Saturday 17 October 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. In the quarter to June 2026, revenue grew 66.3%, EPS grew 1,095.2%, free cash flow grew 50.9% and total debt fell 2.74%, each against the same quarter a year earlier. Dividend growth for five consecutive years.

25.25 0.10 +0.40%

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Market cap: $17.7B
P/E: 7.0×
Fwd P/E: 13.5×
Dividend yield: 8.12%
F-score: 5/9
Altman Z: n/a
Beneish M: −2.94
Dividend safety: 37/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.05

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	1	—	—	—	—

Insider Ownership 35.28%

Capital & Financial Ratios $m

Market Cap 17,740.00

Revenue 52,306.00

Net Income 3,112.00

Free Cash Flow 2,439.00

Net Debt 7,382.00

Current Ratio 1.12

Debt/Equity 0.59

P/E ratio 6.99

Fwd P/E 13.50

P/S ratio 0.34

P/B ratio 1.45

Past 5Y EPS Growth —

This Y EPS Growth 3.13%

Next Y EPS Growth 11.09%

Next Y revenue growth (6.74%)

Next 5Y EPS Growth 8.71%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 12.85%

10-year low 10-year high

P/S against its own 10 years 58.90%

10-year low 10-year high

P/B against its own 10 years 69.41%

10-year low 10-year high

EV/Sales against its own 10 years 43.38%

10-year low 10-year high

EV/FCF against its own 10 years 48.96%

10-year low 10-year high

Dividends

Payout Ratio 0.57

Annual Dividend Rate 2.05

Annual Dividend Yield 8.12%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.18	0.42 0.42 0.42 0.42
2025	1.09	0.38 0.38 0.38 0.38
2024	1.27	0.32 0.32 0.32 0.32
2023	1.07	0.27 0.27 0.27 0.27
2022	0.83	0.18 0.22 0.22 0.22
2021	0.72	0.18 0.18 0.18 0.18
2020	1.08	0.36 0.18 0.18 0.18 0.18
2019	1.38	0.30 0.36 0.36 0.36
2018	1.20	0.30 0.30 0.30 0.30
2017	1.95	0.55 0.55 0.55 0.30
2016	2.65	0.70 0.70 0.70 0.55

predictions special payouts not included in total or ratios

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%)

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	14.82	18.38	19.34	16.77	3.00	8.07	9.10	11.28	15.03	15.58	Analyst estimates 2026–2028 Powerpack
	High	33.95	33.24	27.70	25.27	19.39	12.38	12.75	16.05	19.17	21.00
People
People	Employees	5,100	4,850	4,900	5,000	4,400	4,100	4,100	4,200	4,200	3,900
	Revenue/emp, $m	3.96	5.41	6.95	6.73	5.29	10.26	13.99	11.27	11.64	11.35
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
	Gross margin, %	8.76	7.84	8.81	8.65	7.66	5.96	4.97	4.89	4.61	6.04
	EBT	755	902	2,414	2,246	(2,599)	721	1,417	1,371	969	1,401
	EBT margin, %	3.74	3.44	7.09	6.67	(11.16)	1.71	2.47	2.90	1.98	3.17
	Net income	730	858	2,216	2,180	(2,580)	648	1,228	1,502	1,113	1,769
	Depreciation	514	517	520	601	3,168	774	965	909	901	953
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
	Earnings	0.43	0.96	2.77	2.70	(3.83)	0.55	1.19	1.40	0.73	1.66
	Cash flow	1.58	3.49	3.59	3.44	2.08	2.79	3.44	3.90	3.55	4.17
	Capex	(1.47)	0.08	(0.41)	(1.52)	(0.42)	0.76	(0.56)	(0.11)	(0.62)	(0.80)
	Free cash flow	0.11	3.57	3.18	1.93	1.66	3.55	2.87	3.79	2.92	3.37
	Book value	19.00	15.28	16.53	18.15	13.38	17.89	19.01	19.65	18.66	18.58
	Shares, m	464	717	726	727	728	716	701	699	702	704
Valuation, ×
Valuation, ×	P/E	79.73	21.72	7.23	6.81	0.00	16.98	9.71	11.01	23.40	10.82
	P/S	0.75	0.58	0.43	0.40	0.26	0.16	0.14	0.23	0.25	0.29
	P/B	2.08	1.76	1.50	1.23	0.81	0.64	0.73	0.94	1.11	1.14
	EV/Sales	1.34	0.96	0.70	0.68	0.69	0.37	0.28	0.38	0.39	0.53
	EV/FCF	508.68	9.83	10.27	16.41	13.40	6.08	8.02	6.80	9.38	9.93
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
	Capex	(680)	59	(300)	(1,104)	(309)	545	(395)	(80)	(437)	(562)
	Free cash flow	53	2,558	2,308	1,400	1,205	2,541	2,013	2,647	2,053	2,374
Balance, $m
Balance, $m	Working capital	(392)	(531)	77	(405)	(588)	(95)	(536)	(90)	(148)	(198)
	Total debt	11,839	9,920	9,209	9,691	10,213	9,220	8,446	7,751	7,618	11,259
	Net debt	11,792	9,883	9,143	9,609	10,153	8,771	8,045	7,301	7,270	10,931
	Shareholders’ equity	8,816	10,958	12,002	13,195	9,738	12,810	13,325	13,732	13,096	13,080
Returns, %
Returns, %	ROA	0.86	2.76	7.90	7.26	(10.49)	1.48	2.94	3.53	1.91	4.12
	ROIC	3.01	3.46	6.73	5.45	(7.46)	2.46	3.78	3.74	2.66	3.73
	ROE	2.62	8.58	21.87	19.09	(30.41)	4.38	7.71	8.69	4.62	10.71

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$31.3B	9.4×	8.8×	+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.	$30.1B	11.1×	16.9×	+5.21% (above 0%: growing)	+135.16% (above 0%: growing)	−11.63% (below 0%: shrinking)	59.74%	51.88%	Compare
PBA Pembina Pipeline Corp.	$28.0B	24.4×	22.9×	+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.	$20.7B	9.8×	15.6×	+66.26% (above 0%: growing)	+1,213.33% (above 0%: growing)	+50.93% (above 0%: growing)	4.57%	2.24%	Compare
WES Western Midstream Partners, LP	$18.2B	14.0×	12.6×	+29.97% (above 0%: growing)	+12.50% (above 0%: growing)	−36.19% (below 0%: shrinking)	90.41%	43.01%	Compare
PAA Plains All American Pipeline, L.P.	$17.7B	7.0×	13.5×	+66.26% (above 0%: growing)	+1,095.24% (above 0%: growing)	+50.92% (above 0%: growing)	4.57%	2.25%
VNOM Viper Energy Inc.	$15.7B	322×	18.4×	+127.95% (above 0%: growing)	+160.71% (above 0%: growing)	+146.15% (above 0%: growing)	100.00%	63.22%	Compare
DTM DT Midstream, Inc.	$12.1B	26.9×	29.8×	+11.00% (above 0%: growing)	+4.76% (above 0%: growing)	+12.50% (above 0%: growing)	100.00%	50.44%	Compare
FRO Frontline PLC	$11.7B	7.9×	4.6×	+112.25% (above 0%: growing)	+745.71% (above 0%: growing)	+155.42% (above 0%: growing)	74.15%	65.92%	Compare
Median of peers	$19.5B	12.6×	16.3×	+38.80%	+147.94%	+10.72%	68.95%	49.12%

All 58 Oil & Gas Midstream stocks →

Plains All American Pipeline, L.P. (PAA) key facts

Concern: 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.
Plains All American Pipeline, L.P. (PAA) is an Oil & Gas Midstream company in the Energy sector, listed on Nasdaq.
As of October 16, 2026, PAA traded at $25.25, a market capitalization of $17.7 billion.
Plains All American Pipeline, L.P. pays an annual dividend of $2.05 per share, a yield of 8.12%, with a payout ratio of 56.8%.
Return on equity was 10.7% and debt-to-equity 0.59.
Its Piotroski F-score is 5 out of 9 for fiscal 2025.