Pembina Pipeline Corporation (PBA) Income Statement
PBA 2025 at a glance
Fiscal year ended December 31, 2025 · Canadian dollarsPBA revenue and net income
Where PBA's revenue goes
2025Each bar shows an amount and its share of revenue. PBA kept 21.8% of revenue as net income.
PBA profit margins
PBA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +5.3% | −12.5% | +5.5% | +5.3% |
| Gross profit | −10.0% | −1.5% | +8.2% | +13.2% |
| Operating income | +23.1% | −8.8% | +270.9% | +15.2% |
| Net income | −9.1% | −17.1% | — | +15.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PBA income statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$7.78B | C$7.38B | C$6.33B | C$11.61B | C$8.63B | C$5.95B | C$7.23B | C$7.35B | C$5.41B | C$4.26B |
| Cost of revenue | C$4.79B | C$4.07B | C$3.49B | C$8.49B | C$5.98B | C$3.94B | C$4.80B | C$5.02B | C$3.93B | C$3.26B |
| Gross profit | C$2.98B | C$3.32B | C$2.84B | C$3.12B | C$2.65B | C$2.01B | C$2.43B | C$2.33B | C$1.48B | C$1.00B |
| Research & development | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Sales, general & admin | C$477.0M | C$444.0M | C$422.0M | C$399.0M | C$306.0M | C$246.0M | C$296.0M | C$279.0M | C$236.0M | C$195.0M |
| Total operating expenses | C$175.0M | C$1.03B | C$185.0M | −C$582.0M | C$532.0M | C$2.00B | C$311.0M | C$306.0M | C$264.0M | C$194.0M |
| Operating income | C$2.81B | C$2.28B | C$2.65B | C$3.71B | C$2.12B | C$4.0M | C$1.82B | C$2.02B | C$1.22B | C$807.0M |
| Interest income | C$11.0M | C$46.0M | C$7.0M | — | C$434.0M | C$405.0M | C$281.0M | C$267.0M | C$173.0M | C$142.0M |
| Interest expense | C$586.5M | C$595.0M | C$470.0M | C$462.0M | C$440.0M | C$416.0M | C$237.5M | C$286.0M | C$183.0M | C$112.0M |
| Income before taxes | C$2.21B | C$1.72B | C$2.19B | C$3.22B | C$1.67B | −C$416.0M | C$1.53B | C$1.74B | C$1.03B | C$654.0M |
| Income taxes | C$513.0M | −C$154.0M | C$413.0M | C$248.0M | C$423.0M | −C$100.0M | C$36.0M | C$464.0M | C$142.0M | C$189.0M |
| 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 |
| EBITDA | C$3.78B | C$3.18B | C$3.32B | C$4.36B | C$2.83B | C$700.0M | C$1.98B | C$2.44B | C$1.50B | C$1.06B |
| Gross margin | 38.4% | 44.9% | 44.9% | 26.9% | 30.7% | 33.7% | 33.7% | 31.7% | 27.4% | 23.5% |
| Operating margin | 36.1% | 30.9% | 41.9% | 31.9% | 24.5% | 0.1% | 25.2% | 27.5% | 22.5% | 18.9% |
| Net margin | 21.8% | 25.2% | 28.1% | 25.6% | 14.4% | −5.3% | 20.6% | 17.4% | 16.5% | 10.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Dec '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$2.15B | C$2.07B | C$1.91B | C$1.79B | C$1.79B | C$2.15B | C$2.47B | C$2.29B | C$1.42B | C$1.70B | C$2.70B | C$2.78B |
| Cost of revenue | C$1.29B | C$1.27B | C$1.09B | C$1.13B | C$1.01B | C$1.12B | C$1.62B | C$1.63B | C$763.0M | C$1.03B | C$2.02B | C$1.91B |
| Gross profit | C$858.0M | C$797.1M | C$827.0M | C$658.0M | C$780.0M | C$1.02B | C$850.0M | C$659.0M | C$659.0M | C$672.0M | C$681.0M | C$874.0M |
| Sales, general & admin | C$116.0M | C$142.0M | C$120.0M | C$126.0M | C$97.0M | C$104.0M | C$142.0M | C$104.0M | C$84.0M | C$92.0M | C$126.0M | C$76.0M |
| Total operating expenses | C$52.0M | C$126.3M | C$155.0M | C$107.0M | C$96.0M | C$117.0M | −C$81.0M | C$87.0M | C$93.0M | C$86.0M | C$238.0M | −C$1.01B |
| Operating income | C$806.0M | C$670.7M | C$672.0M | C$551.0M | C$684.0M | C$907.0M | C$931.0M | C$572.0M | C$566.0M | C$586.0M | C$443.0M | C$1.88B |
| Interest income | C$3.0M | C$4.0M | C$3.0M | C$4.0M | C$1.0M | C$1.0M | — | — | C$1.0M | C$2.0M | — | — |
| Interest expense | C$148.0M | C$146.4M | C$152.0M | C$157.0M | C$152.0M | C$154.0M | C$117.0M | C$119.0M | C$118.0M | C$116.0M | C$117.0M | C$117.0M |
| Income before taxes | C$652.0M | C$632.6M | C$637.0M | C$398.0M | C$533.0M | C$744.0M | C$815.0M | C$442.0M | C$457.0M | C$475.0M | C$330.0M | C$1.74B |
| Income taxes | C$140.0M | C$133.3M | C$148.0M | C$112.0M | C$116.0M | C$172.0M | C$117.0M | C$96.0M | C$94.0M | C$106.0M | C$87.0M | −C$88.0M |
| Net income | C$512.0M | C$499.3M | C$489.0M | C$286.0M | C$417.0M | C$572.0M | C$698.0M | C$346.0M | C$363.0M | C$369.0M | C$243.0M | C$1.83B |
| EBITDA | C$976.0M | C$908.3M | C$1.04B | C$796.0M | C$942.0M | C$1.13B | C$1.11B | C$725.0M | C$741.0M | C$746.0M | C$609.0M | C$2.00B |
| Gross margin | 39.9% | 38.5% | 43.2% | 36.7% | 43.5% | 47.7% | 34.5% | 28.8% | 46.3% | 39.5% | 25.2% | 31.5% |
| Operating margin | 37.5% | 32.4% | 35.1% | 30.8% | 38.2% | 42.3% | 37.8% | 25.0% | 39.8% | 34.5% | 16.4% | 67.7% |
| Net margin | 23.8% | 24.1% | 25.6% | 16.0% | 23.3% | 26.7% | 28.3% | 15.1% | 25.5% | 21.7% | 9.0% | 65.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported in PBA's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PBA financial results
In fiscal year 2025 (ended December 31, 2025), Pembina Pipeline reported revenue of C$7.8 billion, up 5.3% from the year before. It had net income of C$1.7 billion (down 9.1%), a net profit margin of 21.8%. Over five years revenue grew at an average rate of 5.5% a year. Figures are in Canadian dollars, the currency of its financial statements.
See the PBA stock overview for the latest quote and news, or the PBA chart for price history and technical indicators.
PBA income statement FAQ
What is Pembina Pipeline's annual revenue?
Pembina Pipeline reported total revenue of C$7.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 5.3% from C$7.4 billion the previous year.
Is Pembina Pipeline profitable?
Yes. Pembina Pipeline reported net income of C$1.7 billion in fiscal 2025, a net profit margin of 21.8%; its operating margin was 36.1%.
What is Pembina Pipeline's gross margin?
Pembina Pipeline's gross margin was 38.4% in fiscal 2025: for every $100 of revenue, Pembina Pipeline kept $38 after the direct cost of its products and services.
How fast is Pembina Pipeline growing?
Revenue grew 5.5% a year on average over the last five fiscal years, from C$6.0 billion to C$7.8 billion.
When will Pembina Pipeline report its next earnings?
Pembina Pipeline is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Pembina Pipeline's fiscal year end?
Pembina Pipeline's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.