Filing Flows › Enbridge (ENB) › Q2 2026 › vs Q1 2026
Enbridge (ENB) Q2 2026 vs Q1 2026 (quarter over quarter)
Enbridge's revenue rose $7.0B (+31%) from $22.4B in Q1 2026 to $29.3B in Q2 2026. The biggest changes: Commodity Sales Revenue +$9.4B (+71%); Gas Distribution Revenue −$2.3B (-56%); Transportation and Other Services Revenues −$134M (-3%). Operating margin 9.9% against 14.4% (-4.5 pts).
Enbridge, Q2 2026: revenue $29.3B (+97% year over year), operating margin 9.9%, net earnings $1.5B, operating cash flow $4.1B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 9.9% | 14.4% | -4.5 pts |
| Net margin | 5.1% | 8.0% | -2.8 pts |
| Free cash flow margin | 3.9% | -0.4% | +4.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Commodity Sales Revenue | $22.6B | $13.2B | $9.4B | +71% |
| Transportation and Other Services Revenues | $4.9B | $5.0B | −$134M | -3% |
| Gas Distribution Revenue | $1.8B | $4.1B | −$2.3B | -56% |
| Revenue | $29.3B | $22.4B | $7.0B | +31% |
| Operating profit | $2.9B | $3.2B | −$315M | -10% |
| Costs & expenses | $26.4B | $19.1B | $7.3B | +38% |
| Pre-tax earnings | $2.0B | $2.4B | −$353M | -15% |
| Other expense, net | $898M | $860M | $38.0M | +4% |
| General & admin | $2.4B | $2.6B | −$207M | -8% |
| Other operating costs | $24.0B | $16.6B | $7.5B | +45% |
| Net earnings | $1.5B | $1.8B | −$277M | -16% |
| Minority interests | $69.0M | $0 | $69.0M | — |
| Income tax | $442M | $587M | −$145M | -25% |
| Depreciation & amortization | $1.4B | $1.4B | −$4.0M | -0.3% |
| Working capital & other | $1.2B | −$869M | $2.0B | — |
| Operating cash flow | $4.1B | $2.3B | $1.8B | +76% |
| Free cash flow (OCF − capex) | $1.1B | −$97.0M | $1.2B | — |
| Capital expenditures | $3.0B | $2.4B | $536M | +22% |
Questions
How much did Enbridge's revenue grow quarter over quarter in Q2 2026?
Enbridge's revenue rose $7.0B (+31%) from $22.4B in Q1 2026 to $29.3B in Q2 2026.
What drove Enbridge's revenue change in Q2 2026?
Commodity Sales Revenue +$9.4B (+71%); Gas Distribution Revenue −$2.3B (-56%); Transportation and Other Services Revenues −$134M (-3%).