Plains All American Pipeline LP (PAA) financial statements
Plains All American Pipeline LP reported revenue of $44.3B in fiscal 2025, up 9.1% a year over 9 years.
Net income was $1.4B and the operating margin 3.2%, against 4.9% in 2016.
Free cash flow was $2.3B, and the company returned $8M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Plains All American Pipeline LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.2B | $26.2B | $34.1B | $33.7B | $23.3B | $42.1B | $57.3B | $47.3B | $48.9B | $44.3B |
| Cost of revenue | $17.2B | $23.0B | $29.8B | $29.5B | $20.4B | $38.5B | $53.2B | $43.9B | $45.2B | $40.4B |
| Gross profit | $2.9B | $3.2B | $4.3B | $4.2B | $2.9B | $3.6B | $4.2B | $3.4B | $3.7B | $3.8B |
| Selling, general and admin | $279M | $276M | $316M | $297M | $271M | $292M | $325M | $299M | $328M | $342M |
| Operating income | $994M | $1.2B | $2.3B | $2.0B | -$2.4B | $851M | $1.3B | $1.3B | $868M | $1.4B |
| Interest expense | $467M | $510M | $431M | $425M | $436M | $425M | $405M | $386M | $430M | $554M |
| Pre-tax income | $755M | $902M | $2.4B | $2.2B | -$2.6B | $721M | $1.4B | $1.4B | $969M | $1.4B |
| Income tax | $25M | $44M | $198M | $66M | -$19M | $73M | $189M | $61M | $87M | $15M |
| Net income | $726M | $856M | $2.2B | $2.2B | -$2.6B | $593M | $1.0B | $1.2B | $772M | $1.4B |
| Gross margin | 14.6% | 12.3% | 12.5% | 12.5% | 12.3% | 8.5% | 7.3% | 7.2% | 7.6% | 8.7% |
| Operating margin | 4.9% | 4.4% | 6.7% | 5.9% | -10.2% | 2.0% | 2.3% | 2.7% | 1.8% | 3.2% |
| Net margin | 3.6% | 3.3% | 6.5% | 6.4% | -11.1% | 1.4% | 1.8% | 2.6% | 1.6% | 3.2% |
Balance sheet
Fiscal years, from Plains All American Pipeline LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $47M | $37M | $66M | $45M | $22M | $449M | $401M | $450M | $348M | $328M |
| Receivables | $2.3B | $3.0B | $2.5B | $3.6B | $2.6B | $4.7B | $3.9B | $3.8B | $3.7B | $3.6B |
| Inventory | $1.3B | $713M | $640M | $604M | $647M | $783M | $729M | $548M | $261M | $211M |
| Total current assets | $4.3B | $4.0B | $3.5B | $4.6B | $3.7B | $6.1B | $5.4B | $4.9B | $4.8B | $4.7B |
| Property, plant and equipment | $13.9B | $14.1B | $14.8B | $15.4B | $14.6B | $14.9B | $15.2B | $15.8B | $13.4B | $16.9B |
| Goodwill | $2.3B | $2.6B | $2.5B | $2.5B | $0 | — | — | — | — | — |
| Total assets | $24.2B | $25.4B | $25.5B | $28.7B | $24.5B | $28.6B | $27.9B | $27.4B | $26.6B | $30.2B |
| Total current liabilities | $4.7B | $4.5B | $3.5B | $5.0B | $4.3B | $6.2B | $5.9B | $5.0B | $5.0B | $4.9B |
| Long-term debt | $10.1B | $9.2B | $9.1B | $9.2B | $9.4B | $8.4B | $7.3B | $7.3B | $7.2B | $10.7B |
| Total liabilities | $25.2B | — | — | — | — | — | — | — | — | — |
| Shareholders' equity | -$1.0B | — | — | — | — | — | — | — | — | — |
| Net debt | $11.8B | $9.9B | $9.1B | $9.6B | $10.2B | $8.8B | $8.0B | $7.3B | $7.3B | $10.9B |
Cash flow
Fiscal years, from Plains All American Pipeline LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $733M | $2.5B | $2.6B | $2.5B | $1.5B | $2.0B | $2.4B | $2.7B | $2.5B | $2.9B |
| Capital spending | $1.3B | $1.0B | $1.6B | $1.2B | $738M | $336M | $455M | $408M | $448M | $643M |
| Free cash flow | -$601M | $1.5B | $974M | $1.3B | $776M | $1.7B | $2.0B | $2.3B | $2.0B | $2.3B |
| Stock-based compensation | $60M | $41M | $79M | $34M | $15M | $23M | $40M | $50M | $50M | $49M |
| Share buybacks (net) | — | — | $0 | $0 | -$50M | -$178M | -$74M | $0 | $0 | -$8M |
| Net borrowing | -$564M | -$690M | -$123M | $93M | $456M | -$545M | — | $433M | -$40M | $577M |
| Free cash flow margin | -3.0% | 5.6% | 2.9% | 3.9% | 3.3% | 3.9% | 3.4% | 4.9% | 4.2% | 5.2% |
Questions
What was Plains All American Pipeline LP's revenue in 2025?
$44.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Plains All American Pipeline LP generate?
$2.3B in fiscal 2025 (operating cash flow minus capital spending).
From Plains All American Pipeline LP's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.