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Utilities - Regulated electric · Utilities · Fiscal year ends Dec 31
Pampa Energy reported revenue of $2B in the fiscal year ended Dec 2025, up 6.5% from the year before. Operating income was $503M, an operating margin of 25.2%, and net income was $378M. Operating cash flow of $778M less capital expenditure of $993M left free cash flow of −$215M. Net debt was $1.2B.
Ranks among the 36 utilities - regulated electric companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,508 | 1,829 | 1,732 | 1,876 | 1,998 |
| Cost of revenue | 951 | 1,139 | 1,107 | 1,279 | 1,369 |
| Gross profit | 557 | 690 | 625 | 597 | 629 |
| Operating income | 579 | 631 | 424 | 440 | 503 |
| Interest expense | 178 | 216 | 356 | 180 | 189 |
| Pre-tax income | 390 | 581 | 623 | 498 | 582 |
| Income tax | 77.0 | 124 | 318 | – | – |
| Net income | 238 | 457 | 305 | 619 | 378 |
| Diluted EPS | 0.19 | 0.33 | 0.22 | 0.46 | 0.28 |
| Diluted shares | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 110 | 106 | 171 | 738 | 725 |
| Receivables | 256 | 305 | – | – | 1.0 |
| Inventory | 155 | 173 | 205 | 223 | 231 |
| Current assets | 1,125 | 1,343 | 1,336 | 2,380 | 1,988 |
| Net PP&E | 1,659 | 2,164 | 2,544 | 2,607 | 3,303 |
| Total assets | 3,861 | 4,742 | 4,722 | 6,345 | 6,594 |
| Payables | 15.0 | 14.0 | 238 | 253 | 397 |
| Current liabilities | 342 | 631 | 521 | 1,302 | 639 |
| Short-term debt | 79.0 | 273 | 224 | 706 | 48.0 |
| Long-term debt | 1,359 | 1,340 | 1,224 | 1,373 | 1,844 |
| Total liabilities | 2,070 | 2,458 | 2,309 | 3,050 | 2,989 |
| Shareholders' equity | 1,785 | 2,277 | 2,404 | 3,286 | 3,596 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 729 | 619 | 575 | 435 | 778 |
| Capital expenditure | 206 | 416 | 758 | 447 | 993 |
| Free cash flow | 523 | 203 | −183 | −12.0 | −215 |
| Depreciation & amortisation | 205 | 212 | 267 | 342 | 414 |
| Acquisitions | 51.0 | – | – | – | – |
| Dividends paid | – | −8.0 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.3% | −5.3% | 8.3% | 6.5% |
| Operating income growth (YoY) | – | 9.0% | −32.8% | 3.8% | 14.3% |
| EPS growth (YoY) | – | 73.7% | −33.3% | 109.1% | −39.1% |
| Gross margin | 36.9% | 37.7% | 36.1% | 31.8% | 31.5% |
| Operating margin | 38.4% | 34.5% | 24.5% | 23.5% | 25.2% |
| Net margin | 15.8% | 25.0% | 17.6% | 33.0% | 18.9% |
| Return on equityBlank when equity is negative | 13.3% | 20.1% | 12.7% | 18.8% | 10.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.5% | 15.3% | 10.1% | 8.7% | 8.4% |
| Free cash flow margin | 34.7% | 11.1% | −10.6% | −0.6% | −10.8% |
| Cash conversion (CFO ÷ net income) | 3.06x | 1.35x | 1.89x | 0.70x | 2.06x |
| Receivable days | 62 | 61 | – | – | 0 |
| Inventory days | 59 | 55 | 68 | 64 | 62 |
| Payable days | 6 | 4 | 78 | 72 | 106 |
| Interest cover | 3.25x | 2.92x | 1.19x | 2.44x | 2.66x |
| Debt ÷ equity | 0.81x | 0.71x | 0.60x | 0.63x | 0.53x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,328 | 1,507 | 1,277 | 1,341 | 1,167 |
| Current ratio | 3.29x | 2.13x | 2.56x | 1.83x | 3.11x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.