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CoverageForm 410-K10-Q8-K13D13G13F

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.

Price · PAA

1Y3Y5YMax
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AnnualQuarterly

Income Statement

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Revenue$44.26B$50.07B$48.71B$57.34B$42.08B$23.29B
Cost of Revenue$40.43B$45.56B$44.53B$53.18B$38.50B$20.43B
Gross Profit$3.83B$4.51B$4.18B$4.17B$3.57B$2.86B
R&D------
SG&A$342.00M$381.00M$350.00M$325.00M$292.00M$271.00M
Total Operating Expenses$42.83B$48.90B$47.20B$56.05B$41.23B$25.66B
D&A$953.00M$1.03B$1.05B$965.00M$774.00M$653.00M
Operating Income$1.43B$1.18B$1.51B$1.29B$851.00M($2.38B)
Interest Expense$554.00M$430.00M$386.00M$405.00M$425.00M$436.00M
Income Tax$15.00M$167.00M$121.00M$189.00M$73.00M($19.00M)
Net Income$1.44B$772.00M$1.23B$1.04B$593.00M($2.59B)
EPS - Basic------
EPS - Diluted------

Balance Sheet

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Cash & Equivalents$328.00M$348.00M$450.00M$401.00M$449.00M$22.00M
Accounts Receivable$3.60B$3.90B$3.76B$3.91B$4.71B$2.55B
Inventory$211.00M$439.00M$548.00M$729.00M$783.00M$647.00M
Accounts Payable$3.46B$3.88B$3.84B$4.04B$4.81B$2.44B
Current Assets$4.73B$4.80B$4.91B$5.36B$6.14B$3.67B
Total Assets$30.17B$26.56B$27.36B$27.89B$28.61B$24.50B
Current Liabilities$4.93B$4.95B$5.00B$5.89B$6.23B$4.25B
Long-term Debt------
Total Liabilities------
Stockholders' Equity------
Retained Earnings------

Cash Flow

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Operating Cash Flow$2.94B$2.49B$2.73B$2.41B$2.00B$1.51B
Investing Cash Flow($3.77B)($1.50B)($702.00M)($526.00M)$386.00M($1.09B)
Financing Cash Flow$799.00M($1.08B)($1.98B)($1.93B)($1.98B)($435.00M)
CapEx$643.00M$619.00M$559.00M$455.00M$336.00M$738.00M
Free Cash Flow$2.29B$1.87B$2.17B$1.95B$1.66B$776.00M

Ratios

MetricFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Profitability
Gross margin8.7%9.0%8.6%7.3%8.5%12.3%
Operating margin3.2%2.4%3.1%2.3%2.0%-10.2%
EBITDA margin5.4%4.4%5.3%3.9%3.9%-7.4%
Net margin3.2%1.5%2.5%1.8%1.4%-11.1%
Free cash flow margin5.2%3.7%4.5%3.4%3.9%3.3%
FCF / Net income1.602.421.761.882.80-0.30
R&D / Revenue------
SG&A / Revenue0.8%0.8%0.7%0.6%0.7%1.2%
Effective tax rate1.0%17.8%9.0%15.4%11.0%-
Return on assets4.8%2.9%4.5%3.7%2.1%-10.6%
Return on equity------
Return on invested capital------
Liquidity
Current ratio0.960.970.980.910.980.86
Quick ratio0.920.880.870.790.860.71
Cash ratio0.070.070.090.070.070.01
Leverage
Debt / Equity------
Debt / Assets------
Debt / EBITDA------
Interest coverage2.6x2.7x3.9x3.2x2.0x-5.4x
Equity multiplier------
Liabilities / Assets------
Efficiency
Asset turnover1.471.891.782.061.470.95
Inventory turnover191.63103.7881.2672.9449.1731.58
Days sales outstanding30d28d28d25d41d40d
Days inventory outstanding2d4d4d5d7d12d
Days payable outstanding31d31d32d28d46d44d
Cash conversion cycle0d1d1d2d3d8d
Valuation
P / E------
P / B------
P / S------
EV / EBITDA------
Growth
Revenue growth (YoY)-11.6%2.8%-15.1%36.3%80.7%-30.8%
Revenue CAGR (3y)-8.3%6.0%27.9%19.4%7.3%-3.9%
Revenue CAGR (5y)13.7%8.3%7.4%16.9%15.8%0.1%
Gross profit growth (YoY)-15.2%7.9%0.4%16.6%25.0%-32.2%
Operating income growth (YoY)21.7%-22.0%16.9%51.8%--
Net income growth (YoY)85.9%-37.2%18.6%74.9%--
EPS growth (YoY)------
EPS CAGR (3y)------
EPS CAGR (5y)------
FCF growth (YoY)22.6%-13.7%11.0%17.7%113.9%-41.3%
FCF CAGR (5y)24.2%7.2%17.4%---
Book value growth (YoY)------

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$44.28B total
Crude Oil Segment$44.13B · 99.7%
Natural Gas Liquids Segment$151.00M · 0.3%

Product / service

$45.94B total
Product$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 total
US$39.76B · 89.8%
CA$4.50B · 10.2%

Stability scores

Piotroski F-score

FY 2025 · 9-point quality

4/9
Neutral
  • ✓Net income positive
  • ✓Operating cash flow positive
  • ✓ROA improved YoY
  • ✓Cash flow > net income
  • -Long-term debt decreased
  • ✗Current ratio improved
  • -No share dilution
  • ✗Gross margin improved
  • ✗Asset turnover improved

Peer comparison

Same SIC group: Pipe Lines (No Natural Gas)

CompanyRevenue (last FY)Net marginROE
MPLX$13.00B37.8%-
DKL$1.01B17.4%-
DINO$26.87B2.2%6.3%
GEL$1.63B-27.0%-
MMP$3.20B32.4%-

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-datePer 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