Pembina Pipeline
Connects Western Canadian energy production to processing, storage, pipelines and export markets.
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Profile
Transports crude oil, natural gas liquids and natural gas while providing gathering, processing, fractionation, storage, terminal and marketing services. The asset chain is rooted in Western Canada, reaches U.S. markets, and is expanding toward LNG exports through the Cedar project under construction.
Moves crude oil, condensate, natural gas liquids and natural gas through an integrated network of conventional, oil-sands and transmission pipelines. Facilities add gas gathering and processing, fractionation, storage and terminals, while marketing connects those services to customers.
Built from a Western Canadian base, the network also reaches U.S. markets through cross-border assets including Alliance, Aux Sable and Cochin. Decades of adjacent acquisitions have extended the chain from field processing to long-haul transport and export infrastructure.
Pipeline integrity, timely incident escalation, federal and provincial or state permits, and execution on long-cycle projects shape operations. Cedar LNG, developed with the Haisla Nation, remains under construction rather than an operating asset, making delivery of the sanctioned project the next major extension of the network.
Company facts
Categories
Key statistics
Year to date +24.4% · Average volume (30d) 790.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 20, 2026 | Scotiabank | Downgrade | Outperform | Sector Perform | ||
| Jul 3, 2026 | BMO Capital | Reiterate | Market Perform | $54 | $68 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.49 | $0.48 | −2.0% | $1.46B | $1.08B | −26.1% | −2.97% |
| May 7, 2026Q1 FY26 | $0.52 | $0.59 | +13.5% | $1.06B | $1.11B | +4.5% | +1.69% |
| Feb 26, 2026Q4 FY25 | $0.50 | $0.56 | +12.0% | $1.18B | $1.02B | −13.4% | −0.02% |
| Nov 6, 2025Q3 FY25 | $0.45 | $0.31 | −31.1% | $1.41B | $1.28B | −9.0% | −2.75% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.66B | $1.29B | $1.29B | $1.38B | $1.49B | $1.55B | |
| Gross profit | $667.5M | $561.1M | $473.3M | $594.9M | $573.4M | $617.2M | |
| Operating income | $567.6M | $492.0M | $396.4M | $483.4M | $482.5M | $579.8M | |
| Net income | $361.1M | $300.0M | $205.7M | $351.8M | $359.2M | $368.3M | |
| Diluted EPS | $0.58 | $0.47 | $0.31 | $0.56 | $0.58 | $0.59 | |
| Gross margin | 40.1% | 43.5% | 36.7% | 43.2% | 38.5% | 39.9% | |
| Operating margin | 34.1% | 38.2% | 30.8% | 35.1% | 32.4% | 37.5% |
Fiscal years (4-quarter sums)FY21 $6.21B · FY22 $8.41B · FY23 $5.67B · FY24 $5.42B · FY25 $5.62B
Revenue by product · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $110.1M · Total debt $9.94B · Total assets $26.08B · Shareholders' equity $12.28B
Dividends
Raised for 3 straight years — most recently to $0.5256 from $0.5188 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $0.5256 | raised from $0.5188 |
| Mar 16, 2026 | Mar 16 | Mar 31 | $0.5188 | raised from $0.5155 |
| Dec 15, 2025 | Dec 15 | Dec 31 | $0.5155 | raised from $0.5145 |
| Sep 15, 2025 | Sep 15 | Sep 29 | $0.5145 | cut from $0.5237 |
| Jun 16, 2025 | Jun 16 | Jun 30 | $0.5237 | raised from $0.4825 |
| Mar 17, 2025 | Mar 17 | Mar 31 | $0.4825 | cut from $0.4842 |
| Dec 16, 2024 | Dec 16 | Dec 31 | $0.4842 | cut from $0.5076 |
| Sep 16, 2024 | Sep 16 | Sep 27 | $0.5076 | raised from $0.5027 |
Ownership
Shares outstanding 581.44M · Float 580.85M · 99.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Royal Bank of Canada | 45.44M | 7.81% | 13F | Aug 14, 2026 |
| Bank of Montreal /Can/ | 21.61M | 3.72% | 13F | Aug 12, 2026 |
| Vanguard Capital Management LLC | 16.74M | 2.88% | 13F | Aug 13, 2026 |
| Clearbridge Investments, LLC | 13.32M | 2.29% | 13F | Aug 13, 2026 |
| CIBC World Market Inc. | 12.96M | 2.23% | 13F | Aug 13, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Enbridge
Overlaps in liquids pipelines, gas transmission and midstream services
- KeyCorp
Overlaps in western Canadian gas processing, NGL logistics and marketing
- TC Energy
Competes for Western Canadian gas transportation and U.S. market access
- Plains All American Pipeline
Overlaps in North American crude transportation, storage and logistics
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Pembina Pipeline | $48.15 | +0.33% | $27.91B | 23.6 | 22.7 | 4.9 | −17.9% |
| Enbridge | $50.26 | +0.12% | $109.62B | 24.2 | 23.4 | 1.6 | +41.2% |
| KeyCorp | $21.91 | +0.07% | $23.65B | 12.7 | 11.2 | 2.3 | +7.3% |
| TC Energy | $61.70 | −0.23% | $64.40B | 25.7 | 23.9 | 5.6 | +1.9% |
| Plains All American Pipeline | $25.54 | +0.22% | $17.98B | 7.1 | 15.6 | 0.3 | +66.3% |
| Median | 18.5 | 19.5 | 1.9 | +24.2% |