Friday 6 November 2026 Export PAA’s income statement to Excel — free account

Plains All American Pipeline, L.P.

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

Dividend growth 5 yrs

24.57 0.64 −2.54%

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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 Segments Valuation Filings

Plains All American Pipeline, L.P. (PAA) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Product sales revenues	42,501 96.02%	47,199 96.54%	45,745 96.64%	55,948 97.57%	40,883 97.16%	22,058 94.71%	32,272 95.85%
Services revenues	1,761 3.98%	1,690 3.46%	1,591 3.36%	1,394 2.43%	1,195 2.84%	1,232 5.29%	1,397 4.15%
Revenue	44,262	48,889	47,336	57,342	42,078	23,290	33,669

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Crude Oil	44,087 99.60%	48,651 99.51%	47,146 99.60%	54,929 95.79%	40,550 96.37%	22,327 95.87%	31,383 93.21%	—	—	—	—	—	—	—	—	—	—
NGL	150 0.34%	187 0.38%	186 0.39%	2,544 4.44%	2,399 5.70%	1,475 6.33%	2,323 6.90%	—	—	—	—	—	—	—	—	—	—
Segment Supply And Logistics	—	—	—	—	—	—	—	32,700 96.02%	25,065 95.58%	19,018 94.23%	21,945 94.79%	42,150 96.98%	40,692 96.31%	36,438 96.40%	33,065 96.47%	24,989 96.51%	17,757 95.88%
Segment Transportation	—	—	—	—	—	—	—	1,976 5.80%	1,718 6.55%	1,584 7.85%	1,594 6.88%	1,655 3.81%	1,498 3.55%	623 1.65%	572 1.67%	565 2.18%	536 2.89%
Segment Facilities	—	—	—	—	—	—	—	1,136 3.34%	1,173 4.47%	1,107 5.49%	1,050 4.54%	1,127 2.59%	856 2.03%	736 1.95%	638 1.86%	339 1.31%	227 1.23%
Eliminations	—	—	—	—	(871) (2.07%)	(512) (2.20%)	—	(1,757) (5.16%)	(1,733) (6.61%)	(1,527) (7.57%)	(1,437) (6.21%)	(1,468) (3.38%)	(797) (1.89%)	—	—	—	—
Revenue	44,262	48,889	47,336	57,342	42,078	23,290	33,669	34,055	26,223	20,182	23,152	43,464	42,249	37,797	34,275	25,893	18,520

Gross profit by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Crude Oil	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NGL	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
United States	39,761 89.83%	43,535 89.05%	41,738 88.17%	46,903 81.80%	34,458 81.89%	17,942 77.04%	27,162 80.67%	28,362 83.28%	21,443 81.77%	15,599 77.29%	18,701 80.77%	34,860 80.20%	32,924 77.93%	29,978 79.31%	28,181 82.22%	21,471 82.92%	15,439 83.36%	25,183 83.77%
Canada	4,501 10.17%	5,354 10.95%	5,598 11.83%	10,439 18.20%	7,620 18.11%	5,348 22.96%	6,507 19.33%	5,693 16.72%	4,780 18.23%	4,583 22.71%	4,451 19.23%	8,604 19.80%	9,325 22.07%	7,819 20.69%	6,094 17.78%	4,422 17.08%	3,081 16.64%	4,878 16.23%
Revenue	44,262	48,889	47,336	57,342	42,078	23,290	33,669	34,055	26,223	20,182	23,152	43,464	42,249	37,797	34,275	25,893	18,520	30,061

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Crude oil pipeline tariff volumes: Canada	Q1 FY2026	359.0K	354.0K	+1.41%
Crude oil pipeline tariff volumes: Gulf Coast	Q1 FY2026	207.0K	214.0K	−3.27%
Crude oil pipeline tariff volumes: Mid-Continent	Q1 FY2026	475.0K	415.0K	+14.46%
Crude oil pipeline tariff volumes: Permian Basin	Q1 FY2026	7.8M	6.9M	+13.18%
Crude oil pipeline tariff volumes: Rocky Mountain	Q1 FY2026	434.0K	495.0K	−12.32%
Crude oil pipeline tariff volumes: South Texas / Eagle Ford	Q1 FY2026	514.0K	492.0K	+4.47%
Crude oil pipeline tariff volumes: Western	Q1 FY2026	276.0K	247.0K	+11.74%
NGL fractionation	Q1 FY2026	166.0K	157.0K	+5.73%
NGL pipeline tariff volumes	Q1 FY2026	250.0K	234.0K	+6.84%
Propane and butane sales	Q1 FY2026	135.0K	147.0K	−8.16%
Total crude oil pipeline tariff volumes	Q1 FY2026	10.0M	9.1M	+10.49%

	Q1 FY2026	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Crude oil pipeline tariff volumes: Canada	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude oil pipeline tariff volumes: Gulf Coast	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude oil pipeline tariff volumes: Mid-Continent	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude oil pipeline tariff volumes: Permian Basin	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude oil pipeline tariff volumes: Rocky Mountain	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude oil pipeline tariff volumes: South Texas / Eagle Ford	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude oil pipeline tariff volumes: Western	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NGL fractionation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NGL pipeline tariff volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Propane and butane sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total crude oil pipeline tariff volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.