Plains All American Pipeline, L.P. Common Units (PAA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.5	$0.41	-18.0%	—	$17.7B	—
Q1 26	$0.42	$0.39	-7.1%	—	$12.5B	—
Q3 25	$0.38	$0.39	+2.6%	—	$11.6B	—
Q2 25	$0.33	$0.36	+9.1%	—	$10.6B	—
Q1 25	$0.45	$0.39	-13.3%	—	$12B	—
Q4 24	$0.42	$0.42	0.0%	—	$12.4B	—
Q3 24	$0.31	$0.37	+19.4%	—	$12.7B	—
Q2 24	$0.32	$0.31	-3.1%	—	$12.9B	—
Q1 24	$0.39	$0.41	+5.1%	—	$12B	—
Q4 23	$0.35	$0.42	+20.0%	—	$12.7B	—
Q3 23	$0.23	$0.35	+52.2%	—	$12.1B	—
Q2 23	$0.2	$0.25	+25.0%	—	$11.6B	—
Q1 23	$0.36	$0.41	+13.9%	—	$12.3B	—
Q4 22	$0.35	$0.33	-5.7%	—	$13B	—
Q3 22	$0.26	$0.33	+26.9%	—	$14.3B	—
Q2 22	$0.2	$0.3	+50.0%	—	$16.4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.66	—	—	$44.3B	—
FY24	—	$0.73	—	—	$50.1B	—
FY23	—	$1.4	—	—	$48.7B	—
FY22	—	$1.19	—	—	$57.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$20.2B	$26.2B	$34.1B	$33.7B	$23.3B	$42.1B	$57.3B	$48.7B	$50.1B	$44.3B
YoY change	-12.8%	+29.9%	+29.9%	-1.13%	-30.8%	+80.7%	+36.3%	-15.1%	+2.79%	-11.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	20.2B	26.2B	34.1B	33.7B	23.3B	42.1B	57.3B	48.7B	50.1B	44.3B
Cost of revenue	18.9B	24.7B	31.6B	31.4B	22.2B	40.3B	55.5B	47B	48.4B	42.5B
Gross profit	1.3B	1.5B	2.5B	2.3B	1.1B	1.7B	1.9B	1.7B	1.7B	1.7B
Gross margin	6.21%	5.87%	7.28%	6.87%	4.85%	4.12%	3.29%	3.51%	3.43%	3.89%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	279M	276M	316M	297M	271M	292M	325M	350M	381M	342M
Operating expenses	279M	276M	316M	297M	271M	292M	325M	350M	381M	342M
Operating income	974M	1.3B	2.2B	2B	859M	1.4B	1.6B	1.4B	1.3B	1.4B
Operating margin	4.83%	4.81%	6.35%	5.99%	3.69%	3.43%	2.72%	2.79%	2.67%	3.12%
Non-operating income, net	248M	150M	682M	655M	-3B	-297M	261M	651M	302M	467M
Pretax income	755M	902M	2.4B	2.2B	-2.6B	721M	1.4B	1.6B	1.3B	1.4B
Income tax	25M	44M	198M	66M	-19M	73M	189M	121M	167M	15M
Net income	730M	858M	2.2B	2.2B	-2.6B	648M	1.2B	1.5B	1.1B	1.8B
Net margin	3.62%	3.27%	6.51%	6.47%	-11.1%	1.54%	2.14%	3.08%	2.22%	4%
EBITDA	1.7B	2B	3.1B	3B	1.9B	2.5B	2.9B	2.8B	2.9B	2.8B
EPS	0.43	0.96	2.77	2.7	-3.83	0.55	1.19	1.4	0.73	1.66
Diluted EPS	0.43	0.95	2.71	2.65	-3.83	0.55	1.19	1.4	0.73	1.66

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	12.1B	12.7B	12B	12.9B	12.7B	12.4B	12B	10.6B	11.6B	10.6B	12.5B	17.7B
Cost of revenue	11.7B	12.2B	11.5B	12.5B	12.3B	12.1B	11.4B	10.3B	11.1B	10.1B	12B	17.1B
Gross profit	333M	504M	466M	468M	446M	341M	620M	363M	475M	455M	433M	567M
Gross margin	2.76%	3.97%	3.88%	3.62%	3.5%	2.75%	5.16%	3.41%	4.1%	4.31%	3.47%	3.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	92M	87M	96M	93M	98M	94M	100M	82M	83M	91M	81M	110M
Operating expenses	92M	87M	96M	93M	98M	94M	100M	82M	83M	91M	81M	110M
Operating income	241M	417M	370M	375M	348M	247M	520M	281M	392M	364M	352M	457M
Operating margin	2%	3.28%	3.08%	2.9%	2.73%	1.99%	4.33%	2.64%	3.39%	3.45%	2.82%	2.58%
Non-operating income, net	111M	117M	90M	109M	99M	7M	148M	60M	179M	75M	127M	54M
Pretax income	265M	438M	365M	392M	357M	165M	566M	231M	459M	323M	335M	376M
Income tax	-14M	39M	14M	62M	45M	45M	50M	4M	6M	-2M	1M	100M
Net income	279M	399M	351M	330M	312M	120M	516M	297M	529M	427M	231M	1.9B
Net margin	2.31%	3.14%	2.93%	2.55%	2.45%	0.97%	4.3%	2.79%	4.57%	4.04%	1.85%	10.9%
EBITDA	611M	787M	726M	757M	790M	682M	911M	640M	732M	750M	710M	816M
EPS	0.2	—	0.29	0.26	0.22	-0.04	0.49	0.21	0.55	0.41	0.14	2.51
Diluted EPS	0.2	—	0.29	0.26	0.22	-0.04	0.49	0.21	0.55	0.41	0.14	2.51

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	14.5B	13.4B	6B	6.7B	8.2B	10.6B	12B	12.6B	17.3B
Enterprise value	—	—	23.7B	23.5B	16.6B	15.9B	16.6B	18.2B	19.6B	23.8B	30.1B
Shares outstanding	464M	717M	726M	727M	728M	716M	701M	699M	702M	704M	704M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	6.57	6.13	—	10.3	6.71	7.05	10.8	7.15	20.9
P/S	—	—	0.43	0.4	0.26	0.16	0.14	0.22	0.24	0.29	0.33
P/B	—	—	1.21	1.01	0.62	0.52	0.62	0.77	0.92	0.97	1.91
EV/EBITDA	—	—	7.74	7.8	8.7	6.32	5.65	6.48	6.77	8.42	11.7
EV/Sales	—	—	0.7	0.7	0.71	0.38	0.29	0.37	0.39	0.54	0.57
Earnings yield	—	—	15.2%	16.3%	—	9.69%	14.9%	14.2%	9.28%	14%	4.79%
FCF yield	—	—	6.69%	9.9%	12.9%	24.8%	23.7%	20.5%	15.6%	18.1%	8.1%
PEG	—	—	—	—	—	—	—	—	—	—	0.02

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	6.21%	5.87%	7.28%	6.87%	4.85%	4.12%	3.29%	3.51%	3.43%	3.89%	3.2%
Operating margin	4.83%	4.81%	6.35%	5.99%	3.69%	3.43%	2.72%	2.79%	2.67%	3.12%	2.77%
Net margin	3.62%	3.27%	6.51%	6.47%	-11.1%	1.54%	2.14%	3.08%	2.22%	4%	5.29%
ROE	8.28%	7.83%	18.5%	16.5%	-26.5%	5.06%	9.22%	10.9%	8.5%	13.5%	10.2%
ROA	3.02%	3.38%	8.69%	7.6%	-10.5%	2.27%	4.4%	5.49%	4.19%	5.86%	3.55%
ROIC	4.57%	5.76%	9.39%	8.39%	4.23%	5.9%	6.24%	5.9%	5.63%	5.64%	6.65%
Return on tangible assets	3.83%	4.63%	11.7%	9.83%	-11.3%	2.62%	5.2%	6.36%	4.8%	6.64%	11.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.92	0.88	1.02	0.92	0.86	0.98	0.91	0.98	0.97	0.96	1.12
Quick ratio	0.63	0.73	0.84	0.8	0.71	0.86	0.79	0.87	0.88	0.92	1.1
Debt / equity	1.34	0.91	0.77	0.77	1.09	0.75	0.66	0.58	0.61	0.88	0.6
Debt / assets	0.49	0.39	0.36	0.35	0.43	0.34	0.31	0.29	0.3	0.38	0.3
Net debt / EBITDA	6.99	4.85	2.99	3.36	5.55	3.66	2.85	2.7	2.62	3.94	2.52
Interest coverage	2.62	2.77	6.6	6.28	-4.96	2.7	4.5	5.2	3.98	3.53	3.43
Effective tax rate	3.31%	4.88%	8.2%	2.94%	0%	10.1%	13.3%	7.46%	13%	1.07%	7.03%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	43.5	36.6	46.9	46.3	32	58.8	81.8	69.7	71.3	62.9	74.2
EPS (basic)	0.43	0.96	2.77	2.7	-3.83	0.55	1.19	1.4	0.73	1.66	1.66
EPS (diluted)	0.43	0.95	2.71	2.65	-3.83	0.55	1.19	1.4	0.73	1.66	1.17
Book value per share	19	15.3	16.5	18.1	13.4	17.9	19	19.6	18.7	18.6	12.8
FCF per share	-1.3	2.06	1.34	1.82	1.07	2.32	2.79	3.1	2.67	3.26	3.36
Cash per share	0.1	0.05	0.09	0.06	0.03	0.63	0.57	0.64	0.5	0.47	1.5
Capex per share	2.88	1.43	2.25	1.62	1.01	0.47	0.65	0.8	0.88	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.61%	3.9%	4.8%	3.51%	3.17%	0.8%	0.79%	1.15%	1.24%	—	—
Capex / operating cash flow	175.1%	43.1%	56.8%	43.2%	-37.2%	26.5%	20.6%	19.5%	26.8%	—	—
Payout ratio	145.5%	162.1%	46.6%	55.1%	-33.1%	110.3%	63.7%	65.8%	102.9%	73.2%	136.3%
Dividend yield	—	—	7.09%	8.99%	14.2%	10.7%	9.49%	9.34%	9.55%	10.2%	6.81%

Yield

6.81%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.4175

ex-dividend Jul 31, 2026

Payout ratio

136%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 31, 2026	$0.4175
May 1, 2026	$0.4175
Jan 30, 2026	$0.4175

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$12.1B	$12.7B	$12B	$12.9B	$12.7B	$12.4B	$12B	$10.6B	$11.6B	$10.6B	$12.5B	$17.7B
YoY change	-15.8%	-1.96%	-2.8%	+11.5%	+5.57%	-2.33%	+0.13%	-17.7%	-9.14%	-14.8%	+3.82%	+66.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	47M	37M	66M	45M	22M	449M	401M	450M	348M	328M
Receivables	2.3B	3B	2.5B	3.6B	2.6B	4.7B	3.9B	3.8B	3.9B	3.6B
Inventory	1.3B	713M	640M	604M	647M	783M	729M	548M	439M	211M
Total current assets	4.3B	4B	3.5B	4.6B	3.7B	6.1B	5.4B	4.9B	4.8B	4.7B
Property, plant & equipment	13.9B	14.1B	14.8B	15.8B	15B	15.3B	15.6B	16.1B	15.8B	17.1B
Goodwill & intangibles	5.2B	6.8B	6.6B	6.5B	1.6B	3.9B	4.3B	3.8B	3.4B	3.5B
Total assets	24.2B	25.4B	25.5B	28.7B	24.5B	28.6B	27.9B	27.4B	26.6B	30.2B
Accounts payable	2.6B	3.3B	2.7B	3.7B	2.4B	4.8B	4B	3.8B	3.9B	3.5B
Short-term debt	1.7B	737M	66M	598M	909M	899M	1.2B	446M	408M	563M
Total current liabilities	4.7B	4.5B	3.5B	5B	4.3B	6.2B	5.9B	5B	5B	4.9B
Long-term debt	10.1B	9.2B	9.1B	9.6B	9.7B	8.7B	7.6B	7.6B	7.5B	10.9B
Total liabilities	15.4B	14.4B	13.5B	15.5B	14.8B	15.8B	14.6B	13.6B	13.5B	17.1B
Shareholders' equity	8.8B	11B	12B	13.2B	9.7B	12.8B	13.3B	13.7B	13.1B	13.1B
Total debt	11.8B	9.9B	9.2B	10.2B	10.6B	9.6B	8.8B	8B	7.9B	11.5B
Net debt	11.8B	9.9B	9.1B	10.1B	10.6B	9.2B	8.4B	7.6B	7.6B	11.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	260M	450M	331M	553M	640M	348M	427M	459M	1.2B	328M	171M	1.1B
Receivables	4.3B	3.8B	4B	4.2B	4B	3.9B	3.8B	3.6B	3.6B	3.6B	4.8B	5.3B
Inventory	617M	548M	453M	502M	436M	439M	335M	151M	184M	211M	380M	84M
Total current assets	5.3B	4.9B	5B	5.4B	5.2B	4.8B	4.7B	4.7B	5.6B	4.7B	6.2B	6.5B
Property, plant & equipment	15.9B	16.1B	16B	15.9B	15.9B	15.8B	16.4B	14.4B	14.3B	17.1B	17.1B	17B
Goodwill & intangibles	2B	3.8B	1.8B	1.7B	1.7B	3.4B	1.7B	1.6B	1.6B	3.5B	1.7B	1.6B
Total assets	27.7B	27.4B	27.4B	27.5B	27.2B	26.6B	27.1B	27.2B	28.1B	30.2B	31.6B	29.2B
Accounts payable	4.1B	3.8B	4B	4B	3.7B	3.9B	3.7B	3.4B	3.6B	3.5B	4.9B	4.9B
Short-term debt	710M	446M	554M	765M	765M	408M	478M	475M	1B	563M	420M	9M
Total current liabilities	5.6B	5B	5.1B	5.4B	5.1B	5B	4.7B	4.7B	5.4B	4.9B	6.5B	5.9B
Long-term debt	7.6B	7.6B	7.6B	7.5B	7.5B	7.5B	8.5B	8.4B	8.6B	10.9B	11.2B	8.6B
Total liabilities	14.2B	13.6B	13.7B	13.9B	13.6B	13.5B	14.2B	14.2B	15.1B	17.1B	18.8B	14.9B
Shareholders' equity	13.6B	13.7B	13.6B	13.6B	13.5B	13.1B	12.9B	12.9B	13B	13.1B	12.8B	14.3B
Total debt	8.3B	8B	8.1B	8.3B	8.2B	7.9B	9B	8.9B	9.6B	11.5B	11.6B	8.6B
Net debt	8B	7.6B	7.8B	7.7B	7.6B	7.6B	8.6B	8.4B	8.5B	11.1B	11.4B	7.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	730M	858M	2.2B	2.2B	-2.6B	648M	1.2B	1.5B	1.1B	1.8B
Depreciation & amortization	514M	517M	520M	601M	653M	774M	965M	1B	1B	953M
Stock-based compensation	60M	41M	79M	34M	15M	23M	40M	50M	50M	49M
Change in working capital	-479M	941M	-133M	-12M	-158M	-227M	-191M	194M	74M	-34M
Operating cash flow	762M	2.4B	2.9B	2.7B	-2B	1.3B	2.2B	2.9B	2.3B	2.9B
Capital expenditure	-1.3B	-1B	-1.6B	-1.2B	-738M	-336M	-455M	-559M	-619M	—
Investing cash flow	-1.3B	-1.6B	-813M	-1.8B	-1.1B	386M	-526M	-702M	-1.5B	-2.9B
Dividends paid	-1.1B	-1.4B	-1B	-1.2B	-853M	-715M	-782M	-989M	-1.1B	-1.3B
Share repurchases	—	—	0	0	-50M	-178M	-74M	0	0	-341M
Financing cash flow	556M	-1.6B	-1.8B	-720M	-435M	-2B	-1.9B	-2B	-1.1B	799M
Net change in cash	45M	-832M	305M	249M	-3.5B	-328M	-252M	192M	-272M	806M
Free cash flow	-601M	1.5B	974M	1.3B	776M	1.7B	2B	2.2B	1.9B	2.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	279M	399M	351M	330M	354M	120M	516M	297M	529M	427M	231M	1.9B
Depreciation & amortization	261M	272M	254M	257M	320M	257M	262M	234M	230M	257M	243M	243M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	522M	634M	574M	666M	673M	335M	800M	694M	817M	786M	418M	955M
Capital expenditure	-137M	-155M	-157M	-139M	-220M	-166M	-191M	—	—	—	—	—
Investing cash flow	-438M	-258M	-261M	-157M	-883M	-264M	-1.1B	-50M	-178M	-1.7B	-87M	6M
Dividends paid	-249M	-251M	-287M	-285M	-286M	-287M	-331M	-321M	-321M	-322M	-348M	-346M
Share repurchases	0	0	—	—	—	—	-333M	-8M	0	0	0	0
Financing cash flow	-308M	-1B	-273M	-165M	215M	-314M	590M	-337M	318M	692M	-339M	-453M
Net change in cash	-224M	-624M	40M	344M	5M	-243M	241M	307M	957M	-266M	-8M	508M
Free cash flow	-52M	856M	262M	514M	471M	561M	448M	524M	632M	638M	288M	817M

Plains All American Pipeline, L.P. Common Units Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history