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MARKETS / NASDAQ / PAA
NASDAQ · PIPE LINES (NO NATURAL GAS) · LARGE CAP

Plains ALL American Pipeline LP PAA

19 fiscal years on record · USD · FY2025 reported · SEC filings only
$44.3B
▼ 9.5% YoY
$1.4B
▲ 85.9% YoY
$2.3B
▲ 12.3% YoY
In brief

What this company does

Plains All American Pipeline owns a network of pipeline transportation, terminalling, storage and gathering assets in crude oil and NGL producing basins, including the Permian Basin, in transportation corridors and at major market hubs in the United States and Canada. Its business model joins large-scale supply aggregation to the ownership and operation of midstream infrastructure systems that connect producing regions to demand centers and export terminals. Business activities are conducted through two segments, Crude Oil and NGL. The Crude Oil segment gathers and transports crude oil using pipelines, trucks and, at times, barges or railcars, and provides terminalling, storage and other related services across the United States and Canada. As of December 31, 2025, the assets used in the Crude Oil segment included 20,405 miles of active crude oil transportation pipelines and gathering systems and 76 million barrels of commercial crude oil storage capacity. The same inventory of assets took in 42 million barrels of active, above-ground tank capacity and five marine facilities in the United States. The NGL segment carries out NGL storage and terminalling from assets located primarily in the Southwestern United States, drawing revenues from storage and terminalling services and from the transport, storage and sale of specification NGL products. Plains All American Pipeline, L.P. is a publicly traded Delaware limited partnership, and its common units are listed on the Nasdaq Global Select Market under the ticker symbol PAA.

Written from the business description in PLAINS ALL AMERICAN PIPELINE LP's annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.

Growth
USD 44.3B
Revenue, FY2025 · full 19-year series below
Revenue $B Net income $B
FY2025 · Revenue 44.3 · Net income 1.4
20B40B2007201020132016201920222025
Compound annual growth
−8.3%
+13.7%
+6.7%
+3.6%
+11.4%
+4.7%
+7.2%
−52.4%
−30.7%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +13.7% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
4 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 3.2% · Net 4.0%
2%4%6%-5%-10%2007201020132016201920222025
ROE

Not available in our data for this period.

Cash & shareholders
USD 8.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 2.3
0.80B1.60B-0.25B-0.50B2007201020132016201920222025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 8.0
80M160M20182019202020212022202320242025

USD 8.0M in buybacks — 1% of the year's profit went back to shareholders.

Total assetsUSD 30.2B
CashUSD 328.0M
Gross debtUSD 11.3B
Net debtUSD 10.9B
Current ratio0.96×

Not available: we don't have the shareholders' equity figure for this period.

The 19-year record
19 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 2025202420232022202120202019201820172016201520142013201220112010200920082007
Revenue $B44.348.947.357.342.123.333.734.126.220.223.243.542.237.834.325.918.530.120.4
Operating income $B1.40.91.31.30.9−2.42.02.31.21.01.31.81.71.41.30.80.80.60.5
EBITDA $B2.41.82.22.31.6−1.72.62.81.71.51.72.22.11.61.51.01.00.80.7
Income tax $B0.00.10.10.20.1−0.00.10.20.00.00.10.20.10.10.0−0.00.00.0·
Net income $B1.40.81.21.00.6−2.62.22.20.90.70.91.41.41.11.00.50.60.40.4
Free cash flow $B2.32.02.32.01.70.81.31.01.5−0.6−0.70.10.30.01.7−0.2−0.10.30.2
EPS, diluted $···················
Dividend / sh $···················
Payout %···················
ROE %···················

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

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This company against its peers

Provenance
Company facts, as filed
How we verify · 0 failures in 53 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 29 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityPipe Lines (No Natural Gas)
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2007

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