on outside capital. The company measures cash available for dividends as distributable cash flow, defined as adjusted EBITDA less maintenance capital, interest, current tax, distributions to noncontrolling interests and preferred dividends[3]. Higher capital spending first raises debt and interest, pressing distributable cash flow and adjusted EPS before new projects enter service; share issuance raises the weighted share count and directly dilutes per-share measures; and only the EBITDA from projects entering service and acquisitions closing can in turn improve per-share cash flow and leverage[3][4]. Management anticipates debt to EBITDA staying near the top of the target range through the back half of 2027 and then trending toward the lower to middle part of the range as large volumes of projects enter service[7].

Industry and Competitive Position

Enbridge's position in Canadian crude egress rests on its existing rights-of-way and network scale, but the pace of expansion is constrained by producer commitments. The company says its liquids system delivers about six million barrels per day and is the largest crude oil and liquids network globally[1], and the second-quarter call said its regional network serves about half of Alberta oil sands production[7]. Competition comes from other egress pipelines such as Trans Mountain and from new proposals such as Prairie Connector; on the first-quarter call, management stressed that the scope and cost of Mainline Optimization Phase 2 (MLO2) were well understood and that it was permit-light[10], but by the second quarter, because Alberta's new oil and gas production policy was being implemented more slowly than expected and commodity price volatility made producers reluctant to commit to large projects, the company resequenced MLO2 to do the downstream Chicago South market access expansion first[7].

In gas and utilities, competitive position comes more from demand growth and regulatory frameworks. The second-quarter call said most new project sanctions over the next 12 to 18 months will come from gas transmission, driven by LNG exports, power generation, data centers and industrial onshoring[7]; the gas utilities are regulated sole distributors in their regions, and the company says rate base across its utility portfolio grows more than 8% a year, ranging from 5%+ in Ohio to 19% in North Carolina[7]. The company's secured growth backlog is about C$41 billion[3], and management says total organic growth opportunities through 2030 are about C$50 billion, with C$9 billion of projects already sanctioned in 2026 and a target of up to C$20 billion of new sanctions across 2026 and 2027[7]. The scale of these opportunities is the company's own description, and the available material does not allow an item-by-item comparison with peers.

Core Debates

With the Mainline running near capacity, can new tolls and high volumes return liquids pipeline earnings to year-over-year growth in the third quarter?

This matters because Liquids Pipelines contributes about half of Enbridge's segment EBITDA, and the segment's 2026 profit has lagged the prior year. First-half 2026 liquids adjusted EBITDA was C$4,644 million, C$313 million below a year earlier[3], and the decline came mainly in the first quarter, when segment EBITDA was C$2,303 million, C$318 million below C$2,621 million a year earlier, because of the absence of a prior-year litigation settlement, lower market access contributions and lower Line 9 tolls[9]. The third quarter is the first full quarter after the July toll adjustment and can test whether these drags are temporary or will keep pressing the profit of a full pipeline.

Current evidence shows high volumes being partly offset by toll cuts and earnings sharing. Mainline volumes set a first-quarter record of 3.2 million barrels per day[10] and averaged 3.1 million barrels per day in the second quarter[7]; second-quarter segment EBITDA recovered to C$2,341 million against C$2,336 million a year earlier, and the company said higher Mainline volumes (net of earnings sharing) and Line 9 volumes, higher Seaway spot volumes and system optimization offset lower Line 9 delivery tolls and lower Southern Lights revenue[3]. The MTS collar of 11% to 14.5% returns means that the better volumes and cost control are, the more of the excess goes to shippers[1], which is one reason high volumes have not fully turned into profit. An alternative explanation is that the first-quarter decline came mainly from the high base created by the litigation settlement and the Mainline's own operations have not weakened; only if third-quarter profit stays flat without a similar drag would that show the sharing mechanism materially limiting growth.

The financial transmission for this debate is direct. Mainline delivered volume, about 3.1 to 3.2 million barrels per day, times the MTS-adjusted joint toll gives Mainline revenue; after power and operating costs, returns above the collar are shared with shippers and the remainder flows into segment adjusted EBITDA[1]. That result was C$2,341 million in the second quarter and C$4,644 million in the first half, against C$4,957 million a year earlier[3]. The growth variable is Mainline Optimization Phase 1 (MLO1), a project budgeted at US$1.4 billion with expected in-service in 2027[1], and the second-quarter call said MLO1 and the Southern Illinois Connector together will add 180,000 barrels per day of egress capacity[7].

What remains unresolved is the size of earnings sharing, because the company does not disclose the amount separately and its direction can only be inferred from narrative. In the third quarter, watch whether liquids adjusted EBITDA is at least the second quarter's C$2,341 million and returns to year-over-year growth, whether average Mainline volume stays above 3.1 million barrels per day, and how the company describes changes in earnings sharing; also watch whether MLO1 stays on track for 2027 and whether the Tallgrass acquisition closes within the year[4]. If a full Mainline's profit still stalls in the first full quarter after the toll adjustment while earnings sharing and Line 9 toll cuts widen, the current view that the drags are temporary weakens; if producer commitments keep slowing and MLO2 stalls for a long time, Mainline growth after the MTS expires at the end of 2028 will depend more on acquisitions[1][7].

Can rate-case increases keep lifting gas pipeline and gas utility earnings through the seasonally weak third quarter?

This matters because gas business growth is the main reason consolidated EBITDA still edged up in the first half of 2026. Enbridge's gas businesses are dominated by capacity-based pipelines and regulated distribution companies, whose profit growth relies mainly on rate cases that turn investment into price[1]. First-half Gas Transmission adjusted EBITDA was C$2,939 million, up 4.1% from C$2,823 million, and Gas Distribution was C$2,587 million, up 6.0% from C$2,440 million[3]. Both segments are in their off-season in the third quarter, when weather and storage revenue weigh relatively more, so the quarter can test whether rate-driven growth is stable.

Second-quarter evidence shows growth coming mainly from rates rather than weather. Second-quarter Gas Transmission adjusted EBITDA was C$1,421 million against C$1,384 million[3], and the 10-Q attributed the increase to the East Tennessee rate case settlement and the previously approved Texas Eastern rate increase, partly offset by lower equity earnings from DCP[8]. Gas Distribution was C$878 million against C$840 million, driven by new base rates in Utah and North Carolina after rate cases, with Ontario weather versus normal contributing about C$9 million, similar to about C$10 million a year earlier[3]. An alternative explanation is that part of first-quarter Gas Distribution growth came from cold weather and Ontario unregulated storage revenue, and management acknowledged weather added a couple of cents in the quarter at the edges of the business, which is not sustainable[9][10]; if only the rate effect remains in the third quarter, growth could be clearly slower than in the first half.

The transmission from rate increases to profit depends on the timing of regulatory approval. Once a rate case is settled or approved, the approved rate per unit of capacity or per customer rises, lifting Gas Transmission demand-charge revenue and Gas Distribution margin, which then flow into segment adjusted EBITDA and consolidated distributable cash flow[1]. Ohio is the most uncertain link in this chain: the 2025 rate order went against the company and led to a C$330 million impairment, and the new rate case requests an annual revenue increase of US$163 million, targeted to take effect in early 2027[1], while the second-quarter call said a constructive staff report arrived in July and the company is targeting a settlement[7].

What remains unresolved is whether the rate effect alone can sustain growth in the off-season and whether Ohio lands on schedule. In the third quarter, watch whether Gas Transmission adjusted EBITDA grows more than 3% year over year and whether the company still attributes growth to rate cases and contracting, whether Gas Distribution grows year over year with the Ontario weather effect within plus or minus C$10 million, and whether the Ohio rate case moves to settlement and whether rate freeze legislation advances[7]. If a rate freeze or adverse ruling prevents utility rate base growth from turning into profit, or commodity-sensitive equity earnings such as DCP keep falling and offset pipeline rate increases[8], the current view that rate-driven growth is fairly stable weakens.

Will faster capital spending, higher interest and September's share issue keep pressing Enbridge's per-share cash flow in the third quarter?

This matters because Enbridge uses distributable cash flow per share as the core measure for its guidance, dividend and growth targets, and that measure's growth is already trailing capital spending. First-half 2026 adjusted EBITDA was only C$114 million above the prior year and distributable cash flow C$119 million higher, yet adjusted EPS fell from C$1.68 to C$1.61[3]; over the same period, total segment capital expenditures rose from C$3,694 million to C$5,523 million[8]. Most new projects will not enter service until around 2027, and in September the company issued C$2.6 billion of equity for two acquisitions[4], so the third quarter can show how far financing costs and share count growth will press per-share measures before EBITDA catches up.

Second-quarter evidence shows per-share cash flow still growing slightly, with caveats on quality. Second-quarter distributable cash flow was C$2,948 million against C$2,903 million, or about C$1.35 per share on 2,184 million weighted shares against about C$1.33 a year earlier; adjusted EPS was C$0.63 against C$0.65, which the company attributed to depreciation on newly placed assets and interest on incremental debt[3]. Part of the growth in distributable cash flow came from the timing of maintenance capital, which was C$227 million in the second quarter against C$316 million a year earlier, a saving that cannot repeat every quarter[3]. Quarter-end debt to EBITDA was 5.1 times, which the company attributed partly to a period-end exchange rate of 1.42 above the 12-month average of 1.38[3]. An alternative explanation is that the first-half pressure is a normal phase of the capital cycle, and that projects in the C$41 billion backlog entering service plus acquisitions closing by year-end will let EBITDA catch up; if third-quarter distributable cash flow per share holds above C$1.30 and leverage falls after the share issue, that explanation gains support.

This debate transmits through two paths running in opposite directions. One is the cost side: second-quarter total segment capital expenditures were C$3,038 million against C$1,940 million[8], and higher debt raised interest expense on the distributable cash flow basis to C$1,283 million, up 6.7% from C$1,202 million[3], pressing distributable cash flow and adjusted EPS before projects enter service; the 38.9 million new shares equal about 1.8% of the second-quarter weighted share count and directly dilute per-share measures[4][3]. The other is the earnings side: the Tallgrass crude business is being acquired for US$2.55 billion in cash, and the company says the deal will be accretive to distributable cash flow per share in the first full year of ownership[4], and only EBITDA from projects entering service and acquisitions closing can improve per-share cash flow and leverage.

What remains unresolved is when EBITDA catches up with financing costs and share count growth. In the third quarter, watch whether distributable cash flow per share is at least C$1.25 and whether the company reaffirms full-year guidance of C$5.70 to C$6.10[3], whether adjusted EPS stops declining year over year and interest growth on the distributable cash flow basis stays around 7%, and whether debt to EBITDA returns to within 5.0 times after the September issue. For reference, third-quarter 2025 GAAP EPS was C$0.30[1]. If capital spending and acquisitions land ahead of EBITDA and force another equity issue, or adverse moves in rates and currency keep interest and leverage readings above target, the current view that the pressure is a temporary phase of the capital cycle weakens.

Risks and Falsifiers

The management transition could change the post-2026 growth framework and the pace of capital allocation. Greg Ebel retires on December 31, 2026, and Michele Harradence becomes President and CEO on January 1, 2027[6]; on the first-quarter call the company said it would hold another investor day in the fall or early spring to update guidance beyond 2026[10]. This risk bears on the roughly 5% annual growth outlook after 2026, capital allocation priorities and the pace of acquisitions[4]; if new management keeps the capital allocation priorities and the roughly 5% growth framework at the investor day, the risk is falsified.

Legal and engineering uncertainty on Line 5 bears directly on Mainline volumes and capital recovery. The Michigan tunnel is still awaiting state and federal permits, and in Wisconsin a 41-mile relocation is advancing to route around the Bad River Reservation[10]; the company sanctioned and began construction of this US$1.0 billion project in the second quarter, with expected in-service in early 2027[3][7]. Line 5 is the supply route to Michigan, Ontario and Quebec, so if construction or permits stall, both the recovery of relocation capital and related volumes would be affected; if the Wisconsin relocation proceeds toward early-2027 service and legal proceedings do not shut Line 5, the risk is falsified.

Ohio's regulatory environment could keep gas utility investment from turning into profit on time. Proposed gas rate freeze legislation has appeared in Ohio; management said it missed key procedural deadlines and is not expected to gain traction, while acknowledging rising attention to customer affordability[7], and the previous Ohio rate order already cut annual revenue and led to a C$330 million impairment including regulatory pension assets[1]. This risk bears on delivery revenue from about 1.2 million Ohio customers and on the current request for a US$163 million annual increase[1]; if the legislation does not advance and the Ohio rate case takes effect by settlement in early 2027, the risk is falsified.

Pursuing acquisitions and a large capital program at the same time could keep leverage at the top of the target range for a long time. The company is pursuing two acquisitions at once, the Tallgrass crude business at US$2.55 billion and Salt Creek Midstream's crude gathering business[4], holds a secured growth backlog of about C$41 billion[3], and has set a target of up to C$20 billion of new project sanctions across 2026 and 2027[7]. This risk bears on distributable cash flow per share and the balance sheet: the September issue was 38.9 million shares for C$2.6 billion gross[4], and second-quarter debt to EBITDA was 5.1 times, above the 4.5 to 5.0 times target[3]. If the acquisitions close in 2026 and are accretive to distributable cash flow per share in their first full year, with leverage back within 5.0 times and no further equity issue, the risk is falsified.

What to Watch Next

• Liquids profit with a full Mainline: from second-quarter liquids adjusted EBITDA of C$2,341 million (up C$5 million) and first-half C$4,644 million against C$4,957 million[3], with volumes of 3.1 million barrels per day[7], watch profit and volume in the first full quarter after the toll adjustment, how earnings sharing is described, and progress on MLO1 and the Tallgrass closing[4]. At least C$2,341 million with a return to year-over-year growth means the drags are temporary; stalled profit and wider sharing weaken that view.
• Rate increases in the off-season: from second-quarter Gas Transmission EBITDA of C$1,421 million (up 2.7%) and Gas Distribution of C$878 million (up 4.5%), with Ontario weather at about +C$9 million[3], watch growth rates and their attribution and progress on the Ohio rate case and freeze legislation[7]. Gas Transmission growth above 3% and year-over-year Gas Distribution growth with weather within plus or minus C$10 million confirm the view; an adverse ruling or falling equity earnings falsify it.
• Capital spending, interest and the share issue: from second-quarter distributable cash flow of about C$1.35 per share, adjusted EPS of C$0.63, interest of C$1,283 million (up 6.7%) and leverage of 5.1 times[3], watch whether C$5.70 to C$6.10 guidance is reaffirmed, leverage after the issue, and EPS against the 0.379 consensus[5]. Per-share distributable cash flow of at least C$1.25 and leverage back within 5.0 times confirm the view; another equity issue or accelerating interest weakens it.

Conclusion

Enbridge's business runs on three engines: a Mainline crude system operating at full capacity, gas pipelines and gas utilities that raise prices step by step through rate cases, and accelerating capital spending and acquisitions. First-half 2026 adjusted EBITDA of C$10,586 million and distributable cash flow of C$6,799 million were both slightly above the prior year, but adjusted EPS fell from C$1.68 to C$1.61 and quarter-end leverage of 5.1 times sat just above the target range[3]. The central unresolved relationship is whether high liquids volumes and gas rate increases can keep per-share cash flow on track for the company's full-year C$5.70 to C$6.10 guidance before financing costs and the shares issued in September[4] dilute it.

Only one outside view is available so far. Writing for TIKR in an article carried by Yahoo Finance, Gian Estrada noted that Enbridge's earnings-based payout ratio was 148.23% in the latest period and above 100% in several recent periods, leaving income investors little room for error[11]. The author argued, however, that for a pipeline company with heavy depreciation charges the reading is too volatile to serve as a standalone signal of dividend safety, and gave more weight to management's self-funded growth plan and its C$40 billion to C$45 billion five-year shareholder return target; the article also cited CFO Pat Murray saying that 5.1 times leverage mainly reflected a weaker Canadian dollar and falls back within the target range after adjusting for currency[11]. This view maps onto the third debate and points in the same direction as the company's own explanation, but it is automated research content from a single platform whose payout ratio basis is not stated, so it should be treated as one outside interpretation rather than confirmation of dividend capacity. After July 31, 2026, the research captured no other independent analytical commentary, and coverage of the acquisitions and share issue was mostly event reporting, so there is currently no set of multiple outside views to compare.

From here, if third-quarter liquids profit returns to year-over-year growth, Gas Transmission and Gas Distribution keep growing mainly on rates through the off-season, distributable cash flow per share holds above C$1.30 and leverage returns within 5.0 times after the share issue, the current view that the first-half pressure is a temporary phase of the capital cycle would strengthen materially. Conversely, if a full Mainline's profit keeps stalling, Ohio brings an adverse ruling or a rate freeze, interest growth exceeds 7% and the company needs to issue equity again, that view would weaken, and whether the growth framework survives new management's investor day would become all the more important.

Sources

[1] ENB FY2025 10-K filed 2026-02-13 · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000895728&type=10-K&dateb=&owner=include&count=40

[2] ENB earnings calendar updated 2026-10-26 · 2026-10-26 · Drillr earnings calendar

[3] ENB Q2 2026 8-K filed 2026-07-31 · 2026-07-31 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000895728&type=8-K&dateb=&owner=include&count=40

[4] ENB 8-K filed 2026-09-09 · 2026-09-09 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000895728&type=8-K&dateb=&owner=include&count=40

[5] Drillr earnings calendar consensus ENB Q3 2026 retrieved 2026-10-26 · 2026-10-26 · Drillr earnings calendar · https://gateway.drillr.ai/mcp/private

[6] ENB 8-K filed 2026-09-08 · 2026-09-08 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000895728&type=8-K&dateb=&owner=include&count=40

[7] ENB Q2 2026 earnings call 2026-07-31 · 2026-07-31 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] ENB Q2 2026 10-Q filed 2026-07-31 · 2026-07-31 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000895728&type=10-Q&dateb=&owner=include&count=40

[9] ENB Q1 2026 8-K filed 2026-05-08 · 2026-05-08 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000895728&type=8-K&dateb=&owner=include&count=40

[10] ENB Q1 2026 earnings call 2026-05-08 · 2026-05-08 · earnings-call · https://gateway.drillr.ai/mcp/private

[11] TIKR view on Enbridge via Yahoo Finance 2026-09-18 · 2026-09-18 · TIKR(Yahoo Finance 刊载) · https://finance.yahoo.com/markets/stocks/articles/enbridge-payout-ratio-hits-148-174102111.html