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Plains All American Pipeline, L.P.

PAA Energy Oil & Gas Midstream

Plains All American Pipeline, L.P.’s revenue for fiscal 2025 (year ended December 2025) was $44.3 billion, down 9.46% from fiscal 2024.

Revenue
+66.3%
EPS
+1,095.2%
Free cash flow
+50.9%
Total debt
−2.74%

Quarter to June 2026, against a year earlier

24.57 0.64 −2.54%
Market cap
$17.3B
P/E
6.8×
Fwd P/E
7.2×
Dividend yield
6.80%
F-score
5/9
Altman Z
n/a
Beneish M
−2.94
Dividend safety
37/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Crude Oil
  • NGL

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 0.05
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — 1 — — — — —
Insider Ownership 35.28%

Capital & Financial Ratios $m

Size
Market Cap 17,310.00
Revenue ttm 52,306.00
Net income ttm 3,112.00
Free cash flow ttm 2,439.00
Net debt Q 7,382.00
Valuation
P/E 6.81
Forward P/E 7.17
Price / sales 0.33
Forward P/S Powerpack
Price / FCF 7.11
Price / book 1.42
Financial health
Current ratio Q 1.12
Debt / equity Q 0.59
Interest coverage Q 2.60
Growth
Revenue growth Q +66.26% (above 0%: growing)
Operating income growth Q +66.53% (above 0%: growing)
EPS, this year +3.53%
EPS, next year A +11.56%
Revenue, next year A −4.81% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +9.02%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.5×, against a ten-year median of 0.6×; over the ten years it ranged from 0.3× in 2022 to 1.5× in 2017.
P/E against its own 10 years 11.82%
10-year low 10-year high
P/S against its own 10 years 56.80%
10-year low 10-year high
P/B against its own 10 years 66.59%
10-year low 10-year high
EV/Sales against its own 10 years 41.95%
10-year low 10-year high
EV/FCF against its own 10 years 43.84%
10-year low 10-year high

Dividends raised 4 years running

Yield
6.80%
Annual rate
1.67
Payout ratio
46.3%
Growth, 2017–25
−3.07%/yr
  1. 1.95 ’17
  2. 1.20 ’18 −38
  3. 1.38 ’19 +15
  4. 1.08 ’20 −22
  5. 0.72 ’21 −33
  6. 0.83 ’22 +16
  7. 1.07 ’23 +29
  8. 1.27 ’24 +19
  9. 1.52 ’25 +20
  10. 1.20 ’26e −21
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 450 348 328 1,059
Receivables 3,760 3,679 3,598 5,267
Inventory 548 261 211 84
Other 155 99 117 127
4,913 4,802 4,733 6,537
2023 2024 2025 Q'26
Payables 3,844 3,647 3,457 4,942
ST’ Debt 446 407 563 9
Other 713 546 529 754
5,003 4,950 4,931 5,859

Compound Annual Growth %

10y 5y 3y
Sales 6.70% 13.70% (8.27%)
Cash Flow 8.02% 14.16% 6.83%
Earnings 14.38% 0.00% 12.05%
Book Value 5.12% 6.08% (0.62%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.40 Actual 0.41

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.34 0.39 Beat by 0.05
Q4 FY25 0.47 0.40 Miss by 0.07
Q1 FY26 0.41 0.39 Miss by 0.02
Q2 FY26 0.40 0.41 Beat by 0.01
Q3 FY26 0.40 — Reports 6 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.14 2.51 — — —
’25 0.49 0.21 0.55 0.41 1.66
’24 0.29 0.26 0.22 (0.04) 0.73
’23 0.52 0.32 0.20 0.35 1.40
’22 0.19 0.22 0.48 0.30 1.19
’21 0.51 (0.37) (0.15) 0.56 0.55
’20 (3.98) 0.13 0.13 (0.11) (3.83)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 12,470 17,693 — — —
’25 11,477 10,642 11,578 10,565 44,262
’24 11,995 12,757 12,456 11,681 48,889
’23 12,341 11,602 12,071 11,322 47,336
’22 13,694 16,359 14,336 12,953 57,342
’21 8,383 9,930 10,776 12,989 42,078
’20 8,269 3,225 5,833 5,963 23,290
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 418 955 — — —
’25 639 694 817 786 2,936
’24 419 653 691 727 2,490
’23 743 888 85 1,011 2,727
’22 340 792 942 334 2,408
’21 791 235 335 635 1,996
’20 890 84 282 258 1,514
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 291 818 — — —
’25 502 542 638 692 2,374
’24 265 578 584 626 2,053
’23 905 743 (50) 1,049 2,647
’22 292 707 821 193 2,013
’21 715 151 1,116 559 2,541
’20 749 (2) 149 309 1,205
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −2.4% a year for ten years.

Implied
−2.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 20,182 26,223 34,055 33,669 23,290 42,078 57,342 47,336 48,889 44,262 52,306 +9.1% 42,133 44,065 44,630 +0.3%
Gross margin, % 8.76 7.84 8.81 8.65 7.66 5.96 4.97 4.89 4.61 6.04 5.55 (2.7) pt
EBT 755 902 2,414 2,246 (2,599) 721 1,417 1,371 969 1,401 1,492 +7.1%
EBT margin, % 3.74 3.44 7.09 6.67 (11.16) 1.71 2.47 2.90 1.98 3.17 2.85 (0.6) pt
Net income 730 858 2,216 2,180 (2,580) 648 1,228 1,502 1,113 1,769 3,112 +10.3%
Per share, $
Per share, $ Revenue 43.50 36.57 46.91 46.31 31.99 58.77 81.80 67.72 69.64 62.87 74.09 +4.2%
Earnings 0.43 0.96 2.77 2.70 (3.83) 0.55 1.19 1.40 0.73 1.66 3.61 +16.2%
Cash flow 1.58 3.49 3.59 3.44 2.08 2.79 3.44 3.90 3.55 4.17 4.22 +11.4%
Capex (1.47) 0.08 (0.41) (1.52) (0.42) 0.76 (0.56) (0.11) (0.62) (0.80) (0.76) (6.5%)
Free cash flow 0.11 3.57 3.18 1.93 1.66 3.55 2.87 3.79 2.92 3.37 3.45 +45.7%
Book value 19.00 15.28 16.53 18.15 13.38 17.89 19.01 19.65 18.66 18.58 20.24 (0.2%)
Shares, m 464 717 726 727 728 716 701 699 702 704 705 +4.7%
Valuation, ×
Valuation, × P/E 79.73 21.72 7.23 6.81 0.00 16.98 9.71 11.01 23.40 10.82 6.81 18.7
P/S 0.75 0.58 0.43 0.40 0.26 0.16 0.14 0.23 0.25 0.29 0.33 0.3
P/B 2.08 1.76 1.50 1.23 0.81 0.64 0.73 0.94 1.11 1.14 1.42 1.2
EV/Sales 1.34 0.96 0.70 0.68 0.69 0.37 0.28 0.38 0.39 0.53 0.47 0.6
EV/FCF 508.68 9.83 10.27 16.41 13.40 6.08 8.02 6.80 9.38 9.93 10.14 59.9
Cash, $m
Cash, $m Operating cash flow 733 2,499 2,608 2,504 1,514 1,996 2,408 2,727 2,490 2,936 2,976 +16.7%
Capex (680) 59 (300) (1,104) (309) 545 (395) (80) (437) (562) (537) (2.1%)
Free cash flow 53 2,558 2,308 1,400 1,205 2,541 2,013 2,647 2,053 2,374 2,439 +52.6%
Balance, $m
Balance, $m Working capital (392) (531) 77 (405) (588) (95) (536) (90) (148) (198) 678 (7.3%)
Net debt 11,792 9,883 9,143 9,609 10,153 8,771 8,045 7,301 7,270 10,931 7,382 (0.8%)
Shareholders’ equity 8,816 10,958 12,002 13,195 9,738 12,810 13,325 13,732 13,096 13,080 14,291 +4.5%
Returns, %
Returns, % ROA 0.86 2.76 7.90 7.26 (10.49) 1.48 2.94 3.53 1.91 4.12 9.03 +3.3 pt
ROIC 3.01 3.46 6.73 5.45 (7.46) 2.46 3.78 3.74 2.66 3.73 4.74 +0.7 pt
ROE 2.62 8.58 21.87 19.09 (30.41) 4.38 7.71 8.69 4.62 10.71 21.98 +8.1 pt
People
People Employees 5,100 4,850 4,900 5,000 4,400 4,100 4,100 4,200 4,200 3,900 — (2.9%)
Revenue/emp, $m 3.96 5.41 6.95 6.73 5.29 10.26 13.99 11.27 11.64 11.35 — +12.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Plains All American Pipeline is a publicly traded limited partnership that moves and stores crude oil. It serves producers looking to get oil out of producing regions, refiners seeking supplies for their plants, and other customers that need access to markets or export terminals.

Its infrastructure connects different stages of the oil supply chain. Gathering pipelines collect crude from wellhead or central battery connections and move it to regional hubs. Other pipelines connect those hubs or carry oil over longer distances to refineries, major trading locations and export facilities. Plains also uses trucks and, at times, railcars or barges, and operates terminals and storage facilities.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Crude Oil 44,087 99.60%
NGL 150 0.34%
Gross margin 6.04%
Operating margin 3.24%
Pre-tax margin 3.17%

Revenue by segment since 2008

Plains All American Pipeline, L.P. vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VG Venture Global, Inc. $28.8B 8.6× 8.5× +47.63% (above 0%: growing) +260.00% (above 0%: growing) −8.21% (below 0%: shrinking) 63.74% 47.79% Compare
CQP Cheniere Energy Partners, L.P. $27.7B 9.3× 14.7× +7.07% (above 0%: growing) +65.03% (above 0%: growing) +16.72% (above 0%: growing) 39.59% 31.66% Compare
PBA Pembina Pipeline Corp. $27.7B 23.3× 23.2× +19.97% (above 0%: growing) +27.66% (above 0%: growing) +8.94% (above 0%: growing) 43.36% 37.45% Compare
PAGP Plains Group Holdings, L.P. $20.1B 9.4× 9.6× +66.26% (above 0%: growing) +1,213.33% (above 0%: growing) +50.93% (above 0%: growing) 4.57% 2.24% Compare
PAA Plains All American Pipeline, L.P. $17.3B 6.8× 7.2× +66.26% (above 0%: growing) +1,095.24% (above 0%: growing) +50.92% (above 0%: growing) 4.57% 2.25%
WES Western Midstream Partners, LP $16.5B 12.9× 12.5× +25.38% (above 0%: growing) −9.20% (below 0%: shrinking) +44.45% (above 0%: growing) 89.81% 38.65% Compare
VNOM Viper Energy Inc. $14.4B 18.1× 16.7× +58.13% (above 0%: growing) n/m +57.25% (above 0%: growing) 100.00% 60.36% Compare
DTM DT Midstream, Inc. $11.5B 24.4× 26.7× +7.01% (above 0%: growing) +4.92% (above 0%: growing) +40.46% (above 0%: growing) 100.00% 48.51% Compare
FRO Frontline PLC $10.0B 6.7× 5.4× +112.25% (above 0%: growing) +745.71% (above 0%: growing) +155.42% (above 0%: growing) 74.15% 65.92% Compare
Median of peers $18.3B 11.1× 13.6× +36.51% +65.03% +42.46% 68.95% 43.22%

All 57 Oil & Gas Midstream stocks →

From the latest earnings call

Updated

  • Willie Chang said Plains raised its Permian production forecast as natural gas takeaway capacity came online earlier than expected.
  • Jeremy Goebel said Plains’ marketing affiliate can use the Cactus III expansion initially, while the company seeks longer-term contracts for the capacity.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 40.32%
Held by the ten largest 28.90%
Holder Shares Stake Change
ALPS ADVISORS INC 70.51m 9.99% −2.60m
Invesco 33.33m 4.72% −58.78k
Blackstone Inc. 20.18m 2.86% +1.44m
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 17.71m 2.51% +656.90k
Goldman Sachs 15.96m 2.26% −580.28k
TORTOISE CAPITAL ADVISORS, L.L.C. 13.60m 1.93% +2.81m
Morgan Stanley 10.89m 1.54% −513.41k
UBS 10.57m 1.50% +1.80m
KAYNE ANDERSON CAPITAL ADVISORS LP 6.19m 0.88% −8.83k
JPMorgan Chase 4.97m 0.70% +1.06m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 12.30m 18.63m 320.92
2024 8.51m 11.89m 280.34
2023 7.45m 16.43m 230.75
2022 8.30m 14.46m 165.74
2021 4.39m 4.79m 122.18

Ownership

Directors and executive officers, together 3.50%
Plains AAP, L.P. 30.50%
ALPS Advisors, Inc. 9.90%
John T. Raymond 2.90%
EMG Fund IV PAA Holdings, LLC 2.70%
EnCap Partners LLC 1.70%
FR XIII PAA Holdings Holdco LLC less than 1%
Stonepeak Partners LLC less than 1%
Atlas Point Energy Infrastructure Fund LLC less than 1%
AP Lethe SPV LP less than 1%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Plains All American Pipeline, L.P. (PAA) Latest News

29 Oct

Impact 3 · · Simply Wall St.

20 Oct

Impact 3 · · Zacks

19 Oct

Impact 3 · · TIKR

29 Sep

Impact 3 · · GlobeNewswire

22 Sep

Impact 3 · · Simply Wall St.

20 Sep

Impact 4 · · Insider Monkey

17 Sep

Impact 4 ·
Impact 4 · · offshore-technology.com

16 Sep

Impact 4 ·
Impact 4 ·

9 Sep

Impact 3 ·

9 Aug

Impact 4 ·

7 Aug

Impact 3 · · Moby transcript
Impact 3 · transcript
Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 ·

1 Jul

Impact 3 ·
Impact 3 ·

15 Jun

Impact 3 ·

24 May

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

12 May

Impact 4 · · GlobeNewswire

11 May

Impact 3 · · 24/7 Wall St.

8 May

Impact 4 · · MarketBeat
Impact 4 · · Moby
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · Zacks

5 May

Impact 4 · · GlobeNewswire

PAA metrics, ten years each

stockrow.com/PAA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com