Pembina Pipeline Corporation (PBA) Financial Statements

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Pembina Pipeline financial statements at a glance

Pembina Pipeline reported revenue of 7.78 billion CAD for fiscal year 2025 (ended December 31, 2025), up 5.3% from fiscal year 2024. Net income was 1.55 billion CAD, a net margin of 19.9%, and diluted earnings per share were 2.66 CAD.

At the end of fiscal year 2025 it had total assets of 35.56 billion CAD, total liabilities of 18.78 billion CAD and shareholders' equity of 16.77 billion CAD, with cash and short-term investments of 106.00 million CAD and total debt of 13.31 billion CAD.

Its operations brought in 3.30 billion CAD of cash; capital spending was 784.00 million CAD, leaving free cash flow of 2.52 billion CAD.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in CAD; latest fiscal year ended December 31, 2025.

PBA logo

Pembina Pipeline Corporation

PBACanada
Energy
CAD (Local)

Income Statement

Annual • CAD

Total Revenue
7.78B
Prev Year: 7.38B
YoY: +5.3%
Operating Revenue
7.78B
Prev Year: 7.38B
YoY: +5.3%
Tax Effect of Unusual Items
25.98M
Prev Year: -94.20M
YoY: +127.6%
Interest Income
11.00M
Prev Year: 46.00M
YoY: -76.1%
Weighted Average Shares (diluted)
636.84M
Prev Year: 574.00M
YoY: +10.9%
Weighted Average Shares (basic)
634.46M
Prev Year: 573.00M
YoY: +10.7%
Diluted EPS
2.66
Prev Year: 3
YoY: -11.3%
Basic EPS
2.67
Prev Year: 3
YoY: -11.0%
Non-operating Interest Income
11.00M
Prev Year: 46.00M
YoY: -76.1%
General and Administrative Expense
477.00M
Prev Year: 444.00M
YoY: +7.4%
Other General and Administrative
477.00M
Prev Year: 444.00M
YoY: +7.4%
Cost of Revenue
4.58B
Prev Year: 4.07B
YoY: +12.7%
Gross Profit
3.19B
Prev Year: 3.32B
YoY: -3.7%
Operating Expense
497.00M
Prev Year: 419.00M
YoY: +18.6%
Selling General and Administrative
477.00M
Prev Year: 444.00M
YoY: +7.4%
Other Operating Expenses
20.00M
Prev Year: -25.00M
YoY: +180.0%
Operating Income
2.70B
Prev Year: 2.90B
YoY: -6.9%
Net Non Operating Interest Income Expense
-601.00M
Prev Year: -549.00M
YoY: -9.5%
Non-operating Interest Expense
612.00M
Prev Year: 595.00M
YoY: +2.9%
Other Income Expense
112.00M
Prev Year: -628.00M
YoY: +117.8%
Gain on Sale of Securities
-1.00M
Prev Year: -12.00M
YoY: +91.7%
Special Income Charges
113.00M
Prev Year: -616.00M
YoY: +118.3%
Equity in Earnings of Affiliates
-
Gain on Sale of Property, Plant and Equipment
113.00M
Pre-tax Income
2.21B
Prev Year: 1.72B
YoY: +28.3%
Provision for Income Taxes
513.00M
Prev Year: -154.00M
YoY: +433.1%
Net Income Common Stockholders
1.55B
Prev Year: 1.72B
YoY: -9.9%
Equity in Earnings of Affiliates, Net of Tax
-
Net Income
1.69B
Prev Year: 1.86B
YoY: -9.1%
Net Income Including Non-Controlling Interests
1.69B
Prev Year: 1.87B
YoY: -9.6%
Net Income from Continuing Operations
1.69B
Prev Year: 1.87B
YoY: -9.6%
Preferred Stock Dividends
144.00M
Prev Year: 143.00M
YoY: +0.7%
Diluted NI Available to Com Stockholders
1.55B
Prev Year: 1.72B
YoY: -9.9%
Average Dilution Earnings
-
Total Operating Income as Reported
2.81B
Prev Year: 2.28B
YoY: +23.1%
Total Expenses
5.08B
Prev Year: 4.49B
YoY: +13.3%
Interest Expense
612.00M
Prev Year: 595.00M
YoY: +2.9%
Net Interest Income
-601.00M
Prev Year: -549.00M
YoY: -9.5%
Net Income from Continuing and Discontinued Operation
1.69B
Prev Year: 1.86B
YoY: -9.1%
Normalized Income
1.61B
Prev Year: 2.40B
YoY: -32.9%
EBIT
2.82B
Prev Year: 2.31B
YoY: +21.8%
EBITDA
3.81B
Prev Year: 3.18B
YoY: +19.8%
Reconciled Cost of Revenue
4.58B
Prev Year: 4.07B
YoY: +12.7%
Reconciled Depreciation
987.00M
Prev Year: 862.00M
YoY: +14.5%
Net Income from Continuing Operation Net Minority Interest
1.69B
Prev Year: 1.86B
YoY: -9.1%
Total Unusual Items Excluding Goodwill
112.00M
Prev Year: -628.00M
YoY: +117.8%
Total Unusual Items
112.00M
Prev Year: -628.00M
YoY: +117.8%
Normalized EBITDA
3.69B
Prev Year: 3.81B
YoY: -2.9%
Tax Rate for Calcs
0.232
Prev Year: 0
Values in CAD

Pembina Pipeline key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue7.8B CAD7.4B CAD6.3B CAD11.6B CAD8.6B CAD
Gross profit3.2B CAD3.3B CAD2.8B CAD3.1B CAD2.6B CAD
Operating income2.7B CAD2.9B CAD2.4B CAD2.6B CAD2.6B CAD
Net income1.6B CAD1.7B CAD1.6B CAD2.8B CAD1.1B CAD
Diluted EPS2.66 CAD3.00 CAD2.99 CAD5.12 CAD1.99 CAD
Total assets35.6B CAD36.0B CAD32.6B CAD31.5B CAD31.5B CAD
Total liabilities18.8B CAD18.5B CAD16.8B CAD15.7B CAD17.1B CAD
Shareholders' equity16.8B CAD17.5B CAD15.8B CAD15.7B CAD14.3B CAD
Cash and short-term investments106.0M CAD141.0M CAD137.0M CAD94.0M CAD43.0M CAD
Total debt13.3B CAD13.3B CAD11.1B CAD11.3B CAD12.0B CAD
Operating cash flow3.3B CAD3.2B CAD2.6B CAD2.9B CAD2.7B CAD
Capital spending784.0M CAD955.0M CAD606.0M CAD605.0M CAD658.0M CAD
Free cash flow2.5B CAD2.3B CAD2.0B CAD2.3B CAD2.0B CAD

In CAD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Pembina Pipeline's revenue in fiscal year 2025?

7.78 billion CAD, up 5.3% from 7.38 billion CAD in fiscal year 2024.

How much profit does Pembina Pipeline make?

Pembina Pipeline reported net income of 1.55 billion CAD for fiscal year 2025 (19.9% of revenue); operating income was 2.70 billion CAD.

How much cash and debt does Pembina Pipeline have?

At the end of fiscal year 2025: cash and short-term investments of 106.00 million CAD and total debt of 13.31 billion CAD.

What is Pembina Pipeline's free cash flow?

2.52 billion CAD in fiscal year 2025 (operating cash flow of 3.30 billion CAD minus capital spending of 784.00 million CAD).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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