PLAINS ALL AMERICAN PIPELINE LP PAA

Energy SIC 4610 - Pipe Lines (No Natural Gas) NAICS Transportation and Warehousing › Pipeline Transportation › Other Pipeline Transportation derived Nasdaq

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.

Last close 26.63 2026-10-23
Market cap $18.79B 2026-06-30 share count
52-week range 16.00 - 26.85

Valuation FY2025 figures against the last close

P/S0.4x
P/E—
P/FCF8.2x
EV/EBITDA8.0x
Dividend yield—
Diluted EPS—

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Canada
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 39.8B (89.8%) 90% United States Canada, FY2025: 4.5B (10.2%) 10% Canada FY2024 United States, FY2024: 43.5B (89.0%) 89% Canada, FY2024: 5.4B (11.0%) 11% FY2023 United States, FY2023: 41.7B (88.2%) 88% Canada, FY2023: 5.6B (11.8%) 12%
Region FY2025FY2024FY2023
United States $39.76B $43.53B $41.74B
Canada $4.50B $5.35B $5.60B

As the company reported it, from the “Segment Information - Geographic Data (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -20B 0 20B 40B 60B Revenue, FY2016: 20.2B Gross profit, FY2016: 2.9B Net income, FY2016: 726M Revenue, FY2017: 26.2B Gross profit, FY2017: 3.2B Net income, FY2017: 856M Revenue, FY2018: 34.1B Gross profit, FY2018: 4.3B Net income, FY2018: 2.2B Revenue, FY2019: 33.7B Gross profit, FY2019: 4.2B Net income, FY2019: 2.2B Revenue, FY2020: 23.3B Gross profit, FY2020: 2.9B Net income, FY2020: -2.6B Revenue, FY2021: 42.1B Gross profit, FY2021: 3.6B Net income, FY2021: 648M Revenue, FY2022: 57.3B Gross profit, FY2022: 4.2B Net income, FY2022: 1.2B Revenue, FY2023: 47.3B Gross profit, FY2023: 3.4B Net income, FY2023: 1.5B Revenue, FY2024: 48.9B Gross profit, FY2024: 3.7B Net income, FY2024: 1.1B Revenue, FY2025: 44.3B Gross profit, FY2025: 3.8B Net income, FY2025: 1.8B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $20.18B $26.22B $34.05B $33.67B $23.29B $42.08B $57.34B $47.34B $48.89B $44.26B
Gross profit $2.95B $3.24B $4.26B $4.22B $2.86B $3.57B $4.17B $3.40B $3.73B $3.83B
Net income $726.0M $856.0M $2.22B $2.17B -$2.59B $648.0M $1.23B $1.50B $1.11B $1.77B

Recent filings and events

  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01
  • Material agreement terminated Item 1.02
  • Acquisition or disposal completed Item 2.01
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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