PAA · Plains All American Pipeline LP - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.47B | - | $11.58B | $10.64B | $12.01B | - | $12.74B | $12.93B | $11.99B | - |
| Cost of Revenue | $11.49B | - | $10.59B | $9.76B | $10.76B | - | $11.56B | $11.86B | $10.92B | - |
| Gross Profit | $977.00M | - | $993.00M | $884.00M | $1.25B | - | $1.19B | $1.07B | $1.08B | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $81.00M | - | $83.00M | $82.00M | $100.00M | - | $98.00M | $93.00M | $96.00M | - |
| Total Operating Expenses | $12.06B | - | $11.09B | $10.40B | $11.48B | - | $12.40B | $12.56B | $11.63B | - |
| D&A | $243.00M | - | $230.00M | $235.00M | $262.00M | - | $257.00M | $257.00M | $254.00M | - |
| Operating Income | $405.00M | - | $484.00M | $239.00M | $533.00M | - | $347.00M | $374.00M | $370.00M | - |
| Interest Expense | $167.00M | - | $135.00M | $133.00M | $95.00M | - | $113.00M | $95.00M | $95.00M | - |
| Income Tax | $1.00M | - | $6.00M | $4.00M | $50.00M | - | $45.00M | $62.00M | $14.00M | - |
| Net Income | $152.00M | - | $441.00M | $210.00M | $443.00M | - | $220.00M | $250.00M | $266.00M | - |
| EPS - Basic | - | - | - | - | - | - | - | - | - | - |
| EPS - Diluted | - | - | - | - | - | - | - | - | - | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $171.00M | $328.00M | $1.18B | $459.00M | $427.00M | $348.00M | $640.00M | $553.00M | $331.00M | $450.00M |
| Accounts Receivable | $4.82B | $3.60B | $3.62B | $3.56B | $3.82B | $3.90B | $3.95B | $4.21B | $4.04B | $3.76B |
| Inventory | $380.00M | $211.00M | $184.00M | $151.00M | $335.00M | $439.00M | $436.00M | $502.00M | $453.00M | $548.00M |
| Accounts Payable | $4.93B | $3.46B | $3.58B | $3.36B | $3.73B | $3.88B | $3.67B | $4.01B | $3.99B | $3.84B |
| Current Assets | $6.16B | $4.73B | $5.58B | $4.69B | $4.74B | $4.80B | $5.17B | $5.39B | $5.00B | $4.91B |
| Total Assets | $31.64B | $30.17B | $28.10B | $27.16B | $27.06B | $26.56B | $27.16B | $27.45B | $27.36B | $27.36B |
| Current Liabilities | $6.54B | $4.93B | $5.37B | $4.68B | $4.69B | $4.95B | $5.14B | $5.41B | $5.14B | $5.00B |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - |
| Stockholders' Equity | - | - | - | - | - | - | - | - | - | - |
| Retained Earnings | - | - | - | - | - | - | - | - | - | - |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $418.00M | - | - | - | $639.00M | - | - | - | $419.00M | - |
| Investing Cash Flow | ($233.00M) | - | - | - | ($1.15B) | - | - | - | ($261.00M) | - |
| Financing Cash Flow | ($339.00M) | - | - | - | $590.00M | - | - | - | ($273.00M) | - |
| CapEx | $130.00M | - | - | - | $191.00M | - | - | - | $157.00M | - |
| Free Cash Flow | $288.00M | - | - | - | $448.00M | - | - | - | $262.00M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 7.8% | - | 8.6% | 8.3% | 10.4% | - | 9.3% | 8.3% | 9.0% | - |
| Operating margin | 3.2% | - | 4.2% | 2.2% | 4.4% | - | 2.7% | 2.9% | 3.1% | - |
| EBITDA margin | 5.2% | - | 6.2% | 4.5% | 6.6% | - | 4.7% | 4.9% | 5.2% | - |
| Net margin | 1.2% | - | 3.8% | 2.0% | 3.7% | - | 1.7% | 1.9% | 2.2% | - |
| Free cash flow margin | 2.3% | - | - | - | 3.7% | - | - | - | 2.2% | - |
| FCF / Net income | 1.89 | - | - | - | 1.01 | - | - | - | 0.98 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 0.6% | - | 0.7% | 0.8% | 0.8% | - | 0.8% | 0.7% | 0.8% | - |
| Effective tax rate | 0.7% | - | 1.3% | 1.9% | 10.1% | - | 17.0% | 19.9% | 5.0% | - |
| Return on assets | 0.5% | - | 1.6% | 0.8% | 1.6% | - | 0.8% | 0.9% | 1.0% | - |
| Return on equity | - | - | - | - | - | - | - | - | - | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 0.94 | 0.96 | 1.04 | 1.00 | 1.01 | 0.97 | 1.01 | 1.00 | 0.97 | 0.98 |
| Quick ratio | 0.88 | 0.92 | 1.01 | 0.97 | 0.94 | 0.88 | 0.92 | 0.90 | 0.88 | 0.87 |
| Cash ratio | 0.03 | 0.07 | 0.22 | 0.10 | 0.09 | 0.07 | 0.12 | 0.10 | 0.06 | 0.09 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 2.4x | - | 3.6x | 1.8x | 5.6x | - | 3.1x | 3.9x | 3.9x | - |
| Equity multiplier | - | - | - | - | - | - | - | - | - | - |
| Liabilities / Assets | - | - | - | - | - | - | - | - | - | - |
| Efficiency | ||||||||||
| Asset turnover | 0.39 | - | 0.41 | 0.39 | 0.44 | - | 0.47 | 0.47 | 0.44 | - |
| Inventory turnover | 30.24 | - | 57.53 | 64.62 | 32.12 | - | 26.51 | 23.62 | 24.10 | - |
| Days sales outstanding | 141d | - | 114d | 122d | 116d | - | 113d | 119d | 123d | - |
| Days inventory outstanding | 12d | - | 6d | 6d | 11d | - | 14d | 15d | 15d | - |
| Days payable outstanding | 157d | - | 124d | 126d | 126d | - | 116d | 124d | 133d | - |
| Cash conversion cycle | -3d | - | -3d | 2d | 1d | - | 11d | 11d | 5d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 3.8% | - | -9.1% | -17.7% | 0.1% | - | 5.6% | 11.5% | -2.8% | - |
| Revenue CAGR (3y) | 0.3% | - | -6.9% | -13.4% | -4.3% | - | 5.7% | 9.2% | 12.7% | - |
| Revenue CAGR (5y) | 8.3% | - | 14.7% | 27.0% | 7.8% | - | 10.1% | 9.4% | 7.4% | - |
| Gross profit growth (YoY) | -21.8% | - | -16.3% | -17.8% | 16.0% | - | 22.9% | 1.6% | 5.9% | - |
| Operating income growth (YoY) | -24.0% | - | 39.5% | -36.1% | 44.1% | - | 48.3% | -1.1% | -21.8% | - |
| Net income growth (YoY) | -65.7% | - | 100.5% | -16.0% | 66.5% | - | 8.4% | -14.7% | -37.0% | - |
| EPS growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -35.7% | - | - | - | 71.0% | - | - | - | -57.8% | - |
| FCF CAGR (5y) | -16.1% | - | - | - | -7.0% | - | - | - | -19.0% | - |
| Book value growth (YoY) | - | - | - | - | - | - | - | - | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$44.28B totalCrude Oil Segment$44.13B · 99.7%
Natural Gas Liquids Segment$151.00M · 0.3%
Product / service
$45.94B totalProduct$42.50B · 92.5%
Service$1.76B · 3.8%
Transportation$1.33B · 2.9%
Terminalling Storage And Other$349.00M · 0.8%
Geographic
$44.26B totalUS$39.76B · 89.8%
CA$4.50B · 10.2%
Peer comparison
Same SIC group: Pipe Lines (No Natural Gas)
Comparing PLAINS ALL AMERICAN PIPELINE LP against the 5 most active filers in the same SIC group.
Dividends
$1.60/share trailing 12 months · +14.3% YoY
| Ex-date | Per share |
|---|---|
| May 1, 2026 | $0.4180 |
| Jan 30, 2026 | $0.4180 |
| Oct 31, 2025 | $0.3800 |
| Jul 31, 2025 | $0.3800 |
| May 1, 2025 | $0.3800 |
| Jan 31, 2025 | $0.3800 |
| Oct 31, 2024 | $0.3180 |
| Jul 31, 2024 | $0.3180 |
| Apr 30, 2024 | $0.3180 |
| Jan 30, 2024 | $0.3180 |
| Oct 30, 2023 | $0.2680 |
| Jul 28, 2023 | $0.2680 |
| Apr 28, 2023 | $0.2680 |
| Jan 30, 2023 | $0.2680 |
| Oct 28, 2022 | $0.2180 |
| Jul 28, 2022 | $0.2180 |
| Apr 28, 2022 | $0.2180 |
| Jan 28, 2022 | $0.1800 |
| Oct 28, 2021 | $0.1800 |
| Jul 29, 2021 | $0.1800 |
| Apr 29, 2021 | $0.1800 |
| Jan 28, 2021 | $0.1800 |
| Oct 29, 2020 | $0.1800 |
| Jul 30, 2020 | $0.1800 |