By Robb M. Stewart
Enbridge is scheduled to report results for the fourth quarter on Friday before the market opens. Here is what you need to know.
EARNINGS FORECAST: The Canadian energy company is expected to post adjusted earnings before interest, taxes, depreciation and amortization of 5.14 billion Canadian dollars (US$3.79 billion) for the quarter through December, based on the mean forecast provided by FactSet. In the year-earlier period, Enbridge's adjusted Ebitda was C$5.13 billion.
CASH FLOW FORECAST: Distributable cash flow is expected to be C$1.47 a share for the fourth quarter. DCF a year earlier was C$1.41 a share.
Shares are up 8.4% over the past 12 months at C$70.12.
WHAT TO WATCH
--GUIDANCE: The pipeline operator and gas utility in early December said it anticipated 2025 adjusted Ebitda would land in the upper half of a C$19.4 billion-to-C$20 billion guidance range, and projected adjusted Ebitda in 2026 of between C$20.2 billion and C$20.8 billion. As a result, analysts said the chance of a miss for the latest quarter is low, though they will be seeking comment from management around sensitivities in the outlook for the new year.
--PROJECT UPDATE: UBS analyst Manav Gupta said he will be listening for further updates on Eiger Express and on growth projects overall. Enbridge last year made a final investment decision to push ahead with the Eiger pipeline, which is set to carry 2.5 billion cubic feet a day from the Permian Basin to the Katy area to serve the growing U.S. Gulf Coast liquefied natural gas market.
--VENEZUELA: Following the Trump administration ousted Venezuelan leader Nicolas Maduro in a military operation, analysts have warned there could be some risk for Canadian oil-sands producers from wider oil-price differentials given the potential for Venezuela's heavy oil to reach the market. Investors will want to hear how Enbridge and other pipeline operators view the risks of more Venezuelan barrels hitting the Gulf Coast and what it means for recontracting Canadian supplies and growth projects, Jefferies analyst Sam Burwell said.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
February 11, 2026 14:15 ET (19:15 GMT)
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