Pembina Pipeline (PBA) Operating Margin (2011 - 2026)
Pembina Pipeline (PBA) posted Operating Margin of 37.32% for Q1 2026, down 9.05% sequentially from 41.04% in Q4 2025, and up 275.0% YoY from 9.95% in Q1 2025.
Pembina Pipeline (PBA) Operating Margin (2011 - 2026) Analysis & Trends
Pembina Pipeline has reported Operating Margin for 16 years, with the latest figure at 37.32% in Q1 2026.
- Quarterly Operating Margin rose 275.0% year-over-year to 37.32% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 36.9% (up 708.0% YoY) and the FY2025 annual result came in at 36.11%, up 522.0% from the prior year.
- Operating Margin eased to 37.32% in Q1 2026 per PBA's latest filing, from 41.04% in the prior quarter.
- Over five years, Operating Margin peaked at 67.69% in Q3 2022 and troughed at 6.15% in Q2 2024.
- A 5-year average of 35.03% and a median of 37.32% in 2026 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2023 and 2024: Operating Margin surged 3429 bps in 2023, then plunged 3366 bps in 2024.
- Over 5 years, Operating Margin stood at 16.41% in 2022, then soared by 209 bps to 50.71% in 2023, then declined by 17 bps to 42.28% in 2024, then declined by 3 bps to 41.04% in 2025, then dropped by 9 bps to 37.32% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 37.32%, 41.04%, and 30.76% for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Kinder Morgan | 112.69 Bn | 112.57 Bn | 3.07 Bn | 30.06% |
| 2 | Enbridge | 110.69 Bn | 109.19 Bn | 5.23 Bn | 9.93% |
| 3 | Enterprise Products Partners | 83.45 Bn | 82.54 Bn | - | 12.31% |
| 4 | Energy Transfer | 72.64 Bn | 71.61 Bn | 7.40 Bn | 10.41% |
| 5 | Tc Energy | 65.84 Bn | 58.29 Bn | 1.24 Bn | 29.84% |
| 6 | Mplx | 60.05 Bn | 59.02 Bn | 2.73 Bn | 41.61% |
| 7 | Oneok | 59.98 Bn | 59.82 Bn | 2.81 Bn | 13.22% |
| 8 | Targa Resources | 59.50 Bn | 59.37 Bn | 2.14 Bn | 27.80% |
| 9 | Cheniere Energy | 55.93 Bn | 54.68 Bn | 5.29 Bn | 74.84% |
| 10 | Pembina Pipeline | 28.28 Bn | 28.02 Bn | 674.49 Mn | 37.45% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 37.45% |
| Mar 31, 2026 | 37.32% |
| Dec 31, 2025 | 41.04% |
| Sep 30, 2025 | 30.76% |
| Jun 30, 2025 | 38.17% |
| Mar 31, 2025 | 34.57% |
| Dec 31, 2024 | 42.28% |
| Sep 30, 2024 | 33.79% |
| Jun 30, 2024 | 6.15% |
| Mar 31, 2024 | 41.36% |
| Dec 31, 2023 | 50.71% |
| Sep 30, 2023 | 39.31% |
| Jun 30, 2023 | 39.80% |
| Mar 31, 2023 | 36.22% |
| Dec 31, 2022 | 16.41% |
| Sep 30, 2022 | 67.69% |
| Jun 30, 2022 | 20.65% |
| Mar 31, 2022 | 19.28% |
| Dec 31, 2021 | 9.38% |
| Sep 30, 2021 | 43.04% |