EarningsQ2 2026 Earnings Report
MX:PPLN Q2 2026 EPS Results
Actual EPS$8.12
Consensus EPS$8.87
Beat/MissMissed by -$0.75
One Year Ago EPS$7.99
MX:PPLN Q2 2026 Revenue Results
Actual Revenue$25.46B
Expected Revenue$25.52B
Beat/MissMissed by -$61.46M
YoY Revenue Growth+20.14%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeAfter Close
Conference CallThursday, July 30, 2026
MX:PPLN Upcoming Earnings
Pembina Pipeline's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PPLN Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call conveyed solid financial and operational performance with multiple strategic project milestones (RFS IV, Wapiti, Heartland, Greenlight, Cedar LNG progress), affirmed guidance and derisking of a substantial portion of 2030 growth. Offsetting items include pipeline toll settlement impacts (Alliance), derivative mark-to-market and Cedar LNG unrealized losses, seasonal headwinds and elevated near-term maintenance spend that will depress Q3 results. On balance, execution wins, project sanctions/FIDs and strong year-over-year profitability gains outweigh the near-term headwinds.Company Guidance
Strong Adjusted EBITDA
Reported Q2 adjusted EBITDA of $1.064 billion, a $51 million (5%) increase versus Q2 2025; reaffirmed 2026 adjusted EBITDA guidance of $4.35 billion to $4.55 billion and management is trending toward the midpoint.
Earnings and Adjusted Earnings Growth
Earnings of $512 million in Q2 (+23% year-over-year) and adjusted earnings of $415 million (+10% year-over-year), reflecting higher operational performance and favorable commodity dynamics.
Volume Growth
Total Pipelines & Facilities volumes of 3.7 million boe/day in Q2, up ~3% year-over-year driven by higher pipeline and facilities throughput (e.g., Nipisi, Cochin, RFS IV, Wapiti).
RFS IV Fractionator Commissioned
Placed RFS IV fractionator into service in late May on time and under budget, adding 55,000 barrels/day of propane-plus fractionation capacity at the Redwater Complex, strengthening NGL franchise.
New Assets and Sanctions
Sanctioned the Heartland Extraction Plant (monetizes Yellowhead extraction rights) and reached a positive FID on the 932 MW Greenlight Electricity Center; also sanctioned other projects (~$3 billion referenced by management), further de-risking growth to 2030.
Cedar LNG Construction Progress
Cedar LNG achieved pipeline mechanical completion and moved the floating LNG vessel from dry dock to wet dock in South Korea, tracking toward first exports in late 2028.
PGI and Facilities Operational Improvements
Facilities benefited from Wapiti expansion (entered service end of March), stronger Dawson asset performance, fewer unplanned outages, and higher recoveries from an asset upgrade.
Commercial Wins and Contract Upside
Expanded long-term ethane supply to Dow by 15% alongside Heartland sanction; continued commercial momentum around condensate, fractionation and export solutions (Cochin capacity expanded to ~120,000 bpd from ~85–90k at acquisition).
Hedging and Risk Management
Hedged approximately 90% of NGL frac spread exposure for Q3 and ~40% for Q4, demonstrating active commodity risk management to protect near-term marketing contribution.
Strategic Participation in West Coast Oil Pipeline
Announced disciplined participation in the proposed West Coast oil pipeline to expand market access for Canadian energy, with a focus on risk-return alignment and capital allocation guardrails.
MX:PPLN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed