Is Enbridge Stock a Dump for This Dividend Knight?

Enbridge (TSX: ENB) has played the role Canadian dividend investors love. It sends out steady cheques, raises the payout year after year, and avoids nasty surprises. Still, 2026 might reward a different kind of income story. Rate pressure has eased, capital is moving back toward growth, and investors keep paying up for businesses tied to electrification and data demand. That’s why some investors look at Enbridge stock and ask whether to keep it or swap into another dividend champ with more runway.

ENB

Enbridge stock operates critical energy infrastructure across North America. It moves crude oil through major pipelines, transports and stores natural gas, and owns regulated gas utilities that earn stable returns. That structure helps it deliver dependable cash flow when energy headlines turn noisy. The market has rewarded that steadiness. Enbridge stock has seen shares rise as high as $70, though they have recently come down by 11%.

The latest quarter shows both strength and a real-world constraint. In the third quarter of 2025, Enbridge stock produced adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $4.3 billion and adjusted earnings per share (EPS) of $0.46. Those remind investors that a big asset base often comes with big financing needs. When borrowing costs stay elevated, per-share growth can slow even if operations run smoothly.

Looking ahead, Enbridge stock has made its priorities clear: protect the dividend and grow at a measured pace. It guided for 2026 adjusted EBITDA of $20.2 billion to $20.8 billion, and it also announced a 3% dividend increase for 2026. That looks reassuring for long-term holders. The main risk lies in expectations. If the market suddenly wants faster growth, Enbridge stock may feel more like a dependable utility than a compounding machine.

BIP

Brookfield Infrastructure Partners (TSX: BIP.UN) gives you a broader kind of infrastructure exposure. It owns essential assets across utilities, transport, midstream, and data-linked networks, and it often uses inflation-linked contracts. It also recycles capital by selling mature assets and buying new ones. This can keep returns moving in the right direction. In short, it aims to grow the cash stream, not just pay it out.

Its unit price has reflected that steady idea. In the last year, shares are now back where they were at the beginning of last year. However, after dropping off at the beginning of the year, shares are now back up a whopping 35% since 52-week lows. It’s therefore stayed resilient through a tough rate cycle. Investors also receive distributions in U.S. dollars, which can diversify a Canadian income plan, even though currency swings will move the deposit around in Canadian dollars.

The third-quarter 2025 results add some fuel to the bull case. Brookfield Infrastructure reported funds from operations of $654 million and funds from operations (FFO) per unit of $0.83, up 9% year over year. It also declared a quarterly distribution of $0.43 per unit, a 6% increase from the prior year, and it discussed repurchasing units when the value looks attractive. That mix supports income today and faster dividend growth over time. Investors still need to watch leverage, deal execution, and refinancing costs, but management has built its reputation on navigating that mess and keeping distributions growing.

Bottom line

So, could Brookfield Infrastructure be the better buy than Enbridge stock right now? It can, if you want your dividend stock to behave less like a bond substitute and more like a global growth-and-income vehicle. Enbridge stock still offers a simpler story and a predictable roadmap, and it may suit investors who prize stability above all else. Brookfield Infrastructure brings more moving parts, but it also brings more levers tied to long-life assets and global investment cycles. It also gives you exposure to the boring stuff that powers modern life, from ports to fibre. Meanwhile, both offer solid and growing dividends. Here’s what even $7,000 could bring in.

That breadth can cushion surprises when one sector hits a pothole. If you already own Enbridge stock, you can hold it without regret. If you want a fresher dividend story for 2026, Brookfield Infrastructure can earn a closer look.