Crude oil pipelines, gas transmission, gas utilities, renewable power / Operating · regulated and contracted infrastructure / Infrastructure
Enbridge
TSXENBNYSEENB
Enbridge is a Calgary-based owner of crude oil pipelines, natural gas transmission and storage, natural gas utilities and a renewable power portfolio, listed on the Toronto and New York stock exchanges under the same symbol, ENB [1]. It reports in Canadian dollars, although a large share of its earnings arise in U.S. dollars; the company itself notes that its period-end debt translated at 1.42 Canadian dollars per U.S. dollar while trailing EBITDA translated at 1.38 [1]. In 2025 adjusted EBITDA (management's non-GAAP measure) was C$19,952 million, split C$9,710 million from Liquids Pipelines, C$5,397 million from Gas Transmission, C$4,139 million from Gas Distribution and Storage and C$672 million from Renewable Power [2]. The dividend is C$0.97 a quarter, C$3.88 a year, after a 3% increase for 2026 that the company describes as its 31st consecutive annual increase; the stated payout target is 60% to 70% of distributable cash flow (DCF) [3][4].
The Liquids business is built around the Mainline, a set of parallel pipelines from Edmonton, Alberta to Superior, Wisconsin (Line 1 at 237,000 bbl/d, Lines 2A and 2B at 442,000 each, Line 3A at 390,000, Line 93 at 760,000, Line 4 at 796,000 and Line 67 at 800,000), with connected lines carrying crude onward, among them Flanagan South (700,000 bbl/d), Seaway (350,000 bbl/d) and Line 9 (300,000 bbl/d) [5]. The company says the system moves over 3 million barrels a day from Western Canada; 2025 throughput averaged 3.1 million bbl/d and the line was apportioned (demand exceeded space) in nine months of the year [6][2]. Canadian tolls are set by the Mainline Tolling Settlement, approved by the Canada Energy Regulator on March 4, 2024 and running to December 31, 2028, under which the heavy-crude toll from Hardisty to Chicago was set at C$1.65 a barrel for the Canadian portion plus US$2.57 for the U.S. portion, flexing by US$0.035 a barrel for each 50,000 bbl/d change in throughput [7][6]. Mainline Optimization Phase 1, sanctioned at US$1.4 billion, is to add 150,000 bbl/d from 2027 [2][8]. Line 5, which carries 540,000 bbl/d of light crude and natural gas liquids from Superior across Michigan to customers in the Midwest and Canada, had an eventful summer: the U.S. Army Corps of Engineers issued the federal permit for the Great Lakes Tunnel under the Straits of Mackinac on August 12, 2026 while Michigan's attorney general continued her lawsuit to shut the line, and on August 25 a subcontractor's truck rolled into an excavation in Iron County, Wisconsin, releasing about 31,000 barrels of mostly propane and butane and shutting the line until a temporary bypass returned it to service by September 14 [9][10][11]. The US$1.0 billion, 41-mile Wisconsin relocation around the Bad River Reservation was sanctioned in the second quarter for service in early 2027 [1].
Gas Transmission includes Texas Eastern (8,532 miles, 12.12 Bcf/d) and the Gulf Coast systems that feed LNG export terminals; in the second quarter of 2026 the company sanctioned the Bay Runner Twin, 2.6 Bcf/d of new capacity to NextDecade's Rio Grande LNG for 2030 backed by long-term take-or-pay agreements, began construction of the C$4 billion Sunrise expansion in British Columbia, and took an option on the TTC Connector into Freeport LNG [5][1]. Gas Distribution is the largest gas utility platform in North America by the company's description: Enbridge Gas Ontario serves 3.9 million customers, and the three utilities bought from Dominion Energy in 2024 for US$9.4 billion in cash plus US$4.6 billion of assumed debt (about C$19 billion) serve 1.2 million in Ohio, 1.2 million in Utah, Wyoming and Idaho, and 650,000 in North Carolina, on a combined rate base the company put at over C$27 billion at announcement with roughly 8% expected annual rate-base growth [5][12][13][14]. Second-quarter 2026 Gas Distribution EBITDA rose to C$878 million from C$840 million on new base rates in Utah and North Carolina; the Ohio rate case drew a staff report the company called constructive, with a settlement expected in 2027 [1][15].
The quarter ended June 30, 2026 produced adjusted EBITDA of C$4,776 million (C$4,644 million a year earlier), GAAP earnings attributable to common shareholders of C$1.4 billion or C$0.64 a share (C$2.2 billion, C$1.00), adjusted earnings of C$0.63 a share (C$0.65), DCF of C$2,948 million (C$2,903 million) and cash from operations of C$4,111 million (C$3,238 million) [15]. Guidance for 2026 was reaffirmed at adjusted EBITDA of C$20.2 billion to C$20.8 billion and DCF of C$5.70 to C$6.10 a share; 2025 DCF was C$12,454 million against C$11,991 million in 2024 [1][2]. Debt to EBITDA was 5.1 times at quarter end, above the 4.5 to 5.0 times target range and the 4.8 times reported at December 31, 2025, which the company attributes partly to currency translation [1][3][2]. The secured growth backlog stood at about C$41 billion, to be funded from C$10 billion to C$11 billion a year of growth capital capacity [1].
For a U.S. dividend investor the shares are a Canadian-dollar income stream from mostly regulated or contracted assets, paid on about 2,184 million weighted-average shares in the quarter, subject to Canadian withholding tax outside qualified retirement accounts and to the exchange rate [1]. What the quarter did not change is the shape of the earnings: tolls and rate cases set the top line, throughput and volumes move it at the margin, and leverage near five times EBITDA is the price of the backlog.
Primary assets & business
- Mainline · Edmonton, AB to Superior, WI: Line 1 (237,000 bbl/d), Line 2A and 2B (442,000 each), Line 3A (390,000), Line 93 (760,000), Line 4 (796,000), Line 67 Alberta Clipper (800,000); 2025 throughput 3.1 million bbl/d; Mainline Optimization Phase 1 adds 150,000 bbl/d from 2027 (US$1.4B) [5][2][8]
- Market-access and connected lines: Flanagan South (700,000 bbl/d), Seaway (350,000), Express (310,000), Platte (164,000/145,000), Southern Lights (180,000), Line 9 (300,000) [5]
- Line 5 · from Superior, WI across Michigan: 540,000 bbl/d of light crude, light synthetic and NGLs; US$1.0B Wisconsin relocation (41 miles) in service early 2027; Great Lakes Tunnel in Michigan (the company's page calls it a $500-million project; currency not stated there) with the federal permit issued August 12, 2026 and state litigation pending [9][1][16][10]
- Regional Oil Sands system · Alberta: Athabasca, Athabasca Twin, Waupisoo and Woodland pipelines, 2.46 million bpd of annual average capacity [5]
- Gas Transmission: Texas Eastern (8,532 miles, 12.12 Bcf/d) and other U.S. and Canadian systems; Sunrise expansion (C$4B) under construction; Bay Runner Twin (2.6 Bcf/d, 2030) sanctioned; TTC Connector option (300 MMcf/d) [5][1]
- Gas Distribution and Storage: Enbridge Gas Ontario (3.9 million customers, 290.8 Bcf of storage), Enbridge Gas Ohio (1.2 million), Enbridge Gas Utah (1.2 million in Utah, Wyoming and Idaho), Enbridge Gas North Carolina (650,000) [5]
- Renewable Power: wind, solar and geothermal; 2025 adjusted EBITDA C$672M; Sequoia Solar Phase 2 expected in service in 2026 [2][1]
Financial position
| Adjusted EBITDA (latest quarter) | C$4,776MNon-GAAP. Q2 2025: C$4,644M. First half 2026: C$10,586M. | Quarter ended Jun 30, 2026 [15] |
|---|---|---|
| GAAP earnings attributable to common shareholders (latest quarter) | C$1.4B · C$0.64/shareQ2 2025: C$2.2B, C$1.00/share. Adjusted earnings C$0.63/share (C$0.65). | Quarter ended Jun 30, 2026 [15] |
| Distributable cash flow (latest quarter) | C$2,948MNon-GAAP. Q2 2025: C$2,903M. First-half DCF per share C$1.61 (C$1.68). | Quarter ended Jun 30, 2026 [15] |
| Cash provided by operating activities (latest quarter) | C$4,111MQ2 2025: C$3,238M. | Quarter ended Jun 30, 2026 [15] |
| Adjusted EBITDA (fiscal 2025) | C$19,952M2024: C$18,620M. Liquids C$9,710M; Gas Transmission C$5,397M; Gas Distribution C$4,139M; Renewables C$672M. | Year ended Dec 31, 2025 [2] |
| Distributable cash flow (fiscal 2025) | C$12,454M2024: C$11,991M. 2026 guidance C$5.70–6.10 per share. | Year ended Dec 31, 2025 [2] |
| GAAP earnings (fiscal 2025) | C$7,072M · C$3.23/shareAdjusted earnings C$6,578M, C$3.02/share. | Year ended Dec 31, 2025 [2] |
| Debt to EBITDA | 5.1xTarget range 4.5–5.0x [3]; 4.8x at Dec 31, 2025 [2]. Company cites a 1.42 period-end CAD/USD rate on debt against 1.38 on EBITDA. | Jun 30, 2026 (rolling 12 months) [1] |
| Secured growth backlog | ~C$41BC$39B at Feb 13, 2026 [2]; annual growth capital capacity C$10–11B. | Jul 31, 2026 [1] |
| Mainline throughput | 3.1 million bbl/dApportioned in nine months of 2025. | 2025 average [2] |
| Dividend | C$0.97 per share quarterlyC$3.88 annualized; 2025 was C$3.77; 31st consecutive annual increase per the company [3]. | 2026 [4] |
| Market capitalization | Not yet verifiedNot verified against a dated close. |
Figures are in Canadian dollars unless marked US$. Quarterly figures are for the three months ended June 30, 2026 from the July 31, 2026 news release and the Form 6-K exhibit on EDGAR; annual figures are from the February 13, 2026 year-end release. Adjusted EBITDA, adjusted earnings, DCF and Debt-to-EBITDA are management's non-GAAP measures. Pipeline capacities are from the company's July 28, 2026 asset fact sheet. Blank means not yet verified, never zero.
Ownership & capital structure
| Weighted average common shares | 2,184 million2025 weighted average 2.180 billion [2]. Period-end count not verified on a fetched page. | Quarter ended Jun 30, 2026 [1] |
|---|---|---|
| Dividend payout policy | 60–70% of DCF2026 payment dates: March 1, June 1, September 1, December 1. Canadian withholding tax applies to U.S. holders outside qualified retirement accounts. | Living investor page [4] |
| Debt-to-EBITDA target | 4.5–5.0xExpected 2026 debt issuance about C$10B; growth capital about C$10B. | Dec 3, 2025 [3] |
| Significant shareholders | Not yet verifiedNot verified; see the management information circular on SEDAR+ and 13F/13G filings on EDGAR. |
What has to happen next
- Line 5 Wisconsin relocation (US$1.0 billion, 41 miles) in service in early 2027, and the permanent repair and soil remediation at the August 25, 2026 release site near Saxon [1][11].
- Line 5 Great Lakes Tunnel: with the Army Corps permit issued August 12, 2026, the outstanding items are Michigan state proceedings and the attorney general's shutdown lawsuit [10].
- Mainline Optimization Phase 1 (150,000 bbl/d) entering service from 2027; a Phase 2 decision that the company now describes as a broader suite of expansion opportunities [8][1].
- Enbridge Gas Ohio rate case settlement, expected in 2027 [1].
- Bay Runner Twin (2.6 Bcf/d) in service in 2030; Sunrise expansion and Tennessee Ridgeline progressing; Sequoia Solar Phase 2 in service later in 2026 [1].
- Mainline Tolling Settlement expires December 31, 2028; the successor framework will set Canadian Mainline tolls into the 2030s [7].
- December 2026: the annual guidance and dividend announcement; the 2026 range is adjusted EBITDA C$20.2–20.8 billion and DCF C$5.70–6.10 a share [3][1].
Research checkpoints, not a dated event calendar or a promise of outcomes.
Valuation context
We publish no valuation conclusion. Enbridge is valued by the market on distributable cash flow and the dividend it supports, not on GAAP earnings, which carry mark-to-market and other non-cash items (second-quarter GAAP earnings of C$0.64 a share against adjusted earnings of C$0.63 show the gap can be small or large in any quarter) [15]. A dated comparison with U.S. midstream and utility peers needs the same measure (DCF or adjusted funds from operations), the same currency, the 5.1 times debt-to-EBITDA ratio set against peers' leverage, and an allowance for the 60–70% payout policy [1][4]. The useful question is what share of EBITDA is regulated cost-of-service or take-or-pay versus volume-exposed; the company's segment disclosure gives the split by business but not by contract type.
Mandatory reading
Key risks
- Line 5 is both a legal and an operating exposure: Michigan's attorney general is suing to shut the 540,000 bbl/d line, and a construction accident on August 25, 2026 took it out of service for nearly three weeks [10][9][11].
- Debt to EBITDA of 5.1 times sits above the company's own 4.5–5.0 times range; a weaker Canadian dollar or a slower EBITDA ramp from the backlog keeps it there [1][3].
- Mainline tolls are fixed by settlement to the end of 2028 and flex only US$0.035 a barrel per 50,000 bbl/d; competing capacity on Trans Mountain or a new west coast line would show up first in apportionment and then in the next toll negotiation [7][6].
- The three U.S. gas utilities earn on rate base set by state commissions in Ohio, Utah and North Carolina; the Ohio settlement is not expected until 2027, and allowed returns can be cut as well as raised [1].
- Gulf Coast gas projects such as Bay Runner Twin depend on LNG terminals being built and on take-or-pay counterparties remaining solvent through 2030 and beyond [1].
- The dividend is declared in Canadian dollars; U.S. holders bear the exchange rate and Canadian withholding tax outside qualified retirement accounts [4].
Source documents
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1
Enbridge Reports Strong Second Quarter Results, Reaffirms 2026 Guidance and Grows Secured Backlog to $41B
Q2 2026 headline figures; segment EBITDA (Liquids C$2,341M incl. Mainline & Market Access C$1,567M; Gas Transmission C$1,421M; Gas Distribution C$878M vs C$840M; Renewables C$131M); guidance reaffirmed; dividend C$0.97; Debt-to-EBITDA 5.1x and FX note; backlog ~C$41B and C$10–11B capacity; Line 5 Wisconsin relocation US$1.0B, early 2027; TTC Connector; Bay Runner Twin 2.6 Bcf/d, 2030, take-or-pay; Sunrise C$4B; Ohio, Utah, North Carolina rate cases; weighted average shares 2,184M; Calgary; TSX/NYSE: ENB; 'Mainline Optimization Phase 2 has evolved into a broader suite of expansion opportunities'.
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2
Enbridge Reports Record 2025 Financial Results, Reaffirms 2026 Financial Guidance, and Grows Secured Backlog to $39 Billion
FY2025: GAAP earnings C$7,072M (C$3.23); adjusted C$6,578M (C$3.02); adjusted EBITDA C$19,952M (2024 C$18,620M); DCF C$12,454M (2024 C$11,991M); CFO C$12,270M; Debt-to-EBITDA 4.8x; backlog C$39B; segment EBITDA; Mainline throughput 3.1 MMbpd, apportioned nine months; weighted shares 2.180B; Mainline Optimization Phase 1 US$1.4B.
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3
Enbridge Announces 2026 Financial Guidance, Declares 3% Dividend Increase and Reaffirms Growth Outlook
2026 guidance; dividend C$0.97 quarterly, C$3.88 annual, +3% from C$3.77, 31 consecutive years; Debt-to-EBITDA target 4.5–5.0x; ~C$10B growth capital and ~C$10B debt issuance in 2026; 2026 segment EBITDA outlook.
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4
Dividends and Common Shares
Quarterly dividend C$0.97 (C$3.88 annualized); payout target 60–70% of DCF; 2026 record and payment dates; dividends paid for over 70 years.
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5
Enbridge's Energy Infrastructure Assets
Mainline line-by-line capacities; Flanagan South, Seaway, Express, Platte, Southern Lights, Line 9; Line 5 540,000 bpd; Regional Oil Sands 2.46 million bpd; Texas Eastern 8,532 miles and 12.12 Bcf/d; gas distribution customers by utility; Ontario storage 290.8 Bcf.
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6
Enbridge announces tolling agreement in principle on Mainline liquids system
7.5-year term through 2028; heavy crude Hardisty to Chicago C$1.65/bbl Canadian portion plus US$2.57/bbl U.S. portion plus Line 3 surcharge; toll flexes US$0.035/bbl per 50,000 bbl/d of throughput; escalators tied to U.S. CPI and power indices; 'moves over 3 million barrels a day'.
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7
Mainline Tolling Settlement
Agreement with shippers and CAPP covering the Canadian portion of the Mainline; in effect to December 31, 2028, retroactive to July 1, 2021; CER approval March 4, 2024.
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8
Mainline Optimization
Phase 1 adds 150,000 bpd using drag-reducing agents, piping changes and terminal work, with capacity entering service starting in 2027; Phase 2 decision targeted mid-2026 for late-2028 service; up to 400,000 bpd across all phases.
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9
Line 5 Wisconsin Segment Relocation Project
Relocates a 12-mile section off the Bad River Reservation with about 41 miles of new pipe; Line 5 carries 540,000 bpd of light crude, light synthetic crude and NGLs; operating since 1953; permits from Wisconsin DNR and the Army Corps; 600 workers.
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10
U.S. Army Corps of Engineers approves Line 5 tunnel permit
Federal permit for the tunnel under the Straits of Mackinac; Corps found the project 'not contrary to the public interest'; Michigan Attorney General Dana Nessel's lawsuit to shut Line 5 remains pending; Enbridge called it 'a significant step forward'. Used for the event, not for figures.
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11
Enbridge responds to Line 5 Natural Gas Liquids release in Wisconsin
Release at a valve project near Saxon, Iron County, Wisconsin on August 25, 2026 after an unoccupied subcontractor truck rolled into an excavation; about 31,000 barrels of mostly propane and butane vaporized, about 2,000 barrels remained liquid; line shut immediately; returned to service by September 14 via a temporary bypass; 1,500-foot permanent bypass; PHMSA and Wisconsin DNR involved; one home evacuated.
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12
Enbridge Announces Strategic Acquisition of Three U.S. Based Utilities to Create Largest Natural Gas Utility Franchise in North America
East Ohio Gas, Questar Gas (with Wexpro) and PSNC from Dominion Energy for US$9.4B cash plus US$4.6B assumed debt (about C$19B); about 7 million customers; combined rate base over C$27B; about 9.3 Bcf/d delivered; about 8% rate base CAGR; closing expected 2024.
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13
Enbridge Completes Acquisition of The East Ohio Gas Company
Over 1.2 million customers in more than 400 Ohio communities; over 22,000 miles of pipe; expected to contribute more than 40% of the three utilities' EBITDA.
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14
Enbridge Completes Acquisition of Public Service Company of North Carolina, Incorporated
PSNC serves over 600,000 customers with over 13,000 miles of pipe; last of the three Dominion utilities to close.
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15
Exhibit 99.1 to Form 6-K: Enbridge second quarter 2026 results
Exact figures: adjusted EBITDA C$4,776M (C$4,644M); DCF C$2,948M (C$2,903M); CFO C$4,111M (C$3,238M); GAAP earnings C$1.4B/C$0.64 (C$2.2B/C$1.00); adjusted C$0.63 (C$0.65); H1 GAAP C$3,067M, adjusted C$3,512M, DCF C$6,799M; segment EBITDA Q2 2026 vs Q2 2025; dividend declared July 27, 2026, record August 14, payable September 1.
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16
Line 5 Michigan
Line 5 operating since 1953; the company describes a '$500-million Great Lakes Tunnel Project' at the Straits of Mackinac (currency not stated on the page).
