PBA

MKT CAP:$25B

Pembina Pipeline Corporation

Market Cap

$25B

Energy·Oil & Gas Midstream·🇨🇦 Canada·NYSE

Energy·Oil & Gas Midstream·🇨🇦·NYSE

Stock Price

$43.38+$4.81 (+12.47%)

Apr 24, 2026

Company Details

Pembina Pipeline Corporation provides transportation and midstream services for the energy industry. It operates through three segments: Pipelines, Facilities, and Marketing & New Ventures. The Pipelines segment operates conventional, oil s...

CEO

J. Scott Burrows

IPO Date

Oct 6, 2010

Website

www.pembina.com

Key Metrics TTM

Revenue

$5.6B

-3.0% YoY

Net Income

$1.3B

EPS (Diluted)

$2.03

Free Cash Flow

$1.8B

Revenue / Share

$9.59

Gross Margin

41.7%

Operating Margin

38.3%

Net Margin

23.1%

FCF Margin

32.7%

P/S

4.5x

P/E

19.5x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 26, 2026

$5.7B+5.3%EPS $1.94

Q4 2025

Feb 26, 2026

$1.4B-10.8%EPS $0.57

Q3 2025

Nov 6, 2025

$1.3BEPS $0.31

Q2 2025

Aug 7, 2025

$1.3BEPS $0.48

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 16	$914M	$197M	$166M
Q4 17	$1.3B	$406M	$347M
Q4 19	$1.3B	$441M	$152M
Q4 20	$1.2B	$191M	-$1.1B
Q1 21	$1.5B	$460M	$385M
Q2 21	$1.4B	$402M	$309M
Q4 21	$1.9B	$574M	$175M
Q3 22	$2.0B	$639M	$1.4B
Q1 23	$1.2B	$491M	$428M
Q2 23	$1.0B	$482M	$414M
Q3 23	$1.7B	$482M	$418M
Q4 23	$1.8B	$621M	$680M
Q4 24	$1.6B	$748M	$663M
Q2 25	$1.3B	$570M	$500M
Q3 25	$1.3B	$529M	$403M
Q4 25	$1.4B	$479M	$574M

Valuation

Quarter	P/S	P/E
Q4 16	8.1x	73.8x
Q4 17	6.9x	42.5x
Q4 19	6.0x	40.9x
Q4 20	5.4x	—
Q1 21	4.8x	—
Q2 21	4.7x	—
Q4 21	4.2x	—
Q3 22	3.7x	13.9x
Q1 23	3.8x	13.6x
Q2 23	4.1x	13.0x
Q3 23	4.2x	11.8x
Q4 23	4.4x	19.4x
Q4 24	4.1x	17.4x
Q2 25	4.0x	16.9x
Q3 25	4.2x	17.4x
Q4 25	4.5x	19.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 16	$209M	-$122M
Q4 17	$382M	$153M
Q4 19	$532M	$219M
Q4 20	$560M	$442M
Q1 21	$333M	$240M
Q2 21	$427M	$320M
Q4 21	$509M	$376M
Q3 22	$561M	$465M
Q1 23	$335M	$235M
Q2 23	$477M	$387M
Q3 23	$471M	$347M
Q4 23	$643M	$514M
Q4 24	$659M	$482M
Q2 25	$577M	$433M
Q3 25	$592M	$457M
Q4 25	$629M	$451M

Capital Expenditures

Quarter	CapEx
Q4 16	$331M
Q4 17	$229M
Q4 19	$314M
Q4 20	$118M
Q1 21	$93M
Q2 21	$107M
Q4 21	$133M
Q3 22	$96M
Q1 23	$100M
Q2 23	$90M
Q3 23	$124M
Q4 23	$129M
Q4 24	$177M
Q2 25	$144M
Q3 25	$135M
Q4 25	$178M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 17	+68.7%	+48.1%
Q4 19	+70.8%	+86.7%
Q4 20	+74.6%	+325.4%
Q1 21	+61.2%	+45.4%
Q2 21	+10.8%	+19.2%
Q4 21	+46.0%	+50.1%
Q3 22	+64.0%	-72.5%
Q1 23	-15.7%	-25.2%
Q2 23	-25.2%	-42.1%
Q3 23	-10.5%	-25.9%
Q4 23	-11.3%	+70.9%
Q4 24	+26.2%	+11.1%
Q2 25	+26.0%	+29.4%
Q3 25	-21.9%	-27.9%
Q4 25	-22.4%	-26.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 16	$7M	0.8%
Q4 17	$15M	1.2%
Q4 19	$12M	1.0%
Q4 20	$15M	1.2%
Q1 21	$20M	1.4%
Q2 21	$21M	1.5%
Q4 21	$17M	0.9%
Q3 22	$4M	0.2%
Q1 23	$15M	1.2%
Q2 23	-$4M	-0.4%
Q3 23	$8M	0.5%
Q4 23	$34M	1.9%
Q4 24	$2M	0.1%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	-$50M	-3.6%

OpEx Breakdown

Quarter	G&A
Q4 16	$36M
Q4 17	$47M
Q4 19	$60M
Q4 20	$51M
Q1 21	$64M
Q2 21	$58M
Q4 21	$53M
Q3 22	$56M
Q1 23	$67M
Q2 23	$61M
Q3 23	$76M
Q4 23	$104M
Q4 24	$76M
Q2 25	$71M
Q3 25	$92M
Q4 25	$118M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$20M	$0	$20M
Q2 22	$52M	$0	$52M
Q3 22	$215M	$0	$215M
Q4 22	$69M	$0	$69M
Q1 23	$68M	$0	$68M
Q2 23	$42M	$0	$42M
Q3 23	$63M	$0	$63M
Q4 23	$100M	$0	$100M
Q1 24	$1.2B	$0	$1.2B
Q2 24	$187M	$0	$187M
Q3 24	$76M	$0	$76M
Q4 24	$103M	$0	$103M
Q1 25	$113M	$0	$113M
Q2 25	$153M	$0	$153M
Q3 25	$109M	$0	$109M
Q4 25	$77M	$0	$77M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 16	400M	+1.8%	—
Q4 17	508M	+27.0%	+35.1%
Q4 19	690M	+35.9%	+77.0%
Q4 20	550M	-20.3%	+39.9%
Q1 21	550M	0.0%	+37.5%
Q2 21	551M	+0.2%	+8.5%
Q4 21	552M	+0.2%	-20.1%
Q3 22	556M	+0.7%	+1.1%
Q1 23	551M	-0.9%	+0.2%
Q2 23	551M	0.0%	0.0%
Q3 23	550M	-0.2%	-0.4%
Q4 23	550M	0.0%	-1.1%
Q4 24	582M	+5.8%	+5.6%
Q2 25	582M	0.0%	+5.6%
Q3 25	582M	0.0%	+5.8%
Q4 25	582M	0.0%	+5.8%

Shares Outstanding