PEMBINA PIPELINE CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PEMBINA PIPELINE CORP files with the SEC in its annual reports.

In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,265	5,400	7,351	6,372	5,953	8,627	11,611	6,331	7,384	7,778
Cost of revenue	3,193	3,971	5,457	4,325	3,883	6,134	8,877	3,807	4,396	4,794
Gross profit	1,002	1,474	2,327	2,442	2,008	2,647	3,123	2,840	3,316	3,193
Selling, general and administrative	195	236	279	296	246	306	399	422	444	477
Operating income	808	1,210	2,021	1,831	4	2,115	3,705	2,655	2,281	2,809
Interest expense	153	185	279	289	420	450	486	466	561	602
Pre-tax income	655	1,025	1,742	1,542	-416	1,665	3,219	2,189	1,720	2,207
Income tax	189	142	464	35	-100	423	248	413	-154	513
Net income to minority interests								0	10	0
Net income	466	116	411	370	-316	1,242	2,971	1,776	1,864	1,694
EPS, basic	1.02	1.87	2.28	2.69	-0.86	2.00	5.14	3.00	3.00	2.67
EPS, diluted	1.01	1.86	2.28	2.68	-0.86	1.99	5.12	2.99	3.00	2.66

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	35	321	157	129	81	43	107	151	141	106
Receivables	451	529	604	694	662	812	912	852	1,005	836
Inventory	181	168	198	126	221	376	269	333	301	284
Total current assets	676	1,022	1,013	989	989	1,245	1,362	2,633	1,573	1,259
Property, plant and equipment	11,331	13,546	14,730	18,362	18,549	18,193	15,518	15,798	22,738	22,550
Lease right-of-use assets			427	691	651	581	518	523	530	526
Goodwill	2,097	3,871	3,878	4,699	4,694	4,693	4,557	4,551	5,024	4,988
Intangible assets	737	843	531	1,745
Total assets	15,017	25,566	26,664	32,755	31,416	31,456	31,487	32,618	35,967	35,555
Accounts payable	638	677	803	1,005	780	1,063	1,266	1,154	1,202	1,321
Total current liabilities	778	1,150	1,490	1,449	1,781	2,390	2,058	3,221	2,908	2,065
Lease liabilities				707	675	635	596	567	576	539
Total liabilities	6,721	11,725	12,260	15,887	16,401	17,093	15,698	16,805	18,457	18,784
Total debt	4,008	7,463	7,537	10,152	10,876	10,645	10,005	9,903	12,060	11,666
Retained earnings	-2,010	-2,083		-1,785
Shareholders' equity	8,296	13,781	14,344	16,808	14,955	14,303	15,729	15,813
Minority interests	0	60	60	60	60	60	60	0
Total equity	8,296	13,841	14,509	16,868	15,015	14,363	15,789	15,813	17,510	16,771
Total liabilities and equity	15,017	25,566	26,664	32,755	31,416	31,456	31,487	32,618	35,967	35,555

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	466	883	1,278	1,507	-316	1,242	2,971	1,776	1,874	1,694
Cash from operations	1,077	1,513	2,256	2,532	2,252	2,650	2,929	2,635	3,214	3,301
Cash from investing	-2,286	-3,332	-1,311	-3,910	-1,483	-1,039	-154	-789	-3,913	-1,090
Debt issued	650	2,542	1,366	2,153	1,567	1,587	0	490	2,733	1,021
Debt repaid	-333	-1,279	-1,998	-1,866	-567	-623
Share buybacks					0	-17	-333	-50	0
Dividends paid	-351	-781	-1,247	-1,323	-1,530
Cash from financing	1,216	2,105	-1,126	1,351	-809	-1,665	-2,720	-1,800	678	-2,243
Exchange rate effect		0	17	-1	-8	16	9	-2	11	-3
Net change in cash	7	286	-181	-27	-40	-54	55	46	-21	-32
Interest paid	163	216	294	311	429	443	468	462	528	611

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	41.1%	Gross profit / revenue.
Operating margin	36.1%	Operating income / revenue.
Pre-tax margin	28.4%	Pre-tax income / revenue.
Net margin	21.8%	Net income / revenue.
Operating cash flow margin	42.4%	Cash from operations / revenue.
Effective tax rate	23.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	4.7%	Net income / average total assets.
SG&A / revenue	6.1%	Selling, general and administrative expense / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-12.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	23.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-8.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	270.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-9.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-17.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-11.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-19.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.61x	Current assets / current liabilities.
Quick ratio	0.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / assets	32.8%	Total debt / total assets.
Liabilities / assets	52.8%	Total liabilities / total assets.
Net debt	CA$11.56B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	4.67x	Operating income / interest expense.
Working capital	-CA$806.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	14.0%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.22x	Revenue / average total assets.
Fixed asset turnover	0.34x	Revenue / average property, plant and equipment.
Inventory turnover	16.4x	Cost of revenue / average inventory.
Days inventory	22 days	365 x average inventory / cost of revenue.
Receivables turnover	8.45x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
Days payables	96 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-31 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	CA$2.66	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	CA$2.67	Net income per basic share, as reported (split-adjusted).

What was PEMBINA PIPELINE CORP's revenue in fiscal 2025?

PEMBINA PIPELINE CORP reported revenue of CA$7.78B for fiscal 2025, 5.3% higher than the year before.

Was PEMBINA PIPELINE CORP profitable in fiscal 2025?

Yes. Net income was CA$1.69B, a net margin of 21.8%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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