PBA financial statements

The full income statement, balance sheet, and cash-flow statement for Pembina Pipeline Corp. Ordinary Shares (Canada) (PBA), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 432.0M2018-12 508.0M2019-12 514.0M2020-12 549.9M2021-12 550.0M2022-12 550.3M2023-12 549.4M2024-12 580.6M2025-12 581.1M+34.5% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	5.57B YoY+3.3%	5.39B YoY+14.8%	4.69B YoY-47.4%	8.92B YoY+29.6%	6.88B YoY+55.0%
	2.29B YoY-5.5%	2.42B YoY+15.0%	2.10B YoY-12.3%	2.40B YoY+13.6%	2.11B YoY+41.0%
Cost of revenue	3.43B YoY+7.0%	3.21B YoY+13.7%	2.82B YoY-58.6%	6.82B YoY+39.3%	4.89B YoY+69.0%
Operating income	2.01B YoY+20.8%	1.66B YoY-15.4%	1.97B YoY-30.9%	2.85B YoY+68.7%	1.69B YoY+56467.0%
Interest expense	431M YoY+5.3%	409M YoY+18.5%	345M YoY-7.5%	373M YoY+4.0%	359M YoY+14.6%
Pre-tax income	1.58B YoY+25.9%	1.25B YoY-22.6%	1.62B YoY-34.4%	2.47B YoY+86.1%	1.33B YoY+528.2%
Income tax	367M YoY+426.8%	-112M YoY-136.7%	306M YoY+60.6%	191M YoY-43.6%	338M YoY+552.5%
	1.21B YoY-11.3%	1.37B YoY+3.9%	1.32B YoY-42.3%	2.28B YoY+130.3%	991M YoY+520.5%
Net income to common	1.21B YoY-10.8%	1.36B YoY+3.3%	1.32B	—	—
	$1.90 YoY-13.0%	$2.19 YoY-1.2%	$2.22 YoY-43.7%	$3.93 YoY+147.7%	$1.59 YoY+347.6%
EPS (basic)	$1.91 YoY-12.7%	$2.19 YoY-1.5%	$2.22 YoY-43.7%	$3.95 YoY+147.4%	$1.60 YoY+348.8%
	581M YoY+1.4%	573M YoY+4.2%	550M YoY-0.5%	553M YoY+0.5%	550M YoY+0.0%
	582M YoY+1.4%	574M YoY+4.2%	551M YoY-0.5%	554M YoY+0.5%	551M YoY+0.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	919M YoY-16.1%	1.10B YoY-44.9%	1.99B YoY+97.7%	1.01B YoY+3.0%	977M YoY+26.1%
Cash & equivalents	77.4M YoY-21.2%	98.2M YoY-13.9%	114M YoY+44.3%	79.1M YoY+134.2%	33.8M YoY-46.8%
Accounts receivable	610M YoY-12.8%	700M YoY+8.7%	644M YoY-4.5%	674M YoY+5.7%	637M YoY+22.8%
Inventory	207M YoY-1.1%	210M YoY-16.7%	252M YoY+26.6%	199M YoY-32.7%	295M YoY+70.4%
	26.0B YoY+3.6%	25.0B YoY+1.7%	24.6B YoY+5.9%	23.3B YoY-5.8%	24.7B YoY+0.3%
Property, plant & equipment	16.5B YoY+4.0%	15.8B YoY+32.7%	11.9B YoY+4.1%	11.5B YoY-19.7%	14.3B YoY-1.8%
Goodwill	3.64B YoY+4.1%	3.50B YoY+1.8%	3.44B YoY+2.1%	3.37B YoY-8.6%	3.68B YoY+0.1%
Total non-current assets	25.0B YoY+4.5%	24.0B YoY+5.7%	22.7B YoY+1.8%	22.3B YoY-6.1%	23.7B YoY-0.6%
	1.51B YoY-25.6%	2.03B YoY-16.8%	2.43B YoY+60.0%	1.52B YoY-19.0%	1.88B YoY+34.4%
Short-term & current debt	438M YoY-58.8%	1.06B YoY+116.3%	491M YoY+10.8%	443M YoY-43.5%	785M YoY+66.9%
	13.7B YoY+6.7%	12.9B YoY+1.3%	12.7B YoY+9.5%	11.6B YoY-13.6%	13.4B YoY+4.4%
Long-term debt	8.08B YoY+10.1%	7.34B YoY+5.0%	6.99B YoY+0.6%	6.95B YoY-8.2%	7.57B YoY-6.0%
	12.2B YoY+0.4%	12.2B YoY+2.1%	11.9B YoY+2.8%	11.6B YoY+3.5%	11.2B YoY-4.2%
Total equity incl. non-controlling	12.2B YoY+0.4%	12.2B YoY+2.1%	11.9B YoY+2.4%	11.7B YoY+3.5%	11.3B YoY-4.2%
	581M YoY+0.1%	581M YoY+5.7%	549M YoY-0.2%	550M YoY+0.1%	550M YoY+0.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash from operations	2.36B YoY+0.8%	2.34B YoY+20.1%	1.95B YoY-13.2%	2.25B YoY+6.4%	2.11B YoY+25.9%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	731M YoY-63.3%	1.99B YoY+449.1%	363M	0.00 YoY-100.0%	1.27B YoY+8.3%
Long-term debt repaid	826M YoY+12.2%	736M YoY+65.6%	445M YoY-42.1%	768M YoY+54.5%	497M YoY+17.5%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	22.1B YoY+3.1%	21.5B YoY+13.3%	18.9B YoY+1.4%	18.7B YoY+11.9%	16.7B YoY+28.2%
P/E	18.2× YoY+16.2%	15.7× YoY+89.1%	8.3× YoY-56.0%	18.8× YoY+11.9%	16.8×
P/S	4.0× YoY-0.2%	4.0× YoY+87.5%	2.1× YoY-21.7%	2.7× YoY+11.9%	2.4× YoY-17.3%
P/B	1.8× YoY+2.7%	1.8× YoY+7.9%	1.6× YoY-2.0%	1.7× YoY+11.9%	1.5× YoY+33.8%
	5.5% YoY-14.0%	6.4% YoY-47.1%	12.0% YoY+127.0%	5.3% YoY-10.7%	5.9%
Source filing	40-F	40-F	40-F	40-F	40-F

About this data

Source: PBA's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all PBA filings on SEC EDGAR → Not investment advice.