ENB earnings analysis
What we found in ENB's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Enbridge Inc. reported Q1 2026 results showing a significant decrease in revenue and EPS from the prior quarter, with total revenue of CAD 12.50 billion and diluted EPS of CAD 0.77, which fell short of analyst expectations. Despite this decline, management reaffirmed its guidance for adjusted EBITDA between CAD 20.2 billion and CAD 20.8 billion for the full year, indicating confidence in operational performance going forward.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Total revenue for Q1 2026 was CAD 12.50 billion, down 2.65% from CAD 12.86 billion in Q1 2025.
- EPS Miss
- The diluted EPS of CAD 0.77 in Q1 2026 missed the consensus estimate of CAD 0.89.
- Adjusted EBITDA Guidance Reaffirmed
- Management reaffirmed its full-year adjusted EBITDA outlook to be between CAD 20.2 billion and CAD 20.8 billion.
- Strong DCF Growth
- Despite weak operating results, DCF growth has been strong compared to previous quarters.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decline in GAAP Earnings
- GAAP earnings have fallen significantly compared to the previous year, signaling potential operational issues.
- Geopolitical Risks
- Heightened geopolitical tensions, especially in energy-producing regions, could disrupt operations.
- Trade Measures Uncertainty
- Potential tariffs and trade measures from the US may adversely affect operations and financial results.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.77
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 10-K · February 13, 2026
- Enbridge Inc.'s 2025 10-K report highlights a period of strong financial performance, with revenue growth driven primarily by the Gas Distribution and Storage segment, which reported revenues of CAD 10.6 billion, up…
- 10-Q · November 7, 2025
- Enbridge Inc. reported a disappointing Q3 2025 with revenue of $10.51 billion and diluted EPS of $0.22, falling short of expectations. Revenue declined compared to both the previous quarter and year-over-year,…
- 10-Q · August 1, 2025
- Enbridge Inc. reported strong Q2 2025 results with revenue of $10.93 billion, exceeding estimates by 17.97%, and an EPS of $0.73, beating expectations by 14.63%. The results reflect improved operational performance…
- 10-Q · May 9, 2025
- Enbridge Inc. reported strong financial results for Q1 2025, with revenues significantly above estimates at $12.86 billion, surpassing the consensus of $9.53 billion. The diluted EPS of $0.72 also beat expectations,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing ENB makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever