Filing Flows › Enbridge (ENB) › Q1 2026
Enbridge (ENB) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Enbridge (ENB) reported revenue of $22.4B for the first quarter 2026 (Q1 2026), +21% from a year earlier and +30% from the quarter before. Operating margin was 14.4%, net earnings $1.8B (8.0% of revenue).
Enbridge, Q1 2026: revenue $22.4B (+21% year over year), operating margin 14.4%, net earnings $1.8B, operating cash flow $2.3B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.4B | +30% | +21% |
| Operating profit | $3.2B | +18% | -12% |
| Net earnings | $1.8B | -17% | -29% |
| Operating cash flow | $2.3B | -25% | -23% |
What changed
Revenue was C$22.4B in Q1 2026, up 21% year over year and up 30% from the previous quarter. Commodity Sales Revenue was the largest line at 59% of revenue. Commodity Sales Revenue added C$3.6B year over year (up 38%), 95% of the total change. Transportation and Other Services Revenues declined 4%.
Operating profit was C$3.2B, a 14.4% margin (down 5.4 points year over year). Operating profit fell C$0.45B even though revenue rose C$3.9B versus Q1 2025, so costs grew faster than sales. Total costs grew 29% against revenue growth of 21%. The fastest-growing cost line was Other operating costs (+34%). Net earnings were C$1.8B, down 25% year over year. The effective tax rate was 24.8%.
Operating cash flow was C$2.3B (down 23% year over year), 132% of net earnings. Non-cash charges added back C$1.4B of depreciation and amortization. Working capital and other items used C$0.87B. Capital expenditures of C$2.4B exceeded it, leaving free cash flow of −C$0.10B.
Questions
What was Enbridge's revenue in the first quarter 2026?
Enbridge (ENB) reported revenue of $22.4B for the first quarter 2026 (Q1 2026), +21% from a year earlier and +30% from the quarter before.
Was Enbridge profitable in the first quarter 2026?
Operating profit was $3.2B (14.4% of revenue) and net earnings $1.8B.
Source: Enbridge 10-Q on SEC EDGAR.