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Financials · PAA

Plains All American Pipeline L.P. (PAA) financials

For the twelve months ended Jun 30, 2026, Plains All American Pipeline L.P. reported $52.31B of revenue and $2.77B of net income.

Revenue, TTM
$52.31B
Revenue growth, YoY
+12.2%
Net income, TTM
$2.77B
Net income growth, YoY
+204.2%
Net margin
5.3%
Free cash flow, TTM
$2.38B
Cash
$1.06B
Total debt
$8.44B
P/E
6.10
P/S
0.32
Market cap
$16.88B
Annual revenue$44.26B
FY2016FY2025
Annual net income$1.44B
FY2016FY2025
Annual free cash flow$2.29B
FY2016FY2025

PAA revenue and earnings growth

PAA revenueQ2 2026$17.69B

Quarter YoY
+66.3%
QoQ
+41.9%
FY YoY
-9.5%
5Y CAGR
+13.7%
10Y CAGR
+6.7%

PAA revenue was $17.69B in fiscal Q2 2026 (ended Jun 30, 2026), up 66.3% from a year earlier and up 41.9% from the prior quarter. For the full fiscal 2025 it was $44.26B, down 9.5% from fiscal 2024. Compound annual growth was +13.7% over 5 years and +6.7% over 10 years. It rose in 5 of the last 10 fiscal years.

PAA net incomeQ2 2026$1.83B

Quarter YoY
+771.4%
QoQ
12x
FY YoY
+85.9%
10Y CAGR
+4.7%

PAA net income was $1.83B in fiscal Q2 2026 (ended Jun 30, 2026), up 771.4% from a year earlier and up about 12-fold from the prior quarter. For the full fiscal 2025 it was $1.44B, up 85.9% from fiscal 2024. Compound annual growth was +4.7% over 10 years. It rose in 3 of the last 4 fiscal years.

PAA free cash flowQ2 2026$817.00M

Quarter YoY
+55.9%
QoQ
+183.7%
FY YoY
+12.3%
5Y CAGR
+24.2%

PAA free cash flow was $817.00M in fiscal Q2 2026 (ended Jun 30, 2026), up 55.9% from a year earlier and up 183.7% from the prior quarter. For the full fiscal 2025 it was $2.29B, up 12.3% from fiscal 2024. Compound annual growth was +24.2% over 5 years. It rose in 5 of the last 8 fiscal years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$44.26B$48.89B$47.34B$57.34B$42.08B$23.29B$33.67B$34.05B$26.22B$20.18B
Cost of revenue$40.43B$45.16B$43.94B$53.18B$38.50B$20.43B$29.45B$29.79B$22.98B$17.23B
Gross profit$3.83B$3.73B$3.40B$4.17B$3.57B$2.86B$4.22B$4.26B$3.24B$2.95B
Selling, general and admin$342.00M$328.00M$299.00M$325.00M$292.00M$271.00M$297.00M$316.00M$276.00M$279.00M
Operating income$1.43B$868.00M$1.26B$1.29B$851.00M-$2.38B$1.99B$2.28B$1.15B$994.00M
Interest expense$554.00M$430.00M$386.00M$405.00M$425.00M$436.00M$425.00M$431.00M$510.00M$467.00M
Pre-tax income$1.40B$969.00M$1.37B$1.42B$721.00M-$2.60B$2.25B$2.41B$902.00M$755.00M
Income tax$15.00M$87.00M$61.00M$189.00M$73.00M-$19.00M$66.00M$198.00M$44.00M$25.00M
Net income$1.44B$772.00M$1.23B$1.04B$593.00M-$2.59B$2.17B$2.22B$856.00M$726.00M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$328.00M$348.00M$450.00M$401.00M$453.00M$60.00M$82.00M$66.00M$37.00M$47.00M
Receivables$3.60B$3.68B$3.76B$3.91B$4.71B$2.55B$3.61B$2.45B$3.03B$2.28B
Inventory$211.00M$261.00M$548.00M$729.00M$783.00M$647.00M$604.00M$640.00M$713.00M$1.34B
Current assets$4.73B$4.80B$4.91B$5.36B$6.14B$3.67B$4.61B$3.53B$4.00B$4.27B
Goodwill-----$0$2.54B$2.52B$2.57B$2.34B
Total assets$30.17B$26.56B$27.36B$27.89B$28.61B$24.50B$28.68B$25.51B$25.35B$24.21B
Current liabilities$4.93B$4.95B$5.00B$5.89B$6.23B$4.25B$5.02B$3.46B$4.53B$4.66B
Short-term debt$563.00M$407.00M$446.00M$1.16B$822.00M$831.00M$504.00M$66.00M$737.00M$1.72B
Long-term debt$10.70B$7.21B$7.30B$7.29B$8.40B$9.38B$9.19B$9.14B$9.18B$10.12B
Total debt$11.26B$7.62B$7.75B$8.45B$9.22B$10.21B$9.69B$9.21B$9.92B$11.84B
Total liabilities---------$25.22B
Shareholders' equity----------$1.01B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$2.94B$2.49B$2.73B$2.41B$2.00B$1.51B$2.50B$2.61B$2.50B$733.00M
Capital expenditures$643.00M$448.00M$408.00M$455.00M$336.00M$738.00M$1.18B$1.63B$1.02B$1.33B
Free cash flow$2.29B$2.04B$2.32B$1.95B$1.66B$776.00M$1.32B$974.00M$1.48B-$601.00M
Investing cash flow-$3.77B-$1.50B-$702.00M-$526.00M$386.00M-$1.09B-$1.76B-$813.00M-$1.57B-$1.27B
Financing cash flow$799.00M-$1.08B-$1.98B-$1.93B-$1.98B-$435.00M-$720.00M-$1.76B-$943.00M$556.00M
Share repurchases$8.00M$0$0$74.00M$178.00M$50.00M$0$0--
Depreciation and amortization$953.00M$901.00M$909.00M$965.00M$774.00M$653.00M$601.00M$520.00M$517.00M$514.00M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-9.5%3.3%-17.4%36.3%80.7%-30.8%-1.1%29.9%29.9%-12.8%
Net income growth, YoY85.9%-37.2%18.6%74.9%---2.0%158.9%17.9%-19.6%
Gross margin8.7%7.6%7.2%7.3%8.5%12.3%12.5%12.5%12.3%14.6%
Operating margin3.2%1.8%2.7%2.3%2.0%-10.2%5.9%6.7%4.4%4.9%
Net margin3.2%1.6%2.6%1.8%1.4%-11.1%6.4%6.5%3.3%3.6%
Free cash flow margin5.2%4.2%4.9%3.4%3.9%3.3%3.9%2.9%5.6%-3.0%
Return on assets4.8%2.9%4.5%3.7%2.1%-10.6%7.6%8.7%3.4%3.0%
Current ratio0.960.970.980.910.980.860.921.020.880.92

Source: XBRL data Plains All American Pipeline L.P. files with the SEC, latest filing dated Aug 10, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

PAA peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
PAA$52.31B+12.2%$2.77B5.3%$16.88B
WMB$15.43B+10.1%$3.07B19.9%$162.73B
ENBC$89.93B+40.0%C$6.73B7.5%$102.40B
NGG£17.69B-3.8%£3.24B18.3%$87.30B
EPD$64.40B+21.5%$6.59B10.2%$79.86B
KMI$18.34B+11.7%$3.60B19.6%$66.73B
TRPC$15.24B+10.7%C$3.52B23.1%$61.92B
TRGP$18.19B+4.7%$2.45B13.5%$56.74B
MPLX$13.21B+3.1%$4.34B32.9%$56.64B

PAA FAQ

8 questions
  • What is PAA revenue?
    Plains All American Pipeline L.P. (PAA) reported $52.31B of revenue for the twelve months ended Jun 30, 2026. That is up 12.2% from the year before. Revenue for fiscal 2025 was $44.26B.
  • Is PAA profitable?
    Yes. Plains All American Pipeline L.P. earned $2.77B in net income for the twelve months ended Jun 30, 2026, a net margin of 5.3%.
  • How much cash and debt does PAA have?
    Plains All American Pipeline L.P. reported $1.06B in cash and cash equivalents and $8.44B of debt on its most recent balance sheet in SEC filings.
  • How fast is PAA revenue growing?
    Plains All American Pipeline L.P.'s revenue changed -9.5% in fiscal 2025, to $44.26B. Its compound annual growth rate was +13.7% over 5 years and +6.7% over 10 years.
  • What is PAA gross margin?
    Plains All American Pipeline L.P.'s gross profit was $4.10B on $52.31B of revenue for the twelve months ended Jun 30, 2026, a gross margin of 7.8%.
  • What is PAA free cash flow?
    Plains All American Pipeline L.P. generated $2.38B of free cash flow for the twelve months ended Jun 30, 2026, which is operating cash flow of $2.98B less capital expenditures.
  • When did PAA last report financial results?
    The latest statements here come from Plains All American Pipeline L.P.'s 10-Q filed on Aug 10, 2026, covering the period ended Jun 30, 2026.
  • Where does this PAA financial data come from?
    Quantisnow builds these statements from the structured XBRL data Plains All American Pipeline L.P. files with the SEC. It is provided for information only and is not investment advice.