PLAINS ALL AMERICAN PIPELINE LP PAA
Plains All American Pipeline, L.P. is a publicly traded Delaware limited partnership. Our common units are listed on the Nasdaq Global Select Market ("Nasdaq") under the ticker symbol "PAA." Our business model integrates large-scale supply aggregation capabilities with the ownership and operation of critical midstream infrastructure systems that connect major producing regions to key demand centers and export terminals. As one of the largest crude oil midstream service providers in North America, we own an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins (including the Permian Basin) and transportation corridors and at major market hubs in the United States and Canada.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.26B | $48.89B | $47.34B | $57.34B | $42.08B | $23.29B | $33.67B | $34.05B | $26.22B | $20.18B |
| Cost of revenue | $40.43B | $45.16B | $43.94B | $53.18B | $38.50B | $20.43B | $29.45B | $29.79B | $22.98B | $17.23B |
| Gross profit | $3.83B | $3.73B | $3.40B | $4.17B | $3.57B | $2.86B | $4.22B | $4.26B | $3.24B | $2.95B |
| SG&A | $342.0M | $328.0M | $299.0M | $325.0M | $292.0M | $271.0M | $297.0M | $316.0M | $276.0M | $279.0M |
| Total operating expenses | $42.83B | $48.02B | $46.08B | $56.05B | $41.23B | $25.66B | $31.68B | $31.78B | $25.07B | $19.19B |
| Operating income | $1.43B | $868.0M | $1.26B | $1.29B | $851.0M | -$2.38B | $1.99B | $2.28B | $1.15B | $994.0M |
| Interest expense | $554.0M | $430.0M | $386.0M | $405.0M | $425.0M | $436.0M | $425.0M | $431.0M | $510.0M | $467.0M |
| Pre-tax income | $1.40B | $969.0M | $1.37B | $1.42B | $721.0M | -$2.60B | $2.25B | $2.41B | $902.0M | $755.0M |
| Income tax | $15.0M | $87.0M | $61.0M | $189.0M | $73.0M | $19.0M | $66.0M | $198.0M | $44.0M | $25.0M |
| Net income | $1.77B | $1.11B | $1.50B | $1.23B | $648.0M | -$2.59B | $2.17B | $2.22B | $856.0M | $726.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $328.0M | $348.0M | $450.0M | $401.0M | $453.0M | $60.0M | $82.0M | $66.0M | $37.0M | $47.0M |
| Receivables | $3.60B | $3.68B | $3.76B | $3.91B | $4.71B | $2.55B | $3.61B | $2.45B | $3.03B | $2.28B |
| Inventory | $211.0M | $261.0M | $548.0M | $729.0M | $783.0M | $647.0M | $604.0M | $640.0M | $713.0M | $1.34B |
| Total current assets | $4.73B | $4.80B | $4.91B | $5.36B | $6.14B | $3.67B | $4.61B | $3.53B | $4.00B | $4.27B |
| Property, plant and equipment | — | — | — | — | — | $14.61B | $15.36B | $14.79B | $14.09B | $13.87B |
| Goodwill | — | — | — | — | — | $0 | $2.54B | $2.52B | $2.57B | $2.34B |
| Other intangibles | $1.75B | $1.68B | $1.88B | $2.15B | $1.96B | $805.0M | $707.0M | $772.0M | $844.0M | $242.0M |
| Total assets | $30.17B | $26.56B | $27.36B | $27.89B | $28.61B | $24.50B | $28.68B | $25.51B | $25.35B | $24.21B |
| Accounts payable | — | — | — | — | — | — | — | — | $3.46B | $2.59B |
| Short-term debt | $563.0M | $407.0M | $446.0M | $1.16B | $822.0M | $831.0M | $504.0M | $66.0M | $737.0M | $1.72B |
| Total current liabilities | $4.93B | $4.95B | $5.00B | $5.89B | $6.23B | $4.25B | $5.02B | $3.46B | $4.53B | $4.66B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.94B | $2.49B | $2.73B | $2.41B | $2.00B | $1.51B | $2.50B | $2.61B | $2.50B | $733.0M |
| Depreciation and amortisation | $953.0M | $901.0M | $909.0M | $965.0M | $774.0M | $653.0M | $601.0M | $520.0M | $517.0M | $514.0M |
| Capital expenditure | $643.0M | $448.0M | $408.0M | $455.0M | $336.0M | $738.0M | $1.18B | $1.63B | $1.02B | $1.33B |
| Investing cash flow | -$3.77B | -$1.50B | -$702.0M | -$526.0M | $386.0M | -$1.09B | -$1.76B | -$813.0M | -$1.57B | -$1.27B |
| Financing cash flow | $799.0M | -$1.08B | -$1.98B | -$1.93B | -$1.98B | -$435.0M | -$720.0M | -$1.76B | -$943.0M | $556.0M |
| Buybacks | $8.0M | $0 | $0 | $74.0M | $178.0M | $50.0M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-041710.
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