Pembina earnings date and guidance
Pembina's next results are expected on November 5, 2026. Watch whether marketing strength persists and whether new assets are supplying fee income.
What has Pembina guided for 2026?
Management guides to adjusted EBITDA of C$4,350 million–C$4,550 million for 2026 and is tracking toward the midpoint. Adjusted EBITDA is an operating scoreboard before interest, taxes, depreciation and selected adjustments. It helps compare operations, but it is not cash available for dividends or construction.
Beneath it, management expects about 4.0% fee-based EBITDA growth in 2026 and about 5.0% annual growth per share through 2026. The longer target is 5.0%–7.0% annual fee-based EBITDA-per-share growth through 2030. Per share matters because new shares can increase total earnings while reducing each existing owner’s portion.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Adjusted EBITDA | Year to Dec 2026 | 4,350 | 4,550 | Jul 30, 2026 |
| Capital Expenditures and Contributions to Equity Accounted Investees | Year to Dec 2026 | 1,600 | 1,600 | Dec 15, 2025 |
| Year-end proportionately consolidated debt-to-adjusted EBITDA ratio | Year to Dec 2026 | 3.7x | 4.0x | Dec 15, 2025 |
| Future capital expenditures for the remaining months of 2026 | 6 months to Dec 2026 | 530 | 530 | Jul 30, 2026 |
| Fee-based adjusted EBITDA per share compound annual growth | 2023 to 2026 | 5.0% | 5.0% | May 7, 2026 |
What this means. The Alliance Pipeline contribution decrease is shown as a positive 140 because it means contributions are expected to fall by 140, not rise.
Has Pembina kept its project promises?
Execution supplies a more visible test. Pembina said its Redwater fractionation expansion entered service in May and its Wapiti expansion in March, both on time and at or below budget. That supports management’s record of completing projects, but it does not prove that every project will earn its expected return.
How have Pembina's revenue and profit trended?
Revenue, operating income, net income and diluted EPS all increased year over year, while gross margin was nearly unchanged. The business therefore earned more gross profit mainly on a larger base, not because consolidated margins suddenly widened.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,152 | 2,106 | 1,913 | 1,791 | 1,792 | 2,282 | 2,145 | 1,844 |
| Gross margin | 43.4% | 44.1% | 43.2% | 36.7% | 43.5% | 40.7% | 47.7% | 40.5% |
| Operating income | 806 | 786 | 785 | 551 | 684 | 789 | 907 | 623 |
| Net income | 512 | 498 | 489 | 286 | 417 | 502 | 572 | 383 |
| EPS, diluted | 0.82 | 0.80 | 0.78 | 0.43 | 0.65 | 0.80 | 0.92 | 0.60 |
What this means. Free cash flow is lower than cash from operations because this table also subtracts equipment spending, lease payments, and construction interest.
What should you watch in Pembina's next results?
Cedar targets mechanical completion by the end of 2027, vessel arrival in the first half of 2028 and service in late 2028. Heartland follows in late 2029, then Greenlight in the second half of 2030. Delays can defer revenue while construction interest continues.