Enbridge (TSX:ENB) has long been a strong investment, building a toll-booth business in energy. It moves crude and natural gas, signs long contracts, and pays a dividend that has grown for decades. That combination can feel like the closest thing to “set it and forget it” in the Canadian energy sector.
Still, 2026 forces a fair question: does Enbridge stock still offer value now that the market knows the story, interest rates have stayed higher, and the company has leaned harder into U.S. gas utilities and new growth spending? The dividend looks sturdy, but the price you pay for sturdiness matters more than ever.
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ENB
Enbridge runs one of North America’s biggest energy infrastructure networks. It operates major liquids pipelines, large natural gas transmission systems, and a growing gas utility footprint, with a smaller renewable power segment on the side. Most of its cash flow comes from regulated or contracted assets, which helps it stay steady when commodity prices swing.
In the last year, Enbridge stock kept advancing a large secured growth backlog and highlighted that it placed about $5 billion of organic growth capital into service in 2025, while sanctioning about $14 billion of new organic projects during the year. It also kept pointing investors toward predictable multi-year growth targets rather than one-off wins.
Furthermore, Enbridge stock has been integrating its U.S. gas utility expansion, including the acquisition of Public Service Company of North Carolina it completed in 2024. That deal pushed Enbridge stock deeper into regulated utility cash flows, which can smooth results, but also increases the need for careful capital allocation and debt management. Meanwhile, it stayed active on the gas infrastructure side, including a 2025 agreement tied to buying into the Matterhorn Express natural gas pipeline, which plugs into a key U.S. supply basin and demand corridor.
Into earnings
Earnings gave Enbridge plenty of ammunition heading into 2026. For full-year 2025, it posted adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $20 billion, up from $18.6 billion in 2024, and distributable cash flow of $12.5 billion versus $12 billion. Adjusted earnings per share came (EPS) in at $3.02, up from $2.80. In the fourth quarter alone, adjusted EBITDA reached $5.2 billion and adjusted earnings per share (EPS) hit $0.88.
The dividend story stayed front and centre, because that is what most investors own it for. Enbridge stock raised its quarterly dividend for 2026 by 3% to $0.97 per share, or $3.88 annualized, which marked its 31st consecutive annual increase. And right now, even $7,000 could bring in a lot of income.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | ANNUAL DIVIDEND | ANNUAL TOTAL PAYOUT | FREQUENCY | TOTAL INVESTMENT |
|---|---|---|---|---|---|---|
| ENB | $71.22 | 98 | $3.88 | $380.24 | Quarterly | $6,979.56 |
That raise came alongside management reaffirming 2026 guidance rather than sounding cautious. Enbridge guided to adjusted EBITDA of $20.2 billion to $20.8 billion and distributed cash flow (DCF) per share of $5.70 to $6.10. It also pointed to a $39 billion secured backlog, with about $8 billion expected to come into service in 2026, which supports the idea that growth is on schedule.
Foolish takeaway
Valuation is where the debate gets interesting in 2026. With Enbridge stock around $71 recently, the new $3.88 dividend comes in at about 5.4%, which still looks attractive for a large, contracted infrastructure name trading at 22 times earnings.
In short, Enbridge stock in 2026 looks like the same dependable machine, but with a slightly different personality. It has more regulated utility exposure, a huge project backlog, and another dividend raise under its belt, which all support the long-term case. The open question is price, not quality. If you want a dependable income and you can live with slower, steadier growth, it still has a place in a Canadian portfolio. Just do not treat it like a bargain by default, but a blue-chip that earns its keep.
