NYSE : PBA
Pembina Pipeline Corporation — Financial statements
Energy · Oil & Gas Midstream · Canada
Last price 50.87 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 29.60B
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Financial statements
Pembina Pipeline Corporation (PBA) reported revenue of 7.96B CAD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 7.96B | 7.78B | 7.38B | 6.33B | 11.61B | 8.63B |
| Cost of Revenue | 4.87B | 4.79B | 4.40B | 3.81B | 8.88B | 6.13B |
| Gross Profit | 3.10B | 2.98B | 2.99B | 2.52B | 2.73B | 2.49B |
| Selling, General & Admin | 516.00M | 477.00M | 444.00M | 383.00M | 360.00M | 306.00M |
| Other Operating Expenses | -8.00M | -29.00M | -78.00M | 101.00M | 229.00M | |
| Operating Expenses | 512.00M | 477.00M | 415.00M | 344.00M | 500.00M | 535.00M |
| Operating Income | 2.58B | 2.51B | 2.57B | 2.18B | 2.23B | 1.96B |
| Interest Expense | -593.00M | -587.00M | -575.00M | -454.00M | -446.00M | -424.00M |
| Interest & Investment Income | 14.00M | 11.00M | 46.00M | 7.00M | ||
| Earnings From Equity Investments | 251.00M | 209.00M | 328.00M | 316.00M | 361.00M | 281.00M |
| Currency Exchange Gain (Loss) | -3.00M | -1.00M | -12.00M | -22.00M | -12.00M | 9.00M |
| Other Non Operating Income (Expenses) | -28.00M | -25.00M | -20.00M | 3.00M | -28.00M | -35.00M |
| EBT Excluding Unusual Items | 2.23B | 2.11B | 2.34B | 2.03B | 2.11B | 1.79B |
| Merger & Restructuring Charges | -20.00M | -20.00M | -25.00M | -72.00M | 350.00M | |
| Gain (Loss) on Sale of Assets | 113.00M | 113.00M | 21.00M | 1.11B | ||
| Asset Writedown | 231.00M | -474.00M | ||||
| Other Unusual Items | -616.00M | |||||
| Pretax Income | 2.32B | 2.21B | 1.72B | 2.19B | 3.22B | 1.67B |
| Income Tax Expense | 533.00M | 513.00M | -154.00M | 413.00M | 248.00M | 423.00M |
| Earnings From Continuing Operations | 1.78B | 1.69B | 1.87B | 1.78B | 2.97B | 1.24B |
| Minority Interest in Earnings | -10.00M | |||||
| Net Income | 1.78B | 1.69B | 1.86B | 1.78B | 2.97B | 1.24B |
| Preferred Dividends & Other Adjustments | 133.00M | 144.00M | 143.00M | 128.00M | 129.00M | 144.00M |
| Net Income to Common | 1.65B | 1.55B | 1.72B | 1.65B | 2.84B | 1.10B |
| Shares Outstanding (Basic) | 581.00M | 581.00M | 573.00M | 550.00M | 553.00M | 550.00M |
| Shares Outstanding (Diluted) | 582.00M | 582.00M | 574.00M | 551.00M | 554.00M | 551.00M |
| EPS (Basic) | 2.84 | 2.67 | 3.00 | 3.00 | 5.14 | 2.00 |
| EPS (Diluted) | 2.84 | 2.66 | 3.00 | 2.99 | 5.12 | 1.99 |
| Free Cash Flow | 2.05B | 2.49B | 2.23B | 2.01B | 2.30B | 1.97B |
| Free Cash Flow Per Share | 3.53 | 4.28 | 3.89 | 3.65 | 4.16 | 3.57 |
| Dividend Per Share | 2.88 | 2.84 | 2.74 | 2.65 | 2.55 | 2.52 |
| Gross Margin | 38.88% | 38.37% | 40.47% | 39.87% | 23.55% | 28.90% |
| Operating Margin | 32.45% | 32.23% | 34.85% | 34.43% | 19.24% | 22.70% |
| Profit Margin | 20.75% | 19.93% | 23.31% | 26.03% | 24.48% | 12.73% |
| Free Cash Flow Margin | 25.80% | 32.00% | 30.24% | 31.81% | 19.84% | 22.80% |
| EBITDA | 3.50B | 3.44B | 3.38B | 2.78B | 2.85B | 2.61B |
| EBITDA Margin | 43.97% | 44.18% | 45.75% | 43.97% | 24.55% | 30.21% |
| D&A For EBITDA | 917.00M | 929.00M | 805.00M | 604.00M | 617.00M | 648.00M |
| EBIT | 2.58B | 2.51B | 2.57B | 2.18B | 2.23B | 1.96B |
| EBIT Margin | 32.45% | 32.23% | 34.85% | 34.43% | 19.24% | 22.70% |
| Effective Tax Rate | 22.99% | 23.24% | 18.87% | 7.70% | 25.41% |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 153.00M | 106.00M | 141.00M | 137.00M | 94.00M | 43.00M |
| Trading Asset Securities | 1.00M | |||||
| Cash & Short-Term Investments | 153.00M | 106.00M | 141.00M | 137.00M | 94.00M | 44.00M |
| Accounts Receivable | 916.00M | 686.00M | 844.00M | 698.00M | 696.00M | 743.00M |
| Other Receivables | 186.00M | 135.00M | 239.00M | 1.36B | 166.00M | 37.00M |
| Receivables | 1.10B | 821.00M | 1.08B | 2.05B | 862.00M | 780.00M |
| Inventory | 297.00M | 284.00M | 301.00M | 333.00M | 269.00M | 376.00M |
| Prepaid Expenses | 34.00M | 35.00M | 28.00M | 32.00M | 32.00M | |
| Other Current Assets | 17.00M | 14.00M | 13.00M | 81.00M | 105.00M | 13.00M |
| Total Current Assets | 1.57B | 1.26B | 1.57B | 2.63B | 1.36B | 1.25B |
| Property, Plant & Equipment | 23.27B | 23.08B | 23.27B | 16.32B | 16.04B | 18.77B |
| Long-Term Investments | 4.47B | 4.34B | 4.27B | 6.99B | 7.38B | 4.63B |
| Goodwill | 4.99B | 5.02B | 4.55B | 4.56B | 4.69B | |
| Other Intangible Assets | 6.33B | 1.36B | 1.50B | 1.51B | 1.57B | 1.54B |
| Long-Term Accounts Receivable | 210.00M | 239.00M | 223.00M | 230.00M | 219.00M | 211.00M |
| Long-Term Deferred Tax Assets | 285.00M | 261.00M | 257.00M | |||
| Other Long-Term Assets | 398.00M | 292.00M | 108.00M | 97.00M | 96.00M | 101.00M |
| Total Assets | 36.24B | 35.55B | 35.97B | 32.62B | 31.49B | 31.46B |
| Accounts Payable | 1.17B | 559.00M | 530.00M | 555.00M | 571.00M | 625.00M |
| Current Portion of Long-Term Debt | 1.20B | 600.00M | 1.52B | 650.00M | 600.00M | 1.00B |
| Current Portion of Leases | 82.00M | 83.00M | 89.00M | 77.00M | 79.00M | 88.00M |
| Current Unearned Revenue | 44.00M | 39.00M | 43.00M | 33.00M | 56.00M | 71.00M |
| Other Current Liabilities | 46.00M | 784.00M | 721.00M | 1.91B | 752.00M | 606.00M |
| Total Current Liabilities | 2.54B | 2.06B | 2.91B | 3.22B | 2.06B | 2.39B |
| Long-Term Debt | 12.01B | 12.09B | 11.13B | 9.85B | 10.00B | 10.24B |
| Long-Term Leases | 512.00M | 539.00M | 576.00M | 567.00M | 596.00M | 635.00M |
| Long-Term Unearned Revenue | 296.00M | 305.00M | 255.00M | 126.00M | 138.00M | 220.00M |
| Long-Term Deferred Tax Liabilities | 3.06B | 2.96B | 2.87B | 2.62B | 2.51B | 3.01B |
| Other Long-Term Liabilities | 753.00M | 830.00M | 719.00M | 419.00M | 399.00M | 598.00M |
| Total Liabilities | 19.18B | 18.78B | 18.46B | 16.80B | 15.70B | 17.09B |
| Common Stock | 17.02B | 17.02B | 17.01B | 15.77B | 15.79B | 15.68B |
| Retained Earnings | -2.27B | -2.38B | -2.30B | -2.37B | -2.61B | -3.92B |
| Comprehensive Income & Other | 592.00M | 407.00M | 641.00M | 221.00M | 341.00M | 28.00M |
| Total Common Equity | 15.34B | 15.04B | 15.35B | 13.61B | 13.52B | 11.79B |
| Minority Interest | 60.00M | 60.00M | ||||
| Shareholders' Equity | 17.06B | 16.77B | 17.51B | 15.81B | 15.79B | 14.36B |
| Total Liabilities & Equity | 36.24B | 35.55B | 35.97B | 32.62B | 31.49B | 31.46B |
| Total Debt | 13.81B | 13.31B | 13.32B | 11.14B | 11.28B | 11.96B |
| Net Cash (Debt) | -13.65B | -13.20B | -13.18B | -11.01B | -11.18B | -11.92B |
| Net Cash Per Share | -23.46 | -22.69 | -22.96 | -19.97 | -20.18 | -21.63 |
| Filing Date Shares Outstanding | 581.55M | 581.23M | 580.60M | 549.47M | 550.34M | 550.34M |
| Total Common Shares Outstanding | 581.00M | 581.00M | 581.00M | 549.00M | 550.00M | 550.00M |
| Working Capital | -969.00M | -806.00M | -1.33B | -588.00M | -696.00M | -1.15B |
| Book Value Per Share | 26.40 | 25.89 | 26.41 | 24.80 | 24.58 | 21.43 |
| Tangible Book Value | 9.01B | 8.70B | 8.82B | 7.55B | 7.39B | 5.55B |
| Tangible Book Value Per Share | 15.51 | 14.97 | 15.18 | 13.75 | 13.44 | 10.09 |
| Land | 656.00M | 650.00M | 694.00M | 480.00M | 481.00M | 456.00M |
| Construction In Progress | 764.00M | 1.00B | 565.00M | 588.00M | 367.00M | 915.00M |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.78B | 1.69B | 1.86B | 1.78B | 2.97B | 1.24B |
| Depreciation & Amortization | 1.00B | 1.01B | 882.00M | 679.00M | 699.00M | 739.00M |
| Loss (Gain) From Sale of Assets | -113.00M | -113.00M | -21.00M | -20.00M | -1.10B | |
| Asset Writedown & Restructuring Costs | -231.00M | 474.00M | ||||
| Loss (Gain) on Equity Investments | 332.00M | 335.00M | 298.00M | 503.00M | 312.00M | 180.00M |
| Stock-Based Compensation | 69.00M | 5.00M | -7.00M | -5.00M | 81.00M | 68.00M |
| Other Operating Activities | -49.00M | 147.00M | 241.00M | 143.00M | -210.00M | 47.00M |
| Change in Other Net Operating Assets | -121.00M | 221.00M | -43.00M | -210.00M | 177.00M | -100.00M |
| Operating Cash Flow | 2.90B | 3.30B | 3.21B | 2.63B | 2.93B | 2.65B |
| Capital Expenditures | -849.00M | -812.00M | -981.00M | -621.00M | -626.00M | -683.00M |
| Sale of Property, Plant & Equipment | 139.00M | 139.00M | 38.00M | 17.00M | 31.00M | |
| Cash Acquisitions | -2.62B | -41.00M | ||||
| Divestitures | 609.00M | |||||
| Investment in Securities | -521.00M | -410.00M | -308.00M | -204.00M | -95.00M | -335.00M |
| Other Investing Activities | -95.00M | -7.00M | -42.00M | 49.00M | -86.00M | 9.00M |
| Investing Cash Flow | -1.33B | -1.09B | -3.91B | -789.00M | -154.00M | -1.04B |
| Long-Term Debt Issued | 1.21B | 2.73B | 504.00M | 339.00M | 1.59B | |
| Long-Term Debt Repaid | -1.24B | -1.36B | -676.00M | -1.08B | -1.31B | |
| Lease Payments | -85.00M | -84.00M | -78.00M | -76.00M | -85.00M | -87.00M |
| Net Debt Issued (Repaid) | 369.00M | -26.00M | 1.37B | -172.00M | -746.00M | 277.00M |
| Issuance of Common Stock | 4.00M | 6.00M | 1.24B | 1.00M | 310.00M | 16.00M |
| Repurchase of Common Stock | -50.00M | -333.00M | -17.00M | |||
| Preferred Dividends Paid | -124.00M | -134.00M | -132.00M | -120.00M | -126.00M | -135.00M |
| Common Dividends Paid | -1.67B | -1.64B | -1.57B | -1.46B | -1.52B | -1.39B |
| Dividends Paid | -1.79B | -1.77B | -1.70B | -1.58B | -1.65B | -1.52B |
| Other Financing Activities | -232.00M | |||||
| Financing Cash Flow | -1.64B | -2.24B | 678.00M | -1.80B | -2.72B | -1.67B |
| Foreign Exchange Rate Adjustments | 7.00M | -3.00M | 11.00M | -2.00M | 9.00M | 16.00M |
| Net Cash Flow | -57.00M | -35.00M | -10.00M | 44.00M | 64.00M | -38.00M |
| Free Cash Flow | 2.05B | 2.49B | 2.23B | 2.01B | 2.30B | 1.97B |
| Free Cash Flow Margin | 25.80% | 32.00% | 30.24% | 31.81% | 19.84% | 22.80% |
| Free Cash Flow Per Share | 3.53 | 4.28 | 3.89 | 3.65 | 4.16 | 3.57 |
| Levered Free Cash Flow | 1.45B | 1.86B | 1.10B | 1.10B | 1.33B | 1.04B |
| Unlevered Free Cash Flow | 1.82B | 2.23B | 1.46B | 1.38B | 1.61B | 1.31B |
| Free Cash Flow After Leases | 1.97B | 2.40B | 2.15B | 1.94B | 2.22B | 1.88B |
| Cash Income Tax Paid | 488.00M | 346.00M | 404.00M | 236.00M | 334.00M | 355.00M |
| Change in Working Capital | -121.00M | 221.00M | -43.00M | -210.00M | 177.00M | -100.00M |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 29.34B | 22.16B | 21.43B | 18.98B | 18.66B | 16.69B |
| Enterprise Value | 40.35B | 33.17B | 32.19B | 29.11B | 28.67B | 28.02B |
| Last Close Price | 50.37 | 36.80 | 33.90 | 29.96 | 27.79 | 23.48 |
| PE Ratio | 24.81 | 19.60 | 17.91 | 15.21 | 8.89 | 19.23 |
| PS Ratio | 5.23 | 3.91 | 4.18 | 3.96 | 2.17 | 2.45 |
| PB Ratio | 2.44 | 1.81 | 1.76 | 1.58 | 1.60 | 1.47 |
| P/TBV Ratio | 4.62 | 3.49 | 3.50 | 3.32 | 3.42 | 3.81 |
| P/FCF Ratio | 19.98 | 12.21 | 13.81 | 12.44 | 10.96 | 10.74 |
| P/OCF Ratio | 14.14 | 9.20 | 9.59 | 9.51 | 8.62 | 7.97 |
| EV/Sales Ratio | 7.20 | 5.85 | 6.27 | 6.07 | 3.34 | 4.11 |
| EV/EBITDA Ratio | 16.37 | 13.24 | 13.71 | 13.81 | 13.61 | 13.61 |
| EV/EBIT Ratio | 22.18 | 18.14 | 18.00 | 17.64 | 17.37 | 18.11 |
| EV/FCF Ratio | 27.48 | 18.27 | 20.74 | 19.09 | 16.85 | 18.03 |
| Debt / Equity Ratio | 0.81 | 0.79 | 0.76 | 0.70 | 0.71 | 0.83 |
| Debt / EBITDA Ratio | 3.85 | 3.78 | 3.86 | 3.90 | 3.84 | 4.44 |
| Debt / FCF Ratio | 6.72 | 5.35 | 5.97 | 5.53 | 4.90 | 6.08 |
| Net Debt / Equity Ratio | 0.80 | 0.79 | 0.75 | 0.70 | 0.71 | 0.83 |
| Net Debt / EBITDA Ratio | 3.90 | 3.84 | 3.90 | 3.95 | 3.92 | 4.57 |
| Net Debt / FCF Ratio | 6.65 | 5.30 | 5.90 | 5.46 | 4.86 | 6.06 |
| Asset Turnover | 0.22 | 0.22 | 0.21 | 0.20 | 0.37 | 0.27 |
| Inventory Turnover | 17.01 | 16.39 | 13.87 | 12.65 | 27.53 | 20.55 |
| Quick Ratio | 0.49 | 0.45 | 0.42 | 0.68 | 0.47 | 0.34 |
| Current Ratio | 0.62 | 0.61 | 0.54 | 0.82 | 0.66 | 0.52 |
| Return on Equity (ROE) | 10.47% | 9.88% | 11.25% | 11.24% | 19.71% | 8.46% |
| Return on Assets (ROA) | 4.51% | 4.38% | 4.69% | 4.25% | 4.44% | 3.89% |
| Return on Invested Capital (ROIC) | 6.49% | 6.34% | 8.95% | 6.58% | 7.74% | 5.53% |
| Return on Capital Employed (ROCE) | 7.70% | 7.50% | 7.80% | 7.40% | 7.60% | 6.70% |
| Earnings Yield | 4.03% | 5.58% | 6.05% | 7.09% | 11.77% | 5.88% |
| FCF Yield | 5.00% | 8.19% | 7.24% | 8.04% | 9.12% | 9.31% |
| Dividend Yield | 4.15% | 5.43% | 5.16% | 5.82% | 5.55% | 6.56% |
| Payout Ratio | 102.85% | 104.60% | 91.25% | 88.91% | 55.57% | 122.46% |
| Buyback Yield / Dilution | -1.39% | -4.17% | 0.54% | -0.54% | -0.18% | |
| Total Shareholder Return | 4.15% | 4.04% | 0.98% | 6.36% | 5.01% | 6.38% |