Revenue growth reached 38.4% in 2026Q1, though net margins remain highly sensitive to non-recurring items, fluctuating from -5.5% in 2023Q4 to 37.3% in 2026Q1.
| 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 | 2.16B | 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 % | 9.12% | 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 | 1.48B | 1.37B | 1.28B | 1.11B | 1.14B | 951M | 663M | 811M | 833M | 3.19B | 1.27B | 543.79M | 693.09M | 859.66M |
| Gross Profit | 682M | 629M | 597M | 625M | 690M | 557M | 410M | 529M | 603M | 1.21B | 313.36M | 5.02M | 20.23M | -41.41M |
| Gross Margin % | 31.62% | 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 | 286M | 297M | 157M | 201M | 59M | -22M | 167M | 67M | 447M | 66.4M | 199.66M | 407.4M | 122.65M | 222.44M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 848M | 746M | 782M | 691M | 843M | 784M | 448M | 648M | 601M | 1.1B | 297.85M | 335.5M | 156.09M | 294.16M |
| EBITDA Margin % | 39.31% | 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 % | 1.43% | -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 | 452M | 414M | 342M | 267M | 212M | 205M | 205M | 186M | 165M | 415.76M | 138.8M | 57.07M | 54.6M | 57.49M |
| D&A / Revenue % | 20.96% | 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) | 396M | 332M | 440M | 424M | 631M | 579M | 243M | 462M | 436M | 682.12M | 159.05M | 278.42M | 101.48M | 236.67M |
| Operating Margin % | 18.36% | 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 % | 0.19% | 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 | 582M | 582M | 498M | 623M | 581M | 390M | 159M | 473M | 59M | 814.28M | -96.17M | 342.6M | 73.66M | 111.88M |
| Pretax Margin % | 26.98% | 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 | 142M | 204M | -121M | 318M | 124M | 77M | 35M | -130M | -32M | -52.92M | -75.74M | 45.34M | 11.69M | -1.87M |
| Effective Tax Rate % | 24.4% | 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 | 438M | 377M | 619M | 302M | 456M | 273M | -367M | 692M | 28M | 681.85M | -5.23M | 236.72M | 86.87M | 63.33M |
| Net Margin % | 20.31% | 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 % | -19.97% | -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) | 8.05 | 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 % | -10.24% | -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 |
High regulatory and macro sensitivity
According to recent financial disclosures, Pampa Energía reported a 38.4% revenue growth in 2026Q1, yet this follows a volatile period where quarterly revenue fluctuated significantly, reflecting the company's heavy dependence on periodic tariff adjustments and the inherent unpredictability of the Argentine wholesale electricity market administrator, CAMMESA.
The revenue trajectory appears heavily influenced by the timing of regulatory tariff resets rather than organic volumetric expansion. Investors should monitor whether the recent growth represents a durable recovery in real-term pricing or merely a catch-up mechanism following periods of high inflationary pressure on the company's cost base.
Based on reported figures, Pampa Energía maintains an operating margin of 18.7% as of 2026Q1, which suggests that the company's vertical integration into Vaca Muerta shale gas production provides a critical buffer against the fuel cost volatility that typically plagues independent power producers in the region.
The ability to internalize fuel supply appears to insulate the generation segment from the full impact of external commodity price shocks. However, the reliance on this model may mask underlying inefficiencies in the petrochemical and holding segments, which remain susceptible to broader industrial demand cycles and local economic conditions.
As reported in financial statements, Pampa Energía's net income has exhibited extreme variance, with net margins swinging from -5.5% in 2023Q4 to 37.3% in 2026Q1, indicating that headline EPS figures are frequently distorted by non-recurring items and the impact of hyperinflationary accounting adjustments under IAS 29.
The reported earnings appear to be heavily influenced by monetary gains and losses from exposure to currency purchasing power changes rather than purely operational performance. Analysts should exercise caution when extrapolating these figures, as the core regulated earnings power is often obscured by these accounting-driven fluctuations.
Financial data indicates that Pampa Energía is leveraging its strong balance sheet, characterized by a low debt-to-equity ratio of 0.54%, to fund strategic infrastructure projects like the Néstor Kirchner gas pipeline, which may serve as a catalyst for future earnings growth through increased production and dispatch priority.
The current capital expenditure cycle appears focused on removing midstream bottlenecks that have historically constrained the company's E&P segment. While this investment may enhance long-term earnings potential, the timing of returns remains contingent on the successful integration of these assets into the national energy grid and favorable regulatory treatment.
Analysis of the company's financial position suggests that the reported income statement may understate the risks associated with CAMMESA payment delays, which can create significant working capital strain and erode the real value of accrued revenues in a high-inflation environment like that of Argentina.
The reliance on government-linked receivables warrants further investigation, as the income statement does not fully capture the potential for future write-downs or liquidity constraints. Investors should remain skeptical of the sustainability of current margins if the regulatory compact regarding timely tariff adjustments and subsidy payments begins to deteriorate.
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.