Pembina Pipeline (PPL) Q2 2026 earnings summary

Executive summary

• Reported Q2 2026 earnings of $512 million, adjusted earnings of $415 million, and adjusted EBITDA of $1,064 million, with adjusted cash flow from operating activities at $778 million ($1.34 per share).

• Completed and advanced major projects, including RFS IV, sanctioned the Greenlight Electricity Centre and Heartland Extraction Plant, and announced participation in a major West Coast oil pipeline project.

• Strengthened customer relationships through expanded long-term ethane agreements and continued execution of the 3Cs Strategy (Capture, Connect, Catalyze).

• Affirmed 2026 adjusted EBITDA guidance of $4.35–$4.55 billion, trending toward the midpoint, and targeting 5–7% compound annual fee-based adjusted EBITDA per share growth through 2030.

• Strong execution and new assets position the company for robust long-term growth and market connectivity.

Financial highlights

• Q2 2026 adjusted EBITDA rose by $51 million (5%) year-over-year to $1,064 million, with adjusted earnings of $415 million and earnings per share (basic) of $0.83.

• Revenue for Q2 2026 was $2,152 million, up $360 million year-over-year; net revenue was $1,322 million, up $138 million.

• Adjusted cash flow from operating activities was $778 million ($1.34 per share), and cash flow from operating activities was $897 million.

• Capital expenditures for Q2 2026 were $218 million, up $21 million year-over-year.

• Dividends declared for Q3 2026 were $0.735 per share.

Outlook and guidance

• 2026 adjusted EBITDA guidance reaffirmed at $4.35–$4.55 billion, trending to midpoint.

• Q3 adjusted EBITDA expected to be lower than Q2 due to seasonality, with a strong Q4 anticipated.

• Third quarter typically contributes 23%-27% of annual adjusted EBITDA; 2026 expected at the low end.

• Key factors for H2: seasonality in NGL frac spreads, higher maintenance spend, lower Cochin Pipeline contribution, and higher Q4 PGI contribution.

• Future capital expenditures for the remainder of 2026 are estimated at $530 million, focused on terminal optimization, pipeline expansions, and sustaining capital.