Plains All American Pipeline
PAA · NasdaqPipe Lines (No Natural Gas) · Fiscal year ends Dec 31
Plains All American Pipeline reported revenue of $44.3B in the fiscal year ended Dec 2025, down 9.5% from the year before. Operating income was $1.4B, an operating margin of 3.2%, and net income was $1.4B. Operating cash flow of $2.9B less capital expenditure of $643M left free cash flow of $2.3B. Net debt was $10.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $42.1B | $57.3B | $47.3B | $48.9B | $44.3B |
| Cost of revenue | $38.5B | $53.2B | $43.9B | $45.2B | $40.4B |
| Gross profit | $3.6B | $4.2B | $3.4B | $3.7B | $3.8B |
| Operating income | $851M | $1.3B | $1.3B | $868M | $1.4B |
| Interest expense | $425M | $405M | $386M | $430M | $554M |
| Pre-tax income | $721M | $1.4B | $1.4B | $969M | $1.4B |
| Income tax | $73M | $189M | $61M | $87M | $15M |
| Net income | $593M | $1B | $1.2B | $772M | $1.4B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $449M | $401M | $450M | $348M | $328M |
| Receivables | $4.7B | $3.9B | $3.8B | $3.7B | $3.6B |
| Inventory | $783M | $729M | $548M | $261M | $211M |
| Current assets | $6.1B | $5.4B | $4.9B | $4.8B | $4.7B |
| Total assets | $28.6B | $27.9B | $27.4B | $26.6B | $30.2B |
| Deferred revenue | $141M | $229M | $101M | $87M | $87M |
| Current liabilities | $6.2B | $5.9B | $5B | $5B | $4.9B |
| Short-term debt | $822M | $1.2B | $446M | $407M | $563M |
| Long-term debt | $8.4B | $7.3B | $7.3B | $7.2B | $10.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2B | $2.4B | $2.7B | $2.5B | $2.9B |
| Capital expenditure | $336M | $455M | $408M | $448M | $643M |
| Free cash flow | $1.7B | $2B | $2.3B | $2B | $2.3B |
| Depreciation & amortisation | $774M | $965M | $909M | $901M | $953M |
| Stock-based compensation | $23M | $40M | $50M | $50M | $49M |
| Share buybacks | $178M | $74M | $0 | $0 | $8M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 36.3% | −17.4% | 3.3% | −9.5% |
| Operating income growth (YoY) | – | 51.8% | −2.6% | −31.0% | 65.2% |
| Gross margin | 8.5% | 7.3% | 7.2% | 7.6% | 8.7% |
| Operating margin | 2.0% | 2.3% | 2.7% | 1.8% | 3.2% |
| Net margin | 1.4% | 1.8% | 2.6% | 1.6% | 3.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.8% | 5.9% | 5.6% | 4.0% | 5.7% |
| Free cash flow margin | 3.9% | 3.4% | 4.9% | 4.2% | 5.2% |
| Cash conversion (CFO ÷ net income) | 3.37x | 2.32x | 2.22x | 3.23x | 2.05x |
| Receivable days | 41 | 25 | 29 | 27 | 30 |
| Inventory days | 7 | 5 | 5 | 2 | 2 |
| Interest cover | 2.00x | 3.19x | 3.26x | 2.02x | 2.59x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $8.8B | $8B | $7.3B | $7.3B | $10.9B |
| Current ratio | 0.98x | 0.91x | 0.98x | 0.97x | 0.96x |
Recent filings
More in Pipe Lines (No Natural Gas)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.