Oil prices dropped on Monday as diplomatic efforts to end the war in Iran began to ease concerns about global supply. While lower energy prices are good for the broader economy, they can be a challenge for pipeline companies like Pembina. When oil and gas prices fall, energy producers often slow down their drilling activity. Since Pembina earns its money by charging fees to transport and process those fuels, fewer barrels moving through its network would mean less revenue for the business.
Management has a history of hitting their targets within a few cents, showing they have a firm handle on their costs and the steady fees they collect.
Earnings history
EstimateBeatMiss
Pembina Pipeline past earnings results
Expected
Actual
Surprise
EPS
$0.49
$0.48
-2.0%
Revenue
$1.43B
$1.51B
+6.3%
Key highlights
Full year outlook steady: Management expects adjusted EBITDA, which measures profit from business operations, to land between $4.35 billion and $4.55 billion for 2026. This range remains unchanged from previous targets, though the company noted results are currently trending toward the $4.45 billion midpoint.
Major data center deal: The company approved a $4.6 billion power generation project to provide dedicated electricity to a major Alberta data center being developed by Meta. This moves the business into the technology sector and is expected to provide stable cash flow through 2030.
Facilities division profit growth: Adjusted EBITDA in the facilities division rose 17% to $386 million compared to last year. The growth was driven by the new RFS IV expansion, which adds 55,000 barrels per day of processing capacity and began service in May 2026.
Marketing earnings jump: The marketing and new ventures division saw its operating profit climb 50% to $111 million. Higher prices for natural gas liquids and wider margins on processing helped fuel this increase over the $74 million earned during the same period last year.
Pipeline earnings dip: Earnings from the pipeline division fell 3% to $458 million. A new toll structure on the Alliance Pipeline reduced revenue, even though the company transported higher volumes on its Nipisi and Cochin lines.
Our take: A solid quarter that shows the company is successfully moving beyond just pipes. While the core pipeline business saw a small dip, the massive $4.6 billion deal with Meta to power data centers is a game changer. It secures long term growth and makes the overall business more diverse.
Pembina Pipeline’s next earnings date
Q3 2026
NOV
5
Expectation
EPS
$0.46
Revenue
$1.43B
Metrics we are tracking
Metric
Expectations
Status
Volume Throughput
Sustaining total volumes above 3.1 million barrels of oil equivalent per day
3.1 million boe/d in Q2 2026
Fee-Based EBITDA %
Maintaining over 85% of EBITDA from fee-based, contracted sources
~88% in FY2025
Project Backlog Execution
Delivering major projects within 10% of budgeted capital and timeline
RFS IV completed under budget in May 2026
Dividend Payout Ratio
Keeping the common dividend payout below 80% of fee-based cash flow
~75% of adjusted cash flow in Q2 2026
Stay on top of Pembina Pipeline
Follow Pembina Pipeline to get the latest and most important updates.