$45.28+0.70 (+1.57%)
At close: Oct 1, 2026, 4:00 PM ET
Pembina Pipeline Corporation · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineChoppy: revenue is 40% below its peak, net margin 21.8%. Worth your attention in FY25: Share count (+5.8%). Visible in the receipts below.
The lines that matter · FY21–FY25
Revenue ($M)▲10.6%
5,672.4
FY21→FY25CAGR −5.1%/yr
Net income ($M)▼5.1%
1,235.4
FY21→FY25CAGR +6.2%/yr
Diluted EPS▼14.6%
1.94
FY21→FY25CAGR +1.8%/yr
What the receipts whisper · what a headline number hides
Share count
+5.8%
550.0mn → 582.0mn diluted shares since FY21. Rising share count dilutes EPS. Growth must outrun it.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
22¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 29.7% → 41.1%. Net margin 21.8% is more than double the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
| Line item | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|
| Revenue & profitability | |||||||
Revenue | 5,672.4 | 5,127.8 | 4,795.5 | 9,400.7 | 6,979.7 | ▲10.6% | −5.1% |
Cost of revenue | 3,496.2 | 3,052.8 | 2,883.7 | 6,560.0 | 4,800.8 | ▲14.5% | −7.6% |
Gross profit | 2,328.6 | 2,302.8 | 2,151.2 | 2,307.9 | 2,071.7 | ▲1.1% | +3.0% |
Selling, general & admin | 347.9 | 308.3 | 319.6 | 294.9 | 239.5 | ▲12.8% | +9.8% |
Total operating expenses | 362.5 | 305.6 | 140.1 | 100.5 | 523.6 | ▲18.6% | −8.8% |
Operating incomefeeds ROC rank | 2,048.6 | 1,769.4 | 2,011.1 | 2,740.2 | 1,655.3 | ▲15.8% | +5.5% |
Other income, net | −439.0 | −389.6 | −353.0 | −361.4 | −352.2 | — | — |
Pretax income | 1,609.5 | 1,379.9 | 1,658.1 | 2,378.8 | 1,303.1 | ▲16.6% | +5.4% |
Income tax | 374.1 | — | 312.8 | 183.3 | — | — | — |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 1,235.4 | 1,301.4 | 1,345.3 | 2,195.5 | 972.1 | ▼5.1% | +6.2% |
| Per share | |||||||
Diluted EPSbuyback-sensitive | 1.94 | 2.27 | 2.26 | 5.12 | 1.80c | ▼14.6% | +1.8% |
Diluted shares (mn) | 582.00 | 573.00 | 551.00 | 554.00 | 549.96 | ▲1.6% | +1.4% |
| Margins | |||||||
Gross margin50th pct in Energy | 41.1% | 44.9% | 44.9% | 24.5% | 29.7% | ▼3.9pp | +11.4pp |
Operating margin | 36.1% | 34.5% | 41.9% | 29.1% | 23.7% | ▲1.6pp | +12.4pp |
Net margin76th pct in Energy | 21.8% | 25.4% | 28.1% | 23.4% | 13.9% | ▼3.6pp | +7.9pp |
c Computed by Tenet. The company's diluted figure is not in our data feed for this period, so this is net income attributable to common shareholders divided by the larger of the weighted basic and diluted share counts.
5 more years of statements and CSV export are on Premium.Premium · $119/yr · 7-day trial · cancel anytimeUnlock with Premium →
These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-26 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.