Enbridge Inc. (ENB) rolled out its 2026 guidance on Wednesday, giving investors a clear picture of where the energy infrastructure giant is headed. The company expects adjusted EBITDA between $20.2 billion and $20.8 billion, with distributable cash flow per share landing in the $5.70 to $6.10 range.

Breaking Down the Business Segments

The guidance shows strength across Enbridge's core businesses. Liquids Pipelines should generate about $9.6 billion in EBITDA, while Gas Transmission is expected to bring in around $5.5 billion. Gas Distribution & Storage rounds out the picture at roughly $4.5 billion.

The company plans to deploy about $10 billion in growth capital during 2026, not counting maintenance spending. Despite that hefty investment, Enbridge intends to keep its balance sheet in solid shape with a targeted year-end debt-to-EBITDA ratio between 4.5 and 5 times.

Shareholders Get a Raise

Enbridge bumped up its quarterly dividend by 3% to 97 cents per share, which works out to $3.88 annualized. The dividend goes into effect March 1, 2026, and will be paid to shareholders of record as of February 17, 2026.

This Year and Beyond

For 2025, the company expects adjusted EBITDA at the upper half of its $19.4 billion to $20 billion range, with distributable cash flow per share hitting the midpoint of $5.50 to $5.90.

Enbridge reaffirmed its 2023 through 2026 compound annual growth rate targets: 7% to 9% for EBITDA, 4% to 6% for adjusted EPS, and around 3% for DCF per share. Looking past 2026, the company projects roughly 5% growth annually across EBITDA, EPS and DCF per share.

CEO Greg Ebel highlighted what's driving the optimism: "We have approximately $8 billion of new projects entering service in 2026 across our franchises, all of which are underpinned by low-risk commercial frameworks. We also expect strong growth in 2026 from recent rate settlements and rate cases in both Gas Distribution and Gas Transmission. These regulatory outcomes support visible, durable growth through rate escalation and quick-cycle capital recovery mechanisms."

Recent Performance

Last week, Enbridge reported third-quarter adjusted EPS of 33 cents, missing the 39-cent estimate. Revenue came in at $10.633 billion, slightly below the $10.860 billion consensus.

Enbridge shares traded up 0.35% at $48.29 on Wednesday.