Enbridge Inc (ENB) · Nov 6, 2026 · Earnings

Enbridge earnings in line as gas growth offsets weaker liquids

In line — Adjusted EPS $0.49 vs roughly $0.50 consensus

Enbridge’s Q3 earnings were broadly in line, with gas transmission and utilities offsetting weaker liquids pipelines while acquisitions expand its growth platform.

Enbridge is in a capital-heavy expansion phase: it is using its North American pipeline and utility footprint to capture rising gas, LNG and power demand while building a large contracted project backlog. The prior-quarter story was a roughly $41 billion secured backlog and continued 5% medium-term growth visibility; this filing shows execution continuing, but with more funding and integration work required.

The quarter was broadly in line rather than a clear earnings beat. Adjusted EPS rose to $0.49 from $0.46 a year earlier, close to published estimates around $0.50, while adjusted EBITDA increased 4% to $4.434 billion. The improvement came mainly from gas transmission rate settlements and higher utility rates, not from a broad-based acceleration: Liquids Pipelines adjusted EBITDA fell $101 million as Mainline volumes and Market Access utilization weakened.

Metric (CAD)	Q3 2026	Q3 2025	Consensus / prior
Adjusted EPS (Adjusted Earnings)	$0.49 (+$0.03)	$0.46	~$0.50 consensus
Adjusted EBITDA (Financial Results Summary)	$4.434B (+3.9%)	$4.267B
DCF (Distributable Cash Flow)	$2.689B (+4.8%)	$2.566B
Operating cash flow (Financial Results Summary)	$2.703B (-5.8%)	$2.868B
Debt-to-EBITDA (Financing Update)	5.1x		Target range slightly exceeded

The underlying mix improved toward gas, which is the more important strategic signal. Gas Transmission adjusted EBITDA rose $165 million, and Gas Distribution and Storage rose $105 million, driven by rate settlements, higher construction allowances, recent utility rate cases and customer growth. That progress supports the company’s strategy of expanding regulated and contracted gas infrastructure, while the weaker liquids result shows the existing oil network is not uniformly benefiting from the broader energy-demand narrative.

Execution advanced, but the financing burden is visible. Enbridge placed Aspen Point and Tennessee Ridgeline into service and still reported an approximately $38 billion secured backlog. The company also added the Tallgrass and Salt Creek crude assets, sanctioned the $0.2 billion Long Lake expansion and secured up to $2 billion of additional partner funding for Westcoast. Those moves strengthen the asset base, but the $3 billion equity offering increased the share count and the 5.1x debt-to-EBITDA ratio remains slightly above target. The backlog is therefore being executed and replenished, but not without dilution and balance-sheet pressure.

The guidance reaffirmation removes downside surprise, not upside surprise. Enbridge kept 2026 adjusted EBITDA guidance at $20.2 billion–$20.8 billion and DCF per share at $5.70–$6.10. That is consistent with the standing story, while the Tallgrass deal remains subject to approvals and the planned CEO transition to Michele Harradence in January is already known rather than a new shock.

Bottom line: This keeps Enbridge’s expansion story intact, led by gas infrastructure and contracted growth, but the quarter itself was only in line and came with weaker liquids performance, dilution and slightly elevated leverage. The business advanced modestly; it did not materially rewrite the story.

What to watch next

Tallgrass closing, pending regulatory approvals

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Enbridge earnings in line as gas growth offsets weaker liquids

What to watch next

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