Enbridge Inc. reported higher third-quarter earnings and maintained its 2026 financial targets, as adjusted earnings, EBITDA and distributable cash flow all increased from a year earlier.
The company recorded C$1.288 billion in earnings attributable to common shareholders, compared with C$682 million a year earlier. Earnings per common share rose to C$0.59 from C$0.30.
Enbridge disclosed the results in a Nov. 6 release and a Form 8-K filing with the U.S. Securities and Exchange Commission. The SEC index lists the filing under Item 2.02 for results of operations and financial condition, and Item 9.01 for financial statements and exhibits.
Enbridge said unrealized derivative gains, after tax, were the primary driver of the year-over-year earnings increase, alongside operating factors. The valuations were linked to foreign-exchange, interest-rate and commodity-price risks.
Adjusted earnings, which Enbridge identifies as a non-GAAP measure, were C$1.074 billion, up from C$997 million. Adjusted earnings per share reached C$0.49 from C$0.46. Adjusted EBITDA totaled C$4.434 billion, compared with C$4.267 billion, while distributable cash flow rose to C$2.689 billion from C$2.566 billion. Cash provided by operating activities moved lower, to C$2.703 billion from C$2.868 billion. The two cash measures therefore moved in opposite directions.
Gas Transmission benefited from higher rate settlements and construction equity allowances, while customer growth and higher rates in gas distribution also contributed to the C$167 million increase. Lower Market Access volumes in Liquids Pipelines and Line 9 tolls partly offset those gains.
Enbridge kept its 2026 targets at C$20.2 billion to C$20.8 billion in adjusted EBITDA and C$5.70 to C$6.10 in distributable cash flow per share.
During the quarter, Enbridge placed the Aspen Point expansion of Westcoast’s B.C. Pipeline and the Tennessee Ridgeline expansion of the East Tennessee Natural Gas Pipeline into service.
