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

PAA

Trailing 12 months to June 30, 2026

Revenue $52.3B +12.2% YoY

Net Income $2.8B +204.2% YoY

Free Cash Flow $2.4B +6.7% YoY

Operating Cash Flow $3.0B +8.2% YoY

Market Cap $17.6B as of Oct 15, 2026

Price / Sales 0.3x on $52.3B revenue, trailing 12 months to June 30, 2026

Price / Earnings 6.4x on $2.8B net income, trailing 12 months to June 30, 2026

Price / Book n/m no shareholder equity reported

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 15, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 10, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PAA SEC filings page.

Plains All American Pipeline, L.P. Common Units (PAA) reported $52.3B in revenue over the twelve months to Jun 30, 2026, up 12.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PAA FY2025 2026-10-03

Plains generates more profit and cash from a smaller revenue base, while 2025 investment and debt expanded its balance-sheet footprint.

Revenue fell to $44.3B while gross profit rose to $3.8B, so the business earned more gross dollars despite a smaller sales base. That pattern indicates margin expansion from mix or cost changes, rather than scale alone.

Net income of $1.8B and operating cash flow of $2.9B moved in the same direction in FY2025, with cash generation exceeding accounting profit. Free cash flow reached $2.3B despite capital expenditures of $643M, showing that reinvestment absorbed only part of internally generated cash.

Total assets expanded to $30.2B as long-term debt reached $10.7B, making the balance sheet more debt-heavy in FY2025. With a current ratio of 1.0x—specifically 0.96x—short-term liabilities still slightly exceeded current assets, leaving limited near-term balance-sheet cushion even alongside positive cash generation.

Financial Health Signals

Financial Health Score 37/100

Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Plains All American Pipeline, L.P. Common Units's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Plains All American Pipeline, L.P. Common Units has an operating margin of 3.2%, meaning the company retains $3 of operating profit per $100 of revenue. This results in a moderate score of 44/100, indicating healthy but not exceptional operating efficiency. This is up from 1.8% the prior year.

Growth

Plains All American Pipeline, L.P. Common Units's revenue declined 9.5% year-over-year, from $48.9B to $44.3B. This contraction results in a growth score of 35/100.

Leverage

Liquidity

Plains All American Pipeline, L.P. Common Units's current ratio of 0.96 indicates adequate short-term liquidity, earning a score of 31/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Plains All American Pipeline, L.P. Common Units has a free cash flow margin of 5.2%, earning a moderate score of 49/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Piotroski F-Score Neutral

5/9

Plains All American Pipeline, L.P. Common Units passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.66x

For every $1 of reported earnings, Plains All American Pipeline, L.P. Common Units generates $1.66 in operating cash flow ($2.9B OCF vs $1.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.59x

Plains All American Pipeline, L.P. Common Units earns $2.59 in operating income for every $1 of interest expense ($1.4B vs $554.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$17.7B

YoY+66.3%

QoQ+41.9%

5Y CAGR+12.2%

10Y CAGR+13.6%

Plains All American Pipeline, L.P. Common Units generated $17.7B in revenue in Q2 2026. This represents an increase of 66.3% from the same quarter a year earlier. Against the prior quarter it is up 41.9%.

EBITDA

$640.0M

YoY+35.0%

QoQ-1.2%

10Y CAGR+6.2%

Plains All American Pipeline, L.P. Common Units's EBITDA was $640.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 35.0% from the same quarter a year earlier. Against the prior quarter it is down 1.2%.

Net Income

$1.8B

YoY+771.4%

QoQ+1103.9%

10Y CAGR+33.6%

Plains All American Pipeline, L.P. Common Units reported $1.8B in net income in Q2 2026. This represents an increase of 771.4% from the same quarter a year earlier. Against the prior quarter it is up 1103.9%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$817.0M

YoY+55.9%

QoQ+183.7%

5Y CAGR+40.4%

Plains All American Pipeline, L.P. Common Units generated $817.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 55.9% from the same quarter a year earlier. Against the prior quarter it is up 183.7%.

Cash & Debt

$1.1B

YoY+130.7%

QoQ+519.3%

5Y CAGR+113.3%

10Y CAGR+41.0%

Plains All American Pipeline, L.P. Common Units held $1.1B in cash against $8.4B in long-term debt as of Q2 2026.

Shares Outstanding

706M

YoY+0.3%

QoQ0.0%

5Y CAGR-0.3%

10Y CAGR+5.9%

Plains All American Pipeline, L.P. Common Units had 706M shares outstanding in Q2 2026. This represents an increase of 0.3% from the same quarter a year earlier. It is unchanged from the prior quarter.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

6.4%

YoY-1.9pp

QoQ-1.4pp

Plains All American Pipeline, L.P. Common Units's gross margin was 6.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 1.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.4 percentage points.

Operating Margin

2.3%

YoY0.0pp

QoQ-1.0pp

5Y change+4.6pp

10Y change-0.7pp

Plains All American Pipeline, L.P. Common Units's operating margin was 2.3% in Q2 2026, reflecting core business profitability. That is unchanged from the same quarter a year earlier. Against the prior quarter it is down 1.0 percentage points.

Net Margin

10.3%

YoY+8.4pp

QoQ+9.1pp

5Y change+12.6pp

10Y change+8.3pp

Plains All American Pipeline, L.P. Common Units's net profit margin was 10.3% in Q2 2026, showing the share of revenue converted to profit. This is up 8.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.1 percentage points.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$138.0M

YoY-18.8%

QoQ+6.2%

5Y CAGR+10.2%

10Y CAGR-8.3%

Plains All American Pipeline, L.P. Common Units invested $138.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 18.8% from the same quarter a year earlier. Against the prior quarter it is up 6.2%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

PAA Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

PAA quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$52.3B	$44.3B-9.5%	$48.9B+3.3%	$47.3B-17.4%	$57.3B+36.3%	$42.1B+80.7%	$23.3B-30.8%	$33.7B-1.1%	$34.1B+29.9%	$26.2B+29.9%	$20.2B-12.8%	$23.2B-46.7%	$43.5B+2.9%	$42.2B+11.8%	$37.8B+10.3%	$34.3B
Cost of Revenue	N/A	$40.4B-10.5%	$45.2B+2.8%	$43.9B-17.4%	$53.2B+38.1%	$38.5B+88.5%	$20.4B-30.6%	$29.5B-1.1%	$29.8B+29.6%	$23.0B+33.4%	$17.2B-12.6%	$19.7B-50.1%	$39.5B+2.7%	$38.5B	N/A	N/A
Gross Profit	N/A	$3.8B+2.7%	$3.7B+9.6%	$3.4B-18.4%	$4.2B+16.6%	$3.6B+25.0%	$2.9B-32.2%	$4.2B-1.1%	$4.3B+31.6%	$3.2B+9.8%	$2.9B-13.9%	$3.4B+49.5%	$2.3B+5.7%	$2.2B+11.4%	$1.9B+24.7%	$1.6B
SG&A Expenses	N/A	$342.0M+4.3%	$328.0M+9.7%	$299.0M-8.0%	$325.0M+11.3%	$292.0M+7.7%	$271.0M-8.8%	$297.0M-6.0%	$316.0M+14.5%	$276.0M-1.1%	$279.0M+0.4%	$278.0M-14.5%	$325.0M-9.5%	$359.0M+5.0%	$342.0M+16.3%	$294.0M
Operating Income	$1.6B	$1.4B+65.2%	$868.0M-31.0%	$1.3B-2.6%	$1.3B+51.8%	$851.0M+135.8%	-$2.4B-219.5%	$2.0B-12.7%	$2.3B+97.5%	$1.2B+16.0%	$994.0M-21.2%	$1.3B-29.8%	$1.8B+3.5%	$1.7B+22.0%	$1.4B+9.8%	$1.3B
EBITDA	N/A	$2.4B+34.9%	$1.8B-18.4%	$2.2B-4.0%	$2.3B+38.9%	$1.6B+194.4%	-$1.7B-166.5%	$2.6B-7.4%	$2.8B+67.5%	$1.7B+10.7%	$1.5B-11.0%	$1.7B-22.4%	$2.2B+3.8%	$2.1B+10.3%	$1.9B+23.3%	$1.5B
Interest Expense	N/A	$554.0M+28.8%	$430.0M+11.4%	$386.0M-4.7%	$405.0M-4.7%	$425.0M-2.5%	$436.0M+2.6%	$425.0M-1.4%	$431.0M-15.5%	$510.0M+9.2%	$467.0M+8.1%	$432.0M+24.1%	$348.0M+11.2%	$313.0M+8.7%	$288.0M+13.8%	$253.0M
Income Tax	N/A	$15.0M-82.8%	$87.0M+42.6%	$61.0M-67.7%	$189.0M+158.9%	$73.0M+484.2%	-$19.0M-128.8%	$66.0M-66.7%	$198.0M+350.0%	$44.0M+76.0%	$25.0M-75.0%	$100.0M-41.5%	$171.0M+72.7%	$99.0M+83.3%	$54.0M+20.0%	$45.0M
Net Income	$2.8B	$1.8B+59.5%	$1.1B-26.0%	$1.5B+22.0%	$1.2B+89.8%	$648.0M+125.0%	-$2.6B-219.3%	$2.2B-2.0%	$2.2B+158.9%	$856.0M+17.9%	$726.0M-19.6%	$903.0M-34.8%	$1.4B+1.7%	$1.4B+24.4%	$1.1B+13.3%	$966.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Revenue	$17.7B+66.3%	$12.5B+8.7%	$10.6B-12.2%	$11.6B-7.0%	$10.6B-16.6%	$11.5B-1.4%	$12.0B+6.3%	$12.5B+3.2%
Cost of Revenue	$16.6B+69.7%	$11.5B+9.3%	N/A	$10.6B-8.3%	$9.8B-17.6%	$10.5B-3.7%	N/A	$11.5B+3.9%
Gross Profit	$1.1B+28.6%	$977.0M+1.8%	N/A	$993.0M+8.4%	$884.0M-3.8%	$960.0M+33.0%	N/A	$916.0M-5.1%
SG&A Expenses	$110.0M+34.1%	$81.0M-4.7%	N/A	$83.0M-3.5%	$82.0M+3.8%	$85.0M-11.5%	N/A	$86.0M-6.5%
Operating Income	$398.0M+66.5%	$405.0M+13.8%	$355.0M+2318.8%	$484.0M+146.9%	$239.0M-28.0%	$356.0M0.0%	-$16.0M-109.2%	$196.0M-16.2%
EBITDA	$640.0M+35.0%	$648.0M+10.2%	$612.0M+191.4%	$714.0M+69.2%	$474.0M-15.1%	$588.0M-3.6%	$210.0M-31.6%	$422.0M-14.6%
Interest Expense	$153.0M+15.0%	$167.0M+31.5%	N/A	$135.0M+19.5%	$133.0M+19.8%	$127.0M+33.7%	N/A	$113.0M+16.5%
Income Tax	$100.0M+2400.0%	$1.0M-88.9%	N/A	$6.0M-25.0%	$4.0M-92.3%	$9.0M-35.7%	N/A	$8.0M+157.1%
Net Income	$1.8B+771.4%	$152.0M-65.7%	$342.0M+850.0%	$441.0M+100.5%	$210.0M-16.0%	$443.0M+66.5%	$36.0M-93.8%	$220.0M+8.4%

Not reported in any period shown, so not listed: R&D Expenses, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

PAA Balance Sheet

PAA quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$30.2B+13.6%	$26.6B-2.9%	$27.4B-1.9%	$27.9B-2.5%	$28.6B+16.8%	$24.5B-14.6%	$28.7B+12.4%	$25.5B+0.6%	$25.4B+4.7%	$24.2B+8.6%	$22.3B+0.4%	$22.2B+9.2%	$20.3B+5.6%	$19.2B+25.1%	$15.4B
Current Assets	$4.7B-1.4%	$4.8B-2.3%	$4.9B-8.3%	$5.4B-12.7%	$6.1B+67.4%	$3.7B-20.5%	$4.6B+30.5%	$3.5B-11.7%	$4.0B-6.4%	$4.3B+43.9%	$3.0B-29.0%	$4.2B-15.8%	$5.0B-3.6%	$5.1B+18.3%	$4.4B
Cash & Equivalents	$328.0M-5.7%	$348.0M-22.7%	$450.0M+12.2%	$401.0M-10.7%	$449.0M+1940.9%	$22.0M-51.1%	$45.0M-31.8%	$66.0M+78.4%	$37.0M-21.3%	$47.0M+74.1%	$27.0M-93.3%	$403.0M+882.9%	$41.0M+70.8%	$24.0M-7.7%	$26.0M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$211.0M-19.2%	$261.0M-52.4%	$548.0M-24.8%	$729.0M-6.9%	$783.0M+21.0%	$647.0M+7.1%	$604.0M-5.6%	$640.0M-10.2%	$713.0M-46.9%	$1.3B+46.6%	$916.0M+2.8%	$891.0M-16.3%	$1.1B-11.9%	$1.2B+23.6%	$978.0M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$2.5B+0.8%	$2.5B-1.8%	$2.6B+9.5%	$2.3B-2.5%	$2.4B-2.4%	$2.5B-1.5%	$2.5B-1.3%	$2.5B+36.7%	$1.9B
Total Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$25.2B+7.9%	$23.4B	N/A	N/A	N/A	N/A
Current Liabilities	$4.9B-0.4%	$5.0B-1.1%	$5.0B-15.1%	$5.9B-5.5%	$6.2B+46.5%	$4.3B-15.2%	$5.0B+45.2%	$3.5B-23.7%	$4.5B-2.9%	$4.7B+36.9%	$3.4B-28.3%	$4.8B-12.1%	$5.4B+4.4%	$5.2B+14.9%	$4.5B
Non-Current Liabilities	$12.2B+42.8%	$8.5B-1.2%	$8.6B-0.6%	$8.7B-9.3%	$9.6B-8.9%	$10.5B+0.4%	$10.5B+4.1%	$10.1B+1.9%	$9.9B-8.1%	$10.7B-1.9%	$10.9B+18.3%	$9.3B+27.7%	$7.2B+4.9%	$6.9B+41.1%	$4.9B
Long-Term Debt	$10.7B+48.3%	$7.2B-1.3%	$7.3B+0.2%	$7.3B-13.2%	$8.4B-10.5%	$9.4B+2.1%	$9.2B+0.5%	$9.1B-0.4%	$9.2B-9.3%	$10.1B-2.4%	$10.4B+19.2%	$8.7B+29.6%	$6.7B+6.3%	$6.3B+39.8%	$4.5B
Total Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$1.0B+6.7%	-$1.1B	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Total Assets	$29.2B+7.6%	$31.6B+16.9%	$30.2B+13.6%	$28.1B+3.5%	$27.2B-1.1%	$27.1B-1.1%	$26.6B-2.9%	$27.2B-2.1%
Current Assets	$6.5B+39.4%	$6.2B+30.2%	$4.7B-1.4%	$5.6B+8.0%	$4.7B-13.0%	$4.7B-5.3%	$4.8B-2.3%	$5.2B-3.0%
Cash & Equivalents	$1.1B+130.7%	$171.0M-60.0%	$328.0M-5.7%	$1.2B+84.4%	$459.0M-17.0%	$427.0M+29.0%	$348.0M-22.7%	$640.0M+146.2%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$84.0M-44.4%	$380.0M+13.4%	$211.0M-19.2%	$184.0M-57.8%	$151.0M-69.9%	$335.0M-26.0%	$261.0M-52.4%	$436.0M-29.3%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Current Liabilities	$5.9B+25.2%	$6.5B+39.5%	$4.9B-0.4%	$5.4B+4.5%	$4.7B-13.4%	$4.7B-8.8%	$5.0B-1.1%	$5.1B-8.4%
Non-Current Liabilities	$9.1B-4.8%	$12.3B+29.1%	$12.2B+42.8%	$9.7B+14.8%	$9.5B+12.5%	$9.5B+11.0%	$8.5B-1.2%	$8.5B-1.1%
Long-Term Debt	$8.4B+2.8%	$11.0B+33.5%	$10.7B+48.3%	$8.4B+17.0%	$8.2B+13.8%	$8.2B+12.3%	$7.2B-1.3%	$7.2B-1.2%

Not reported in any period shown, so not listed: Accounts Receivable, Goodwill, Total Liabilities, Total Equity, Retained Earnings.

PAA Cash Flow Statement

PAA quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$3.0B	$2.9B+17.9%	$2.5B-8.7%	$2.7B+13.2%	$2.4B+20.6%	$2.0B+31.8%	$1.5B-39.5%	$2.5B-4.0%	$2.6B+4.4%	$2.5B+240.9%	$733.0M-46.0%	$1.4B-32.2%	$2.0B+2.6%	$2.0B+57.6%	$1.2B-47.6%	$2.4B
Depreciation & Amortization	N/A	$953.0M+5.8%	$901.0M-0.9%	$909.0M-5.8%	$965.0M+24.7%	$774.0M+18.5%	$653.0M+8.7%	$601.0M+15.6%	$520.0M+0.6%	$517.0M+0.6%	$514.0M+19.0%	$432.0M+12.5%	$384.0M+5.2%	$365.0M-24.3%	$482.0M+93.6%	$249.0M
Stock-Based Compensation	N/A	$49.0M-2.0%	$50.0M0.0%	$50.0M+25.0%	$40.0M+73.9%	$23.0M+53.3%	$15.0M-55.9%	$34.0M-57.0%	$79.0M+92.7%	$41.0M-31.7%	$60.0M+122.2%	$27.0M-72.4%	$98.0M-15.5%	$116.0M+14.9%	$101.0M-8.2%	$110.0M
Capital Expenditures	$601.0M	$643.0M+43.5%	$448.0M+9.8%	$408.0M-10.3%	$455.0M+35.4%	$336.0M-54.5%	$738.0M-37.5%	$1.2B-27.7%	$1.6B+59.6%	$1.0B-23.2%	$1.3B-35.8%	$2.1B+7.6%	$1.9B+19.8%	$1.6B+34.0%	$1.2B+89.6%	$635.0M
Free Cash Flow	$2.4B	$2.3B+12.3%	$2.0B-11.9%	$2.3B+18.7%	$2.0B+17.7%	$1.7B+113.9%	$776.0M-41.3%	$1.3B+35.8%	$974.0M-34.0%	$1.5B+345.4%	-$601.0M+16.6%	-$721.0M-1101.4%	$72.0M-78.9%	$341.0M+847.2%	$36.0M-97.9%	$1.7B
Investing Cash Flow	$756.0M	-$3.8B-150.6%	-$1.5B-114.2%	-$702.0M-33.5%	-$526.0M-236.3%	$386.0M+135.3%	-$1.1B+38.1%	-$1.8B-117.1%	-$813.0M+48.2%	-$1.6B-23.3%	-$1.3B+49.7%	-$2.5B	N/A	N/A	N/A	N/A
Financing Cash Flow	-$3.1B	$799.0M+174.2%	-$1.1B+45.5%	-$2.0B-2.3%	-$1.9B+2.7%	-$2.0B-356.1%	-$435.0M+39.6%	-$720.0M+59.0%	-$1.8B-86.3%	-$943.0M-269.6%	$556.0M-30.5%	$800.0M	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$8.0M	$0	$0-100.0%	$74.0M-58.4%	$178.0M+256.0%	$50.0M	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Operating Cash Flow	$955.0M+37.6%	$418.0M-34.6%	$786.0M+8.1%	$817.0M+18.2%	$694.0M+6.3%	$639.0M+52.5%	$727.0M-28.1%	$691.0M+712.9%
Depreciation & Amortization	$242.0M+3.0%	$243.0M+4.7%	$257.0M+13.7%	$230.0M+1.8%	$235.0M+4.0%	$232.0M-8.7%	$226.0M+69.9%	$226.0M-13.1%
Capital Expenditures	$138.0M-18.8%	$130.0M-7.1%	$148.0M+39.6%	$185.0M+69.7%	$170.0M+123.7%	$140.0M-10.8%	$106.0M+2550.0%	$109.0M-20.4%
Free Cash Flow	$817.0M+55.9%	$288.0M-42.3%	$638.0M+2.7%	$632.0M+8.6%	$524.0M-9.2%	$499.0M+90.5%	$621.0M-38.3%	$582.0M+1219.2%
Investing Cash Flow	$3.3B+1317.2%	-$233.0M+79.7%	-$1.9B-634.1%	-$408.0M+50.4%	-$274.0M-74.5%	-$1.1B-340.2%	-$264.0M-2.3%	-$822.0M-87.7%
Financing Cash Flow	-$3.4B-730.6%	-$339.0M-157.5%	$299.0M+140.0%	$318.0M+47.9%	-$408.0M-50.0%	$590.0M+316.1%	-$747.0M-31.7%	$215.0M+169.8%
Share Buybacks	N/A	N/A	$0	$0	N/A	N/A	$0	$0

Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid.

PAA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

PAA quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	8.6%+1.0pp	7.6%+0.4pp	7.2%-0.1pp	7.3%-1.2pp	8.5%-3.8pp	12.3%-0.2pp	12.5%0.0pp	12.5%+0.2pp	12.3%-2.3pp	14.6%-0.2pp	14.8%+9.5pp	5.3%+0.1pp	5.1%0.0pp	5.1%+0.6pp	4.5%
Operating Margin	3.2%+1.5pp	1.8%-0.9pp	2.7%+0.4pp	2.3%+0.2pp	2.0%+12.2pp	-10.2%-16.1pp	5.9%-0.8pp	6.7%+2.3pp	4.4%-0.5pp	4.9%-0.5pp	5.5%+1.3pp	4.1%0.0pp	4.1%+0.3pp	3.8%0.0pp	3.8%
Net Margin	4.0%+1.7pp	2.3%-0.9pp	3.2%+1.0pp	2.1%+0.6pp	1.5%+12.7pp	-11.1%-17.6pp	6.5%-0.1pp	6.5%+3.3pp	3.3%-0.3pp	3.6%-0.3pp	3.9%+0.7pp	3.2%0.0pp	3.2%+0.3pp	2.9%+0.1pp	2.8%
Return on Assets	5.9%+1.7pp	4.2%-1.3pp	5.5%+1.1pp	4.4%+2.1pp	2.3%+12.8pp	-10.6%-18.1pp	7.6%-1.1pp	8.7%+5.3pp	3.4%+0.4pp	3.0%-1.1pp	4.0%-2.2pp	6.2%-0.5pp	6.7%+1.0pp	5.7%-0.6pp	6.3%
Current Ratio	0.960.0x	0.970.0x	0.98+0.1x	0.91-0.1x	0.98+0.1x	0.86-0.1x	0.92-0.1x	1.02+0.1x	0.880.0x	0.920.0x	0.870.0x	0.880.0x	0.92-0.1x	0.990.0x	0.96
Asset Turnover	1.47-0.4x	1.84+0.1x	1.73-0.3x	2.06+0.6x	1.47+0.5x	0.95-0.2x	1.17-0.2x	1.33+0.3x	1.03+0.2x	0.83-0.2x	1.04-0.9x	1.96-0.1x	2.08+0.1x	1.97-0.3x	2.23
FCF Margin	5.2%+1.0pp	4.2%-0.7pp	4.9%+1.5pp	3.4%-0.5pp	4.0%+0.6pp	3.3%-0.6pp	3.9%+1.1pp	2.9%-2.8pp	5.6%+8.6pp	-3.0%+0.1pp	-3.1%-3.3pp	0.2%-0.6pp	0.8%+0.7pp	0.1%-5.0pp	5.1%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Gross Margin	6.4%-1.9pp	7.8%-0.5pp	N/A	8.6%+1.2pp	8.3%+1.1pp	8.4%+2.2pp	N/A	7.3%-0.6pp
Operating Margin	2.3%0.0pp	3.3%+0.2pp	3.4%+3.5pp	4.2%+2.6pp	2.3%-0.3pp	3.1%0.0pp	-0.1%-1.7pp	1.6%-0.4pp
Net Margin	10.3%+8.4pp	1.2%-2.6pp	3.2%+2.9pp	3.8%+2.0pp	2.0%0.0pp	3.9%+1.6pp	0.3%-4.8pp	1.8%+0.1pp
Return on Assets	6.3%+5.5pp	0.5%-1.2pp	1.1%+1.0pp	1.6%+0.8pp	0.8%-0.1pp	1.6%+0.7pp	0.1%-2.0pp	0.8%+0.1pp
Current Ratio	1.12+0.1x	0.94-0.1x	0.960.0x	1.040.0x	1.000.0x	1.010.0x	0.970.0x	1.01+0.1x
Asset Turnover	0.61+0.2x	0.390.0x	0.35-0.1x	0.410.0x	0.39-0.1x	0.420.0x	0.450.0x	0.460.0x
FCF Margin	4.6%-0.3pp	2.3%-2.0pp	6.0%+0.9pp	5.5%+0.8pp	4.9%+0.4pp	4.3%+2.1pp	5.2%-3.7pp	4.7%+5.1pp

Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.

Note: The current ratio is below 1.0 (0.96), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Plains All American Pipeline, L.P. Common Units PAA	FY2025	$44.3B	$1.8B	4.0%	$17.6B	37/100
Western Midstream Partners, LP WES	FY2025	$3.8B	$1.2B	30.7%	$18.5B	54/100
Viper Energy, Inc. VNOM	FY2025	$1.4B	-$206.0M	-14.8%	$8.6B	56/100
DT Midstream, Inc. DTM	FY2025	$1.2B	$441.0M	35.5%	$12.6B	63/100
Targa Resources Corp. TRGP	FY2025	$17.0B	$1.9B	11.3%	$62.4B	45/100

Where Plains All American Pipeline, L.P. Common Units Ranks

Frequently Asked Questions

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

Plains All American Pipeline, L.P. Common Units (PAA) reported $44.3B in total revenue for fiscal year 2025. This represents a -9.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Plains All American Pipeline, L.P. Common Units's revenue growing?

Plains All American Pipeline, L.P. Common Units (PAA) revenue declined by 9.5% year-over-year, from $48.9B to $44.3B in fiscal year 2025.

Is Plains All American Pipeline, L.P. Common Units profitable?

Yes, Plains All American Pipeline, L.P. Common Units (PAA) reported a net income of $1.8B in fiscal year 2025, with a net profit margin of 4.0%.

What is Plains All American Pipeline, L.P. Common Units's EBITDA?

Plains All American Pipeline, L.P. Common Units (PAA) had EBITDA of $2.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Plains All American Pipeline, L.P. Common Units have?

As of fiscal year 2025, Plains All American Pipeline, L.P. Common Units (PAA) had $328.0M in cash and equivalents against $10.7B in long-term debt.

What is Plains All American Pipeline, L.P. Common Units's gross margin?

Plains All American Pipeline, L.P. Common Units (PAA) had a gross margin of 8.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Plains All American Pipeline, L.P. Common Units's operating margin?

Plains All American Pipeline, L.P. Common Units (PAA) had an operating margin of 3.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

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

Plains All American Pipeline, L.P. Common Units (PAA) had a net profit margin of 4.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Plains All American Pipeline, L.P. Common Units's free cash flow?

Plains All American Pipeline, L.P. Common Units (PAA) generated $2.3B in free cash flow during fiscal year 2025. This represents a 12.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Plains All American Pipeline, L.P. Common Units's operating cash flow?

Plains All American Pipeline, L.P. Common Units (PAA) generated $2.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Plains All American Pipeline, L.P. Common Units's total assets?

Plains All American Pipeline, L.P. Common Units (PAA) had $30.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Plains All American Pipeline, L.P. Common Units's capital expenditures?

Plains All American Pipeline, L.P. Common Units (PAA) invested $643.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Plains All American Pipeline, L.P. Common Units buy back shares?

Yes, Plains All American Pipeline, L.P. Common Units (PAA) spent $8.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Plains All American Pipeline, L.P. Common Units have outstanding?

Plains All American Pipeline, L.P. Common Units (PAA) had 706M shares outstanding as of fiscal year 2025.

What is Plains All American Pipeline, L.P. Common Units's current ratio?

Plains All American Pipeline, L.P. Common Units (PAA) had a current ratio of 0.96 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Plains All American Pipeline, L.P. Common Units's return on assets (ROA)?

Plains All American Pipeline, L.P. Common Units (PAA) had a return on assets of 5.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Plains All American Pipeline, L.P. Common Units's P/E ratio?

Plains All American Pipeline, L.P. Common Units (PAA) trades at 6.4x earnings, its market capitalization divided by net income of $2.8B net income, trailing 12 months to June 30, 2026. The market capitalization is $17.6B as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Plains All American Pipeline, L.P. Common Units's price-to-sales ratio?

Plains All American Pipeline, L.P. Common Units (PAA) trades at 0.3x sales, its market capitalization divided by revenue of $52.3B revenue, trailing 12 months to June 30, 2026. The market capitalization is $17.6B as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Plains All American Pipeline, L.P. Common Units's Piotroski F-Score?

Plains All American Pipeline, L.P. Common Units (PAA) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Plains All American Pipeline, L.P. Common Units's earnings high quality?

Plains All American Pipeline, L.P. Common Units (PAA) has an earnings quality ratio of 1.66x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Plains All American Pipeline, L.P. Common Units cover its interest payments?

Plains All American Pipeline, L.P. Common Units (PAA) has an interest coverage ratio of 2.59x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Plains All American Pipeline, L.P. Common Units?

Plains All American Pipeline, L.P. Common Units (PAA) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.