Cash Flow Statement

Operating Cash Flow

+13%

+47%

10Y

Currency: CAD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	52	54	57	60	56	52	57	48	54	50	49	60	56	59	64	70	76	79	83	89	103	121	135	142	141	148	158	162	158	152	148	162	186	188	174	176	166	176	176	166	156	188	189	225	283	296	337	351	407	391	394	383	356	322	360	406	388	458	465	466	574	578	569	883	1 003	1 132	1 355	1 278	1 261	1 679	1 715	1 492	1 493	1 082	1 030	(316)	(310)	(309)	(39)	1 242	1 403	1 567	2 808	2 971	2 859	2 804	1 321	1 776	1 845	1 961	2 000	1 874	1 938	1 876	1 777	1 694
Depreciation & Amortization	78	74	72	68	70	71	74	77	80	84	83	84	83	82	84	85	86	87	86	86	80	75	71	67	68	69	70	72	74	77	76	70	67	62	61	63	62	63	66	70	78	116	150	180	201	181	177	171	182	200	206	226	229	234	249	263	273	286	294	293	310	324	341	382	395	413	428	417	445	463	480	511	563	618	671	700	698	710	711	723	725	735	701	683	661	629	647	663	664	738	805	862	939	956	966	987
Change in Deffered Taxes	(24)	(18)	(21)	(22)	(23)	(25)	(25)	(29)	(36)	(36)	(34)	(33)	(28)	(27)	(28)	(29)	(28)	(27)	(23)	(24)	(21)	(22)	(24)	(23)	(20)	(4)	8	11	12	5	1	(4)	(8)	(6)	(14)	(8)	8	21	36	39	36	49	48	75	90	86	110	0	79	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	0	0	1	1	1	1	1	1	1	1	0	0	1	4	14	15	18	19	12	19	16	15	17	17	22	25	23	34	41	46	67	39	42	39	0	25	46	50	61	46	0	41	41	73	0	58	61	63	0	0	0	16	0	0	19	0	0	28	45	68	70	70	55	81	100	69	75	77	76	102	132	91	100	80	78	94
Other Non-Cash Items	0	0	0	0	1	2	3	(0)	(0)	(1)	(2)	1	(0)	(1)	(3)	(9)	(10)	(8)	(10)	(2)	2	(1)	5	6	5	(13)	(36)	(37)	(37)	(16)	7	0	21	46	83	101	98	103	106	122	136	76	99	108	139	203	193	339	377	456	530	381	344	360	304	328	349	338	363	446	409	450	524	449	562	768	814	929	1 059	609	584	833	787	1 209	1 257	2 639	2 670	2 628	2 731	1 558	1 589	1 569	51	(121)	(122)	(146)	1 462	1 122	1 130	1 215	1 186	1 430	1 436	1 377	1 443	1 352
Cash Taxes Paid	0	0	0	0	0	1	1	2	1	2	2	2	3	2	1	1	1	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	45	58	70	81	111	125	141	137	62	0	6	3	16	26	28	30	37	43	44	26	77	89	105	141	256	242	314	295	236	291	270	355	380	397	396	334	229	209	215	236	388	413	401	404	267	241	209	346
Cash Interest Paid	0	0	0	0	5	10	15	20	10	30	30	42	51	44	43	41	41	36	37	32	38	34	39	45	46	47	51	48	47	47	46	47	49	57	55	58	57	65	71	80	87	101	108	118	111	112	105	115	120	120	130	120	132	128	136	147	155	164	165	163	174	173	189	216	243	264	294	294	310	306	306	311	335	359	411	429	434	441	448	443	452	466	450	468	470	463	468	462	451	460	506	528	593	605	608	611
Change in Working Capital	(8)	1	5	1	10	(9)	(8)	(6)	(1)	11	10	6	9	7	5	(5)	(5)	(8)	(16)	(5)	(17)	(11)	(5)	(3)	8	29	6	11	(5)	(35)	(16)	(4)	(17)	(19)	(29)	(75)	(69)	(117)	(117)	(112)	(130)	(177)	(192)	(228)	(186)	(127)	(221)	(176)	(248)	(266)	(214)	(190)	(248)	(203)	(201)	(196)	(58)	(66)	(46)	(128)	(161)	(131)	(158)	(201)	(275)	(387)	(492)	(368)	(399)	(327)	(301)	(304)	(509)	(594)	(744)	(771)	(760)	(789)	(684)	(873)	(868)	(1 149)	(837)	(604)	(666)	(359)	(772)	(926)	(1 026)	(1 000)	(799)	(952)	(695)	(755)	(844)	(732)
Cash from Operating Activities	98 N/A	110 +12%	114 +3%	107 -6%	113 +6%	91 -19%	100 +9%	90 -10%	97 +8%	108 +12%	105 -3%	118 +12%	120 +2%	122 +1%	122 +1%	112 -8%	120 +7%	122 +2%	120 -1%	144 +20%	147 +2%	163 +11%	182 +12%	190 +4%	202 +6%	228 +13%	205 -10%	220 +7%	202 -8%	183 -9%	216 +18%	225 +4%	250 +11%	270 +8%	275 +2%	257 -6%	265 +3%	245 -8%	266 +9%	286 +7%	276 -3%	251 -9%	294 +17%	360 +22%	527 +46%	640 +21%	596 -7%	685 +15%	714 +4%	732 +2%	833 +14%	800 -4%	659 -18%	713 +8%	712 0%	801 +13%	952 +19%	1 016 +7%	1 076 +6%	1 077 +0%	1 132 +5%	1 221 +8%	1 276 +5%	1 513 +19%	1 685 +11%	1 926 +14%	2 105 +9%	2 256 +7%	2 366 +5%	2 424 +2%	2 478 +2%	2 532 +2%	2 334 -8%	2 315 -1%	2 214 -4%	2 252 +2%	2 298 +2%	2 240 -3%	2 719 +21%	2 650 -3%	2 849 +8%	2 722 -4%	2 723 +0%	2 929 +8%	2 732 -7%	2 928 +7%	2 658 -9%	2 635 -1%	2 613 -1%	2 914 +12%	3 192 +10%	3 214 +1%	3 618 +13%	3 454 -5%	3 342 -3%	3 301 -1%
Investing Cash Flow
Capital Expenditures	(13)	(16)	(20)	(29)	(27)	(24)	(23)	(17)	(20)	(24)	(21)	(58)	(61)	(65)	(95)	(80)	(110)	(142)	(129)	(169)	(212)	(235)	(276)	(300)	(314)	(331)	(290)	(224)	(162)	(114)	(116)	(144)	(131)	(122)	(132)	(186)	(373)	(437)	(486)	(477)	(325)	(367)	(428)	(584)	(666)	(758)	(859)	(880)	(1 030)	(1 105)	(1 204)	(1 412)	(1 623)	(1 712)	(1 846)	(1 811)	(1 688)	(1 681)	(1 740)	(1 745)	(2 079)	(2 174)	(1 978)	(1 839)	(1 454)	(1 234)	(1 184)	(1 226)	(1 263)	(1 442)	(1 572)	(1 645)	(1 767)	(1 544)	(1 297)	(1 029)	(673)	(608)	(643)	(658)	(710)	(716)	(638)	(605)	(563)	(534)	(572)	(606)	(655)	(797)	(890)	(955)	(943)	(875)	(791)	(784)
Other Items	(222)	0	(217)	8	(28)	(243)	(270)	(309)	(305)	(93)	(75)	(8)	23	27	33	8	6	13	7	10	13	4	10	14	17	(24)	49	41	18	(240)	(325)	(334)	0	(16)	(6)	0	0	0	0	0	(32)	(24)	(19)	38	39	30	71	(14)	11	3	(29)	(425)	(399)	(462)	(474)	(87)	(175)	(707)	(510)	(541)	(333)	184	(90)	(1 493)	(1 683)	(1 646)	(1 545)	(85)	(59)	(22)	(39)	(2 265)	(2 314)	(2 502)	(2 638)	(454)	(411)	(283)	(132)	(381)	(376)	(335)	162	451	461	488	(29)	(183)	(358)	(3 001)	(3 063)	(2 958)	(2 776)	(272)	(329)	(306)
Cash from Investing Activities	(235) N/A	(239) -2%	(236) +1%	(21) +91%	(55) -164%	(266) -385%	(293) -10%	(325) -11%	(324) +0%	(116) +64%	(96) +18%	(66) +31%	(39) +41%	(38) +1%	(62) -62%	(72) -16%	(104) -45%	(128) -23%	(122) +5%	(159) -30%	(198) -25%	(232) -17%	(266) -15%	(287) -8%	(297) -4%	(355) -19%	(241) +32%	(183) +24%	(144) +22%	(354) -146%	(441) -25%	(478) -8%	(447) +6%	(138) +69%	(138) 0%	(186) -34%	(373) -101%	(437) -17%	(486) -11%	(477) +2%	(357) +25%	(391) -9%	(447) -14%	(546) -22%	(627) -15%	(728) -16%	(788) -8%	(894) -13%	(1 019) -14%	(1 102) -8%	(1 234) -12%	(1 837) -49%	(2 022) -10%	(2 174) -8%	(2 320) -7%	(1 898) +18%	(1 863) +2%	(2 388) -28%	(2 250) +6%	(2 286) -2%	(2 412) -6%	(1 990) +17%	(2 068) -4%	(3 332) -61%	(3 137) +6%	(2 880) +8%	(2 729) +5%	(1 311) +52%	(1 322) -1%	(1 464) -11%	(1 611) -10%	(3 910) -143%	(4 081) -4%	(4 046) +1%	(3 935) +3%	(1 483) +62%	(1 084) +27%	(891) +18%	(775) +13%	(1 039) -34%	(1 086) -5%	(1 051) +3%	(476) +55%	(154) +68%	(102) +34%	(46) +55%	(601) -1 207%	(789) -31%	(1 013) -28%	(3 798) -275%	(3 953) -4%	(3 913) +1%	(3 719) +5%	(1 147) +69%	(1 120) +2%	(1 090) +3%
Financing Cash Flow
Net Issuance of Common Stock	98	95	93	8	9	16	26	34	38	35	33	33	32	32	36	38	15	28	38	80	13	18	(3)	55	32	11	10	22	53	239	276	149	171	(1)	(31)	86	36	23	17	16	13	10	8	7	354	355	608	762	668	669	675	520	268	492	234	693	1 207	1 234	1 236	781	276	32	33	446	440	461	471	61	142	140	149	151	147	119	99	88	(163)	(412)	(414)	(421)	(183)	204	53	(323)	(291)	(580)	(432)	(49)	0	10	10	11	(12)	(222)	(219)	(445)
Net Issuance of Debt	48	51	51	10	37	49	55	301	78	68	60	15	(8)	(9)	13	30	90	109	125	84	181	204	226	233	248	301	229	135	92	141	162	217	199	(36)	(13)	180	469	480	473	313	89	315	372	395	6	(34)	(189)	(279)	(4)	246	319	809	1 278	1 193	1 400	709	265	314	314	817	1 178	1 252	1 371	2 463	2 345	1 654	1 449	68	(127)	413	799	2 537	2 956	2 832	2 534	644	418	574	67	277	(96)	(360)	(619)	(746)	(609)	(629)	(122)	(172)	522	1 460	1 419	1 372	512	(153)	(200)	(26)
Cash Paid for Dividends	(84)	(89)	(92)	(96)	(97)	(98)	(99)	(101)	(102)	(104)	(105)	(106)	(107)	(108)	(110)	(113)	(118)	(125)	(132)	(140)	(148)	(156)	(166)	(176)	(183)	(188)	(193)	(197)	(202)	(210)	(220)	(229)	(239)	(247)	(251)	(254)	(257)	(259)	(260)	(261)	(234)	(211)	(196)	(181)	(132)	(144)	(147)	(221)	(231)	(242)	(257)	(269)	(279)	(283)	(290)	(294)	(300)	(312)	(330)	(351)	(371)	(474)	(604)	(781)	(985)	(1 108)	(1 197)	(1 247)	(1 259)	(1 279)	(1 310)	(1 323)	(1 387)	(1 444)	(1 484)	(1 530)	(1 535)	(1 533)	(1 526)	(1 521)	(1 516)	(1 515)	(1 518)	(1 651)	(1 660)	(1 677)	(1 694)	(1 579)	(1 590)	(1 625)	(1 663)	(1 701)	(1 739)	(1 753)	(1 763)	(1 772)
Other	81	77	79	(8)	(7)	206	210	0	0	0	(2)	0	0	0	0	0	(4)	(4)	0	0	(0)	0	0	0	0	0	0	0	0	0	0	156	0	156	156	(12)	(14)	(13)	(13)	(2)	(3)	(5)	(5)	(7)	(83)	(82)	(90)	(29)	(21)	(25)	(21)	(21)	(15)	(24)	(21)	(36)	(57)	(48)	(50)	(31)	(13)	(8)	(17)	(23)	(25)	(25)	(13)	(8)	(1)	(7)	(14)	(14)	(18)	(19)	(12)	(11)	0	0	0	0	0	0	0	0	0	0	0	0	1 228	1 218	996	996	(232)	(222)	0	0
Cash from Financing Activities	143 N/A	134 -6%	130 -3%	(87) N/A	(58) +32%	172 N/A	191 +11%	234 +22%	225 -4%	2 -99%	(14) N/A	(58) -317%	(83) -44%	(85) -3%	(61) +28%	(45) +27%	(16) +64%	9 N/A	31 +257%	24 -22%	49 +102%	69 +40%	57 -17%	112 +96%	97 -14%	124 +28%	47 -62%	(40) N/A	(58) -46%	169 N/A	218 +29%	294 +35%	288 -2%	(128) N/A	(139) -8%	0 N/A	234 N/A	231 -1%	217 -6%	66 -70%	(134) N/A	108 N/A	179 +65%	214 +20%	144 -33%	95 -34%	182 +93%	233 +28%	412 +77%	648 +57%	715 +10%	1 039 +45%	1 252 +21%	1 378 +10%	1 323 -4%	1 072 -19%	1 115 +4%	1 188 +7%	1 170 -2%	1 216 +4%	1 070 -12%	802 -25%	783 -2%	2 105 +169%	1 775 -16%	982 -45%	710 -28%	(1 126) N/A	(1 245) -11%	(733) +41%	(376) +49%	1 351 N/A	1 698 +26%	1 488 -12%	1 137 -24%	(809) N/A	(1 287) -59%	(1 371) -7%	(1 873) -37%	(1 665) +11%	(1 795) -8%	(1 671) +7%	(2 084) -25%	(2 720) -31%	(2 560) +6%	(2 886) -13%	(2 248) +22%	(1 800) +20%	10 N/A	1 063 +10 530%	762 -28%	678 -11%	(1 471) N/A	(2 350) -60%	(2 182) +7%	(2 243) -3%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	12	17	14	20	0	(1)	9	(12)	(5)	(8)	(14)	6	10	16	15	14	19	9	8	3	(4)	(2)	2	7	4	11	9	(3)	5	(3)
Net Change in Cash	6 N/A	6 -10%	8 +34%	(0) N/A	(0) N/A	(3) -767%	(2) +19%	(1) +52%	(3) -190%	(7) -124%	(5) +23%	(6) -24%	(2) +73%	(2) -18%	(1) +65%	(4) -514%	(1) +86%	2 N/A	29 +1 121%	9 -69%	(3) N/A	0 N/A	(27) N/A	15 N/A	2 -90%	(3) N/A	11 N/A	(3) N/A	0 N/A	(1) N/A	(7) -400%	40 N/A	91 +125%	5 -95%	(2) N/A	72 N/A	126 +77%	39 -69%	(2) N/A	(126) -5 154%	(215) -70%	(32) +85%	26 N/A	28 +9%	44 +57%	7 -85%	(10) N/A	24 N/A	107 +346%	278 +159%	314 +13%	2 -99%	(111) N/A	(83) +25%	(285) -243%	(25) +91%	204 N/A	(184) N/A	(4) +98%	7 N/A	(210) N/A	33 N/A	(9) N/A	286 N/A	323 +13%	28 -91%	98 +250%	(164) N/A	(187) -14%	247 N/A	491 +99%	(28) N/A	(40) -43%	(255) -538%	(589) -131%	(48) +92%	(87) -81%	(16) +82%	81 N/A	(38) N/A	(17) +55%	14 N/A	182 +1 200%	64 -65%	78 +22%	(1) N/A	(195) -19 400%	44 N/A	1 612 +3 564%	186 -88%	5 -97%	(10) N/A	(1 563) -15 530%	(46) +97%	45 N/A	(35) N/A
Free Cash Flow
Free Cash Flow	86 N/A	94 +9%	94 0%	79 -16%	86 +9%	68 -21%	77 +13%	73 -4%	77 +5%	85 +10%	84 -2%	60 -29%	59 -1%	56 -5%	28 -51%	33 +19%	10 -70%	(19) N/A	(9) +54%	(25) -179%	(65) -159%	(73) -12%	(94) -30%	(111) -18%	(112) -1%	(103) +8%	(85) +18%	(4) +95%	40 N/A	69 +71%	100 +45%	81 -19%	119 +47%	149 +25%	143 -4%	72 -50%	(108) N/A	(192) -78%	(220) -14%	(192) +13%	(48) +75%	(116) -140%	(134) -15%	(224) -67%	(139) +38%	(118) +16%	(263) -123%	(195) +26%	(316) -62%	(373) -18%	(372) +0%	(612) -65%	(964) -58%	(999) -4%	(1 134) -14%	(1 010) +11%	(736) +27%	(665) +10%	(664) +0%	(668) -1%	(947) -42%	(953) -1%	(702) +26%	(326) +54%	231 N/A	692 +200%	921 +33%	1 030 +12%	1 103 +7%	982 -11%	906 -8%	887 -2%	567 -36%	771 +36%	917 +19%	1 223 +33%	1 625 +33%	1 632 +0%	2 076 +27%	1 992 -4%	2 139 +7%	2 006 -6%	2 085 +4%	2 324 +11%	2 169 -7%	2 394 +10%	2 086 -13%	2 029 -3%	1 958 -3%	2 117 +8%	2 302 +9%	2 259 -2%	2 675 +18%	2 579 -4%	2 551 -1%	2 517 -1%

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Pembina Pipeline Corp
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Cash Flow Statement

Cash Flow Statement
Pembina Pipeline Corp

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