Enbridge reaffirms targets as infrastructure backlog hits $40B

Enbridge (NYSE:ENB) maintained its steady financial trajectory in the first quarter of 2026, delivering results that aligned with its long-term growth outlook.

The Calgary-based infrastructure leader reported GAAP earnings of $1.7 billion, or $0.77 per share, while adjusted earnings reached $2.1 billion, or $0.98 per share.

The company’s core profitability remained robust, with adjusted EBITDA totaling $5.8 billion for the period ending March 31.

A key highlight for income-focused investors was the company’s distributable cash flow (DCF), which reached $3.9 billion for the quarter.

This cash generation supports Enbridge’s reaffirmed 2026 guidance, which targets full-year adjusted EBITDA between $20.2 billion and $20.8 billion and DCF per share between $5.70 and $6.10.

Cash from operations for the quarter was reported at $2.3 billion, providing ample liquidity for the company’s ongoing capital commitments.

The company continues to aggressively pivot its portfolio toward a mix of conventional energy and lower-carbon infrastructure.

Enbridge’s secured growth backlog has now increased to approximately $40 billion, supported by the sanctioning of several new strategic projects during the first quarter.

These include the US$0.7 billion Cone wind project in Texas, the US$0.4 billion Tres Palacios natural gas storage expansion in the U.S. Gulf Coast, and a US$0.1 billion expansion of the Vector pipeline system.

Management noted that these investments are consistent with the firm's strategy of securing long-term, low-risk revenue streams.

The Cone wind project, in particular, highlights the company's expanding footprint in the renewable power sector.

Meanwhile, the Tres Palacios expansion addresses the growing demand for natural gas storage capacity to support the North American LNG export market.