ENBRIDGE INC
| Revenue | C$29.6B |
|---|---|
| Operating income | C$11.1B |
| Net income | C$5.7B |
| Free cash flow | C$1.7B |
| Operating margin | 37.7% |
| Net margin | 19.3% |
| Return on equity | 8.7% |
| Period | TTM 2026-06-30 |
OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong contracted growth is offset by leverage, timing, and policy uncertainty.
Hold: Enbridge delivered solid Q2, with adjusted EBITDA up more than CAD 130 million year over year and 2026 guidance reaffirmed, while its CAD 41 billion secured backlog and up to CAD 20 billion of planned 2026-2027 sanctions support durable growth. The tension is that leverage was 5.1x debt to EBITDA at quarter-end, MLO2 was resequenced pending policy and customer commitments, and much of the larger opportunity set remains uncommitted and exposed to permitting and execution risk.
- Q2 2026 Earnings
- Capital Backlog
- Mlo2 Delay
- Gas Transmission
- Leverage
- Project Permitting
Near term
Blackcomb is commissioning and is expected to ramp to full service by year-end, providing a near-term gas transmission contribution.
Project Beacon attracted demand multiple times the size of the 70,000-a-day Algonquin enhancement, but binding commitments and permitting remain outstanding.
The back half of 2027 carries a large portion of the secured project start-ups, while management expects leverage to remain near the top of its 4.5x-5x target range during the buildout.
Longer term
The CAD 50 billion organic opportunity set and expansion across gas, liquids, utilities, and renewables provide substantial runway beyond the CAD 41 billion secured backlog.
Utility rate-base growth is forecast at well above 8% in the U.S. portfolio, but affordability pressure could constrain regulatory outcomes and customer acceptance.
Renewable growth is increasingly tied to long-term contracted counterparties, improving visibility but leaving returns dependent on project economics and policy support.
Red flags
Management did not quantify the revised MLO2 timing, scope, or capital, and acknowledged producers are not yet making binding commitments for new pipelines.
The CAD 20 billion sanction target is aspirational relative to the CAD 50 billion opportunity set; returns, customer commitments, and permitting are not yet disclosed for much of the pipeline.
Debt to EBITDA exceeded the target range on reported quarter-end FX, and management may need hybrids, asset sales, or monetizations to manage leverage as capital spending rises.
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-02-13
- Regulated Utilities
- Pipeline Expansion
- High Leverage
- Rate Case Risk
- Contracted Growth
- Renewable Power
- Liquidity
- Environmental Risk
Red flags
- Total debt increased to C$105.0 billion from C$101.7 billion in 2024; long-term debt was C$99.0 billion and current maturities were C$5.0 billion at year-end 2025.
- Enbridge Gas Ohio recognized C$330 million of disallowances, including C$280 million of regulatory pension assets, and its approved order reduced annual revenue by US$14.3 million.
- Contractual purchase commitments totaled C$16.97 billion, including C$6.94 billion due within one year; total commitments including maintenance and rights-of-way were C$18.28 billion.
- Available committed credit facilities were C$9.66 billion against C$13.18 billion of draws, leaving meaningful refinancing and capital-market dependence despite management’s stated 12-month funding cushion.
- Enbridge self-insures a significant portion of selected risks and has large deductibles or self-insured retentions; a major pipeline or environmental incident could exceed available coverage.
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