Enbridge (TSX:ENB) looks like one of the most compelling income and growth stories on the Toronto Stock Exchange right now. This blue-chip energy stock is not flashy and does not make headlines the way a tech giant does.
But if you are a Canadian investor looking for steady, dependable returns, Enbridge deserves serious attention heading into the second half of 2026.
My view is straightforward: ENB stock is well-positioned to deliver mid-single-digit total returns by year-end, anchored by a rock-solid dividend and a capital backlog that continues to grow.
Let’s see why.
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Enbridge delivered a solid 2025
In the Q4 2025 earnings call, Enbridge President and CEO Greg Ebel made it clear the company is firing on all cylinders.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) hit a new record. So did DCF per share. Ebel noted it was the 20th consecutive year the company met or beat its annual financial guidance.
For 2026, management reaffirmed full-year adjusted EBITDA guidance of $20.2 billion to $20.8 billion, and DCF (distributable cash flow) per share of $5.70 to $6.10. These numbers are supported by $8 billion worth of new assets expected to enter service throughout the year.
Chief Financial Officer Pat Murray added that Q1 and Q4 tend to be the strongest quarters, driven by winter demand across Enbridge’s gas distribution network.
Given that January and February 2026 brought colder-than-normal weather across eastern North America, the company is already off to a strong start.
A $39 billion backlog is the real story for long-term investors
What truly makes the TSX dividend stock stand out is its visibility. The energy behemoth currently carries $39 billion in secured growth capital extending through 2033. That backlog grew 35% since its Investor Day in March 2025, according to management commentary on the Q4 call.
Last year, Enbridge sanctioned $14 billion of capital projects across all four of its business segments: Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power.
Each segment has a clear demand tailwind.
- Gas Transmission is advancing over 50 potential data centre opportunities that could require up to 10 billion cubic feet per day of natural gas.
- The mainline liquids business was apportioned for all but three months of the past year, a sign that demand for Canadian crude consistently exceeds available capacity.
- Gas utilities are growing their U.S. rate base at roughly 10% annually, up from the 8% management had originally modelled.
- And in renewables, Enbridge secured over one gigawatt of contracted power projects with blue-chip technology companies, including Meta.
Looking ahead, management expects to reach final investment decisions on another $10 billion to $20 billion of projects over the next 24 months.
The dividend remains reliable
Enbridge increased its dividend for the 31st consecutive year in December 2025. The current annual dividend stands at $3.88 per share, growing at a four-year compound annual growth rate of 4% since 2019.
Management aims to increase its dividend by 5% annually beyond 2026. Over the next five years, it expects to distribute over $40 billion to shareholders via dividends.
Enbridge’s debt-to-adjusted EBITDA ratio sits at 4.8 times, comfortably within the company’s 4.5 to 5 times target range. More than 98% of EBITDA comes from regulated or take-or-pay contracted sources, and less than 1% is tied to commodity prices.
A strong base of recurring cash flow has allowed ENB stock to maintain and grow its dividend across business cycles.
The bottom line on ENB stock
Enbridge is not a stock that will double overnight. What it offers is something rarer: predictability.
A growing dividend, a massive secured backlog, and a management team with a 20-year track record of delivering on its promises. For investors focused on building long-term wealth in Canada, ENB stock looks like a foundation worth holding well beyond 2026.
