Pembina Pipeline Corporation (PBA) Cash Flow Statement
Where PBA’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$3.30B +2.7% vs 2024
- Capital expenditures
- C$784.0M 10.1% of revenue
- Free cash flow
- C$2.52B 32.4% margin
- Returned to shareholders
- C$2.22B 88% of free cash flow
- Change in cash
- −C$35.0M cash at year-end C$106.0M
Cash from operations
C$3.30B
Capital expenditures
−C$784.0M
Acquisitions & other
−C$306.0M
Dividends
−C$1.77B
Share buybacks (net)
−C$451.0M
Net borrowing (repayment)
−C$26.0M
Change in cash
−C$35.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PBA operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
PBA cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$1.08B2016 | C$3.30B2025 | +13.3%/yr | |
| Capital expenditures | C$1.75B2016 | C$784.0M2025 | −8.5%/yr | |
| Free cash flow | −C$668.0M2016 | C$2.52B2025 | — | |
| Free cash flow margin | −15.7%2016 | 32.4%2025 | +48.0 pts | |
| Operating cash flow / net income | 2.312016 | 1.952025 | −0.36 | |
| Stock-based compensation | C$46.0M2016 | C$94.0M2025 | +8.3%/yr | |
| Dividends paid | C$351.0M2016 | C$1.77B2025 | +19.7%/yr | |
| Share buybacks (net) | C$02016 | C$451.0M2025 | — | |
| Capex / revenue | 40.9%2016 | 10.1%2025 | −30.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PBA cash flow by activity
OperatingInvestingFinancingChange in cash
PBA net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PBA cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | C$1.69B | C$1.86B | C$1.78B | C$2.97B | C$1.24B | −C$316.0M | C$1.49B | C$1.28B | C$891.0M | C$466.0M |
| Depreciation & amortization | C$987.0M | C$862.0M | C$663.0M | C$683.0M | C$723.0M | C$700.0M | C$511.0M | C$417.0M | C$382.0M | C$293.0M |
| Stock-based compensation | C$94.0M | C$84.0M | C$72.0M | C$126.0M | C$100.0M | C$28.0M | C$66.0M | C$63.0M | C$73.0M | C$46.0M |
| Change in working capital | C$221.0M | −C$43.0M | −C$210.0M | C$177.0M | −C$100.0M | −C$93.0M | C$106.0M | −C$83.0M | −C$18.0M | −C$36.0M |
| Other non-cash items | C$305.0M | C$447.0M | C$334.0M | −C$1.03B | C$685.0M | C$1.93B | C$357.0M | C$581.0M | C$185.0M | C$308.0M |
| Cash from operating activities | C$3.30B | C$3.21B | C$2.63B | C$2.93B | C$2.65B | C$2.25B | C$2.53B | C$2.26B | C$1.51B | C$1.08B |
| Investing activities | ||||||||||
| Capital expenditures | −C$784.0M | −C$955.0M | −C$606.0M | −C$605.0M | −C$658.0M | −C$1.03B | −C$1.65B | −C$1.23B | −C$1.84B | −C$1.75B |
| Investments (net) | — | −C$3.91B | −C$659.0M | −C$154.0M | −C$335.0M | −C$1.48B | −C$206.0M | −C$58.0M | −C$3.33B | −C$2.29B |
| Acquisitions & other investing | −C$306.0M | C$955.0M | C$476.0M | C$605.0M | −C$46.0M | C$1.03B | −C$2.06B | −C$27.0M | C$1.84B | C$1.75B |
| Cash from investing activities | −C$1.09B | −C$3.91B | −C$789.0M | −C$154.0M | −C$1.04B | −C$1.48B | −C$3.91B | −C$1.31B | −C$3.33B | −C$2.29B |
| Financing activities | ||||||||||
| Dividends paid | −C$1.77B | −C$1.70B | −C$1.58B | −C$1.65B | −C$1.52B | −C$1.53B | −C$1.32B | −C$1.25B | −C$781.0M | −C$351.0M |
| Share repurchases & issuance (net) | −C$451.0M | C$0 | −C$50.0M | −C$633.0M | −C$437.0M | C$88.0M | C$151.0M | C$61.0M | C$446.0M | C$1.59B |
| Net borrowing (repayment) | −C$26.0M | C$1.37B | −C$172.0M | −C$746.0M | C$277.0M | C$644.0M | C$2.54B | C$68.0M | C$2.46B | C$817.0M |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | C$6.0M | C$1.01B | C$1.0M | C$310.0M | C$16.0M | −C$11.0M | −C$14.0M | −C$8.0M | −C$23.0M | −C$836.0M |
| Cash from financing activities | −C$2.24B | C$678.0M | −C$1.80B | −C$2.72B | −C$1.67B | −C$809.0M | C$1.35B | −C$1.13B | C$2.10B | C$1.22B |
| Summary | ||||||||||
| Net change in cash | −C$35.0M | −C$10.0M | C$44.0M | C$64.0M | −C$38.0M | −C$48.0M | −C$28.0M | −C$164.0M | C$286.0M | C$7.0M |
| Cash at end of period | C$106.0M | C$141.0M | C$151.0M | C$107.0M | C$43.0M | C$81.0M | C$129.0M | C$157.0M | C$321.0M | C$35.0M |
| Free cash flow | C$2.52B | C$2.26B | C$2.03B | C$2.32B | C$1.99B | C$1.22B | C$887.0M | C$1.03B | −C$326.0M | −C$668.0M |
| Free cash flow margin | 32.4% | 30.6% | 32.0% | 20.0% | 23.1% | 20.5% | 12.3% | 14.0% | −6.0% | −15.7% |
| Capex / revenue | 10.1% | 12.9% | 9.6% | 5.2% | 7.6% | 17.3% | 22.8% | 16.7% | 34.0% | 40.9% |
| Operating cash flow / net income | 1.95 | 1.72 | 1.48 | 0.99 | 2.13 | — | 1.70 | 1.77 | 1.70 | 2.31 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | C$512.2M | C$499.3M | C$489.0M | C$286.0M | C$417.0M | C$348.8M | C$572.0M | C$283.1M | C$344.2M | C$323.3M | C$698.0M | C$346.0M |
| Depreciation & amortization | C$245.0M | C$237.6M | C$238.0M | C$241.0M | C$257.0M | C$233.0M | C$235.0M | C$231.0M | C$240.0M | C$156.0M | C$178.0M | C$164.0M |
| Stock-based compensation | C$44.0M | C$26.0M | −C$68.0M | C$39.0M | C$0 | C$29.0M | C$3.0M | C$41.0M | C$20.0M | C$20.0M | C$46.0M | C$11.0M |
| Change in working capital | C$93.0M | −C$402.0M | C$164.0M | C$23.0M | C$18.0M | C$11.1M | −C$73.0M | C$100.5M | C$59.9M | −C$138.8M | C$54.0M | −C$76.0M |
| Other non-cash items | −C$3.9M | −C$33.0M | C$38.0M | C$221.0M | C$98.0M | −C$42.4M | C$165.0M | C$22.1M | C$25.7M | −C$43.1M | −C$96.0M | C$199.0M |
| Cash from operating activities | C$890.4M | C$327.8M | C$861.0M | C$810.0M | C$790.0M | C$579.5M | C$902.0M | C$677.7M | C$689.8M | C$317.4M | C$880.0M | C$644.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$218.1M | −C$187.5M | −C$244.0M | −C$178.0M | −C$197.0M | −C$120.9M | −C$242.0M | −C$193.6M | −C$193.6M | −C$137.3M | −C$177.0M | −C$169.0M |
| Investments (net) | — | — | — | −C$294.0M | −C$341.0M | −C$182.0M | −C$303.0M | −C$321.0M | −C$2.91B | −C$376.0M | −C$343.0M | −C$166.0M |
| Acquisitions & other investing | −C$114.0M | −C$225.6M | −C$29.0M | C$178.0M | C$197.0M | C$180.6M | C$242.0M | C$281.1M | C$985.4M | C$240.2M | C$177.0M | C$169.0M |
| Cash from investing activities | −C$332.1M | −C$413.1M | −C$273.0M | −C$294.0M | −C$341.0M | −C$122.3M | −C$303.0M | −C$233.5M | −C$2.12B | −C$273.1M | −C$343.0M | −C$166.0M |
| Financing activities | ||||||||||||
| Dividends paid | −C$457.2M | −C$444.1M | −C$444.0M | −C$445.0M | −C$447.0M | −C$303.0M | −C$435.0M | −C$321.5M | −C$316.4M | −C$293.8M | −C$397.0M | −C$397.0M |
| Share repurchases & issuance (net) | C$0 | −C$225.0M | −C$225.0M | C$0 | −C$200.0M | −C$18.1M | C$0 | C$0 | C$0 | C$0 | C$0 | C$544.0M |
| Net borrowing (repayment) | −C$124.0M | C$594.0M | C$40.0M | −C$141.0M | C$261.0M | −C$186.0M | −C$134.0M | −C$94.0M | — | — | — | −C$53.0M |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | −C$53,727 | C$227.5M | C$0 | C$3.0M | C$0 | C$58.8M | C$1.0M | −C$139.5M | C$676.6M | C$1.40B | −C$87.0M | −C$544.0M |
| Cash from financing activities | −C$581.3M | C$152.4M | −C$629.0M | −C$583.0M | −C$386.0M | −C$448.2M | −C$568.0M | −C$555.0M | C$360.2M | C$1.11B | −C$484.0M | −C$450.0M |
| Summary | ||||||||||||
| Net change in cash | −C$23.7M | C$65.8M | −C$43.0M | −C$61.0M | C$55.0M | C$9.7M | C$37.0M | −C$110.2M | −C$1.07B | C$1.15B | C$52.0M | C$29.0M |
| Cash at end of period | C$153.1M | C$173.4M | C$106.0M | C$149.0M | C$210.0M | C$107.7M | C$141.0M | C$76.9M | C$187.1M | C$1.26B | C$151.0M | C$99.0M |
| Free cash flow | C$672.3M | C$140.4M | C$617.0M | C$632.0M | C$593.0M | C$458.6M | C$660.0M | C$484.1M | C$496.1M | C$180.1M | C$703.0M | C$475.0M |
| Free cash flow margin | 31.2% | 6.8% | 32.3% | 35.3% | 33.1% | 19.8% | 30.8% | 26.3% | 26.7% | 10.7% | 28.5% | 20.7% |
| Capex / revenue | 10.1% | 9.1% | 12.8% | 9.9% | 11.0% | 5.2% | 11.3% | 10.5% | 10.4% | 8.1% | 7.2% | 7.4% |
| Operating cash flow / net income | 1.74 | 0.66 | 1.76 | 2.83 | 1.89 | 1.66 | 1.58 | 2.39 | 2.00 | 0.98 | 1.26 | 1.86 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
PBA cash generation
In fiscal 2025 (ended December 31, 2025), Pembina Pipeline generated C$3.3 billion of cash from operations (up 2.7%) and spent C$784.0 million on capital expenditures, leaving free cash flow of C$2.5 billion, 32.4% of revenue. It returned C$2.2 billion to shareholders through dividends (C$1.8 billion) and net share buybacks (C$451.0 million). Cash and equivalents fell by C$35.0 million over the year.
Related: PBA income statement, PBA balance sheet, PBA dividend history. See the PBA stock overview for the latest quote and news.
PBA cash flow FAQ
What is Pembina Pipeline's free cash flow?
Pembina Pipeline's free cash flow was C$2.5 billion in fiscal 2025: C$3.3 billion of operating cash flow minus C$784.0 million of capital expenditures It was C$2.3 billion a year earlier..
How much cash does Pembina Pipeline generate from operations?
Pembina Pipeline generated C$3.3 billion of cash from operating activities in fiscal 2025, 1.95 times its net income of C$1.7 billion.
How much does Pembina Pipeline spend on capital expenditures?
Pembina Pipeline spent C$784.0 million on capital expenditures in fiscal 2025, 10.1% of revenue, compared with C$955.0 million the year before.
How much stock does Pembina Pipeline buy back?
Pembina Pipeline spent C$451.0 million on net share repurchases in fiscal 2025.
How much does Pembina Pipeline pay in dividends?
Pembina Pipeline paid C$1.8 billion in dividends in fiscal 2025, 70.4% of free cash flow.