Enbridge (ENB) Q3 FY2026 earnings: revenue $21.1 billion, up 44.0% on the year

Enbridge Inc. (ENB) reported revenue of $21.1 billion for Q3 FY2026, the quarter ended 30 September 2026, up 44.0% on the same quarter a year earlier. Net income was $1.4 billion, up 77.0% on the year, and diluted earnings per share $0.59. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2026.

Revenue

$21.1 billion

+44.0% on the year · -28.1% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

10.1%

15.5% a year earlier

Q4 FY2024Q3 FY2026

Net income

$1.4 billion

+77.0% on the year · -7.1% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.59

+96.7% on the year · -7.8% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 kept.

Adjusted EBITDA up $167 million: Adjusted EBITDA was $4.4 billion, up $167 million, on rate settlements and a higher allowance for equity during construction.
Liquids Pipelines EBITDA fell: Liquids Pipelines adjusted EBITDA decreased $101 million, on lower Mainline volumes and Line 9 tolls, partly offset by currency translation.
Gas Transmission EBITDA rose $165 million: Gas Transmission adjusted EBITDA rose on East Tennessee and Texas Eastern revenue increases, higher equity AFUDC and favorable Texas Eastern contracting.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	21,077	29,318	14,639	-28.1%	+44.0%
Operating income	2,138	2,910	2,271	-26.5%	-5.9%
Operating margin	10.1%	9.9%	15.5%
Interest expense	1,049	1,395	1,262	-24.8%	-16.9%
Pre-tax income	1,879	2,012	1,163	-6.6%	+61.6%
Income tax	438	442	316	-0.9%	+38.6%
Effective tax rate	23.3%	22.0%	27.2%
Net income	1,395	1,501	788	-7.1%	+77.0%
Net margin	6.6%	5.1%	5.4%
Diluted EPS	$0.59	$0.64	$0.30	-7.8%	+96.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	2,703	4,111	2,868	-34.2%	-5.8%
Capital expenditure	3,442	2,975	2,321	+15.7%	+48.3%
Free cash flow	-739	1,136	547
Free cash flow margin	-3.5%	3.9%	3.7%
Cash from investing	-3,690	-3,070	-2,539
Cash from financing	3,895	-823	-126
Depreciation and amortisation	1,490	1,429	1,398	+4.3%	+6.6%
Dividends paid	2,119	2,120	2,055	-0.0%	+3.1%
Dividend per share	$0.97	$0.97	$0.94	0.0%	+3.2%
Diluted shares, weighted	2,198m	2,190m	2,187m	+0.4%	+0.5%
Shares outstanding at period end	2,229m	2,184m	2,181m	+2.1%	+2.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	67,572	65,349	65,182	+3.4%	+3.7%
Non-controlling interest	2,701	2,760	2,894	-2.1%	-6.7%
Redeemable equity	1,433	736	736	+94.7%	+94.7%
Short-term borrowings	1,534	1,569	1,274	-2.2%	+20.4%
Debt	105,343	103,852	100,602	+1.4%	+4.7%
Other liabilities	59,979	57,381	46,285	+4.5%	+29.6%
Total liabilities and equity	238,562	231,647	216,973	+3.0%	+10.0%
Fixed assets	140,405	137,658	130,946	+2.0%	+7.2%
Goodwill	36,234	36,215	35,684	+0.1%	+1.5%
Intangible assets	3,922	3,971	4,263	-1.2%	-8.0%
Investments	22,522	22,331	21,314	+0.9%	+5.7%
Cash and equivalents	4,898	2,012	1,408	+143.4%	+247.9%
Inventory	2,054	1,595	1,904	+28.8%	+7.9%
Other assets	28,527	27,865	21,454	+2.4%	+33.0%
Total assets	238,562	231,647	216,973	+3.0%	+10.0%

Questions

What was Enbridge's revenue in Q3 FY2026?

Enbridge (ENB) reported revenue of $21.1 billion for Q3 FY2026, the quarter ended 30 September 2026, up 44.0% on the same quarter a year earlier.

How much did Enbridge earn in Q3 FY2026?

Net income for Q3 FY2026 was $1.4 billion, up 77.0% on the year, and diluted earnings per share $0.59.

When did Enbridge report Q3 FY2026 results?

Enbridge filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 6 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	12,470	15,097	13,215	11,573	13,424	12,075	10,432	9,844	11,298	11,038	11,336	14,882	16,217	18,502	14,876	14,639	17,177	22,357	29,318	21,077
Cost of revenue	7,368	9,747	8,637	6,630	7,575	6,230	4,917	4,831	5,388	5,000	5,482	9,066	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross profit	5,102	5,350	4,578	4,943	5,849	5,845	5,515	5,013	5,910	6,038	5,854	5,816	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross margin	41%	35%	35%	43%	44%	48%	53%	51%	52%	55%	52%	39%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating income	2,053	2,420	1,520	1,778	-540	2,662	2,350	1,794	1,845	2,711	2,273	2,218	2,447	3,672	2,289	2,271	2,726	3,225	2,910	2,138
Operating margin	16%	16%	12%	15%	-4%	22%	23%	18%	16%	25%	20%	15%	15%	20%	15%	16%	16%	14%	10%	10%
Interest expense	732	719	791	806	863	905	883	921	1,103	905	1,082	1,314	1,118	1,334	1,181	1,262	1,246	1,222	1,395	1,049
Pre-tax income	2,428	2,650	740	1,701	-549	2,376	2,520	751	2,232	1,951	2,740	1,759	849	3,187	2,987	1,163	2,456	2,365	2,012	1,879
Tax rate	19%	22%	18%	19%	n/a	21%	21%	17%	30%	20%	27%	18%	27%	22%	22%	27%	13%	25%	22%	23%
Net income	1,933	2,029	595	1,362	-983	1,817	1,935	621	1,818	1,512	1,943	1,391	595	2,364	2,279	788	2,060	1,778	1,501	1,395
Net margin	16%	13%	5%	12%	-7%	15%	19%	6%	16%	14%	17%	9%	4%	13%	15%	5%	12%	8%	5%	7%
Diluted EPS	$0.91	$0.95	$0.22	$0.63	-$0.53	$0.85	$0.91	$0.26	$0.81	$0.67	$0.86	$0.59	$0.23	$1.03	$1.00	$0.30	$0.89	$0.76	$0.64	$0.59
Operating cash flow	2,302	2,939	2,534	2,144	3,613	3,866	3,439	3,084	3,812	3,151	2,814	2,973	3,662	3,053	3,238	2,868	3,111	2,342	4,111	2,703
Capital expenditure	2,343	1,048	954	1,202	1,443	1,129	964	1,191	1,370	1,185	1,348	1,632	2,546	1,723	1,900	2,321	3,029	2,439	2,975	3,442
Free cash flow	-41.0	1,891	1,580	942	2,170	2,737	2,475	1,893	2,442	1,966	1,466	1,341	1,116	1,330	1,338	547	82.0	-97.0	1,136	-739
Buybacks	0.0	50.0	101	0.0	0.0	0.0	125	0.0	0.0	n/a	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	1,692	1,742	1,743	1,741	1,742	1,798	1,797	1,795	1,886	1,945	1,945	1,995	1,990	2,054	2,055	2,055	2,056	2,116	2,120	2,119
Shares outstanding	2,026m	2,026m	2,025m	2,025m	2,025m	2,025m	2,023m	2,126m	2,125m	2,126m	2,177m	2,178m	2,178m	2,180m	2,181m	2,181m	2,182m	2,184m	2,184m	2,229m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 6 November 2026: the filing.