Pembina Pipeline Corporation (PBA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.75	$0.66	-12.0%	—	$2.2B	—
Q1 26	$0.7	$0.81	+15.7%	—	$2.1B	—
Q4 25	$0.75	$0.76	+1.3%	—	$1.9B	—
Q3 25	$0.62	$0.47	-24.2%	—	$1.8B	—
Q2 25	$0.66	$0.62	-6.1%	—	$1.8B	—
Q1 25	$0.77	$0.79	+2.6%	—	$2.3B	—
Q4 24	$0.83	$1.01	+21.7%	—	$2.1B	—
Q3 24	$0.75	$0.56	-25.3%	—	$1.3B	—
Q2 24	$0.76	$1.84	+142.1%	—	$1.9B	—
Q1 24	$0.71	$0.89	+25.4%	—	$1.7B	—
Q4 23	$0.82	$1.04	+26.8%	—	$2.5B	—
Q3 23	$0.68	$0.57	-16.2%	—	$2.3B	—
Q2 23	$0.59	$0.6	+1.7%	—	$1.4B	—
Q1 23	$0.73	$0.61	-16.4%	—	$1.7B	—
Q4 22	$0.69	$0.39	-43.5%	—	$2.7B	—
Q3 22	$0.71	$3.23	+354.9%	—	$2.8B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.67	—	—	$7.8B	—
FY24	—	$3	—	—	$7.4B	—
FY23	—	$3	—	—	$9.1B	—
FY22	—	$5.14	—	—	$11.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.3B	$5.4B	$7.4B	$6.4B	$6B	$8.6B	$11.6B	$9.1B	$7.4B	$7.8B
YoY change	-7.98%	+26.6%	+36.1%	-13.3%	-6.58%	+44.9%	+34.6%	-21.4%	-19.1%	+5.34%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.3B	5.4B	7.4B	6.4B	6B	8.6B	11.6B	9.1B	7.4B	7.8B
Cost of revenue	3.3B	3.9B	5B	3.9B	3.9B	6B	8.5B	6.3B	4.1B	4.6B
Gross profit	1B	1.5B	2.3B	2.4B	2B	2.6B	3.1B	2.8B	3.3B	3.2B
Gross margin	23.5%	27.3%	31.7%	38.3%	33.7%	30.7%	26.9%	31.1%	44.9%	41.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	195M	236M	279M	296M	246M	306M	399M	422M	444M	477M
Operating expenses	194M	264M	306M	311M	228M	58M	528M	416M	419M	477M
Operating income	808M	1.2B	2B	2.1B	1.8B	2.6B	2.6B	2.4B	2.9B	2.7B
Operating margin	18.9%	22.4%	27.5%	33.4%	29.9%	30%	22.3%	26.6%	39.2%	34.7%
Non-operating income, net	-41M	-2M	7M	-273M	-1.8B	-484M	1.1B	235M	-628M	112M
Pretax income	655M	1B	1.7B	1.5B	-416M	1.7B	3.2B	2.2B	1.7B	2.2B
Income tax	189M	142M	464M	35M	-100M	423M	248M	413M	-154M	513M
Net income	466M	883M	1.3B	1.5B	-316M	1.2B	3B	1.8B	1.9B	1.7B
Net margin	10.9%	16.4%	17.4%	23.7%	-5.31%	14.4%	25.6%	19.5%	25.4%	21.8%
EBITDA	1.1B	1.6B	2.4B	2.6B	2.5B	3.3B	3.3B	3.1B	3.8B	3.7B
EPS	1.02	1.87	2.28	2.66	-0.86	2	5.14	3	3	2.67
Diluted EPS	1.01	1.86	2.28	2.65	-0.86	1.99	5.12	2.99	3	2.66

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.3B	2.5B	1.7B	1.9B	1.3B	2.1B	2.3B	1.8B	1.8B	1.9B	2.1B	2.2B
Cost of revenue	1.6B	1.6B	961M	1B	781.5M	1.1B	1.4B	1B	1.1B	1.1B	1.2B	1.2B
Gross profit	659M	850M	730M	815M	532.1M	1B	928M	780M	658M	827M	929M	933M
Gross margin	28.8%	34.5%	43.2%	43.9%	40.5%	47.7%	40.1%	43.5%	36.7%	43.2%	44.1%	43.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	104M	142M	108M	112M	85.5M	104M	134M	97M	126M	120M	142M	132M
Operating expenses	87M	150M	93M	85M	88.3M	117M	139M	96M	107M	155M	143M	127M
Operating income	572M	700M	637M	730M	443.8M	907M	789M	684M	551M	672M	786M	806M
Operating margin	25%	28.4%	37.7%	39.4%	33.8%	42.3%	34.1%	38.2%	30.8%	35.1%	37.3%	37.5%
Non-operating income, net	-11M	232M	-6M	-612M	—	-10M	-2M	—	—	114M	-6M	2M
Pretax income	442M	815M	529M	-27M	337.7M	744M	639M	533M	398M	637M	631M	652M
Income tax	96M	117M	91M	-506M	63.4M	172M	137M	116M	112M	148M	133M	140M
Net income	346M	698M	438M	479M	274.3M	572M	502M	417M	286M	489M	498M	512M
Net margin	15.1%	28.3%	25.9%	25.8%	20.9%	26.7%	21.7%	23.3%	16%	25.6%	23.6%	23.8%
EBITDA	736M	878M	822M	979M	613.4M	1.1B	1B	942M	796M	931M	1B	1.1B
EPS	0.58	—	0.74	0.75	0.6	—	0.8	0.65	0.43	0.78	0.8	0.83
Diluted EPS	0.57	—	0.73	0.75	0.6	—	0.8	0.65	0.43	0.78	0.8	0.82

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	22.4B	—	—	18.9B	24.2B	27.3B	27.2B	—	—	26.2B
Enterprise value	—	29.6B	—	—	30.5B	36.2B	38.5B	38.2B	—	—	29.2B
Shares outstanding	563.8M	619M	733.8M	815M	799.1M	799.1M	803.5M	789M	573M	634.5M	634.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	25.4	—	—	—	19.5	9.18	15.3	—	—	22.2
P/S	—	4.15	—	—	3.18	2.81	2.35	2.98	—	—	3.26
P/B	—	1.62	—	—	1.26	1.69	1.73	1.72	—	—	2.39
EV/EBITDA	—	18.8	—	—	12.3	10.9	11.7	12.4	—	—	11.8
EV/Sales	—	5.49	—	—	5.12	4.19	3.31	4.18	—	—	5.19
Earnings yield	—	3.94%	—	—	—	5.12%	10.9%	6.54%	—	—	4.5%
FCF yield	—	-1.46%	—	—	6.47%	8.22%	8.52%	7.47%	—	—	3.92%
PEG	—	—	—	—	—	—	—	—	—	—	0.8

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	23.5%	27.3%	31.7%	38.3%	33.7%	30.7%	26.9%	31.1%	44.9%	41.1%	43.4%
Operating margin	18.9%	22.4%	27.5%	33.4%	29.9%	30%	22.3%	26.6%	39.2%	34.7%	34%
Net margin	10.9%	16.4%	17.4%	23.7%	-5.31%	14.4%	25.6%	19.5%	25.4%	21.8%	22.4%
ROE	5.62%	6.38%	8.81%	8.93%	-2.1%	8.65%	18.8%	11.2%	10.7%	10.1%	10.5%
ROA	3.1%	3.45%	4.77%	4.6%	-1.01%	3.95%	9.44%	5.44%	5.21%	4.76%	4.51%
ROIC	4.63%	4.95%	6.63%	7.52%	6.7%	7.35%	8.88%	7.33%	9.44%	6.9%	7.06%
Return on tangible assets	4.98%	5.47%	7.1%	7.59%	-1.69%	6.54%	15.5%	8.67%	8.18%	7.41%	5.97%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.87	0.89	0.66	0.68	0.56	0.52	0.66	0.82	0.54	0.61	0.62
Quick ratio	0.64	0.74	0.53	0.6	0.43	0.36	0.53	0.71	0.44	0.47	0.5
Debt / equity	0.5	0.55	0.55	0.65	0.78	0.83	0.71	0.7	0.76	0.79	0.81
Debt / assets	0.28	0.3	0.3	0.33	0.37	0.38	0.36	0.34	0.37	0.37	0.38
Net debt / EBITDA	3.88	4.58	3.22	4.11	4.66	3.6	3.41	3.57	3.46	3.57	3.59
Interest coverage	6.85	6.6	7.09	5.88	0	4.78	7.97	5.66	3.89	4.61	4.73
Effective tax rate	28.9%	13.9%	26.6%	2.27%	0%	25.4%	7.7%	18.9%	0%	23.2%	23%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	7.57	8.72	10	7.82	7.45	10.8	14.5	11.6	12.9	12.3	13.7
EPS (basic)	1.02	1.87	2.28	2.66	-0.86	2	5.14	3	3	2.67	2.67
EPS (diluted)	1.01	1.86	2.28	2.65	-0.86	1.99	5.12	2.99	3	2.66	2.01
Book value per share	14.7	22.4	19.8	20.7	18.8	18	19.7	20	30.6	26.4	18.7
FCF per share	-1.18	-0.53	1.4	1.09	1.53	2.49	2.89	2.57	3.94	3.97	3.58
Cash per share	0.06	0.52	0.21	0.16	0.1	0.05	0.12	0.17	0.25	0.17	0.26
Capex per share	—	—	—	—	—	—	—	—	—	1.24	1.41

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	10.1%	10.3%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	23.8%	28.2%
Payout ratio	75.3%	88.4%	97.6%	87.8%	-484.2%	122.5%	55.6%	88.9%	90.8%	104.6%	100.9%
Dividend yield	—	3.49%	—	—	8.09%	6.28%	6.05%	5.81%	—	—	4.69%

Yield

4.69%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.529

ex-dividend Sep 15, 2026

Payout ratio

101%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.529
Jun 15, 2026	$0.525
Mar 16, 2026	$0.518

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.3B	$2.5B	$1.7B	$1.9B	$1.3B	$2.1B	$2.3B	$1.8B	$1.8B	$1.9B	$2.1B	$2.2B
YoY change	-17.5%	-8.63%	-0.53%	+30.5%	-42.7%	-13%	+36.7%	-3.4%	+36.3%	-10.8%	-8.91%	+20.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	35M	321M	157M	129M	81M	43M	94M	137M	141M	106M
Receivables	162M	178M	605M	575M	578M	743M	696M	698M	844M	686M
Inventory	181M	168M	198M	126M	221M	376M	269M	333M	301M	284M
Total current assets	676M	1B	1B	989M	989M	1.2B	1.4B	2.6B	1.6B	1.3B
Property, plant & equipment	11.3B	13.5B	14.7B	18.9B	19.1B	18.6B	15.9B	16.2B	23.2B	23B
Goodwill & intangibles	5.7B	9.4B	8.8B	12.9B	12.7B	12.5B	12.3B	12.1B	13.1B	12.7B
Total assets	15B	25.6B	26.8B	32.8B	31.4B	31.5B	31.5B	32.6B	36B	35.6B
Accounts payable	475M	465M	796M	717M	434M	625M	571M	555M	530M	559M
Short-term debt	6M	256M	536M	186M	699M	1.1B	679M	727M	1.6B	683M
Total current liabilities	778M	1.1B	1.5B	1.4B	1.8B	2.4B	2.1B	3.2B	2.9B	2.1B
Long-term debt	4.1B	7.3B	7.5B	10.8B	11B	10.9B	10.6B	10.4B	11.7B	12.6B
Total liabilities	6.7B	11.7B	12.3B	15.9B	16.4B	17.1B	15.7B	16.8B	18.5B	18.8B
Shareholders' equity	8.3B	13.8B	14.5B	16.9B	15B	14.4B	15.8B	15.8B	17.5B	16.8B
Total debt	4.2B	7.6B	8B	11B	11.7B	12B	11.3B	11.1B	13.3B	13.3B
Net debt	4.1B	7.2B	7.8B	10.8B	11.6B	11.9B	11.2B	11B	13.2B	13.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	86M	137M	1.7B	256M	74.1M	141M	155M	210M	149M	106M	173M	153M
Receivables	843M	698M	1B	1B	730.9M	844M	938M	869M	868M	686M	1B	884M
Inventory	329M	333M	291M	313M	229.4M	301M	253M	275M	304M	284M	324M	297M
Total current assets	1.3B	2.6B	3B	1.6B	1.1B	1.6B	1.4B	1.4B	1.3B	1.3B	1.7B	1.6B
Property, plant & equipment	16B	16.2B	16.4B	22.8B	16.3B	23.2B	23.3B	23B	23.2B	23B	23.1B	23.3B
Goodwill & intangibles	6.1B	12.1B	6.1B	13B	9.2B	13.1B	13B	12.8B	12.8B	12.7B	6.3B	6.3B
Total assets	31B	32.6B	33.2B	35.6B	25.2B	36B	35.7B	35.4B	35.4B	35.6B	36.2B	36.2B
Accounts payable	1.1B	555M	917M	1.1B	845.6M	530M	1B	1B	1.3B	559M	1.2B	1.2B
Short-term debt	724M	727M	631M	1.2B	735.9M	1.6B	1.1B	679M	1.2B	683M	681M	1.3B
Total current liabilities	1.9B	3.2B	3B	2.4B	1.6B	2.9B	2.2B	1.8B	2.5B	2.1B	2.1B	2.5B
Long-term debt	10.5B	10.4B	11.2B	12.3B	8.8B	11.7B	12.1B	—	—	—	—	12.5B
Total liabilities	15.3B	16.8B	17.3B	18.2B	13.1B	18.5B	18.1B	18.4B	18.4B	18.8B	19.3B	19.2B
Shareholders' equity	15.6B	15.8B	15.9B	17.4B	12.1B	17.5B	17.6B	17B	17B	16.8B	16.9B	17.1B
Total debt	11.2B	11.1B	11.9B	13.5B	9.5B	13.3B	13.1B	679M	1.2B	683M	681M	13.8B
Net debt	11.1B	11B	10.1B	13.2B	9.5B	13.2B	13B	469M	1B	577M	508M	13.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	466M	883M	1.3B	1.5B	-316M	1.2B	3B	1.8B	1.9B	1.7B
Depreciation & amortization	293M	382M	417M	507M	700M	723M	683M	663M	862M	987M
Stock-based compensation	46M	73M	63M	66M	28M	100M	126M	72M	84M	94M
Change in working capital	-36M	-18M	-83M	106M	-93M	-100M	177M	-210M	-43M	221M
Operating cash flow	1B	1.7B	2.4B	2.4B	575M	2.8B	4.6B	3B	3.7B	3.3B
Capital expenditure	—	—	—	—	—	—	—	—	—	-784M
Investing cash flow	-469M	-1.4B	-50M	-2.2B	-408M	-356M	472M	-168M	-2.9B	-1.1B
Dividends paid	-351M	-781M	-1.2B	-1.3B	-1.5B	-1.5B	-1.7B	-1.6B	-1.7B	-1.8B
Share repurchases	—	—	—	—	0	-437M	-633M	-50M	0	-451M
Financing cash flow	1.2B	2.1B	-1.2B	1.2B	-908M	-1.7B	-3B	-1.8B	667M	-2.2B
Net change in cash	1.8B	2.3B	1.2B	1.4B	-741M	795M	2B	1.1B	1.4B	-10M
Free cash flow	-668M	-326M	1B	887M	1.2B	2B	2.3B	2B	2.3B	2.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	346M	698M	438M	479M	274.3M	572M	502M	417M	286M	489M	498M	512M
Depreciation & amortization	164M	178M	156M	240M	164.6M	235M	233M	257M	241M	256M	230M	245M
Stock-based compensation	11M	46M	20M	20M	29.2M	3M	29M	0	39M	26M	43M	44M
Change in working capital	-76M	54M	-188M	82M	96.9M	-73M	16M	18M	23M	164M	-401M	93M
Operating cash flow	612M	1.2B	551M	1.1B	731.6M	1.6B	986M	941M	810M	861M	335M	897M
Capital expenditure	—	—	—	—	—	—	—	—	-178M	-235M	-187M	-218M
Investing cash flow	7M	-161M	-184M	-2.6B	-38.5M	-56M	-2M	-138M	-287M	-264M	-412M	-332M
Dividends paid	-397M	-397M	-398M	-433M	-309.9M	-435M	-436M	-447M	-445M	-444M	-443M	-457M
Share repurchases	0	0	—	0	0	0	-26M	-200M	0	-225M	0	0
Financing cash flow	-450M	-484M	1.5B	483M	-535M	-569M	-648M	-386M	-586M	-629M	151M	-581M
Net change in cash	169M	528M	1.9B	-1.1B	158.1M	1B	336M	417M	-63M	-32M	74M	-16M
Free cash flow	475M	703M	250M	689M	470.2M	660M	666M	593M	632M	626M	148M	679M

Pembina Pipeline Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement