Enbridge Q3: profit nearly doubles, and I don't think the dividend stock is done yet. Enbridge starts investors off with a near 5.9% dividend that can continue to grow with a steady growth profile. Published November 9, 8:30 pm EST Key Points * Enbridge's GAAP net income nearly doubled to about $1.3B in Q3 2026, but much of the headline gain came from non-cash derivative items; adjusted results showed modest underlying improvement (Adj. EBITDA +3.9%, Adj. EPS +6.5%, DCF +4.8%). * A $38B secured growth backlog (about $3B of gas projects placed into service in Q3) and reaffirmed 2026 guidance, plus a target of roughly 5% annual medium-term growth, underpin potential future dividend increases. * Management transition to Michele Harradence on Jan. 1, 2027, and a current yield near 5.9% while the stock trades roughly 15% below consensus target make ENB appealing to income-focused investors. Enbridge (TSX: ENB) has long been a favourite among Canadian dividend investors, and for good reason. The energy infrastructure giant has paid dividends for over 70 years and increased its annual dividend for approximately 30 consecutive years. Its latest quarterly results provide another reason to remain optimistic about the stock. Stock market analysis Investors may have been particularly encouraged by Enbridge's nearly doubling of profits in the third quarter (Q3) of 2026. However, there is more to this investment story than one impressive headline number. The company's underlying financial performance, expanding project pipeline, and long-term growth opportunities suggest its dividend growth story may be far from over. Tired of guessing which stocks to buy? When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor Canada's total average return is 101% - a market-crushing outperformance compared to 91% for the S&P/TSX Composite Index. They revealed what they believe are 10 stocks for investors to buy right now, available when you join Stock Advisor Canada. See the stocks * Returns as of September 8th, 2026 Enbridge's Q3 results show broad-based financial strength. Enbridge reported GAAP net income of nearly $1.3 billion, an impressive 89% increase from $682 million in Q3 2025. GAAP earnings per share (EPS) climbed to $0.59 from $0.30 a year earlier. Stock market analysis However, non-cash derivative gains contributed significantly to this increase. Therefore, adjusted financial results offer a better gauge of the company's underlying performance. The adjusted numbers were encouraging: * Adjusted EBITDA, a cash flow proxy, reached $4.4 billion, up 3.9% year over year. * Adjusted earnings increased 7.7% to nearly $1.1 billion. * Adjusted EPS climbed 6.5% to $0.49 from $0.46. * Distributable cash flow (DCF) increased 4.8% to $2.7 billion. Enbridge's natural gas businesses were particularly strong. Gas Transmission adjusted EBITDA increased 13% to $1.4 billion, while Gas Distribution and Storage grew 19% to $665 million. Rate case settlements involving major pipelines, including East Tennessee Natural Gas and Texas Eastern Transmission, helped support these results. Liquids Pipelines was a weaker performer, with adjusted EBITDA declining 4.4% to $2.2 billion. Nevertheless, growth across its natural gas operations helped offset this weakness. A $38 billion growth backlog could fuel future dividend increases. Perhaps the most compelling reason to remain bullish on Enbridge is its substantial growth pipeline. During Q3, the company successfully placed approximately $3 billion of natural gas transmission projects into service, including the Aspen Point expansion in British Columbia and the Tennessee Ridgeline project. Enbridge also expanded its natural gas footprint through its August agreement to acquire Laramie Energy's assets US$485 million, plus up to US$65 million in contingent payments. The assets will help supply Enbridge Gas Utah. Meanwhile, the company finalized capital deployment for its Tallgrass Energy and Salt Creek Midstream crude asset acquisitions. Enbridge consistently added new projects to its backlog this year, positioning it well to deliver on its $10-20 billion target for new project announcements through 2027. Its secured growth backlog stands at $38 billion currently. Importantly, Enbridge reaffirmed its 2026 adjusted EBITDA guidance of $20.2 billion to $20.8 billion and DCF per share guidance of $5.70 to $6.10. Its medium-term outlook also calls for approximately 5% annual growth in adjusted EBITDA, DCF per share, and EPS. Stock market analysis That growth matters for dividend investors. Consistent increases in cash flow can support future dividend hikes without requiring the company to stretch its balance sheet or payout capacity. Leadership transition and an attractive dividend yield. Another important development is the upcoming leadership transition. Long-time CEO Gregory Ebel intends to retire on December 31, with Michele Harradence taking over on January 1, 2027. Harradence currently leads Enbridge's Gas Distribution and Storage business, bringing considerable operational experience to the position. For investors, continuity in leadership and execution will be important as Enbridge pursues its growth plans. At about $66 per share, Enbridge offers a dividend yield of nearly 5.9%. The stock also trades roughly 15% below the analyst consensus price target, suggesting potential capital appreciation alongside its substantial income stream. The bottom line. Enbridge's Q3 results reinforce why it remains one of Canada's most compelling income stocks. Although the near-doubling of reported profits overstates the improvement in underlying earnings, adjusted earnings and cash flow are moving in the right direction. With a massive secured project backlog, approximately 5% expected medium-term financial growth, and a long history of dividend increases, I believe Enbridge still has considerable potential to reward patient shareholders. For investors seeking reliable income and relatively steady long-term growth, this dividend stock deserves a closer look.

Enbridge is upbeat about its future. Enbridge ambitions line up with a national economic agenda in Canada Released Monday, November 09, 2026 Reports related to this article: Summary. Canadian energy company Enbridge said it has a huge backlog of projects to clear out of its inventory. That comes as Canadian budget proposal aims to steer oil revenue toward nation-building projects. US$27 billion backlog for Enbridge. Canadian energy company Enbridge said Friday that the global focus on energy security reinforced is value, while national efforts to become an energy superpower gained traction with a national budget proposal. "The global focus on energy security, reliability and affordability continues to reinforce the value of Enbridge's strategically positioned infrastructure," said Greg Ebel, the company's president and chief executive officer. Industrial Info is tracking the multi-million-dollar midstream portfolio of Enbridge across North America. Among the largest projects by investment value is associated with an optimization of its Line 26 network. The optimization project in Manitoba would see construction of 80 miles of pipeline to transport 250,000 barrels of crude oil per day (bpd), data show. Line 26 runs from North Dakota to Manitoba. In the U.S. market, Enbridge this year acquired the crude oil business from Tallgrass Energy, taking on a majority interest in the Pony Express pipeline. "Pony Express is a 460 kbpd highly contracted crude oil system serving the Bakken, Powder River and Denver-Julesburg basin supply zones with connectivity into the Cushing, OK demand hub," the company explained. Many of its pipelines cross the U.S.-border, with oil pipelines crossing Michigan to deliver product to refineries in Sarnia, Ont. Adjusted earnings for Enbridge were up nearly 8% year-on-year to reach US$768 million. Energy companies in general are turning in banner performances in the third quarter due to the geopolitical risk premium for crude oil prices, which support their revenue streams and production gains. Calgary-based Athabasca Oil already said its production in the third quarter marked a 20% increase from the prior three-month period. Enbridge too is on a growth trajectory. It said it put US$2.1 billion worth of projects in service during the third quarter and still has a backlog of around US$27 billion. Growth Matches National Ambitions Subhead subhead subhead subhead. That, in turn, is paying off for a broader economic agenda in Canada. On Thursday, Prime Minister Mark Carney laid out a budget that would use windfall oil revenue to build out Canadian infrastructure over the next five years. Francois-Philippe Champagne, the country's finance minister, would steer some of that toward nation-building projects outlined early this year by the prime minister, including the Pacific Link crude oil pipeline to British Columbia. "This federal government is finally moving closer to what Alberta has tirelessly advocated for: a stronger economy and a competitive energy sector that underpins prosperity for all Canadians," provincial Finance Minister Jason Nixon said. Alberta had mulled a referendum for independence as part of an effort to exert more control over its vast oil-riches, though it failed. Pacific Link is part of a package of energy initiatives aimed at reducing Canada's trade dependence on the United States. Data from Industrial Info Resources show it would carry around 1 million bpd and likely follow a similar path as Trans Mountain, the only network currently able to deliver Canadian crude oil outside of the continent from the coast of British Columbia. Plans for Pacific Link could be altered by the rejection of a proposal to overturn a ban on large crude oil tankers off the coast of British Columbia. With Conservatives taking power in recent municipal elections, the government-elect of the western province said it was unreasonable to support a ban while tankers booked by U.S. companies were traversing a similar route for Alaskan crude. The budget, and its support for the oil and gas industry, was lauded by the Canadian Association of Petroleum Producers, which said the sector is part of the backbone of the Canadian economy. "Canada's oil and natural gas industry is ready to help grow our prosperity by creating well-paying jobs, generating government revenues and supplying responsibly produced energy to Canadians and our trading partners," said Lisa Baiton, the group's president and CEO. Key takeaways. * Enbridge ambitions line up with a national economic agenda in Canada * A budget proposal in Canada aims to use oil revenue for infrastructure By the numbers. * 1 million bpd from newly-proposed Pacific Link pipeline to British Columbia * 8% year-on-year increase in adjusted earnings for Enbridge About Industrial Info Resources Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news, and analysis on the industrial process, manufacturing, and energy-related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified, and verified plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 Trillion (USD). Want more IIR news intelligence? 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Enbridge reaffirmed its 2026 guidance after third-quarter adjusted EBITDA rose $167 million from a year earlier. The company expects to finish at the midpoint of its range, marking the 21st straight year of meeting guidance. Enbridge holds about $38 billion of secured growth projects. It completed a $3 billion common equity offering to fund recent acquisitions, and closed a $2.7 billion Westcoast joint venture with KKR and Apollo. Debt-to-EBITDA stood at 5.1 times, which the company said is within target on an FX-adjusted basis. Lower Line 9 tolls and Flanagan South throughput weighed on liquids results. Enbridge expects to return $40 billion to $45 billion to shareholders over the next five years. It also sanctioned a $200 million Long Lake expansion, due in service in 2028.