NASDAQ : PAA
Plains All American Pipeline, L.P. — Financial statements
Energy · Oil & Gas Midstream · United States
Last price 26.51 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 18.70B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Plains All American Pipeline, L.P. (PAA) reported revenue of 52.30B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 52.30B | 44.26B | 48.89B | 47.34B | 57.34B | 42.08B |
| Cost of Revenue | 49.40B | 41.59B | 46.29B | 45.02B | 54.49B | 39.57B |
| Gross Profit | 2.90B | 2.67B | 2.60B | 2.31B | 2.85B | 2.51B |
| Selling, General & Admin | 331.00M | 333.00M | 328.00M | 299.00M | 325.00M | 275.00M |
| Operating Expenses | 1.30B | 1.29B | 1.23B | 1.21B | 1.29B | 1.05B |
| Operating Income | 1.60B | 1.39B | 1.37B | 1.11B | 1.56B | 1.46B |
| Interest Expense | -614.00M | -554.00M | -430.00M | -386.00M | -405.00M | -425.00M |
| Interest & Investment Income | 106.00M | 108.00M | 70.00M | |||
| Earnings From Equity Investments | 364.00M | 382.00M | 452.00M | 369.00M | 403.00M | 274.00M |
| Currency Exchange Gain (Loss) | -4.00M | 7.00M | -10.00M | |||
| Other Non Operating Income (Expenses) | 1.00M | 4.00M | 102.00M | -219.00M | 19.00M | |
| EBT Excluding Unusual Items | 1.45B | 1.33B | 1.46B | 1.19B | 1.34B | 1.33B |
| Merger & Restructuring Charges | -35.00M | -9.00M | -17.00M | |||
| Gain (Loss) on Sale of Investments | 31.00M | 15.00M | 28.00M | 346.00M | 2.00M | |
| Gain (Loss) on Sale of Assets | 79.00M | 44.00M | -19.00M | 140.00M | 61.00M | 106.00M |
| Asset Writedown | 2.00M | 2.00M | -140.00M | 12.00M | -330.00M | -698.00M |
| Legal Settlements | -345.00M | |||||
| Other Unusual Items | -6.00M | |||||
| Pretax Income | 1.49B | 1.40B | 969.00M | 1.37B | 1.42B | 721.00M |
| Income Tax Expense | 104.00M | 15.00M | 87.00M | 61.00M | 189.00M | 73.00M |
| Earnings From Continuing Operations | 1.39B | 1.39B | 882.00M | 1.31B | 1.23B | 648.00M |
| Earnings From Discontinued Operations | 1.73B | 383.00M | 231.00M | 192.00M | ||
| Net Income to Company | 3.11B | 1.77B | 1.11B | 1.50B | 1.23B | 648.00M |
| Minority Interest in Earnings | -347.00M | -334.00M | -341.00M | -272.00M | -191.00M | -55.00M |
| Net Income | 2.77B | 1.44B | 772.00M | 1.23B | 1.04B | 593.00M |
| Preferred Dividends & Other Adjustments | 219.00M | 266.00M | 258.00M | 254.00M | 206.00M | 200.00M |
| Net Income to Common | 2.55B | 1.17B | 514.00M | 976.00M | 831.00M | 393.00M |
| Shares Outstanding (Basic) | 705.00M | 704.00M | 702.00M | 699.00M | 701.00M | 716.00M |
| Shares Outstanding (Diluted) | 705.00M | 704.00M | 702.00M | 699.00M | 701.00M | 716.00M |
| EPS (Basic) | 3.61 | 1.66 | 0.73 | 1.40 | 1.19 | 0.55 |
| EPS (Diluted) | 3.61 | 1.66 | 0.73 | 1.40 | 1.19 | 0.55 |
| Free Cash Flow | 2.38B | 2.29B | 2.04B | 2.32B | 1.95B | 1.66B |
| Free Cash Flow Per Share | 3.37 | 3.26 | 2.91 | 3.32 | 2.79 | 2.32 |
| Dividend Per Share | 1.63 | 1.56 | 1.33 | 1.12 | 0.92 | 0.72 |
| Gross Margin | 5.55% | 6.04% | 5.32% | 4.89% | 4.97% | 5.96% |
| Operating Margin | 3.06% | 3.14% | 2.81% | 2.34% | 2.72% | 3.47% |
| Profit Margin | 4.87% | 2.64% | 1.05% | 2.06% | 1.45% | 0.93% |
| Free Cash Flow Margin | 4.54% | 5.18% | 4.18% | 4.90% | 3.41% | 3.94% |
| EBITDA | 2.57B | 2.34B | 2.27B | 2.02B | 2.53B | 2.23B |
| EBITDA Margin | 4.92% | 5.29% | 4.65% | 4.26% | 4.41% | 5.31% |
| D&A For EBITDA | 973.00M | 953.00M | 901.00M | 909.00M | 965.00M | 774.00M |
| EBIT | 1.60B | 1.39B | 1.37B | 1.11B | 1.56B | 1.46B |
| EBIT Margin | 3.06% | 3.14% | 2.81% | 2.34% | 2.72% | 3.47% |
| Effective Tax Rate | 6.98% | 1.07% | 8.98% | 4.45% | 13.34% | 10.12% |
| Revenue as Reported | 52.30B | 44.26B | 48.89B | 47.34B | 57.34B | 42.08B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.06B | 328.00M | 348.00M | 450.00M | 401.00M | 449.00M |
| Trading Asset Securities | 51.00M | 75.00M | ||||
| Cash & Short-Term Investments | 1.06B | 328.00M | 348.00M | 501.00M | 476.00M | 449.00M |
| Accounts Receivable | 5.27B | 3.60B | 3.68B | 3.76B | 3.90B | 4.70B |
| Other Receivables | 3.00M | 10.00M | ||||
| Receivables | 5.27B | 3.60B | 3.68B | 3.76B | 3.91B | 4.71B |
| Inventory | 84.00M | 211.00M | 261.00M | 548.00M | 729.00M | 783.00M |
| Other Current Assets | 127.00M | 596.00M | 514.00M | 104.00M | 243.00M | 200.00M |
| Total Current Assets | 6.54B | 4.73B | 4.80B | 4.91B | 5.36B | 6.14B |
| Property, Plant & Equipment | 16.95B | 17.06B | 13.63B | 16.09B | 15.60B | 15.30B |
| Long-Term Investments | 2.82B | 2.85B | 2.84B | 2.82B | 3.13B | 3.87B |
| Other Intangible Assets | 1.61B | 1.75B | 1.68B | 1.88B | 2.15B | 1.96B |
| Long-Term Deferred Tax Assets | 2.00M | |||||
| Other Long-Term Assets | 1.30B | 3.78B | 3.61B | 1.65B | 1.66B | 1.34B |
| Total Assets | 29.22B | 30.17B | 26.56B | 27.36B | 27.89B | 28.61B |
| Accounts Payable | 4.94B | 3.46B | 3.65B | 3.84B | 4.04B | 4.81B |
| Accrued Expenses | 40.00M | 13.00M | 11.00M | 10.00M | 10.00M | 11.00M |
| Short-Term Debt | 554.00M | 393.00M | 433.00M | |||
| Current Portion of Long-Term Debt | 1.15B | 810.00M | ||||
| Current Portion of Leases | 9.00M | 36.00M | 44.00M | 82.00M | 81.00M | 89.00M |
| Current Unearned Revenue | 16.00M | |||||
| Other Current Liabilities | 852.00M | 871.00M | 855.00M | 634.00M | 607.00M | 512.00M |
| Total Current Liabilities | 5.86B | 4.93B | 4.95B | 5.00B | 5.89B | 6.23B |
| Long-Term Debt | 8.37B | 10.63B | 7.14B | 7.24B | 7.24B | 8.34B |
| Long-Term Leases | 253.00M | 265.00M | 262.00M | 337.00M | 358.00M | 398.00M |
| Long-Term Deferred Tax Liabilities | 197.00M | 174.00M | 535.00M | 545.00M | 477.00M | |
| Other Long-Term Liabilities | 442.00M | 1.06B | 939.00M | 506.00M | 347.00M | 353.00M |
| Total Liabilities | 14.93B | 17.09B | 13.47B | 13.62B | 14.38B | 15.80B |
| Common Stock | 9.04B | 7.80B | 7.51B | 8.13B | 7.76B | 7.68B |
| Total Common Equity | 9.04B | 7.80B | 7.51B | 8.13B | 7.76B | 7.68B |
| Minority Interest | 3.21B | 3.24B | 3.28B | 3.31B | 3.27B | 2.84B |
| Shareholders' Equity | 14.29B | 13.08B | 13.10B | 13.73B | 13.51B | 12.81B |
| Total Liabilities & Equity | 29.22B | 30.17B | 26.56B | 27.36B | 27.89B | 28.61B |
| Total Debt | 8.63B | 11.49B | 7.84B | 8.09B | 8.82B | 9.64B |
| Net Cash (Debt) | -7.58B | -11.16B | -7.49B | -7.59B | -8.35B | -9.19B |
| Net Cash Per Share | -10.75 | -15.85 | -10.67 | -10.86 | -11.91 | -12.83 |
| Filing Date Shares Outstanding | 705.57M | 705.53M | 703.78M | 701.07M | 698.39M | 705.04M |
| Total Common Shares Outstanding | 705.57M | 705.52M | 703.77M | 701.01M | 698.35M | 704.99M |
| Working Capital | 678.00M | -198.00M | -148.00M | -90.00M | -536.00M | -95.00M |
| Book Value Per Share | 12.82 | 11.06 | 10.67 | 11.59 | 11.12 | 10.89 |
| Tangible Book Value | 7.43B | 6.05B | 5.83B | 6.25B | 5.62B | 5.72B |
| Tangible Book Value Per Share | 10.53 | 8.57 | 8.29 | 8.92 | 8.05 | 8.11 |
| Land | 324.00M | 295.00M | 341.00M | 326.00M | 330.00M | |
| Machinery | 373.00M | 430.00M | 556.00M | 656.00M | 502.00M | |
| Construction In Progress | 238.00M | 148.00M | 257.00M | 201.00M | 248.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.77B | 1.44B | 772.00M | 1.23B | 1.04B | 593.00M |
| Depreciation & Amortization | 973.00M | 953.00M | 901.00M | 909.00M | 965.00M | 774.00M |
| Loss (Gain) From Sale of Assets | -67.00M | -44.00M | 19.00M | -140.00M | -61.00M | -103.00M |
| Asset Writedown & Restructuring Costs | -2.00M | -2.00M | 140.00M | -12.00M | 330.00M | 695.00M |
| Loss (Gain) From Sale of Investments | -31.00M | -15.00M | -28.00M | -346.00M | -2.00M | |
| Loss (Gain) on Equity Investments | 70.00M | 104.00M | 53.00M | 89.00M | 85.00M | 157.00M |
| Stock-Based Compensation | 49.00M | 49.00M | 50.00M | 50.00M | 40.00M | 23.00M |
| Other Operating Activities | -1.56B | 22.00M | 177.00M | 114.00M | 549.00M | 86.00M |
| Change in Accounts Receivable | 204.00M | 204.00M | 76.00M | 79.00M | 649.00M | -2.18B |
| Change in Inventory | 96.00M | 96.00M | 120.00M | 102.00M | -10.00M | -18.00M |
| Change in Accounts Payable | -334.00M | -334.00M | -57.00M | -141.00M | -830.00M | 1.97B |
| Operating Cash Flow | 2.98B | 2.94B | 2.49B | 2.73B | 2.41B | 2.00B |
| Capital Expenditures | -601.00M | -643.00M | -448.00M | -408.00M | -455.00M | -336.00M |
| Sale of Property, Plant & Equipment | 64.00M | 81.00M | 11.00M | 328.00M | 60.00M | 881.00M |
| Cash Acquisitions | -2.10B | -2.65B | -248.00M | -425.00M | -149.00M | -32.00M |
| Investment in Securities | -2.00M | -2.00M | -4.00M | -33.00M | -14.00M | -94.00M |
| Other Investing Activities | 3.40B | -554.00M | -815.00M | -164.00M | 32.00M | -33.00M |
| Investing Cash Flow | 756.00M | -3.77B | -1.50B | -702.00M | -526.00M | 386.00M |
| Short-Term Debt Issued | 907.00M | 629.00M | 433.00M | |||
| Long-Term Debt Issued | 4.10B | 650.00M | ||||
| Total Debt Issued | 3.61B | 5.00B | 1.28B | 433.00M | ||
| Short-Term Debt Repaid | -40.00M | -545.00M | ||||
| Long-Term Debt Repaid | -2.11B | -750.00M | -1.10B | -750.00M | -367.00M | |
| Total Debt Repaid | -4.93B | -2.11B | -790.00M | -1.10B | -750.00M | -912.00M |
| Net Debt Issued (Repaid) | -1.33B | 2.89B | 489.00M | -667.00M | -750.00M | -912.00M |
| Repurchase of Common Stock | -63.00M | -71.00M | -74.00M | -178.00M | ||
| Preferred Dividends Paid | -213.00M | -225.00M | -254.00M | -241.00M | -198.00M | -198.00M |
| Common Dividends Paid | -1.12B | -1.07B | -891.00M | -748.00M | -584.00M | -517.00M |
| Dividends Paid | -1.34B | -1.29B | -1.15B | -989.00M | -782.00M | -715.00M |
| Other Financing Activities | -448.00M | -456.00M | -421.00M | -320.00M | -325.00M | -179.00M |
| Financing Cash Flow | -3.11B | 799.00M | -1.08B | -1.98B | -1.93B | -1.98B |
| Foreign Exchange Rate Adjustments | -21.00M | 14.00M | -11.00M | -3.00M | -5.00M | |
| Net Cash Flow | 600.00M | -20.00M | -102.00M | 49.00M | -52.00M | 393.00M |
| Free Cash Flow | 2.38B | 2.29B | 2.04B | 2.32B | 1.95B | 1.66B |
| Free Cash Flow Margin | 4.54% | 5.18% | 4.18% | 4.90% | 3.41% | 3.94% |
| Free Cash Flow Per Share | 3.37 | 3.26 | 2.91 | 3.32 | 2.79 | 2.32 |
| Levered Free Cash Flow | 1.40B | 757.88M | 1.07B | 1.29B | 1.41B | 1.05B |
| Unlevered Free Cash Flow | 1.79B | 1.10B | 1.34B | 1.54B | 1.66B | 1.32B |
| Cash Interest Paid | 576.00M | 516.00M | 381.00M | 377.00M | 393.00M | 401.00M |
| Cash Income Tax Paid | 103.00M | 98.00M | 269.00M | 69.00M | 112.00M | 76.00M |
| Change in Working Capital | 405.00M | -34.00M | 139.00M | 40.00M | -191.00M | -227.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 18.70B | 12.67B | 12.02B | 10.62B | 8.21B | 6.64B |
| Enterprise Value | 26.28B | 26.36B | 25.22B | 24.15B | 21.55B | 18.44B |
| Last Close Price | 26.51 | 16.71 | 14.62 | 12.04 | 8.65 | 6.37 |
| PE Ratio | 7.34 | 10.84 | 23.38 | 10.88 | 9.88 | 16.90 |
| Forward PE | 14.48 | 10.03 | 11.81 | 11.91 | 9.07 | 7.94 |
| PS Ratio | 0.36 | 0.29 | 0.25 | 0.22 | 0.14 | 0.16 |
| PB Ratio | 2.07 | 0.97 | 0.92 | 0.77 | 0.61 | 0.52 |
| P/TBV Ratio | 2.52 | 2.10 | 2.06 | 1.70 | 1.46 | 1.16 |
| P/FCF Ratio | 7.88 | 5.53 | 5.89 | 4.58 | 4.21 | 4.00 |
| P/OCF Ratio | 6.29 | 4.32 | 4.83 | 3.89 | 3.41 | 3.33 |
| PEG Ratio | 0.14 | 0.83 | 0.83 | 0.83 | 0.83 | |
| EV/Sales Ratio | 0.50 | 0.60 | 0.52 | 0.51 | 0.38 | 0.44 |
| EV/EBITDA Ratio | 10.22 | 11.26 | 11.10 | 11.98 | 8.53 | 8.25 |
| EV/EBIT Ratio | 16.44 | 18.98 | 18.38 | 21.84 | 13.81 | 12.63 |
| EV/FCF Ratio | 11.07 | 11.49 | 12.35 | 10.41 | 11.04 | 11.11 |
| Debt / Equity Ratio | 0.60 | 0.88 | 0.60 | 0.59 | 0.65 | 0.75 |
| Debt / EBITDA Ratio | 3.30 | 4.80 | 3.36 | 3.90 | 3.35 | 4.10 |
| Debt / FCF Ratio | 3.64 | 5.01 | 3.84 | 3.49 | 4.52 | 5.80 |
| Net Debt / Equity Ratio | 0.53 | 0.85 | 0.57 | 0.55 | 0.62 | 0.72 |
| Net Debt / EBITDA Ratio | 2.95 | 4.76 | 3.30 | 3.77 | 3.31 | 4.11 |
| Net Debt / FCF Ratio | 3.19 | 4.87 | 3.67 | 3.27 | 4.28 | 5.53 |
| Asset Turnover | 1.86 | 1.56 | 1.81 | 1.71 | 2.03 | 1.58 |
| Inventory Turnover | 420.44 | 176.22 | 114.43 | 70.51 | 72.08 | 55.34 |
| Quick Ratio | 1.08 | 0.80 | 0.81 | 0.85 | 0.74 | 0.83 |
| Current Ratio | 1.12 | 0.96 | 0.97 | 0.98 | 0.91 | 0.98 |
| Return on Equity (ROE) | 10.18% | 10.59% | 6.58% | 9.62% | 9.33% | 5.74% |
| Return on Assets (ROA) | 3.55% | 3.06% | 3.18% | 2.50% | 3.45% | 3.44% |
| Return on Invested Capital (ROIC) | 6.45% | 6.13% | 5.96% | 4.89% | 6.17% | 6.20% |
| Return on Capital Employed (ROCE) | 6.80% | 5.50% | 6.30% | 4.90% | 7.10% | 6.50% |
| Earnings Yield | 13.62% | 11.33% | 6.42% | 11.58% | 12.63% | 8.93% |
| FCF Yield | 12.70% | 18.10% | 16.99% | 21.84% | 23.78% | 24.99% |
| Dividend Yield | 6.30% | 8.67% | 7.80% | 7.39% | 7.82% | 7.64% |
| Payout Ratio | 46.24% | 90.24% | 148.32% | 80.41% | 75.41% | 120.57% |
| Buyback Yield / Dilution | -0.28% | -0.29% | -0.43% | 0.29% | 2.10% | 1.65% |
| Total Shareholder Return | 6.02% | 8.39% | 7.37% | 7.68% | 9.92% | 9.29% |