SHARPE
Reported results
- Third quarter GAAP earnings attributable to common shareholders were $1.3 billion, or $0.59 per common share, compared with $0.7 billion, or $0.30 per common share in 2025.
- Non-GAAP Adjusted earnings were $1.1 billion, or $0.49 per common share, compared with $1.0 billion, or $0.46 per common share in 2025.
- Non-GAAP Adjusted EBITDA was $4.4 billion in the third quarter of 2026, compared to $4.3 billion in 2025.
- Cash provided by operating activities was $2.7 billion in the third quarter of 2026, compared with $2.9 billion in 2025.
- Non-GAAP Distributable cash flow (DCF) was $2.7 billion in the third quarter of 2026, compared with $2.6 billion in 2025.
Guidance
- Reaffirmed 2026 financial guidance for non-GAAP adjusted EBITDA between $20.2 billion and $20.8 billion.
- Reaffirmed 2026 financial guidance for non-GAAP DCF per share between $5.70 and $6.10.
- Reaffirmed medium-term outlook for adjusted EBITDA, DCF per share, and EPS average compound annual growth rate of approximately 5%.
Notes
Effective January 1, 2026, Enbridge reorganized the reporting sub-segments of Liquids Pipelines, and prior year comparatives were restated to reflect the change.
Price and volatility reaction
The stock moved -2.5% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -1.1 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 48.11 | 2026-11-05 |
| Close after release | 46.89 | 2026-11-06 |
| Realised move | -2.5% | close to close |
| 30d ATM IV change | -1.1 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-11-06 (8-K, Item 2.02). Read the original filing on sec.gov.