# BOARDWALK PIPELINE PARTNERS, LP · Edgar & Edgarette company card

> Boardwalk Pipeline Partners grew revenue 13.7% in FY2025 to $2.3 billion, operating margin 32.1% against a 27.9% median for natural gas transmission. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1336047 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/1336047) · [JSON](https://www.pops4.com/boards/company/1336047.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $2.3B |
| Revenue growth, 1 year | 13.7% |
| Revenue growth per year | 14.5% |
| Operating margin | 32.1% (prior year 32.4%) |
| Net margin | 25.8% |
| Operating cash flow | $1.0B |
| Capital spending | $354M |
| Free cash flow | $689M |
| Cash | $499M |
| Long-term debt | $3.8B |
| Total assets | $10.5B |
| Total equity | — |
| Equity ÷ assets | — |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Piotroski F: 7 of 9 (solid)
- Health Harbor boat: New ship · no warning signs
- Cash Compass: Cash cow now · steady, with strong cash arriving today

## Edgarette's reading

Exposure: revenue $2.3B (FY2025), total debt $3.8B. Experience: revenue up 13.7% on the year, up 14.5% a year over 4 years; operating margin 32.1%, down from 32.4%. Soundness: payout 84.1% of profit. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $2.3B and $2.9B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $2.2B to $3.1B. A statistical range, not company guidance. Against peers (13 filers, $50M+ revenue, natural gas transmission): operating margin 32.1% against a 27.9% median; growth 13.7% against 12.2%.

Range logged 2026-10-30, receipt 4f400f9112a17c72, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

No warning filings in the window.

## Recent filings

- 10-Q · filed 2026-11-02 · [filing](https://www.sec.gov/Archives/edgar/data/1336047/000133604726000017/0001336047-26-000017-index.htm)
- 10-Q · filed 2026-08-03 · [filing](https://www.sec.gov/Archives/edgar/data/1336047/000133604726000011/0001336047-26-000011-index.htm)
- 10-Q · filed 2026-05-04 · [filing](https://www.sec.gov/Archives/edgar/data/1336047/000133604726000008/0001336047-26-000008-index.htm)
- 10-K · filed 2026-02-10 · [filing](https://www.sec.gov/Archives/edgar/data/1336047/000133604726000004/0001336047-26-000004-index.htm)
- 8-K · filed 2025-11-24 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1336047/000119312525293680/0001193125-25-293680-index.htm)
- 8-K · filed 2025-11-17 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1336047/000119312525284791/0001193125-25-284791-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001336047.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1336047

## Cite

POPS4, Edgar & Edgarette: BOARDWALK PIPELINE PARTNERS, LP company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/1336047. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.