Pembina Pipeline Corporation (PBA) Earnings
Pembina Pipeline Corporation is expected to report next earnings on November 5, 2026 (in NaN days), with a consensus EPS estimate of $0.46. PBA has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -4.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.49 | $0.48 | -2.0% | $1.1B | -26.3% |
| May 8, 2026 | $0.52 | $0.59 | +13.5% | $1.1B | +4.5% |
| Nov 6, 2025 | $0.45 | $0.31 | -31.1% | $1.3B | -9.0% |
| Aug 7, 2025 | $0.47 | $0.47 | +0.0% | $1.3B | +19.2% |
| May 8, 2025 | $0.57 | $0.56 | -1.8% | $1.6B | +37.4% |
| Feb 27, 2025 | $0.59 | $0.66 | +11.9% | $1.5B | +48.7% |
| Aug 8, 2024 | $0.54 | $0.55 | +1.9% | $1.4B | -18.1% |
| May 9, 2024 | $0.53 | $0.53 | +1.3% | $1.6B | -11.2% |
| Feb 22, 2024 | $0.63 | $0.90 | +42.4% | $1.9B | -2.9% |
| Nov 2, 2023 | $0.54 | $0.42 | -22.2% | $1.7B | +6.1% |
| Aug 3, 2023 | $0.45 | $0.45 | +0.3% | $1.6B | -12.1% |
| May 4, 2023 | $0.51 | $0.45 | -11.0% | $1.8B | -5.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 8, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Strong first quarter results with adjusted EBITDA of $1.131 billion, outperforming budget due to commodity market spike. • Fee-based business tracking to plan, on track for 2023-2026 fee-based adjusted EBITDA per share CAGR of ~5%. • Updated 2026 adjusted EBITDA guidance range to $4.35B - $4.55B, midpoint up $175M. • Announced 2.5 cents per share or 3.5% increase to quarterly common share dividend. • Projects under construction: Wapiti expansion and K3 cogeneration facility in service, RFS 4 nearing completion, Cedar LNG progressing. • Commercially: renewed contracts, executed new contracts on Peace Pipeline, closed open season for Alliance Pipeline expansion, Greenlight Electricity Center progressing towards FID by end of Q2 2026. • 3 key themes at Investor Day: disciplined execution, 3C strategy (capture, connect, catalyze), financial outlook to 2030 with 5%-7% fee-based adjusted EBITDA per share CAGR.
Guidance
• Revised 2026 adjusted EBITDA guidance range to $4.35 billion to $4.55 billion, midpoint up $175 million or 4.1% due to stronger marketing outlook. • 2026 year end proportionally consolidated debt to adjusted EBITDA ratio expected to be approximately 3.5 to 3.7 times, excluding Cedar LNG debt, 3.3 to 3.5 times. • Quarterly hedging: ~90% in Q2 and Q3, 40% in Q4 for frac spreads.
Segment performance
Adjusted EBITDA was $1.131 billion. Fee-based business tracking to plan, outperforming budget due to spike in key commodity markets. Pipelines division: lower net revenue on Alliance pipeline due to negotiated settlement, offset by higher interruptible and seasonal revenue and quotient pipeline revenue. Facilities division: higher contribution from certain PGI assets. Marketing and new ventures: narrower WCSB and US NGL frac spreads, offset by premium propane prices in Asian markets. Corporate segment: lower due to higher long-term incentive costs. 2026 adjusted EBITDA guidance range updated to $4.35 billion to $4.55 billion, midpoint up $175 million. 2026 year end proportionally consolidated debt to adjusted EBITDA ratio expected to be approximately 3.5 to 3.7 times, excluding Cedar LNG debt, 3.3 to 3.5 times.
Analyst Q&A
Q: Asked about incremental base and egress, impact on Pemina's asset footprint, alignment with PGI.
A: Jared discussed current expansions like Fox to Mayo, Taylor to Gordondale, Birch to Taylor, and PGI partnership.
Q: Asked about solvent assisted SAGD, technical/commercial proof points.
A: Chris said they're in early stages, waiting to see how to supply needed product.
Q: Asked about permitting process changes, impact on projects.
A: Scott said no material change seen yet, optimistic for changes benefiting projects.
Q: Asked about LPG market, discussions with customers, shipping costs.
A: Chris said Prince Rupert facility and third-party facilities doing well, strong Far East pricing, long-term freight certainty.
Q: Asked about dividend growth, medium/long term.
A: Cam said dividend increase aligns with fee-based business growth, expects 5-7% CAGR from 2026-30.
Q: Asked about construction and cost inflation risk.
A: Rob Jarrett said hyper-focused on inventory management and long lead items, confident in maintaining margins.
Q: Asked about Yellow Project, alliance expansion timing.
A: Chris said Yellow Project progressing, alliance expansion advancing engineering and regulatory.
Q: Asked about Greenlight FID, process time, learnings.
A: Chris said progress nice, took time on engineering and commercial, will apply learnings.
Q: Asked about upstream M&A impacts.
A: Chris said production increase expected after acquisitions.
Q: Asked about ethane opportunity, PGI partnership.
A: Chris said opportunity in ethane, optimistic about PGI partnership.