Pembina Pipeline (PBA) financial statements
Pembina Pipeline reported revenue of 7.8B CAD in fiscal 2025, up 6.9% a year over 9 years.
Net income was 1.7B CAD and the operating margin 36.1%, against 18.9% in 2016.
Free cash flow was 2.5B CAD.
The diluted share count rose 50% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions (CAD).
Income statement
Fiscal years, in CAD, from Pembina Pipeline's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4.3B CAD | 5.4B CAD | 7.4B CAD | 6.4B CAD | 6.0B CAD | 8.6B CAD | 11.6B CAD | 6.3B CAD | 7.4B CAD | 7.8B CAD |
| Cost of revenue | 3.2B CAD | 4.0B CAD | 5.5B CAD | 4.3B CAD | 3.9B CAD | 6.1B CAD | 8.9B CAD | 3.8B CAD | 4.4B CAD | 4.8B CAD |
| Gross profit | 1.0B CAD | 1.5B CAD | 2.3B CAD | 2.4B CAD | 2.0B CAD | 2.6B CAD | 3.1B CAD | 2.8B CAD | 3.3B CAD | 3.2B CAD |
| Selling, general and admin | 195M CAD | 236M CAD | 279M CAD | 296M CAD | 246M CAD | 306M CAD | 399M CAD | 422M CAD | 444M CAD | 477M CAD |
| Operating income | 808M CAD | 1.2B CAD | 2.0B CAD | 1.8B CAD | 4M CAD | 2.1B CAD | 3.7B CAD | 2.7B CAD | 2.3B CAD | 2.8B CAD |
| Interest expense | 153M CAD | 185M CAD | 279M CAD | 289M CAD | 420M CAD | 450M CAD | 486M CAD | 466M CAD | 561M CAD | 602M CAD |
| Pre-tax income | 655M CAD | 1.0B CAD | 1.7B CAD | 1.5B CAD | -416M CAD | 1.7B CAD | 3.2B CAD | 2.2B CAD | 1.7B CAD | 2.2B CAD |
| Income tax | 189M CAD | 142M CAD | 464M CAD | 35M CAD | -100M CAD | 423M CAD | 248M CAD | 413M CAD | -154M CAD | 513M CAD |
| Net income | 466M CAD | 116M CAD | 411M CAD | 370M CAD | -316M CAD | 1.2B CAD | 3.0B CAD | 1.8B CAD | 1.9B CAD | 1.7B CAD |
| EPS (diluted) | — | — | — | 2,680,000.00 CAD | — | — | — | — | — | — |
| Diluted shares | 389M | 432M | 509M | 514M | 550M | 551M | 554M | 551M | 574M | 582M |
| Gross margin | 23.5% | 27.3% | 31.7% | 38.3% | 33.7% | 30.7% | 26.9% | 44.9% | 44.9% | 41.1% |
| Operating margin | 18.9% | 22.4% | 27.5% | 28.7% | 0.1% | 24.5% | 31.9% | 41.9% | 30.9% | 36.1% |
| Net margin | 10.9% | 2.1% | 5.6% | 5.8% | -5.3% | 14.4% | 25.6% | 28.1% | 25.2% | 21.8% |
Balance sheet
Fiscal years, in CAD, from Pembina Pipeline's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | 35M CAD | 321M CAD | 157M CAD | 129M CAD | 81M CAD | 43M CAD | 107M CAD | 151M CAD | 141M CAD | 106M CAD |
| Receivables | 451M CAD | 529M CAD | 604M CAD | 694M CAD | 662M CAD | 812M CAD | 912M CAD | 852M CAD | 1.0B CAD | 836M CAD |
| Inventory | 181M CAD | 168M CAD | 198M CAD | 126M CAD | 221M CAD | 376M CAD | 269M CAD | 333M CAD | 301M CAD | 284M CAD |
| Total current assets | 676M CAD | 1.0B CAD | 1.0B CAD | 989M CAD | 989M CAD | 1.2B CAD | 1.4B CAD | 2.6B CAD | 1.6B CAD | 1.3B CAD |
| Property, plant and equipment | 11.3B CAD | 13.5B CAD | 14.7B CAD | 18.4B CAD | 18.5B CAD | 18.2B CAD | 15.5B CAD | 15.8B CAD | 22.7B CAD | 22.6B CAD |
| Goodwill | 2.1B CAD | 3.9B CAD | 3.9B CAD | 4.7B CAD | 4.7B CAD | 4.7B CAD | 4.6B CAD | 4.6B CAD | 5.0B CAD | 5.0B CAD |
| Total assets | 15.0B CAD | 25.6B CAD | 26.7B CAD | 32.8B CAD | 31.4B CAD | 31.5B CAD | 31.5B CAD | 32.6B CAD | 36.0B CAD | 35.6B CAD |
| Total current liabilities | 778M CAD | 1.1B CAD | 1.5B CAD | 1.4B CAD | 1.8B CAD | 2.4B CAD | 2.1B CAD | 3.2B CAD | 2.9B CAD | 2.1B CAD |
| Long-term debt | 4.0B CAD | 7.3B CAD | 7.1B CAD | 10.1B CAD | 10.3B CAD | 9.6B CAD | 9.4B CAD | 9.3B CAD | 10.5B CAD | 11.1B CAD |
| Total liabilities | 6.7B CAD | 11.7B CAD | 12.3B CAD | 15.9B CAD | 16.4B CAD | 17.1B CAD | 15.7B CAD | 16.8B CAD | 18.5B CAD | 18.8B CAD |
| Shareholders' equity | 8.3B CAD | 13.8B CAD | 14.3B CAD | 16.8B CAD | 15.0B CAD | 14.3B CAD | 15.7B CAD | 15.8B CAD | 17.5B CAD | 16.8B CAD |
| Net debt | 4.0B CAD | 7.1B CAD | 7.4B CAD | 10.0B CAD | 10.8B CAD | 10.6B CAD | 9.9B CAD | 9.8B CAD | 11.9B CAD | 11.6B CAD |
Cash flow
Fiscal years, in CAD, from Pembina Pipeline's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.1B CAD | 1.5B CAD | 2.3B CAD | 2.5B CAD | 2.3B CAD | 2.6B CAD | 2.9B CAD | 2.6B CAD | 3.2B CAD | 3.3B CAD |
| Capital spending | 1.7B CAD | 1.8B CAD | 1.2B CAD | 1.6B CAD | 1.0B CAD | 658M CAD | 605M CAD | 606M CAD | 955M CAD | 784M CAD |
| Free cash flow | -668M CAD | -326M CAD | 1.0B CAD | 887M CAD | 1.2B CAD | 2.0B CAD | 2.3B CAD | 2.0B CAD | 2.3B CAD | 2.5B CAD |
| Stock-based compensation | -20M CAD | -22M CAD | -32M CAD | -50M CAD | -45M CAD | -32M CAD | -45M CAD | 72M CAD | 84M CAD | 94M CAD |
| Dividends paid | 351M CAD | 781M CAD | 1.2B CAD | 1.3B CAD | 1.5B CAD | — | — | — | — | — |
| Share buybacks (net) | — | — | — | — | 0 CAD | -17M CAD | -333M CAD | -50M CAD | 0 CAD | — |
| Net borrowing | 317M CAD | 1.3B CAD | -632M CAD | 287M CAD | 1.0B CAD | 964M CAD | 0 CAD | 490M CAD | 2.7B CAD | 1.0B CAD |
| Free cash flow margin | -15.7% | -6.0% | 14.0% | 13.9% | 20.5% | 23.1% | 20.0% | 32.0% | 30.6% | 32.4% |
| Dividends per share | 0.90 CAD | 1.81 CAD | 2.45 CAD | 2.57 CAD | 2.78 CAD | — | — | — | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for PBA.
Open PBA in InvestinglyQuestions
What was Pembina Pipeline's revenue in 2025?
7.8B CAD in fiscal 2025, from its 10-K filing.
How much free cash flow does Pembina Pipeline generate?
2.5B CAD in fiscal 2025 (operating cash flow minus capital spending).
From Pembina Pipeline's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.