Plains All American Pipeline LP (PAA) Financial Statements
Industry: Pipe Lines (No Natural Gas)
In fiscal 2025, Plains All American Pipeline reported revenue of $44.26B, down 11.6% from $50.07B the year before. Net income was $1.44B (a 3.2% net margin). Gross margin was 8.7% and operating margin was 3.2%. Operating activities generated $2.94B of cash, leaving $2.29B of free cash flow. At fiscal year end, Plains All American Pipeline held $30.17B in total assets against $30.17B in total liabilities, including $328.0M of cash and equivalents.
Open the full interactive Plains All American Pipeline financials → Quarterly statements, key ratios, valuation history and price charts.
Plains All American Pipeline Key Stats
| Share Price | $24.92 |
|---|---|
| Revenue YoY Growth | -11.6% |
| 52-Week Range | $14.68 – $26.10 |
Plains All American Pipeline Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $23.29B | $42.08B | $57.34B | $48.71B | $50.07B | $44.26B |
| Cost of Goods Sold | $20.43B | $38.50B | $53.18B | $44.53B | $45.56B | $40.43B |
| Gross Profit | $2.86B | $3.57B | $4.17B | $4.18B | $4.51B | $3.83B |
| Operating Income | -$2.38B | $851.0M | $1.29B | $1.51B | $1.18B | $1.43B |
| Pre-Tax Income | -$2.60B | $721.0M | $1.42B | $1.62B | $1.28B | $1.40B |
| Income Tax | -$19.0M | $73.0M | $189.0M | $121.0M | $167.0M | $15.0M |
| Net Income | -$2.59B | $593.0M | $1.04B | $1.23B | $772.0M | $1.44B |
Plains All American Pipeline Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $11.58B | $10.03B | $12.47B | $17.69B |
| Net Income | $441.0M | $341.0M | $152.0M | $1.83B |
Plains All American Pipeline Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $22.0M | $449.0M | $401.0M | $450.0M | $348.0M | $328.0M |
| Current Assets | $3.67B | $6.14B | $5.36B | $4.91B | $4.80B | $4.73B |
| Total Assets | $24.50B | $28.61B | $27.89B | $27.36B | $26.56B | $30.17B |
| Current Liabilities | $4.25B | $6.23B | $5.89B | $5.00B | $4.95B | $4.93B |
| Total Long-Term Debt | $9.38B | $8.40B | $7.29B | $7.30B | $7.21B | $10.70B |
| Total Liabilities | $24.50B | $28.61B | $27.89B | $27.36B | $26.56B | $30.17B |
Plains All American Pipeline Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $1.51B | $2.00B | $2.41B | $2.73B | $2.49B | $2.94B |
| Cash From Investing | -$1.09B | $386.0M | -$526.0M | -$702.0M | -$1.50B | -$3.77B |
| Cash From Financing | -$435.0M | -$1.98B | -$1.93B | -$1.98B | -$1.08B | $799.0M |
| Free Cash Flow | $776.0M | $1.66B | $1.95B | $2.17B | $1.87B | $2.29B |
Figures from Plains All American Pipeline's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Plains All American Pipeline financials page for every line item.
Plains All American Pipeline Company Profile
| Ticker | PAA |
|---|---|
| Exchange | Nasdaq, OTC |
| Industry | Pipe Lines (No Natural Gas) |
| Headquarters | Houston, Texas |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001070423 |
Frequently Asked Questions
What was Plains All American Pipeline's revenue in fiscal 2025?
Plains All American Pipeline (PAA) reported revenue of $44.26B for fiscal 2025.
What is Plains All American Pipeline's annual revenue history?
Plains All American Pipeline's annual revenue by fiscal year: 2020: $23.29B; 2021: $42.08B; 2022: $57.34B; 2023: $48.71B; 2024: $50.07B; 2025: $44.26B.
What was Plains All American Pipeline's net income in fiscal 2025?
Plains All American Pipeline reported net income of $1.44B for fiscal 2025.
How much free cash flow did Plains All American Pipeline generate in fiscal 2025?
Plains All American Pipeline generated $2.29B of free cash flow in fiscal 2025.
What was Plains All American Pipeline's revenue last quarter?
In its most recent reported quarter (2026 Q2), Plains All American Pipeline reported revenue of $17.69B.
How much debt does Plains All American Pipeline have?
Plains All American Pipeline reported $10.70B of long-term debt, including the current portion, at the end of fiscal 2025.
When does Plains All American Pipeline's fiscal year end?
Plains All American Pipeline's fiscal year end, as registered with the SEC, is December 31.
Where is Plains All American Pipeline headquartered?
Plains All American Pipeline lists its business address in Houston, Texas in its SEC filings.