Plains All Amer Financials

PAAPU

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Plains All Amer (PAAPU) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 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).

Financial Health Signals

Financial Profile 25/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Plains All Amer has an operating margin of 3.2%, meaning the company retains $3 of operating profit per $100 of revenue. This below-average margin results in a low score of 29/100, suggesting thin profitability after operating expenses. This is up from 1.8% the prior year.

Growth

Plains All Amer's revenue declined 9.5% year-over-year, from $48.9B to $44.3B. This contraction results in a growth score of 18/100.

Liquidity

Plains All Amer's current ratio of 0.96 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 14/100, which could limit financial flexibility.

Cash Flow

Plains All Amer has a free cash flow margin of 5.2%, earning a moderate score of 38/100. The company generates positive cash flow after capital investments, but with room for improvement.

Piotroski F-Score Neutral

5/9

Plains All Amer 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

2.05x

For every $1 of reported earnings, Plains All Amer generates $2.05 in operating cash flow ($2.9B OCF vs $1.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.6x

Plains All Amer earns $2.6 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

$44.3B

YoY-9.5%

5Y CAGR+13.7%

10Y CAGR+6.7%

Plains All Amer generated $44.3B in revenue in fiscal year 2025. This represents a decrease of 9.5% from the prior year.

EBITDA

$2.4B

YoY+34.9%

10Y CAGR+3.5%

Plains All Amer's EBITDA was $2.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 34.9% from the prior year.

Net Income

$1.4B

YoY+85.9%

10Y CAGR+4.7%

Plains All Amer reported $1.4B in net income in fiscal year 2025. This represents an increase of 85.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$2.3B

YoY+12.3%

5Y CAGR+24.2%

Plains All Amer generated $2.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 12.3% from the prior year.

Cash & Debt

$328.0M

YoY-5.7%

5Y CAGR+71.7%

10Y CAGR+28.4%

Plains All Amer held $328.0M in cash against $10.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

8.6%

YoY+1.0pp

5Y CAGR-3.6pp

10Y CAGR-6.2pp

Plains All Amer's gross margin was 8.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the prior year.

Operating Margin

3.2%

YoY+1.5pp

5Y CAGR+13.4pp

10Y CAGR-2.2pp

Plains All Amer's operating margin was 3.2% in fiscal year 2025, reflecting core business profitability. This is up 1.5 percentage points from the prior year.

Net Margin

3.2%

YoY+1.7pp

5Y CAGR+14.4pp

10Y CAGR-0.7pp

Plains All Amer's net profit margin was 3.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.7 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

$8.0M

5Y CAGR-30.7%

Plains All Amer spent $8.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$643.0M

YoY+43.5%

5Y CAGR-2.7%

10Y CAGR-11.1%

Plains All Amer invested $643.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 43.5% from the prior year.

PAAPU Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$44.3B-9.5%	$48.9B+3.3%	$47.3B-17.4%	$57.3B+36.3%	$42.1B+80.7%	$23.3B
Cost of Revenue	$40.4B-10.5%	$45.2B+2.8%	$43.9B-17.4%	$53.2B+38.1%	$38.5B+88.5%	$20.4B
Gross Profit	$3.8B+2.7%	$3.7B+9.6%	$3.4B-18.4%	$4.2B+16.6%	$3.6B+25.0%	$2.9B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$342.0M+4.3%	$328.0M+9.7%	$299.0M-8.0%	$325.0M+11.3%	$292.0M+7.7%	$271.0M
Operating Income	$1.4B+65.2%	$868.0M-31.0%	$1.3B-2.6%	$1.3B+51.8%	$851.0M+135.8%	-$2.4B
Interest Expense	$554.0M+28.8%	$430.0M+11.4%	$386.0M-4.7%	$405.0M-4.7%	$425.0M-2.5%	$436.0M
Income Tax	$15.0M-82.8%	$87.0M+42.6%	$61.0M-67.7%	$189.0M+158.9%	$73.0M+484.2%	-$19.0M
Net Income	$1.4B+85.9%	$772.0M-37.2%	$1.2B+18.6%	$1.0B+74.9%	$593.0M+122.9%	-$2.6B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$10.6B-8.7%	$11.6B+8.8%	$10.6B-7.3%	$11.5B-4.6%	$12.0B-3.4%	$12.5B-2.4%	$12.8B+9.6%	$11.6B
Cost of Revenue	N/A	$10.6B+8.5%	$9.8B-9.3%	$10.8B	N/A	$11.5B-2.5%	$11.8B+8.4%	$10.9B
Gross Profit	N/A	$993.0M+12.3%	$884.0M+23.5%	$716.0M	N/A	$916.0M-0.3%	$919.0M+27.3%	$722.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$83.0M+1.2%	$82.0M-18.0%	$100.0M	N/A	$86.0M+8.9%	$79.0M-17.7%	$96.0M
Operating Income	$355.0M-26.7%	$484.0M+102.5%	$239.0M-32.5%	$354.0M+2312.5%	-$16.0M-108.2%	$196.0M-41.0%	$332.0M-6.7%	$356.0M
Interest Expense	N/A	$135.0M+1.5%	$133.0M+4.7%	$127.0M	N/A	$113.0M+1.8%	$111.0M+16.8%	$95.0M
Income Tax	N/A	$6.0M+50.0%	$4.0M-92.0%	$50.0M	N/A	$8.0M-84.6%	$52.0M+271.4%	$14.0M
Net Income	$342.0M-22.4%	$441.0M+110.0%	$210.0M-52.6%	$443.0M+1130.6%	$36.0M-83.6%	$220.0M-12.0%	$250.0M-6.0%	$266.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PAAPU Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$30.2B+13.6%	$26.6B-2.9%	$27.4B-1.9%	$27.9B-2.5%	$28.6B+16.8%	$24.5B
Current Assets	$4.7B-1.4%	$4.8B-2.3%	$4.9B-8.3%	$5.4B-12.7%	$6.1B+67.4%	$3.7B
Cash & Equivalents	$328.0M-5.7%	$348.0M-22.7%	$450.0M+12.2%	$401.0M-10.7%	$449.0M+1940.9%	$22.0M
Inventory	$211.0M-19.2%	$261.0M-52.4%	$548.0M-24.8%	$729.0M-6.9%	$783.0M+21.0%	$647.0M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	$0
Total Liabilities	N/A	N/A	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
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
Total Equity	N/A	N/A	N/A	N/A	N/A	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$30.2B+7.4%	$28.1B+3.5%	$27.2B+0.4%	$27.1B+1.9%	$26.6B-2.2%	$27.2B-1.1%	$27.5B+0.4%	$27.4B
Current Assets	$4.7B-15.2%	$5.6B+19.1%	$4.7B-1.0%	$4.7B-1.4%	$4.8B-7.1%	$5.2B-4.0%	$5.4B+7.7%	$5.0B
Cash & Equivalents	$328.0M-72.2%	$1.2B+157.1%	$459.0M+7.5%	$427.0M+22.7%	$348.0M-45.6%	$640.0M+15.7%	$553.0M+67.1%	$331.0M
Inventory	$211.0M+14.7%	$184.0M+21.9%	$151.0M-54.9%	$335.0M+28.4%	$261.0M-40.1%	$436.0M-13.1%	$502.0M+10.8%	$453.0M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Liabilities	$4.9B-8.1%	$5.4B+14.7%	$4.7B-0.3%	$4.7B-5.2%	$5.0B-3.6%	$5.1B-5.0%	$5.4B+5.1%	$5.1B
Long-Term Debt	$10.7B+26.7%	$8.4B+2.9%	$8.2B0.0%	$8.2B+13.8%	$7.2B0.0%	$7.2B0.0%	$7.2B-1.3%	$7.3B
Total Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PAAPU Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.9B+17.9%	$2.5B-8.7%	$2.7B+13.2%	$2.4B+20.6%	$2.0B+31.8%	$1.5B
Capital Expenditures	$643.0M+43.5%	$448.0M+9.8%	$408.0M-10.3%	$455.0M+35.4%	$336.0M-54.5%	$738.0M
Free Cash Flow	$2.3B+12.3%	$2.0B-11.9%	$2.3B+18.7%	$2.0B+17.7%	$1.7B+113.9%	$776.0M
Investing Cash Flow	-$3.8B-150.6%	-$1.5B-114.2%	-$702.0M-33.5%	-$526.0M-236.3%	$386.0M+135.3%	-$1.1B
Financing Cash Flow	$799.0M+174.2%	-$1.1B+45.5%	-$2.0B-2.3%	-$1.9B+2.7%	-$2.0B-356.1%	-$435.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$8.0M	$0	$0-100.0%	$74.0M-58.4%	$178.0M+256.0%	$50.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$786.0M-3.8%	$817.0M+17.7%	$694.0M+8.6%	$639.0M-12.1%	$727.0M+5.2%	$691.0M+5.8%	$653.0M+55.8%	$419.0M
Capital Expenditures	$148.0M-20.0%	$185.0M+55.5%	$119.0M-37.7%	$191.0M+80.2%	$106.0M-2.8%	$109.0M+43.4%	$76.0M-51.6%	$157.0M
Free Cash Flow	$638.0M+0.9%	$632.0M+9.9%	$575.0M+28.3%	$448.0M-27.9%	$621.0M+6.7%	$582.0M+0.9%	$577.0M+120.2%	$262.0M
Investing Cash Flow	-$1.9B-375.0%	-$408.0M-48.9%	-$274.0M+76.2%	-$1.1B-335.2%	-$264.0M+67.9%	-$822.0M-423.6%	-$157.0M+39.8%	-$261.0M
Financing Cash Flow	$299.0M-6.0%	$318.0M+177.9%	-$408.0M-169.2%	$590.0M+179.0%	-$747.0M-447.4%	$215.0M+179.0%	-$272.0M+0.4%	-$273.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0	N/A	N/A	$0	$0	N/A	N/A

PAAPU Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	8.6%+1.0pp	7.6%+0.4pp	7.2%-0.1pp	7.3%-1.2pp	8.5%-3.8pp	12.3%
Operating Margin	3.2%+1.5pp	1.8%-0.9pp	2.7%+0.4pp	2.3%+0.2pp	2.0%+12.2pp	-10.2%
Net Margin	3.2%+1.7pp	1.6%-1.0pp	2.6%+0.8pp	1.8%+0.4pp	1.4%+12.5pp	-11.1%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	4.8%+1.9pp	2.9%-1.6pp	4.5%+0.8pp	3.7%+1.6pp	2.1%+12.6pp	-10.6%
Current Ratio	0.96-0.0	0.97-0.0	0.98+0.1	0.91-0.1	0.98+0.1	0.86
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A
FCF Margin	5.2%+1.0pp	4.2%-0.7pp	4.9%+1.5pp	3.4%-0.5pp	4.0%+0.6pp	3.3%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	8.6%+0.3pp	8.3%+2.1pp	6.2%	N/A	7.3%+0.2pp	7.2%+1.0pp	6.2%
Operating Margin	3.4%-0.8pp	4.2%+1.9pp	2.3%-0.8pp	3.1%+3.2pp	-0.1%-1.7pp	1.6%-1.0pp	2.6%-0.5pp	3.1%
Net Margin	3.2%-0.6pp	3.8%+1.8pp	2.0%-1.9pp	3.9%+3.6pp	0.3%-1.5pp	1.8%-0.2pp	2.0%-0.3pp	2.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	1.1%-0.4pp	1.6%+0.8pp	0.8%-0.9pp	1.6%+1.5pp	0.1%-0.7pp	0.8%-0.1pp	0.9%-0.1pp	1.0%
Current Ratio	0.96-0.1	1.04+0.0	1.000.0	1.01+0.0	0.97-0.0	1.010.0	1.00+0.0	0.97
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
FCF Margin	6.0%+0.6pp	5.5%+0.1pp	5.4%+1.5pp	3.9%-1.3pp	5.2%+0.5pp	4.7%+0.2pp	4.5%+2.3pp	2.3%

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

Frequently Asked Questions

What is Plains All Amer's annual revenue?

Plains All Amer (PAAPU) 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 Amer's revenue growing?

Plains All Amer (PAAPU) revenue declined by 9.5% year-over-year, from $48.9B to $44.3B in fiscal year 2025.

Is Plains All Amer profitable?

Yes, Plains All Amer (PAAPU) reported a net income of $1.4B in fiscal year 2025, with a net profit margin of 3.2%.

What is Plains All Amer's EBITDA?

Plains All Amer (PAAPU) had EBITDA of $2.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Plains All Amer have?

As of fiscal year 2025, Plains All Amer (PAAPU) had $328.0M in cash and equivalents against $10.7B in long-term debt.

What is Plains All Amer's gross margin?

Plains All Amer (PAAPU) 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 Amer's operating margin?

Plains All Amer (PAAPU) 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 Amer's net profit margin?

Plains All Amer (PAAPU) had a net profit margin of 3.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Plains All Amer's free cash flow?

Plains All Amer (PAAPU) 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 Amer's operating cash flow?

Plains All Amer (PAAPU) generated $2.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Plains All Amer's total assets?

Plains All Amer (PAAPU) had $30.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Plains All Amer's capital expenditures?

Plains All Amer (PAAPU) invested $643.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Plains All Amer buy back shares?

Yes, Plains All Amer (PAAPU) spent $8.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Plains All Amer's current ratio?

Plains All Amer (PAAPU) 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 Amer's return on assets (ROA)?

Plains All Amer (PAAPU) had a return on assets of 4.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Plains All Amer's Piotroski F-Score?

Plains All Amer (PAAPU) 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Plains All Amer's earnings high quality?

Plains All Amer (PAAPU) has an earnings quality ratio of 2.05x, 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 Amer cover its interest payments?

Plains All Amer (PAAPU) has an interest coverage ratio of 2.6x, 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 Amer?

Plains All Amer (PAAPU) scores 25 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.