Pembina Pipeline
PBA · NYSEOil & Gas Field Exploration Services · Fiscal year ends Dec 31 · Reports in CAD
Pembina Pipeline reported revenue of CAD 7.8B in the fiscal year ended Dec 2025, up 5.3% from the year before. Operating income was CAD 2.8B, an operating margin of 36.1%, and net income was CAD 1.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | CAD 8.6B | CAD 11.6B | CAD 6.3B | CAD 7.4B | CAD 7.8B |
| Cost of revenue | CAD 6.1B | CAD 8.9B | CAD 3.8B | CAD 4.4B | CAD 4.8B |
| Gross profit | CAD 2.6B | CAD 3.1B | CAD 2.8B | CAD 3.3B | CAD 3.2B |
| Selling, general & admin | CAD 306M | CAD 399M | CAD 422M | CAD 444M | CAD 477M |
| Operating income | CAD 2.1B | CAD 3.7B | CAD 2.7B | CAD 2.3B | CAD 2.8B |
| Interest expense | CAD 450M | CAD 486M | CAD 466M | CAD 561M | CAD 602M |
| Pre-tax income | CAD 1.7B | CAD 3.2B | CAD 2.2B | CAD 1.7B | CAD 2.2B |
| Income tax | CAD 423M | CAD 248M | CAD 413M | −CAD 154M | CAD 513M |
| Net income | CAD 1.2B | CAD 3B | CAD 1.8B | CAD 1.9B | CAD 1.7B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | CAD 43M | CAD 107M | CAD 151M | CAD 141M | CAD 106M |
| Receivables | CAD 812M | CAD 912M | CAD 852M | CAD 1B | CAD 836M |
| Inventory | CAD 376M | CAD 269M | CAD 333M | CAD 301M | CAD 284M |
| Current assets | CAD 1.2B | CAD 1.4B | CAD 2.6B | CAD 1.6B | CAD 1.3B |
| Net PP&E | CAD 18.2B | CAD 15.5B | CAD 15.8B | CAD 22.7B | CAD 22.6B |
| Goodwill | CAD 4.7B | CAD 4.6B | CAD 4.6B | CAD 5B | CAD 5B |
| Total assets | CAD 31.5B | CAD 31.5B | CAD 32.6B | CAD 36B | CAD 35.6B |
| Payables | CAD 1.1B | CAD 1.3B | CAD 1.2B | CAD 1.2B | CAD 1.3B |
| Current liabilities | CAD 2.4B | CAD 2.1B | CAD 3.2B | CAD 2.9B | CAD 2.1B |
| Total liabilities | CAD 17.1B | CAD 15.7B | CAD 16.8B | CAD 18.5B | CAD 18.8B |
| Shareholders' equity | CAD 14.3B | CAD 15.7B | CAD 15.8B | CAD 17.5B | CAD 16.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | CAD 2.7B | CAD 2.9B | CAD 2.6B | CAD 3.2B | CAD 3.3B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 34.6% | −45.5% | 16.6% | 5.3% |
| Operating income growth (YoY) | – | 75.2% | −28.3% | −14.1% | 23.1% |
| Gross margin | 30.7% | 26.9% | 44.9% | 44.9% | 41.1% |
| Operating margin | 24.5% | 31.9% | 41.9% | 30.9% | 36.1% |
| Net margin | 14.4% | 25.6% | 28.1% | 25.4% | 21.8% |
| Return on equityBlank when equity is negative | 8.7% | 18.9% | 11.2% | 10.7% | 10.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.3% | 12.6% | 9.0% | 6.9% | 8.4% |
| Cash conversion (CFO ÷ net income) | 2.13x | 0.99x | 1.48x | 1.72x | 1.95x |
| Receivable days | 34 | 29 | 49 | 50 | 39 |
| Inventory days | 22 | 11 | 32 | 25 | 22 |
| Payable days | 63 | 52 | 111 | 100 | 101 |
| Interest cover | 4.70x | 7.62x | 5.70x | 4.07x | 4.67x |
| Current ratio | 0.52x | 0.66x | 0.82x | 0.54x | 0.61x |
Recent filings
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.