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PBA

Pembina Pipeline Corporation

PBA

Pembina Pipeline Corporation • NYSE
$38.99 ▲ 2.39% (+0.91)
Market Cap $22.65 B
52w High $42.40
52w Low $34.13
Dividend Yield 2.01%
P/E 19.5
Volume 765.41K
Outstanding Shares 580.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.791B ▼ $173M ▲ $286M ▼ 15.969% ▼ $0.49 ▼ $792M ▼
Q2-2025 $1.792B ▼ $96M ▼ $417M ▼ 23.27% ▲ $0.65 ▼ $942M ▼
Q1-2025 $2.312B ▲ $139M ▲ $502M ▼ 21.713% ▼ $0.8 ▼ $1.023B ▼
Q4-2024 $2.145B ▲ $117M ▼ $572M ▲ 26.667% ▲ $0.92 ▲ $1.133B ▲
Q3-2024 $1.844B $124M $383M 20.77% $0.6 $878M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $149M ▼ $35.445B ▲ $18.444B ▲ $17.001B ▼
Q2-2025 $210M ▲ $35.424B ▼ $18.385B ▲ $17.039B ▼
Q1-2025 $155M ▲ $35.71B ▼ $18.14B ▼ $17.57B ▲
Q4-2024 $141M ▲ $35.967B ▲ $18.457B ▲ $17.51B ▲
Q3-2024 $104M $35.412B $18.389B $17.023B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $286M ▼ $810M ▲ $-294M ▲ $-583M ▼ $-61M ▼ $625M ▲
Q2-2025 $417M ▲ $790M ▲ $-341M ▼ $-386M ▲ $55M ▲ $593M ▲
Q1-2025 $348.81M ▼ $579.497M ▼ $-122.292M ▲ $-448.172M ▲ $9.719M ▼ $458.594M ▼
Q4-2024 $572M ▲ $902M ▲ $-303M ▼ $-568M ▼ $37M ▲ $660M ▲
Q3-2024 $283.056M $677.709M $-233.54M $-555.027M $-110.198M $484.078M

Five-Year Company Overview

Income Statement

Income Statement Pembina’s income statement shows a mature, infrastructure-style business with generally steady profitability. Revenue has eased back from an unusually strong year earlier in the period, but underlying profit margins have held up well. Operating income has been relatively stable, and net earnings have been consistently positive after a weak year at the start of the period. Overall, the story is of a pipeline operator that generates reliable earnings with some ups and downs tied to market conditions and one standout year that looks more like an exception than the norm.

Balance Sheet

Balance Sheet The balance sheet reflects a large, capital‑intensive infrastructure company: heavy on long‑lived assets, moderate cash on hand, and meaningful use of debt. Both assets and shareholders’ equity have trended upward, suggesting ongoing investment and retained value. Debt has risen but not in a way that appears out of line with the growth in the asset base and equity. The profile is consistent with a midstream utility‑like business that leans on long‑term assets and leverage, with the key risk being the need to keep those assets fully utilized and well maintained over time.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been solid and gradually improving, and after funding capital projects, free cash flow has remained consistently positive. Capital spending has been steady, not overly aggressive, which supports both maintenance of existing infrastructure and selective growth projects. Together, this indicates a business that can comfortably fund its operations and investments from internal cash, with some room to support shareholder returns and debt service, as long as volumes and contract structures remain robust.

Competitive Edge

Competitive Edge Pembina occupies a strong niche in Western Canada with an integrated network that spans gathering, processing, transportation, and related services. Its “one‑stop” model and strategic positioning in a key producing basin give it meaningful bargaining power and customer stickiness. A high share of long‑term, fee‑based and take‑or‑pay contracts reduces direct exposure to commodity price swings and adds visibility to cash flows. Main competitive pressures come from other large North American midstream players, the risk of shifting production patterns, and regulatory or environmental constraints on pipeline development, but Pembina’s local integration provides a notable edge within its core region.

Innovation and R&D

Innovation and R&D Pembina’s innovation is practical rather than flashy: advanced monitoring, integrity management, and digital tools aimed at efficiency, safety, and reliability. Beyond operations, the company is pushing into future‑oriented areas like LNG exports and power supply for data centers, including a major LNG project and a planned gas‑fired power venture designed for AI‑driven data centers with potential carbon capture. These initiatives show a willingness to adapt its midstream expertise to emerging demand in global gas markets and digital infrastructure. The upside is new growth avenues; the risk is execution, regulatory approvals, and technology and demand evolving differently than expected.

Summary

Overall, Pembina looks like a stable, utility‑style midstream business with solid profitability, a sizeable but manageable debt load, and strong, recurring cash flows underpinned by long‑term contracts. Its integrated asset base in Western Canada provides a meaningful competitive moat, while new LNG and data‑center‑related projects point to a strategic effort to align with both global energy trade and the digital economy. Key uncertainties center on project execution, regulatory and environmental headwinds, interest rates affecting a leveraged balance sheet, and the long‑term pace of energy transition. The financials and strategy together suggest a company focused on durable cash generation today and selective, higher‑growth opportunities for tomorrow.

NEWS

November 6, 2025 · 5:01 PM UTC

Pembina Pipeline Corporation Reports Results for the Third Quarter of 2025 and Provides Business Update

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November 5, 2025 · 7:00 AM UTC

Pembina and PETRONAS Enter Long-Term Agreement for Cedar LNG Capacity

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October 10, 2025 · 4:30 PM UTC

Pembina Pipeline Corporation Announces Closing of $225 Million Subordinated Note Offering and Redemption of Series 9 Preferred Shares

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October 8, 2025 · 5:00 PM UTC

Pembina Pipeline Corporation Announces $225 Million Subordinated Note Offering

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October 8, 2025 · 8:45 AM UTC

Pembina Pipeline Corporation Announces Consideration of Subordinated Note Offering

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