Revenue surged 53.5% YoY to $746M in 2026Q2, but operating margins fluctuated between 4.5% and 29.2% over the past year, reflecting regulatory lag and non-operating gains like RECPAM that boosted net margin to 23.1%.
Pampa Energía S.A. (PAM) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Revenue | 2.42B | 2B | 1.88B | 1.73B | 1.83B | 1.51B | 1.07B | 1.34B | 1.44B | 4.41B | 1.58B | 548.81M | 713.32M | 818.25M |
| Revenue Growth % | 23.14% | 6.5% | 8.31% | -5.3% | 21.29% | 40.54% | -19.93% | -6.69% | -67.41% | 178.22% | 188.54% | -23.06% | -12.82% | - |
| Cost of Revenue | 1.62B | 1.37B | 1.28B | 1.11B | 1.14B | 951M | 663M | 811M | 833M | 3.19B | 1.27B | 543.79M | 693.09M | 859.66M |
| Gross Profit | 800M | 629M | 597M | 625M | 690M | 557M | 410M | 529M | 603M | 1.21B | 313.36M | 5.02M | 20.23M | -41.41M |
| Gross Margin % | 33.1% | 31.48% | 31.82% | 36.09% | 37.73% | 36.94% | 38.21% | 39.48% | 41.99% | 27.55% | 19.79% | 0.91% | 2.84% | -5.06% |
| Gross Profit Growth % | - | 5.36% | -4.48% | -9.42% | 23.88% | 35.85% | -22.5% | -12.27% | -50.32% | 287.32% | 6142.2% | -75.18% | 148.84% | - |
| Operating Expenses | 329M | 297M | 157M | 201M | 59M | -22M | 167M | 67M | 447M | 66.4M | 199.66M | 407.4M | 122.65M | 222.44M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 927M | 746M | 782M | 691M | 843M | 784M | 448M | 648M | 601M | 1.1B | 297.85M | 335.5M | 156.09M | 294.16M |
| EBITDA Margin % | 38.35% | 37.34% | 41.68% | 39.9% | 46.09% | 51.99% | 41.75% | 48.36% | 41.85% | 24.92% | 18.81% | 61.13% | 21.88% | 35.95% |
| EBITDA Growth % | 9.96% | -4.6% | 13.17% | -18.03% | 7.53% | 75% | -30.86% | 7.82% | -45.26% | 268.6% | -11.22% | 114.94% | -46.94% | - |
| Depreciation & Amortization | 355M | 414M | 342M | 267M | 212M | 205M | 205M | 186M | 165M | 415.76M | 138.8M | 57.07M | 54.6M | 57.49M |
| D&A / Revenue % | 14.69% | 20.72% | 18.23% | 15.42% | 11.59% | 13.59% | 19.11% | 13.88% | 11.49% | 9.44% | 8.77% | 10.4% | 7.65% | 7.03% |
| Operating Income (EBIT) | 471M | 332M | 440M | 424M | 631M | 579M | 243M | 462M | 436M | 682.12M | 159.05M | 278.42M | 101.48M | 236.67M |
| Operating Margin % | 19.49% | 16.62% | 23.45% | 24.48% | 34.5% | 38.4% | 22.65% | 34.48% | 30.36% | 15.48% | 10.04% | 50.73% | 14.23% | 28.92% |
| Operating Income Growth % | - | -24.55% | 3.77% | -32.81% | 8.98% | 138.27% | -47.4% | 5.96% | -36.08% | 328.88% | -42.88% | 174.35% | -57.12% | - |
| Interest Expense | 4M | 189M | 180M | 356M | 216M | 178M | 173.62M | 186.53M | 97M | 199.03M | 149M | 93.27M | 122.57M | 136.74M |
| Interest Coverage | - | 4.08x | 3.77x | 2.75x | 3.69x | 3.19x | 1.89x | 3.52x | 2.45x | 3.43x | 4.11x | 2.99x | 1.61x | 1.73x |
| Interest / Revenue % | 0.17% | 9.46% | 9.59% | 20.55% | 11.81% | 11.8% | 16.18% | 13.92% | 6.75% | 4.52% | 9.41% | 16.99% | 17.18% | 16.71% |
| Non-Operating Income | 2M | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K |
| Pretax Income | 681M | 582M | 498M | 623M | 581M | 390M | 159M | 473M | 59M | 814.28M | -96.17M | 342.6M | 73.66M | 111.88M |
| Pretax Margin % | 28.18% | 29.13% | 26.55% | 35.97% | 31.77% | 25.86% | 14.82% | 35.3% | 4.11% | 18.48% | -6.07% | 62.43% | 10.33% | 13.67% |
| Income Tax | 106M | 204M | -121M | 318M | 124M | 77M | 35M | -130M | -32M | -52.92M | -75.74M | 45.34M | 11.69M | -1.87M |
| Effective Tax Rate % | 15.57% | 35.05% | -24.3% | 51.04% | 21.34% | 19.74% | 22.01% | -27.48% | -54.24% | -6.5% | 78.75% | 13.23% | 15.87% | -1.67% |
| Net Income | 570M | 377M | 619M | 302M | 456M | 273M | -367M | 692M | 28M | 681.85M | -5.23M | 236.72M | 86.87M | 63.33M |
| Net Margin % | 23.58% | 18.87% | 33% | 17.44% | 24.93% | 18.1% | -34.2% | 51.64% | 1.95% | 15.48% | -0.33% | 43.13% | 12.18% | 7.74% |
| Net Income Growth % | 16.98% | -39.1% | 104.97% | -33.77% | 67.03% | 174.39% | -153.03% | 2371.43% | -95.89% | 13126.67% | -102.21% | 172.49% | 37.16% | - |
| EPS (Diluted) | 10.48 | 7.25 | 11.33 | 2.14 | 8.98 | 5.76 | 2.24 | 7.79 | 2.50 | 3.53 | -0.01 | 6.14 | 1.56 | 0.99 |
| EPS Growth % | 26.58% | -36.01% | 429.44% | -76.17% | 55.9% | 157.14% | -71.25% | 211.6% | -29.18% | 33090.65% | -100.17% | 293.59% | 57.58% | - |
| EPS (Basic) | - | 7.25 | 11.33 | 2.14 | 8.98 | 5.76 | 2.24 | 7.79 | 2.50 | 3.53 | -0.01 | 6.14 | 1.74 | 0.99 |
| Diluted Shares Outstanding | 54.4M | 54.4M | 54.4M | 54.64M | 55.24M | 56.2M | 62.88M | 71.96M | 78.36M | 78.84M | 69.44M | 53.87M | 59.02M | 52.57M |
Quick answers to the most common questions about buying PAM stock.
For fiscal year 2025, Pampa Energía S.A. (PAM) reported total revenue of $2.00B. This represents a 144.2% increase compared to $818.3M in 2013.
Pampa Energía S.A. (PAM) is profitable, generating $377.0M in net income for the fiscal year ending 2025 with a net profit margin of 18.9%.
Pampa Energía S.A. (PAM) reported an operating income of $332.0M, resulting in an operating profit margin of 16.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Pampa Energía S.A. (PAM) generated $629.0M in gross profit for the year, representing a gross profit margin of 31.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory tariff lag risk
Revenue Growth Driven by Rate Adjustments
Pampa Energía's revenue grew 53.5% YoY in 2026Q2, reaching $746M, according to recent financial statements, reflecting tariff adjustments and increased generation volumes, though sustainability depends on regulatory continuity.
The 53.5% YoY revenue surge in 2026Q2, as reported in the latest quarterly filing, appears to be driven by a combination of tariff indexation and higher energy dispatch, particularly from thermal plants. However, the sequential decline from 2026Q1's 38.4% growth suggests volatility, likely tied to seasonal demand and regulatory timing. Investors should monitor whether this growth translates into sustained earnings power or is a one-off adjustment.
Earned Returns Lag Authorized Levels
Operating margin fluctuated between 4.5% and 29.2% over the past year, as per company reports, indicating that Pampa's earned returns are inconsistent, likely due to regulatory lag and cost pass-through timing.
The wide swing in operating margin, from 4.5% in 2025Q4 to 25.9% in 2025Q3, suggests that Pampa is not consistently earning its authorized ROE. The low margin quarter may reflect a lag in tariff adjustments relative to inflation, compressing spreads. This pattern implies that regulatory recovery mechanisms are not fully insulating earnings from cost inflation, and the gap between authorized and earned returns may be widening.
Fuel Costs Partially Mitigated by Integration
Pampa's vertical integration into gas production helps offset fuel cost volatility, as evidenced by stable gross margins around 31.5% in recent quarters, according to financial statements, but regulatory pass-through remains critical.
The company's own gas production from Vaca Muerta likely provides a natural hedge against fuel price spikes, supporting gross margins. However, the timing of cost recovery for purchased power and other pass-through items can create working capital strain, especially if CAMMESA payments are delayed. The reported operating margin of 16.6% suggests that administrative and regulatory costs absorb a significant portion of gross profit, and any delay in tariff adjustments could compress margins further.
Net Income Boosted by Non-Operating Items
Net margin of 23.1% in 2026Q2, per the income statement, exceeds operating margin, indicating reliance on non-operating gains, such as RECPAM, which may not be recurring.
The gap between operating margin (25.2%) and net margin (23.1%) in 2026Q2 is unusual, as net margin is typically lower. This suggests significant non-operating income, likely from hyperinflation accounting adjustments (RECPAM) or equity-method investments. Analysts should adjust for these items to assess core regulated earnings power, which appears more moderate than headline net income suggests.
Capex Cycle Supports Rate Base Expansion
Pampa's capital expenditures, including the Néstor Kirchner pipeline expansion, are expected to drive rate base growth, but EPS growth has been volatile, as per recent filings, indicating timing lags.
The expansion of the Néstor Kirchner pipeline is a key growth driver, potentially increasing gas production and thermal plant dispatch. However, the translation of capex into EPS is not linear, as evidenced by EPS swings from $0.56 in 2025Q3 to $4.00 in 2026Q1. This volatility may reflect regulatory lag in incorporating new assets into rate base, and investors should monitor whether the current capex cycle yields sustainable earnings growth or merely maintains the existing asset base.
Regulatory and Macro Risks Could Undermine Earnings
Despite strong revenue growth, Pampa's earnings are vulnerable to tariff freezes and inflation, as seen in 2025Q4's 4.5% operating margin, according to financial data, which could compress returns.
The most significant challenge to Pampa's income statement narrative is the risk of prolonged delays in tariff adjustments amid high inflation. The 2025Q4 operating margin of 4.5% demonstrates the potential for severe margin compression when regulatory recovery lags. Additionally, the reliance on non-operating items for net income suggests that core regulated earnings may be weaker than headline figures imply. If the regulatory environment becomes more adversarial, earned ROE could fall below authorized levels for an extended period, pressuring the stock.