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Enbridge (ENB) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Enbridge (ENB) Q3 2026 earnings results →
Q3 2026 Revenue up 44% year over year to $21.1B · 7¢ of every $1 of revenue kept as net profit · operating margin 10.1%
Enbridge made $21.1B in Q3 2026 (+44% Y/Y): Commodity Sales Revenue $14.9B, Transportation and Other Services Revenues $4.9B, Gas Distribution Sales $1.3B. Operating margin 10.1%, net earnings $1.4B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was C$21.1B in Q3 2026, up 44% year over year and down 28% from the previous quarter. Commodity Sales Revenue was the largest line at 70% of revenue. Commodity Sales Revenue added C$6.5B year over year (up 77%), 100% of the total change. Transportation and Other Services Revenues declined 1%.
Operating profit was C$2.1B, a 10.1% margin (down 5.4 points year over year). Operating profit fell C$0.13B even though revenue rose C$6.4B versus Q3 2025, so costs grew faster than sales. Total costs grew 53% against revenue growth of 44%. The fastest-growing cost line was Other operating costs (+67%). Net earnings were C$1.4B, up 77% year over year. The effective tax rate was 23.3%.
Operating cash flow was C$2.7B (down 6% year over year), 188% of net income including minority interests. Non-cash charges added back C$1.5B of depreciation and amortization. Working capital and other items used C$0.23B. Capital expenditures of C$3.4B exceeded it, leaving free cash flow of −C$0.74B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $21.1B | +44% | 10.1% | $1.4B | $2.7B |
| Q2 2026 | 10-Q | Jul 31, 2026 | $29.3B | +97% | 9.9% | $1.5B | $4.1B |
| Q1 2026 | 10-Q | May 8, 2026 | $22.4B | +21% | 14.4% | $1.8B | $2.3B |
| Q4 2025 | 10-K | Feb 13, 2026 | $17.2B | +6% | 15.9% | $2.1B | $3.1B |
| Q3 2025 | 10-Q | Nov 7, 2025 | $14.6B | -2% | 15.5% | $788M | $2.9B |
| Q2 2025 | 10-Q | Aug 1, 2025 | $14.9B | +31% | 15.4% | $2.3B | $3.2B |
| Q1 2025 | 10-Q | May 9, 2025 | $18.5B | +68% | 19.8% | $2.4B | $3.1B |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Enbridge
Enbridge is a leading North American energy infrastructure company. Our core businesses include Liquids Pipelines, which consists of pipelines and terminals in Canada and the US that transport and export various grades of crude oil and other liquid hydrocarbons; Gas Transmission, which consists of investments in natural gas pipelines and gathering and processing facilities in Canada and the US; Gas Distribution and Storage, which consists of natural gas utility operations that serve residential, commercial and industrial customers in Canada and the US; and Renewable Power Generation, which consists primarily of investments in wind and solar assets, as well as geothermal and power transmission assets, in North America and Europe.
In its own words, from its 10-K, filed Feb 14, 2025.
Enbridge against its Pipe Lines (No Natural Gas) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +44% against the peers' median +42%. Operating margin: 10.1% against the peers' median 14.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ENB Enbridge | Q3 2026 | $15.1B | +44% | 10.1% |
| PAGP Plains GP Holdings LP | Q2 2026 | $17.7B | +66% | 2.2% |
| PAA Plains All American Pipeline LP | Q3 2026 | $15.2B | +31% | 3.4% |
| DINO HF Sinclair | Q3 2026 | $10.9B | +50% | 24.6% |
| MPLX Mplx LP | Q3 2026 | $3.6B | -0.4% | 40.9% |
| GEL Genesis Energy LP | Q3 2026 | $449M | +8% | 15.4% |
| DKL Delek Logistics Partners, LP | Q3 2026 | $372M | +42% | 14.4% |
Source: Enbridge 10-Q on SEC EDGAR · CIK 895728 · Pipe Lines (No Natural Gas)
Guidance and outlook
13F: who owns ENB and who is buying
More on ENB
- How Enbridge makes money: revenue by segment
- Enbridge next earnings date and what analysts expect
- Enbridge stock forecast, price target and fair value
- Who owns Enbridge stock: holders, funds and Congress trades
- Enbridge guidance and outlook
- Is Enbridge a takeover target? LBO and rumors
- Enbridge recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Enbridge guidance history: guided vs reported
- Enbridge operating margin by quarter
- Enbridge net income by quarter
- Enbridge free cash flow by quarter
- Enbridge capital expenditures by quarter
- Enbridge Commodity Sales Revenue revenue by quarter
- Enbridge Transportation and Other Services Revenues revenue by quarter