NASDAQ · Financial Statements

Plains All American Pipeline, L.P. (PAA) Financial Statements

$24.06 NASDAQ: PAA Market Cap $16.98B

Plains All American Pipeline, L.P. most recently reported annual revenue of $44.3B, net profit of $1.4B. Revenue grew at an average annual rate of 13.7% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Plains All American Pipeline, L.P.: Revenue rose from $20.2B in 2016 to $44.3B in 2025, a change of +119.3% over 9 years; net profit was positive in 9 of 10 reported years; operating margin moved from 4.9% to 3.2%, a shift of -1.7 percentage points; the most recent year shows net profit of $1.4B.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$20.2B$26.2B$34.1B$33.7B$23.3B$42.1B$57.3B$48.7B$50.1B$44.3B
Operating Expenses$19.2B$25.1B$31.8B$31.7B$25.7B$41.2B$56.0B$47.2B$48.9B$42.8B
Operating Profit$994.0M$1.2B$2.3B$2.0B$-2.4B$851.0M$1.3B$1.5B$1.2B$1.4B
Operating Margin4.9%4.4%6.7%5.9%-10.2%2.0%2.3%3.1%2.4%3.2%
Other Income$-239.0M$-251.0M$137.0M$258.0M$-224.0M$-130.0M$125.0M$113.0M$102.0M$-33.0M
Interest$467.0M$510.0M$431.0M$425.0M$436.0M$425.0M$405.0M$386.0M$430.0M$554.0M
Depreciation$494.0M$623.0M$520.0M$601.0M$653.0M$774.0M$965.0M$1.0B$1.0B$953.0M
Profit Before Tax$755.0M$902.0M$2.4B$2.2B$-2.6B$721.0M$1.4B$1.6B$1.3B$1.4B
Tax$3.3M$4.9M$8.2M$2.9M$730,000$10.1M$13.3M$7.5M$13.1M$1.1M
Net Profit$726.0M$856.0M$2.2B$2.2B$-2.6B$593.0M$1.0B$1.2B$772.0M$1.4B
EPS$0.43$0.95$2.77$2.65$-3.83$0.55$1.19$1.40$0.73$1.66
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$12.1B$12.7B$12.0B$12.8B$12.7B$12.4B$12.0B$10.6B$11.6B$10.6B$12.4B$17.7B
Operating Expenses$11.8B$12.3B$11.6B$12.4B$12.4B$12.3B$11.5B$10.4B$11.1B$10.2B$12.1B$17.3B
Operating Profit$234.0M$425.0M$370.0M$332.0M$347.0M$88.0M$533.0M$239.0M$484.0M$354.0M$265.0M$398.0M
Operating Margin1.9%3.4%3.1%2.6%2.7%0.7%4.4%2.3%4.2%3.4%2.1%2.3%
Interest$97.0M$96.0M$95.0M$111.0M$113.0M$112.0M$127.0M$133.0M$135.0M$159.0M$167.0M$153.0M
Profit Before Tax$265.0M$438.0M$365.0M$350.0M$357.0M$165.0M$566.0M$231.0M$459.0M$323.0M$335.0M$376.0M
Tax$-5.3M$8.9M$3.8M$14.9M$12.6M$27.3M$8.8M$1.7M$1.3M$-620,000$300,000$26.6M
Net Profit$203.0M$312.0M$266.0M$250.0M$220.0M$36.0M$443.0M$210.0M$441.0M$342.0M$152.0M$1.8B
EPS$0.20$0.35$0.29$0.26$0.22$-0.04$0.49$0.23$0.55$0.41$0.14$2.51

Over the 10 years reported for Plains All American Pipeline, L.P., borrowings decreased from $11.8B in 2016 to $11.3B in 2025, cash stood at $4.7B in the latest year, shareholders' equity was $7.8B, current assets covered current liabilities 0.96 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$24.2B$25.4B$25.5B$28.7B$24.5B$28.6B$27.9B$27.4B$26.6B$30.2B
Current Assets$4.3B$4.0B$3.5B$4.6B$3.7B$6.1B$5.4B$4.9B$4.8B$4.7B
Cash$47.0M$37.0M$66.0M$45.0M$22.0M$449.0M$401.0M$450.0M$348.0M$4.7B
Inventory$1.3B$713.0M$640.0M$604.0M$647.0M$783.0M$729.0M$548.0M$439.0M$0
Receivables$2.3B$3.0B$2.5B$3.6B$2.6B$4.7B$3.9B$3.8B$3.9B$3.9B
Fixed Assets$13.9B$14.1B$14.8B$15.8B$15.0B$15.3B$15.6B$16.1B$15.8B$17.1B
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$2.3B$2.8B$2.7B$3.7B$3.8B$3.8B$3.1B$2.8B$2.8B$2.8B
Other Assets$2.3B$2.6B$2.5B$2.5B$0$0$0$0$0$0
Total Liabilities$15.4B$14.4B$13.5B$15.5B$14.8B$15.8B$14.6B$13.6B$13.5B$17.1B
Current Liabilities$4.7B$4.5B$3.5B$5.0B$4.3B$6.2B$5.9B$5.0B$5.0B$4.9B
Borrowings$11.8B$9.9B$9.2B$10.2B$10.6B$9.6B$8.8B$8.0B$7.9B$11.3B
Other Liabilities$3.6B$4.5B$4.3B$5.3B$4.2B$6.2B$5.7B$5.6B$5.5B$5.8B
Equity$7.3B$8.7B$9.7B$10.8B$7.3B$7.7B$7.8B$8.1B$7.5B$7.8B
Reserves$8.8B$11.0B$12.0B$13.1B$9.6B$10.0B$10.1B$10.4B$9.8B$9.8B

For Plains All American Pipeline, L.P., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $2.3B; free cash flow was positive in 9 of 10 years; financing activities used $872.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$726.0M$2.5B$2.6B$2.5B$1.5B$2.0B$2.4B$2.7B$2.5B$2.9B
Investing Cash Flow$-2.9B$-3.0B$-2.4B$-2.9B$-1.8B$50.0M$-981.0M$-1.3B$-2.1B$-4.3B
Financing Cash Flow$-156.0M$788.0M$-24.0M$66.0M$-9.0M$-357.0M$-399.0M$-320.0M$-421.0M$-872.0M
Net Cash Flow$20.0M$-10.0M$29.0M$16.0M$-22.0M$393.0M$-52.0M$49.0M$-102.0M$-20.0M
Free Cash Flow$-608.0M$1.5B$974.0M$1.3B$776.0M$1.7B$2.0B$2.2B$1.9B$2.3B

Valuation & Return Ratios

MetricValue
PEG Ratio0.02
EV / EBITDA7.97
FCF Yield13.99%
Quick Ratio1.10
Interest Coverage2.44
Return 1Y70.18%
Return 3Y107.97%
Return 5Y247.68%

Plains All American Pipeline, L.P. (PAA) financials — frequently asked questions

What is Plains All American Pipeline, L.P.'s annual revenue?

Plains All American Pipeline, L.P. (PAA) reported annual revenue of $44.3B in its most recent fiscal year.

What is Plains All American Pipeline, L.P.'s net profit?

Plains All American Pipeline, L.P. (PAA) reported net profit of $1.4B in its most recent fiscal year.

What is PAA EV/EBITDA?

Plains All American Pipeline, L.P.'s enterprise value to EBITDA (EV/EBITDA) ratio is 7.97.

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