What move does the options market price into Enbridge's report?

Implied ±3.3%, either direction.

ENBNYSEPipe Lines (No Natural Gas)

Enbridge Inc (ENB) earnings date, market-implied expected move, and options open interest by expiry

49.44

+0.17 · +0.34%

post 49.52 +0.17%

Closed17:18 ET

Open49.60Volume3.4MMkt cap$108.0BP/E26.06EPS1.90Div yield5.63%

Day49.27 – 49.7552%52-wk43.08 – 57.6544%

ENB

Enbridge Inc

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±3.3%implied · report alone

8Q avg ±1.8%·×1.78·rich

47.8351.09

straddle ±4.4%

spot 49.46exp Nov 20ATM strike 50ATM straddle 2.58IV 27%

Oct 30 closereport share · term structure

Expected move

Inputs

Next report

Nov 6

before open · in 6 days

confirmedQ3 FY26

Calendar

Next report

Last report

−1.75%

shaded = implied · ▲▼ = realized

Jul 31 '26 · confirmed

Implied vs realized

Linked news

1dBP · customerBP underlying RC profit $8,458 million, operating cash flow $14,829 million, net debt $13,870 million
3dDUK · customerDuke Energy Site Readiness Program drives $773 million in Florida investment

News

Largest filed tie

13F top-10 QoQ

−4.88%

shares held · 10 largest managers

13F · Jun 30 '26123d lag

1,522 managers

Top fund weight

3.47%

ENB weight · EWC

N-PORTAug 31 '26

2 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Enbridge (ENB) reports on Nov 6 before open (confirmed date).

Implied vs realized

8 reports

—≥ implied

Nov 1 '24Nov 1 '24confirmed—▲+0.05%—

Feb 14 '25Feb 14 '25confirmed—▼−3.83%—

May 9 '25May 9 '25confirmed—▲+0.70%—

Aug 1 '25Aug 1 '25confirmed—▲+2.01%—

Nov 7 '25Nov 7 '25confirmed—▲+1.77%—

Feb 13 '26Feb 13 '26confirmed—▲+3.94%—

Q1 FY26May 8 '26confirmed—▼−0.74%—

Q2 FY26Jul 31 '26confirmed—▼−1.75%—

quarterimplied−5%0+5%realized×

Q2 FY26—▼−1.75%—

Q1 FY26—▼−0.74%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 4 expiries · Oct 28 close

0.25OI · 4 expiries · Oct 28 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

2,978+1%Nov 2020d11,895+23%

613+14%Dec 1848d0.302,028+1%0.30

7,9640%Jan 1576d0.4218,7510%0.42

1,214+3%Apr 16167d0.691,755+5%0.69

ExpiryPutsCallsP/C

Nov 2020d2,978+1%11,895+23%0.25

Dec 1848d613+14%2,028+1%0.30

Jan 1576d7,9640%18,7510%0.42

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±4.4%

Funds 2

EWC±0.2%

VT±0.0%

Customers 2

BP±2.3%×0.52

DUK±1.9%×0.43

Dashed = straddle · × = co-movement · max 501dMethod Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

5.36%as filednet margin · revenue +28.81% QoQ · +88.97% YoY

Revenue

$20.6B+28.81% QoQ

Gross profit

$4.7B−8.92% QoQ

22.85% margin

Operating income

$2.0B−11.37% QoQ

9.93% margin

Pre-tax income

$1.4B−16.44% QoQ

Net income

$1.1B−13.27% QoQ

5.36% margin

Cost of revenue

$15.9B+46.83% QoQ

Operating expenses

$2.7B−6.95% QoQ

SG&A $1.7B

Depreciation $1.0B

Other expense

$632M

Tax

$311M−26.04% QoQ

Revenue$20.6B+28.81%

Gross profit

$4.7B−8.92%

22.85% margin

Operating income

$2.0B−11.37%

9.93% margin

Pre-tax income

$1.4B−16.44%

Net income

$1.1B−13.27%

5.36% margin

Cost of revenue

$15.9B+46.83%

Operating expenses

$2.7B−6.95%

SG&A $1.7B

Depreciation $1.0B

Other expense

$632M

Tax$311M−26.04%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Jun 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Oct 30 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 17:15 ET

Intraday

Event sensitivity

PPI ×1.33· ±1.1% vs ±0.8% · 11 releases

eventrelease day|move|up · n×base

PPIproducer prices±1.1%5 of 11×1.33

PCEpersonal income & outlays±1.0%14 of 20×1.30

CPIconsumer prices±1.0%5 of 11×1.25

FOMCrate decision±1.0%13 of 25×1.23

NFPjobs report±0.9%4 of 10×1.16

GDPgross domestic product±0.9%13 of 20×1.07

CPROFcorporate profits±0.8%8 of 12×1.00

Bar = avg |move| to ±2% · tick = ±0.8% avg day · ×base = |move| ÷ ±0.8% · min 6 releases

Earnings history

EPS 0.45 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Jul 31 '26 · confirmed	0.45	—
Q1 FY26	May 8 '26 · confirmed	0.54	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod