EPS of 88c beat estimates of 78c; revenue of $17.17B beat estimates of $13.1B. Enbridge's 2026 Ebitda will likely rise by low-single digits, largely fueled by the Gas Transmission and Gas Distribution & Storage segments. In 1Q, Ebitda should be little changed as Gas Distribution growth offsets weakness in some other segments. A greater customer base and higher rates in Ontario are drivers, along with favorable Utah and North Carolina rate-case settlements. A weaker US dollar is a headwind, and the Liquids segment won't repeat the gain from a 2025 litigation settlement. Enbridge's backlog stands at a massive C$39 billion, and it's assessing another C$10-C$20 billion in opportunities that could be added. Management downplayed Venezuelan oil-output risk for Canadian barrels, though it's a factor that could affect Gulf Coast refiner demand and more Mainline expansions. We remain very comfortable with these numbers and the stock hit an all-time high last week.
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