Revenue experienced a 10.4% year-over-year decline in 2026Q1, with gross margins contracting to 38.5% as the company navigates cyclical throughput volumes.
| 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 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 7.57B | 7.78B | 7.38B | 6.33B | 11.61B | 8.63B | 5.95B | 7.23B | 7.35B | 5.41B | 4.26B | 4.63B | 6.07B | 5.03B | 3.43B | 1.68B | 1.26B | 811.8M | 674.88M | 504.79M | 335.82M | 290.52M | 278.29M | 243.07M | 224.47M | 191.65M | 136.19M | 101.33M | 108.68M |
| Revenue Growth % | -7.22% | 5.34% | 16.63% | -45.47% | 34.59% | 44.92% | -17.66% | -1.65% | 35.93% | 26.8% | -7.98% | -23.63% | 20.78% | 46.61% | 104.41% | 33.59% | 54.61% | 20.29% | 33.7% | 50.32% | 15.59% | 4.4% | 14.49% | 8.29% | 17.13% | 40.72% | 34.4% | -6.76% | - |
| Cost of Goods Sold | 4.51B | 4.79B | 4.07B | 3.49B | 8.49B | 5.98B | 3.94B | 4.8B | 5.02B | 3.93B | 3.26B | 3.77B | 5.19B | 4.23B | 2.89B | 1.33B | 895.37M | 473.53M | 371.86M | 244.68M | 119.01M | 102.74M | 105.03M | 96.15M | 88.97M | 71.37M | 52.48M | 36.58M | 38.3M |
| COGS % of Revenue | - | 61.64% | 55.09% | 55.14% | 73.1% | 69.32% | 66.27% | 66.35% | 68.34% | 72.6% | 76.53% | 81.32% | 85.57% | 84.22% | 84.28% | 79.44% | 71.34% | 58.33% | 55.1% | 48.47% | 35.44% | 35.36% | 37.74% | 39.56% | 39.64% | 37.24% | 38.53% | 36.09% | 35.24% |
| Gross Profit | 3.06B | 2.98B | 3.32B | 2.84B | 3.12B | 2.65B | 2.01B | 2.43B | 2.33B | 1.48B | 1B | 866M | 876M | 793M | 538.72M | 344.73M | 359.73M | 338.26M | 303.03M | 260.11M | 216.81M | 187.79M | 173.26M | 146.92M | 135.5M | 120.28M | 83.72M | 64.76M | 70.38M |
| Gross Margin % | 40.46% | 38.36% | 44.91% | 44.86% | 26.9% | 30.68% | 33.73% | 33.65% | 31.66% | 27.4% | 23.47% | 18.68% | 14.43% | 15.78% | 15.72% | 20.56% | 28.66% | 41.67% | 44.9% | 51.53% | 64.56% | 64.64% | 62.26% | 60.44% | 60.36% | 62.76% | 61.47% | 63.91% | 64.76% |
| Gross Profit Growth % | - | -10.01% | 16.76% | -9.06% | 17.98% | 31.82% | -17.47% | 4.56% | 57.02% | 48.05% | 15.59% | -1.14% | 10.47% | 47.2% | 56.28% | -4.17% | 6.35% | 11.63% | 16.5% | 19.97% | 15.45% | 8.38% | 17.93% | 8.43% | 12.65% | 43.68% | 29.27% | -7.98% | - |
| Operating Expenses | 484.33M | 175M | 1.03B | 185M | -582M | 532M | 2B | 311M | 306M | 264M | 194M | 181M | 174M | 132M | 97.49M | 63.62M | 110.79M | 121.19M | 110.78M | 97.09M | 112.25M | 103.24M | 99.92M | 89.11M | 79.8M | 71.45M | -24.41M | -18.07M | 50.99M |
| OpEx % of Revenue | - | 2.25% | 14.02% | 2.92% | -5.01% | 6.17% | 33.66% | 4.3% | 4.16% | 4.88% | 4.55% | 3.91% | 2.87% | 2.63% | 2.84% | 3.79% | 8.83% | 14.93% | 16.41% | 19.23% | 33.43% | 35.54% | 35.91% | 36.66% | 35.55% | 37.28% | -17.93% | -17.83% | 46.92% |
| Selling, General & Admin | 469.33M | 477M | 444M | 422M | 399M | 306M | 246M | 296M | 279M | 236M | 195M | 157M | 156M | 132M | 91.71M | 59.98M | 44.09M | 51.37M | 38.63M | 30.64M | 26.64M | 17.97M | 16.23M | 12.79M | 11.83M | 9.83M | 7.41M | 7.24M | 9.22M |
| SG&A % of Revenue | - | 6.13% | 6.01% | 6.67% | 3.44% | 3.55% | 4.13% | 4.09% | 3.8% | 4.36% | 4.57% | 3.39% | 2.57% | 2.63% | 2.68% | 3.58% | 3.51% | 6.33% | 5.72% | 6.07% | 7.93% | 6.19% | 5.83% | 5.26% | 5.27% | 5.13% | 5.44% | 7.14% | 8.49% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | -302M | 591M | -237M | -981M | 226M | 1.76B | 15M | -274M | -13M | 0 | 40M | -41M | 0 | 5.78M | 3.64M | 66.7M | 69.82M | 72.15M | 66.45M | -7.39M | 85.27M | 83.69M | 76.32M | 67.97M | 61.62M | -31.82M | -25.31M | 41.77M |
| Operating Income | 2.58B | 2.81B | 2.28B | 2.65B | 3.71B | 2.12B | 4M | 1.82B | 2.02B | 1.22B | 807M | 685M | 702M | 660M | 416.49M | 281.11M | 241.88M | 210.12M | 192.25M | 163.01M | 110.55M | 84.54M | 73.34M | 57.81M | 55.7M | 48.82M | 108.13M | 82.83M | 19.39M |
| Operating Margin % | 34.06% | 36.11% | 30.89% | 41.94% | 31.91% | 24.52% | 0.07% | 25.2% | 27.49% | 22.52% | 18.92% | 14.78% | 11.57% | 13.13% | 12.15% | 16.77% | 19.27% | 25.88% | 28.49% | 32.29% | 32.92% | 29.1% | 26.35% | 23.78% | 24.81% | 25.48% | 79.4% | 81.74% | 17.84% |
| Operating Income Growth % | - | 23.15% | -14.09% | -28.34% | 75.18% | 52775% | -99.78% | -9.85% | 65.93% | 50.93% | 17.81% | -2.42% | 6.36% | 58.47% | 48.16% | 16.22% | 15.11% | 9.3% | 17.93% | 47.45% | 30.77% | 15.28% | 26.85% | 3.81% | 14.07% | -54.85% | 30.55% | 327.15% | - |
| EBITDA | 3.57B | 3.8B | 3.14B | 3.32B | 4.39B | 2.84B | 704M | 2.34B | 2.45B | 1.61B | 1.11B | 948M | 928M | 831M | 595.87M | 351.33M | 308.77M | 279.94M | 264.4M | 229.46M | 196.17M | 169.81M | 157.99M | 134.14M | 123.67M | 130.97M | 173.68M | 121.84M | 61.16M |
| EBITDA Margin % | 47.17% | 48.8% | 42.56% | 52.41% | 37.79% | 32.9% | 11.83% | 32.32% | 33.33% | 29.81% | 26.03% | 20.45% | 15.29% | 16.54% | 17.39% | 20.95% | 24.6% | 34.48% | 39.18% | 45.46% | 58.42% | 58.45% | 56.77% | 55.18% | 55.09% | 68.34% | 127.53% | 120.24% | 56.27% |
| EBITDA Growth % | 5.7% | 20.78% | -5.27% | -24.38% | 54.62% | 303.13% | -69.88% | -4.61% | 51.99% | 45.23% | 17.09% | 2.16% | 11.67% | 39.46% | 69.61% | 13.78% | 10.3% | 5.88% | 15.22% | 16.97% | 15.52% | 7.49% | 17.78% | 8.47% | -5.57% | -24.59% | 42.55% | 99.23% | - |
| D&A (Non-Cash Add-back) | 991.61M | 987M | 862M | 663M | 683M | 723M | 700M | 515M | 429M | 394M | 303M | 263M | 226M | 171M | 179.39M | 70.22M | 66.89M | 69.82M | 72.15M | 66.45M | 85.62M | 85.27M | 84.65M | 76.32M | 67.97M | 82.14M | 65.55M | 39.01M | 41.77M |
| EBIT | 2.7B | 2.79B | 2.31B | 2.66B | 3.68B | 2.1B | 0 | 1.48B | 2.03B | 1.12B | 767M | 685M | 662M | 600M | 423.1M | 274.31M | 227.19M | 210.12M | 215.74M | 163.01M | 97.16M | 84.54M | 71.14M | 57.81M | 55.7M | 48.82M | 108.13M | 82.83M | 19.39M |
| Net Interest Income | -595.37M | -575.53M | -549M | -463M | -462M | -440M | -416M | -237.52M | -286M | -183M | -112M | -113M | -85M | -101M | -120M | -84.39M | -71.8M | -51.89M | -42.82M | 0 | -32.58M | -40.48M | 0 | -20.29M | 0 | 0 | -11.42M | 0 | 0 |
| Interest Income | 12.01M | 10.99M | 46M | 7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5M | 5M | 1.46M | 5.79M | 542K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 607.38M | 586.52M | 595M | 470M | 462M | 440M | 416M | 237.52M | 286M | 183M | 112M | 113M | 90M | 106M | 121.75M | 88.13M | 60.17M | 51.89M | 42.82M | 0 | 32.58M | 40.48M | 0 | 20.29M | 0 | 0 | 11.42M | 0 | 0 |
| Other Income/Expense | -377.1M | -602M | -561M | -466M | -486M | -450M | -420M | -289M | -279M | -185M | -153M | -71M | -130M | -166M | -139M | -82.34M | -71.8M | -52.21M | -19.33M | -43.23M | -38.58M | -41.77M | -44.01M | -20.77M | -16.66M | -32.16M | -105.25M | -63.22M | 287K |
| Pretax Income | 2.2B | 2.21B | 1.72B | 2.19B | 3.22B | 1.67B | -416M | 1.53B | 1.74B | 1.03B | 654M | 614M | 572M | 494M | 301.35M | 198.77M | 181.71M | 158.23M | 172.92M | 119.78M | 64.58M | 42.77M | 29.33M | 37.04M | 39.03M | 16.66M | 2.88M | 19.61M | 19.68M |
| Pretax Margin % | 29.08% | 28.37% | 23.29% | 34.58% | 27.72% | 19.3% | -6.99% | 21.13% | 23.7% | 19.1% | 15.33% | 13.25% | 9.42% | 9.83% | 8.79% | 11.85% | 14.48% | 19.49% | 25.62% | 23.73% | 19.23% | 14.72% | 10.54% | 15.24% | 17.39% | 8.69% | 2.11% | 19.35% | 18.11% |
| Income Tax | 509.34M | 513M | -154M | 413M | 248M | 423M | -100M | 36M | 464M | 142M | 189M | 199M | 167M | 143M | 75.34M | 38.87M | -4.99M | -3.85M | 11.13M | -22.52M | -24.31M | -27.64M | -31.09M | -26.35M | -20.5M | -23.61M | -49.61M | 282K | 391K |
| Effective Tax Rate % | 23.15% | 23.24% | -8.95% | 18.87% | 7.7% | 25.41% | 24.04% | 2.36% | 26.64% | 13.75% | 28.9% | 32.41% | 29.2% | 28.95% | 25% | 19.55% | -2.75% | -2.43% | 6.43% | -18.8% | -37.64% | -64.63% | -105.98% | -71.12% | -52.52% | -141.71% | -1723.77% | 1.44% | 1.99% |
| Net Income | 1.69B | 1.69B | 1.86B | 1.78B | 2.97B | 1.24B | -316M | 1.49B | 1.28B | 891M | 466M | 406M | 383M | 351M | 224.84M | 165.67M | 186.7M | 162.08M | 161.79M | 142.31M | 88.89M | 70.41M | 60.42M | 63.39M | 59.54M | 40.27M | 52.49M | 19.32M | 19.29M |
| Net Margin % | 22.35% | 21.78% | 25.24% | 28.05% | 25.59% | 14.4% | -5.31% | 20.64% | 17.39% | 16.48% | 10.93% | 8.76% | 6.31% | 6.99% | 6.56% | 9.88% | 14.88% | 19.97% | 23.97% | 28.19% | 26.47% | 24.24% | 21.71% | 26.08% | 26.52% | 21.01% | 38.54% | 19.07% | 17.75% |
| Net Income Growth % | -12.28% | -9.12% | 4.96% | -40.22% | 139.21% | 493.04% | -121.18% | 16.74% | 43.43% | 91.2% | 14.78% | 6.01% | 9.12% | 56.11% | 35.72% | -11.27% | 15.19% | 0.18% | 13.69% | 60.1% | 26.24% | 16.53% | -4.68% | 6.47% | 47.84% | -23.28% | 171.62% | 0.19% | - |
| Net Income (Continuing) | 1.69B | 1.69B | 1.87B | 1.78B | 2.97B | 1.24B | -316M | 1.51B | 867M | 883M | 466M | 406M | 383M | 351M | 226.01M | 165.67M | 166.73M | 162.08M | 161.79M | 142.31M | 88.89M | 70.41M | 60.42M | 63.39M | 59.54M | 40.27M | 52.49M | 19.32M | 19.29M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 60M | 60M | 60M | 60M | 60M | 60M | 0 | 0 | 0 | 5M | 5.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.91 | 2.66 | 3.00 | 2.99 | 5.13 | 1.99 | -0.57 | 2.68 | 2.51 | 1.86 | 1.01 | 1.02 | 1.06 | 1.12 | 0.87 | 0.99 | 1.07 | 1.07 | 1.19 | 1.06 | 0.73 | 0.65 | 0.60 | 0.50 | 0.59 | 0.49 | 0.80 | 0.31 | 0.31 |
| EPS Growth % | -13.03% | -11.33% | 0.33% | -41.72% | 157.79% | 449.12% | -121.27% | 6.77% | 34.95% | 84.16% | -0.98% | -3.77% | -5.36% | 28.74% | -12.12% | -7.48% | 0% | -10.08% | 12.26% | 45.21% | 12.31% | 8.33% | 20% | -15.25% | 20.41% | -38.75% | 158.06% | 0% | - |
| EPS (Basic) | - | 2.66 | 3.00 | 3.00 | 5.14 | 2.00 | -0.57 | 2.69 | 2.53 | 1.87 | 1.02 | 1.02 | 1.07 | 1.12 | 0.87 | 0.99 | 1.08 | 1.09 | 1.21 | 1.09 | 0.73 | 0.65 | 0.60 | 0.50 | 0.65 | 0.52 | 0.80 | 0.31 | 0.31 |
| Diluted Shares Outstanding | 582M | 582M | 574M | 551M | 554M | 551M | 550M | 514M | 509M | 432M | 389M | 348M | 328M | 308M | 259.48M | 168.18M | 167.46M | 154.13M | 137.65M | 134.25M | 121.76M | 108.32M | 100.7M | 126.78M | 100.91M | 82.19M | 65.61M | 62.42M | 62.22M |
| Basic Shares Outstanding | 581M | 636.84M | 573M | 550M | 553M | 550M | 550M | 512M | 505M | 426M | 388M | 347M | 326M | 307M | 258.87M | 167.43M | 163.22M | 149M | 133.38M | 130.56M | 121.76M | 108.32M | 100.7M | 126.78M | 91.59M | 77.44M | 65.61M | 62.34M | 62.22M |
| Dividend Payout Ratio | - | 104.6% | 84.17% | 82.15% | 51.33% | 111.59% | - | 88.67% | 97.57% | 87.65% | 75.32% | 72.41% | 70.23% | 62.96% | 80.57% | 157.61% | 136.09% | 141.41% | 121.86% | 123.39% | 157.09% | 159.81% | 175.14% | 158.63% | 160.89% | 196.58% | 116.7% | 307% | 330.14% |
Basin egress capacity constraints
According to recent financial disclosures, Pembina Pipeline Corporation experienced a 10.4% year-over-year revenue decline in 2026Q1, reflecting the inherent sensitivity of its marketing segment to commodity price fluctuations and the cyclical nature of throughput volumes within the Western Canadian Sedimentary Basin's complex infrastructure network.
The revenue trajectory appears inconsistent, characterized by sharp quarterly swings that suggest the company's top line is heavily influenced by the 'buy-sell' activities of its marketing division rather than purely stable, fee-based pipeline throughput. Investors should monitor whether the recent volatility indicates a structural shift in volume demand or merely the expected noise associated with commodity-linked marketing contracts.
As reported in quarterly filings, Pembina's gross margin fluctuated significantly from a high of 47.7% in 2024Q4 to 38.5% in 2026Q1, highlighting the difficulty in maintaining consistent profitability when operating a hybrid model that combines stable infrastructure fees with volatile commodity-exposed marketing and fractionation services.
The observed margin compression suggests that the company's profitability is susceptible to regional NGL-to-gas price spreads, which can erode the benefits of its fee-based pipeline assets. This variability warrants further investigation into whether the company can sustain its historical margin profile as it integrates new, large-scale projects like Cedar LNG into its existing operational framework.
Based on the provided income statement data, Pembina's operating income has shown significant sensitivity to revenue shifts, with operating margins dropping as low as 6.1% in 2024Q2, suggesting that the company's high fixed-cost base may limit its ability to scale profitability during periods of lower throughput.
The lack of consistent operating leverage implies that the company's cost structure is heavily weighted toward maintenance and depreciation, which may constrain bottom-line growth during cyclical downturns. Analysts should evaluate whether the recent stabilization in operating margins above 30% represents a permanent improvement in cost discipline or a temporary benefit from favorable regional pricing dynamics.
Analysis of the reported figures reveals that net income has been periodically impacted by non-operating items and stock-based compensation, such as the $68 million charge in 2025Q4, which complicates the assessment of the company's core operational performance and its ability to generate consistent earnings per share.
The presence of these periodic charges suggests that investors should prioritize adjusted EBITDA metrics over GAAP net income to better understand the underlying cash-generating capacity of the business. The inconsistency in EPS growth, ranging from a 175% spike in 2023Q4 to a 28.3% decline in 2025Q3, underscores the need for caution when projecting future earnings based on current reported figures.
Quick answers to the most common questions about buying PBA stock.
For fiscal year 2025, Pembina Pipeline Corporation (PBA) reported total revenue of $7.78B. This represents a 7056.9% increase compared to $108.7M in 1998.
Pembina Pipeline Corporation (PBA) is profitable, generating $1.69B in net income for the fiscal year ending 2025 with a net profit margin of 21.8%.
Pembina Pipeline Corporation (PBA) reported an operating income of $2.81B, resulting in an operating profit margin of 36.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Pembina Pipeline Corporation (PBA) generated $2.98B in gross profit for the year, representing a gross profit margin of 38.4%. This demonstrates the company's core pricing power and production efficiency.