ENBRIDGE INC (ENB)

NYSEEnergyOil & Gas MidstreamSnapshot 2026-10-23

$48.15+0.29%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge ENBRIDGE INC’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-1.7%

+10% or more+5%0%−5%−10% or less

3.25 → 3.19 EPS · FY ending Dec 31, 2027 · 8 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 7 to 8; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q4
Revenue	—	16.3B
EPS	—	0.838
FY 2026 · Annual
Revenue	—	83.36B
EPS	—	2.925
Capital expenditure	$100M	—
FY 2027 · Annual
Revenue	—	72.57B
EPS	—	3.192

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Adjusted EBITDA between $20.2B and $20.8B and DCF per share between $5.70 and $6.10 in 2026	Enbridge delivers adjusted EBITDA near $20.8 billion and DCF per share around $6.10 in 2026.	Intact	Adjusted EBITDA or DCF per share falls below $20.2B or $5.70 respectively in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. The Company reaffirmed 2026 guidance for adjusted EBITDA between $20.2 billion and $20.8 billion and DCF per share between $5.70 and $6.10 consistently. This guidance aligns with the reported adjusted EBITDA of $10.6 billion for the first half of 2026 and DCF of $6.8 billion, indicating the company is delivering on its financial targets. Delivery assessment Oct 24, 2026
Maintain disciplined capital allocation including $2B senior notes issuance in 2026-Q1	Capital allocation discipline is strong with $2 billion senior notes issued to support flexibility.	Intact	Failure to complete $2B senior notes issuance in 2026-Q1	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Enbridge issued $4 billion in medium-term notes in early 2026 and maintained a Debt-to-EBITDA ratio near its target range, with 5.0x at 2026-Q1 and 5.1x at 2026-Q2. This shows disciplined capital allocation consistent with management's stated priorities. Delivery assessment Oct 24, 2026
Quarterly dividend per share around $0.97	The company maintains steady dividend payments near $0.97 per share quarterly.	Broken	Dividend per share falls below $0.97 in any quarter	Required source inputs unavailable Cannot calculate Dividend per share from the available matching source inputs. Missing inputs are not treated as zero. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 3 quarters. Management highlighted maintaining dividend aristocrat status with continued dividend increases. While specific dividend amounts are not provided, the company confirms sustaining dividend payments consistent with prior commitments. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$3.19

$3.19 → $3.19 · observed estimates

FY2027 revenueUnavailable

$68.78B → Unavailable · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$3.19	$68,779,971,690	17 / 6
2026-07-25	$3.19	$68,779,971,690	17 / 6
2026-07-26	$3.19	$68,683,766,019	16 / 5
2026-07-27	$3.18	$64,689,427,716	10 / 5
2026-07-28	$3.18	$64,689,427,716	10 / 5
2026-07-29	$3.18	$64,552,759,911	10 / 5
2026-07-30	$3.19	$68,683,766,019	16 / 5
2026-07-31	$3.18	$68,683,766,019	16 / 5
2026-08-01	$3.21	$64,980,985,700	9 / 5
2026-08-02	$3.27	$72,435,560,640	16 / 6
2026-08-03	$3.29	$68,222,737,255	10 / 5
2026-08-04	$3.27	$72,435,560,640	16 / 6
2026-08-05	$3.29	$68,222,737,255	10 / 5
2026-08-06	$3.22	$74,694,952,030	18 / 7
2026-08-07	$3.29	$68,222,737,255	10 / 5
2026-08-08	$3.22	$74,694,952,030	18 / 7
2026-08-09	$3.22	$74,694,952,030	18 / 7
2026-08-10	$3.29	$68,222,737,255	10 / 5
2026-08-11	$3.29	$68,222,737,255	10 / 5
2026-08-12	$3.22	$74,694,952,030	18 / 7
2026-08-13	$3.29	$68,222,737,255	10 / 5
2026-08-14	$3.29	$68,222,737,255	10 / 5
2026-08-15	$3.29	$68,222,737,255	10 / 6
2026-08-16	$3.29	$68,222,737,255	10 / 6
2026-08-17	$3.29	$68,222,737,255	10 / 6
2026-08-18	$3.29	$68,222,737,255	10 / 6
2026-08-19	$3.29	$68,222,737,255	10 / 6
2026-08-20	$3.29	$70,015,077,701	10 / 6
2026-08-21	$3.31	$70,453,097,790	10 / 6
2026-08-22	$3.31	$70,569,903,147	10 / 6
2026-08-23	$3.31	$70,569,903,147	10 / 6
2026-08-24	$3.32	$70,676,974,724	10 / 6
2026-08-25	$3.30	$70,277,889,754	10 / 6
2026-08-26	$3.30	$70,277,889,754	10 / 6
2026-08-27	$3.30	$70,277,889,754	10 / 6
2026-08-28	$3.30	$70,277,889,754	10 / 6
2026-08-29	$3.29	$70,219,487,076	10 / 6
2026-08-30	$3.29	$70,219,487,076	10 / 6
2026-08-31	$3.29	$70,219,487,076	10 / 6
2026-09-01	$3.28	$69,966,408,802	10 / 6
2026-09-02	$3.29	$70,219,487,076	10 / 6
2026-09-03	$3.29	$70,277,889,754	11 / 6
2026-09-04	$3.30	$70,501,766,688	11 / 6
2026-09-05	$3.30	$70,501,766,688	9 / 6
2026-09-06	$3.30	$70,501,766,688	9 / 6
2026-09-07	$3.29	$70,297,357,314	9 / 6
2026-09-08	$3.29	$70,297,357,314	9 / 6
2026-09-09	$3.30	$70,423,896,450	9 / 6
2026-09-10	$3.31	$70,658,720,976	9 / 6
2026-09-11	$3.29	$71,334,613,665	9 / 5
2026-09-12	$3.31	$68,061,565,441	9 / 5
2026-09-13	$3.31	$68,061,565,441	8 / 5
2026-09-14	$3.31	$68,061,565,441	8 / 5
2026-09-15	$3.30	$68,505,564,780	8 / 5
2026-09-16	$3.30	$70,867,539,476	7 / 5
2026-09-17	$3.29	Unavailable	7 / 4
2026-09-18	$3.29	Unavailable	7 / 4
2026-09-19	$3.29	Unavailable	7 / 4
2026-09-20	$3.28	Unavailable	6 / 3
2026-09-21	$3.23	Unavailable	6 / 3
2026-09-22	$3.23	Unavailable	6 / 3
2026-09-23	$3.25	Unavailable	7 / 3
2026-09-24	$3.25	Unavailable	7 / 3
2026-09-25	$3.24	Unavailable	6 / 3
2026-09-26	$3.24	Unavailable	6 / 3
2026-09-27	$3.24	Unavailable	6 / 3
2026-09-28	$3.26	Unavailable	6 / 3
2026-09-29	$3.26	Unavailable	6 / 3
2026-09-30	$3.26	Unavailable	6 / 3
2026-10-01	$3.25	Unavailable	6 / 4
2026-10-02	$3.24	$71,496,696,051	7 / 5
2026-10-03	$3.21	$71,380,496,068	8 / 5
2026-10-04	$3.21	$71,380,496,068	8 / 5
2026-10-05	$3.21	$71,444,296,156	8 / 5
2026-10-06	$3.21	$71,312,142,506	8 / 5
2026-10-07	$3.20	$71,281,645,510	8 / 5
2026-10-08	$3.18	$71,515,455,814	8 / 5
2026-10-09	$3.17	$71,261,314,180	8 / 5
2026-10-10	$3.17	$71,261,314,180	8 / 5
2026-10-11	$3.18	$71,413,799,160	8 / 5
2026-10-12	$3.18	$71,465,389,742	8 / 5
2026-10-13	$3.18	$71,370,854,103	8 / 5
2026-10-14	$3.17	$71,049,735,798	8 / 5
2026-10-15	$3.18	$71,454,085,390	8 / 5
2026-10-16	$3.18	$71,436,791,829	8 / 6
2026-10-17	$3.18	$71,436,791,829	8 / 6
2026-10-18	$3.18	$71,691,196,358	8 / 5
2026-10-19	$3.18	$71,691,196,358	8 / 5
2026-10-20	$3.19	$71,884,849,601	8 / 5
2026-10-21	$3.20	$72,037,406,582	8 / 5
2026-10-22	$3.21	$72,271,327,287	8 / 5
2026-10-23	$3.20	$72,566,270,784	8 / 5
2026-10-24	$3.19	Unavailable	8 / 4

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	9	13	2
2026-06-01	9	13	1
2026-07-01	9	14	1
2026-08-01	10	14	1
2026-09-01	14	12	1
2026-10-01	14	9	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 14 Buy / Strong Buy · 9 Hold · 1 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Goldman SachsSep 30

$50.00New observation · no comparable prior

$0$27.50$55.00

0 raises · 0 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Adjusted EBITDA between $20.2B and $20.8B and DCF per share between $5.70 and $6.10 in 2026Direct metric needs a verified mapping
Maintain disciplined capital allocation including $2B senior notes issuance in 2026-Q1Direct metric needs a verified mapping
Quarterly dividend per share around $0.97Published status: Broken

Next proof point

Nov 6, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

0.8%Typical daily move · historical

Downside history

-20.9%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

ENBRIDGE INC outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a mature energy infrastructure business with a project-led growth case, rather than a turnaround or high-growth story. The long-term thesis is intact, and the latest signal is mildly favorable, but confidence in the evidence snapshot is low.

What's priced into ENBRIDGE INC

The valuation evidence suggests ENB is cheap versus peers, while the overall value assessment is neutral. The snapshot does not specify the market’s exact growth or earnings assumptions; it points to a turbulent sector setting, but not a combination of expensive valuation, weak fundamentals, and turbulence.

What the fundamentals likely do

Near term, results are tracking management’s 2026 guidance, which was reaffirmed, and the secured growth backlog expanded as major projects advanced. Debt management is mixed: the debt-to-EBITDA ratio is near management’s target range but rose from 5.0x to 5.1x in the first half of 2026. A guidance cut would be a meaningful warning, although the stated near-term miss risk is low.

What ENBRIDGE INC hinges on

Over the next year, the thesis depends on ENB continuing to deliver its 2026 financial guidance and execute its backlog. Sector conditions are another swing factor: continued strong results and higher guidance from WMB, KMI, and ET would support the energy-sector tailwind, while weaker results or guidance could weaken it. The snapshot gives limited detail on the CEO transition’s implications.