What is Plains All American Pipeline's operating income?

Plains All American Pipeline's total operating income in 2025 was $1.43 billion, based on the following breakdown: Total Gross Profit: $3.83 billion Total Operating Expenses: $2.40 billion

Plains All American Pipeline (PAA) Financials

$24.40 +0.09 (+0.35%)

As of 11:50 AM Eastern

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Annual Income Statements for Plains All American Pipeline

This table shows Plains All American Pipeline's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	903	726	856	2,216	2,171	-2,590	593	1,037	1,230	772	1,435
Consolidated Net Income / (Loss)	906	730	858	2,216	2,180	-2,580	648	1,228	1,502	1,113	1,769
Net Income / (Loss) Continuing Operations	906	730	858	2,216	2,180	-2,580	648	1,228	1,310	882	1,386
Total Pre-Tax Income	1,006	755	902	2,414	2,246	-2,599	721	1,417	1,371	969	1,401
Total Operating Income	1,262	994	1,153	2,277	1,988	-2,375	851	1,292	1,258	868	1,434
Total Gross Profit	3,426	2,949	3,238	4,262	4,217	2,859	3,574	4,166	3,399	3,727	3,829
Total Revenue	23,152	20,182	26,223	34,055	33,669	23,290	42,078	57,342	47,336	48,889	44,262
Operating Revenue	23,152	20,182	26,223	34,055	33,669	23,290	42,078	57,342	47,336	48,889	44,262
Total Cost of Revenue	19,726	17,233	22,985	29,793	29,452	20,431	38,504	53,176	43,937	45,162	40,433
Operating Cost of Revenue	19,726	17,233	22,985	29,793	29,452	20,431	38,504	53,176	43,937	45,162	40,433
Total Operating Expenses	2,164	1,955	2,085	1,985	2,229	5,234	2,723	2,874	2,141	2,859	2,395
Selling, General & Admin Expense	1,732	1,461	1,459	1,579	1,600	1,347	1,357	1,640	1,384	1,799	1,496
Depreciation Expense	432	514	517	520	601	653	774	965	909	901	953
Impairment Charge	-	-20	109	-114	28	3,234	592	269	-152	159	-54
Total Other Income / (Expense), net	-256	-239	-251	137	258	-224	-130	125	113	101	-33
Interest Expense	432	467	510	431	425	436	425	405	386	430	554
Interest & Investment Income	183	195	290	575	659	173	276	749	397	467	413
Other Income / (Expense), net	-7.00	33	-31	-7.00	24	39	19	-219	102	64	108
Income Tax Expense	100	25	44	198	66	-19	73	189	61	87	15
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	192	231	383
Net Income / (Loss) Attributable to Noncontrolling Interest	3.00	4.00	2.00	0.00	9.00	10	55	191	272	341	334
Basic Earnings per Share	-	-	$0.96	$2.77	$1,967,000,002.70	($3.83)	$0.55	$1.19	$1.40	$0.73	$1.66
Weighted Average Basic Shares Outstanding	396M	466M	717M	726M	727M	728M	716M	701M	699M	702M	704M
Diluted Earnings per Share	-	-	$0.95	$2,164,000,002.71	$2,119,000,002.65	($3.83)	$0.55	$1.19	$1.40	$0.73	$1.66
Weighted Average Diluted Shares Outstanding	396M	466M	718M	799M	800M	728M	716M	701M	699M	702M	704M
Weighted Average Basic & Diluted Shares Outstanding	396M	466M	718M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table shows Plains All American Pipeline's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	266	250	220	36	443	210	441	341	152	1,830	363
Consolidated Net Income / (Loss)	351	330	312	120	516	297	529	427	231	1,925	453
Net Income / (Loss) Continuing Operations	351	298	198	120	380	227	453	190	334	276	413
Total Pre-Tax Income	365	350	206	166	389	231	459	145	335	376	421
Total Operating Income	370	332	196	87	356	239	484	178	405	398	516
Total Gross Profit	1,078	919	916	1,174	960	884	993	702	977	1,137	1,143
Total Revenue	11,995	12,757	12,456	12,402	11,477	10,642	11,578	10,031	12,470	17,693	15,173
Operating Revenue	11,995	12,757	12,456	12,402	11,477	10,642	11,578	10,031	12,470	17,693	15,173
Total Cost of Revenue	10,917	11,838	11,540	11,228	10,517	9,758	10,585	9,329	11,493	16,556	14,030
Operating Cost of Revenue	10,917	11,838	11,540	11,228	10,517	9,758	10,585	9,329	11,493	16,556	14,030
Total Operating Expenses	708	587	720	1,087	604	645	509	524	572	739	627
Selling, General & Admin Expense	454	359	494	671	385	368	371	289	382	438	384
Depreciation Expense	254	226	226	258	232	235	230	226	243	242	235
Impairment Charge	0.00	2.00	0.00	158	-13	42	-92	9.00	-53	59	8.00
Total Other Income / (Expense), net	-5.00	18	10	79	33	-8.00	-25	-33	-70	-22	-95
Interest Expense	95	111	113	111	127	133	135	159	167	153	131
Interest & Investment Income	95	106	97	169	134	94	96	89	89	89	17
Other Income / (Expense), net	-5.00	23	26	21	26	31	14	37	8.00	42	19
Income Tax Expense	14	52	8.00	46	9.00	4.00	6.00	-45	1.00	100	8.00
Net Income / (Loss) Discontinued Operations	-	32	114	-	136	70	0.00	-	-103	1,649	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	85	80	92	84	73	87	88	86	79	95	90
Basic Earnings per Share	$0.29	$0.26	$0.22	($0.04)	$0.49	$0.21	$0.55	$0.41	$0.14	$2.51	($0.06)
Weighted Average Basic Shares Outstanding	701M	701M	702M	702M	704M	703M	704M	704M	706M	706M	707M
Diluted Earnings per Share	$0.29	$0.26	$0.22	($0.04)	$0.49	$0.21	$0.55	$0.41	$0.14	$2.51	($0.06)
Weighted Average Diluted Shares Outstanding	701M	701M	702M	702M	704M	703M	704M	704M	706M	706M	707M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table details how cash moves in and out of Plains All American Pipeline's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-376	20	-10	29	16	-22	393	-52	52	-104	-20
Net Cash From Operating Activities	1,358	733	2,499	2,608	2,504	1,514	1,996	2,408	2,727	2,490	2,936
Net Cash From Continuing Operating Activities	1,358	733	2,499	2,608	2,504	1,514	1,998	2,408	2,252	2,236	2,452
Net Income / (Loss) Continuing Operations	906	730	858	2,216	2,180	-2,580	648	1,228	1,310	882	1,386
Consolidated Net Income / (Loss)	906	730	858	2,216	2,180	-2,580	648	1,228	1,502	1,113	1,769
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	192	231	383
Depreciation Expense	432	514	517	520	601	653	774	965	909	901	953
Non-Cash Adjustments To Reconcile Net Income	106	28	167	-127	-219	3,669	780	301	2.00	309	133
Changes in Operating Assets and Liabilities, net	-86	-539	957	-1.00	-58	-228	-204	-86	31	144	-20
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	-	-	475	254	484
Net Cash From Investing Activities	-2,530	-1,273	-1,570	-813	-1,765	-1,093	386	-526	-702	-1,504	-3,769
Net Cash From Continuing Investing Activities	-2,530	-1,273	-1,570	-813	-1,765	-1,093	386	-526	-540	-1,334	-3,572
Purchase of Property, Plant & Equipment	-2,079	-1,334	-1,024	-1,634	-1,181	-738	-336	-455	-408	-448	-643
Acquisitions	-105	-282	-1,280	0.00	-50	-310	-32	-149	-425	-248	-2,651
Purchase of Investments	-	-	-	-	-	-	-	0.00	0.00	-629	-330
Sale of Property, Plant & Equipment	5.00	654	1,083	1,334	77	429	881	60	328	11	81
Other Investing Activities, net	-351	-311	-370	-513	-611	-474	-127	18	-35	-20	-29
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-	-	-162	-170	-197
Net Cash From Financing Activities	800	556	-943	-1,757	-720	-435	-1,984	-1,931	-1,976	-1,077	799
Net Cash From Continuing Financing Activities	800	556	-943	-1,757	-720	-435	-1,984	-1,931	-1,976	-1,077	799
Repayment of Debt	-580	-1,419	-2,040	-147	-969	-122	-366	-803	-760	-843	-1,621
Repurchase of Preferred Equity	-	-	-	-	-	-	-	-	0.00	0.00	-333
Repurchase of Common Equity	-	-	-	0.00	0.00	-50	-178	-74	0.00	0.00	-8.00
Payment of Dividends	-1,671	-1,627	-1,391	-1,032	-1,202	-863	-729	-1,080	-1,322	-1,570	-1,742
Issuance of Debt	1,629	748	-	200	998	748	-545	0.00	0.00	1,279	4,428
Issuance of Common Equity	1,122	838	1,664	0.00	128	-	1.00	26	106	57	75
Other Net Changes in Cash	-	-	4.00	-9.00	-3.00	-8.00	-5.00	-3.00	3.00	-13	14
Cash Interest Paid	396	450	486	400	397	428	401	393	377	381	516
Cash Income Taxes Paid	50	98	50	21	136	111	76	112	69	269	98

This table details how cash moves in and out of Plains All American Pipeline's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Change in Cash & Equivalents	-119	222	87	-292	79	21	732	-852	-157	888	-180
Net Cash From Operating Activities	419	653	691	727	639	694	817	786	418	955	669
Net Cash From Continuing Operating Activities	419	653	691	727	429	393	804	616	400	814	669
Net Income / (Loss) Continuing Operations	351	330	312	120	380	91	454	325	334	274	413
Consolidated Net Income / (Loss)	351	330	312	120	516	297	529	427	231	1,925	453
Net Income / (Loss) Discontinued Operations	-	-	-	-	136	-	75	102	-103	1,651	40
Depreciation Expense	254	257	258	257	232	204	230	257	243	243	235
Non-Cash Adjustments To Reconcile Net Income	45	82	52	126	-3.00	98	-39	78	-16	59	120
Changes in Operating Assets and Liabilities, net	-231	-16	69	224	-180	-	159	-44	-161	238	-99
Net Cash From Investing Activities	-261	-157	-822	-264	-1,149	-274	-408	-1,938	-233	3,335	-99
Net Cash From Continuing Investing Activities	-261	-157	-822	-264	-1,097	-168	-363	-1,892	-217	-132	-128
Purchase of Property, Plant & Equipment	-157	-139	-157	-166	-140	-119	-185	-148	-130	-138	-139
Acquisitions	-91	-20	-33	-104	-624	-57	-184	-1,786	-88	-42	-20
Sale of Property, Plant & Equipment	3.00	3.00	2.00	5.00	3.00	18	6.00	54	3.00	1.00	31
Other Investing Activities, net	-16	-1.00	-5.00	1.00	-6.00	-10	-	-12	-	-	25
Net Cash From Discontinued Investing Activities	-	-	-	-	-52	-	-45	-46	-16	3,467	29
Net Cash From Financing Activities	-273	-272	215	-747	590	-408	318	299	-339	-3,389	-749
Net Cash From Continuing Financing Activities	-273	-272	215	-747	590	-408	318	299	-339	-3,389	-749
Repayment of Debt	-5.00	-444	-32	-362	-17	-7.00	-504	-1,164	-4.00	-1,855	-1,044
Repurchase of Preferred Equity	0.00	-	-	-	-333	-	-	-	0.00	-	-1,687
Payment of Dividends	-387	-383	-398	-402	-463	-418	-431	-430	-451	-448	-488
Issuance of Debt	107	543	629	-	1,399	-	1,248	1,852	116	-1,086	2,470
Other Net Changes in Cash	-4.00	-2.00	3.00	-8.00	-1.00	9.00	5.00	1.00	-3.00	-13	-1.00
Cash Interest Paid	64	131	74	112	128	126	128	134	183	131	147
Cash Income Taxes Paid	86	107	43	33	27	21	32	18	28	25	2.00

This table presents Plains All American Pipeline's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	22,288	24,210	25,351	25,511	28,677	24,497	28,609	27,892	27,355	26,562	30,169
Total Current Assets	2,969	4,272	4,000	3,533	4,612	3,665	6,137	5,355	4,913	4,802	4,733
Cash & Equivalents	27	47	37	66	45	22	449	401	450	348	328
Accounts Receivable	1,785	2,279	3,029	2,454	3,614	2,553	4,705	3,907	3,760	3,679	3,598
Inventories, net	916	1,343	713	640	604	647	783	729	548	261	211
Other Current Assets	241	603	221	373	312	405	200	318	155	99	117
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	415	479
Plant, Property, & Equipment, net	13,474	13,872	14,089	14,787	15,355	14,611	14,903	15,250	15,782	13,446	16,860
Plant, Property & Equipment, gross	15,654	16,220	16,862	17,866	18,948	18,585	19,257	20,020	21,143	18,528	22,536
Accumulated Depreciation	2,180	2,348	2,773	3,079	3,593	3,974	4,354	4,770	5,361	5,082	5,676
Total Noncurrent Assets	5,845	6,066	7,262	7,191	8,710	6,221	2,606	7,287	6,660	8,314	8,576
Long-Term Investments	2,027	2,343	2,756	2,702	3,683	3,764	-	3,084	2,820	2,811	2,846
Intangible Assets	-	-	-	-	-	805	1,960	2,145	1,875	1,677	1,754
Other Noncurrent Operating Assets	1,413	1,379	1,940	1,968	2,487	1,652	646	2,058	1,965	1,477	1,419
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	2,349	2,557
Total Liabilities & Shareholders' Equity	22,288	24,210	25,351	25,511	28,677	24,497	28,609	27,892	27,355	26,562	30,169
Total Liabilities	14,349	15,394	14,393	13,509	15,482	14,759	15,799	14,567	13,623	13,466	17,089
Total Current Liabilities	3,407	4,664	4,531	3,456	5,017	4,253	6,232	5,891	5,003	4,950	4,931
Short-Term Debt	999	1,715	737	66	504	831	822	1,159	446	407	563
Accounts Payable	2,038	2,588	3,323	2,704	3,686	2,437	4,810	4,044	3,844	3,647	3,457
Other Current Liabilities	370	361	471	686	827	985	600	688	713	546	529
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	350	382
Total Noncurrent Liabilities	10,942	10,730	9,862	10,053	10,465	10,506	9,567	8,676	8,620	8,516	12,158
Long-Term Debt	10,942	10,730	9,862	10,053	9,187	9,382	8,398	7,287	7,305	7,211	10,696
Other Noncurrent Operating Liabilities	-	-	-	-	1,278	1,124	1,169	1,389	1,315	729	856
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	576	606
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,939	8,816	10,958	12,002	13,195	9,738	12,810	13,325	13,732	13,096	13,080
Total Preferred & Common Equity	7,881	8,759	10,958	12,002	13,062	9,593	9,972	10,057	10,422	9,813	9,836
Total Common Equity	7,881	8,759	10,958	12,002	13,062	9,593	9,972	10,057	10,422	9,813	9,836
Common Stock	7,881	7,251	10,958	12,002	13,062	9,593	9,972	10,057	10,422	9,813	9,836
Noncontrolling Interest	58	57	-	-	133	145	-	3,268	3,310	3,283	3,244

This table presents Plains All American Pipeline's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026	9/30/2026
Total Assets	26,900	27,735	27,356	27,453	27,155	27,059	27,155	28,101	31,636	29,218	29,474
Total Current Assets	4,657	5,331	5,001	5,387	5,169	4,735	4,688	5,583	6,164	6,537	6,946
Cash & Equivalents	933	260	331	553	640	427	459	1,180	171	1,059	879
Accounts Receivable	3,220	4,253	4,040	4,208	3,952	3,820	3,562	3,623	4,821	5,267	5,592
Inventories, net	367	617	453	502	436	335	151	184	380	84	343
Other Current Assets	137	201	177	124	141	153	131	162	190	127	132
Other Current Nonoperating Assets	-	-	-	-	-	-	385	434	602	0.00	0.00
Plant, Property, & Equipment, net	15,221	15,589	15,671	15,616	15,651	16,062	14,177	14,143	16,873	16,781	16,757
Plant, Property & Equipment, gross	20,362	20,853	21,162	21,254	21,464	22,125	19,589	19,678	22,687	22,702	22,696
Accumulated Depreciation	5,141	5,264	5,491	5,638	5,813	6,063	5,412	5,535	5,814	5,921	5,939
Total Noncurrent Assets	7,022	6,815	6,684	6,450	6,335	6,262	8,290	8,375	8,599	5,900	5,771
Long-Term Investments	3,062	2,830	2,878	2,862	2,846	2,745	2,709	2,873	2,838	2,817	2,726
Intangible Assets	1,999	1,969	1,807	1,741	1,674	1,675	1,636	1,570	1,686	1,610	1,535
Other Noncurrent Operating Assets	1,961	2,016	1,999	1,847	1,815	1,842	1,463	1,453	1,538	1,473	1,510
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	2,482	2,479	2,537	0.00	0.00
Total Liabilities & Shareholders' Equity	26,900	27,735	27,356	27,453	27,155	27,059	27,155	28,101	31,636	29,218	29,474
Total Liabilities	13,298	14,184	13,710	13,875	13,623	14,199	14,206	15,112	18,816	14,927	16,822
Total Current Liabilities	4,652	5,606	5,144	5,406	5,136	4,691	4,679	5,365	6,544	5,859	6,349
Short-Term Debt	709	710	554	765	765	478	475	1,010	420	9.00	9.00
Accounts Payable	3,295	4,145	3,991	4,015	3,675	3,725	3,364	3,584	4,929	4,942	5,643
Other Current Liabilities	648	751	599	626	696	488	527	488	634	754	572
Other Current Nonoperating Liabilities	-	-	-	-	-	-	313	283	561	154	125
Total Noncurrent Liabilities	8,646	8,578	8,566	8,469	8,487	9,508	9,527	9,747	12,272	9,068	10,473
Long-Term Debt	7,288	7,296	7,308	7,211	7,212	8,204	8,204	8,439	10,956	8,432	9,911
Other Noncurrent Operating Liabilities	1,358	1,282	1,258	1,258	1,275	1,304	725	711	651	636	562
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	598	597	665	0.00	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	13,602	13,551	13,646	13,578	13,532	12,860	12,949	12,989	12,820	14,291	12,652
Total Preferred & Common Equity	10,379	10,285	10,339	10,276	10,235	9,632	9,706	9,763	9,601	11,079	9,462
Total Common Equity	10,379	10,285	10,339	10,276	10,235	9,632	9,706	9,763	9,601	11,079	9,462
Common Stock	10,379	10,285	10,339	10,276	10,235	9,632	9,706	9,763	9,601	11,079	9,462
Noncontrolling Interest	3,223	3,266	3,307	3,302	3,297	3,228	3,243	3,226	3,219	3,212	3,190

This table displays calculated financial ratios and metrics derived from Plains All American Pipeline's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	705,497,770.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	705,497,770.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	1,137	961	1,097	2,090	1,930	-1,663	765	1,120	1,397	1,024	1,419
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.14%	6.50%	4.94%	5.83%
Earnings before Interest and Taxes (EBIT)	1,255	1,027	1,122	2,270	2,012	-2,336	870	1,073	1,612	1,243	1,542
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,687	1,541	1,639	2,790	2,613	-1,683	1,644	2,038	2,660	2,269	2,495
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-97	-84	1,204	1,501	2,162	1,332	274	-548	1,470	1,679	-1,981
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	17,826	18,871	18,764	19,353	19,121	16,127	16,618	18,286	18,213	17,558	19,117
Increase / (Decrease) in Invested Capital	1,234	1,045	-107	589	-232	-2,994	491	1,668	-73	-655	3,400
Book Value per Share	$19.82	$21.21	$15.11	$16.53	$17.94	$13.17	$14.02	$14.40	$14.87	$13.95	$13.94
Tangible Book Value per Share	$13.77	$15.53	$11.57	$13.05	$14.45	$12.06	$11.27	$11.33	$12.19	$11.56	$11.46
Total Capital	19,880	21,261	21,557	22,121	22,886	19,951	22,030	21,771	21,483	20,717	24,339
Total Debt	11,941	12,445	10,599	10,119	9,691	10,213	9,220	8,446	7,751	7,621	11,259
Total Long-Term Debt	10,942	10,730	9,862	10,053	9,187	9,382	8,398	7,287	7,305	7,213	10,696
Net Debt	9,887	10,055	7,806	7,351	5,926	6,389	8,771	4,961	4,481	4,462	8,085
Capital Expenditures (CapEx)	2,074	680	-59	300	1,104	309	-545	395	231	606	562
Debt-free, Cash-free Net Working Capital (DFCFNWC)	534	1,276	169	77	17	183	278	222	-94	-88	37
Debt-free Net Working Capital (DFNWC)	561	1,323	206	143	99	243	727	623	356	260	365
Net Working Capital (NWC)	-438	-392	-531	77	-405	-588	-95	-536	-90	-148	-198
Net Nonoperating Expense (NNE)	231	231	239	-126	-250	918	117	-108	-105	-89	-350
Net Nonoperating Obligations (NNO)	9,887	10,055	7,806	7,351	5,926	6,389	3,808	4,961	4,481	4,462	6,037
Total Depreciation and Amortization (D&A)	432	514	517	520	601	653	774	965	1,048	1,026	953
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.78	$0.43	$0.00	$0.00	$2.70	($3.83)	$393,000,000.55	$1.19	$1.40	$0.73	$1.66
Adjusted Weighted Average Basic Shares Outstanding	394M	675.10M	725.21M	726.58M	727M	728M	716M	701M	699M	702M	704M
Adjusted Diluted Earnings per Share	$0.77	$0.43	$0.00	$0.00	$2.65	($2,790,000,003.83)	$393,000,000.55	$1.19	$1.40	$0.73	$1.66
Adjusted Weighted Average Diluted Shares Outstanding	396M	675.10M	725.21M	726.58M	800M	728M	716M	701M	699M	702M	704M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	394M	675.10M	725.21M	726.58M	728.05M	0.00	0.00	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	1,137	942	1,200	1,986	1,957	601	1,297	1,353	1,257	1,163	1,365
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Plains All American Pipeline's official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	705,497,770.00	705,531,683.00	705,531,683.00	705,566,460.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	705,497,770.00	705,531,683.00	705,531,683.00	705,566,460.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	0.48	0.22	2.59	0.51
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.80%	11.47%	5.57%	-2.33%	0.13%	-16.58%	-7.05%	-	8.65%	66.26%	31.05%
EBITDA Growth	-21.94%	-0.46%	27.47%	-48.95%	32.63%	-13.82%	62.50%	-	6.84%	35.52%	5.77%
EBIT Growth	-32.03%	-0.25%	59.40%	-75.62%	53.15%	-23.94%	124.32%	-	8.12%	62.96%	7.43%
NOPAT Growth	-16.38%	-6.44%	23.10%	-83.76%	36.57%	-16.91%	153.56%	-	16.11%	24.39%	5.97%
Net Income Growth	-26.11%	-5.44%	11.83%	-69.92%	47.01%	-10.00%	69.55%	-	-55.23%	548.15%	-14.37%
EPS Growth	-44.23%	-18.75%	10.00%	-111.11%	68.97%	-19.23%	150.00%	-	-71.43%	1,095.24%	-110.91%
Operating Cash Flow Growth	-43.61%	-26.46%	712.94%	-28.09%	52.51%	6.28%	18.23%	-	-34.59%	37.61%	-18.12%
Free Cash Flow Firm Growth	-116.65%	-899.52%	155.78%	56.01%	789.32%	841.05%	239.77%	-	-280.74%	-218.40%	-203.96%
Invested Capital Growth	2.33%	3.04%	-2.40%	-3.60%	0.39%	-9.01%	-9.27%	-	4.92%	15.18%	16.76%
Revenue Q/Q Growth	-5.54%	7.82%	-1.47%	-2.68%	-3.15%	-11.40%	8.80%	-	24.31%	41.88%	-14.24%
EBITDA Q/Q Growth	-13.43%	5.65%	-3.52%	-42.16%	124.93%	-42.27%	53.59%	-	38.98%	4.12%	12.74%
EBIT Q/Q Growth	-17.61%	8.77%	-6.05%	-71.05%	417.59%	-51.70%	84.44%	-	92.09%	6.54%	21.59%
NOPAT Q/Q Growth	-8.10%	-11.51%	-3.68%	-79.26%	672.62%	-51.67%	103.39%	-	73.12%	-27.65%	73.27%
Net Income Q/Q Growth	-12.03%	-5.98%	-5.45%	-61.54%	330.00%	-42.44%	78.11%	-	-45.90%	733.33%	-76.47%
EPS Q/Q Growth	-19.44%	-10.34%	-15.38%	-118.18%	1,325.00%	-57.14%	161.90%	-	-65.85%	1,692.86%	-102.39%
Operating Cash Flow Q/Q Growth	-58.56%	55.85%	5.82%	5.21%	-12.10%	8.61%	17.72%	-	-46.82%	128.47%	-29.95%
Free Cash Flow Firm Q/Q Growth	-113.08%	-265.75%	439.43%	-3.93%	-42.20%	350.66%	14.91%	-	84.20%	-342.59%	-0.90%
Invested Capital Q/Q Growth	0.47%	-0.87%	-0.64%	-2.58%	4.62%	-10.16%	-0.92%	-	0.82%	-1.37%	0.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	8.99%	8.31%	9.31%	9.47%	10.41%	8.31%	8.58%	-	7.83%	6.43%	7.53%
EBITDA Margin	5.16%	5.06%	4.95%	2.94%	6.84%	4.45%	6.29%	-	5.26%	3.86%	5.07%
Operating Margin	3.08%	2.89%	2.72%	0.70%	4.44%	2.25%	4.18%	-	3.25%	2.25%	3.40%
EBIT Margin	3.04%	3.07%	2.93%	0.87%	4.65%	2.54%	4.30%	-	3.31%	2.49%	3.53%
Profit (Net Income) Margin	2.93%	2.55%	2.45%	0.97%	4.30%	2.79%	4.57%	-	1.85%	10.88%	2.99%
Tax Burden Percent	96.16%	84.18%	87.40%	72.29%	91.17%	128.57%	115.25%	-	68.96%	511.97%	107.60%
Interest Burden Percent	100.00%	98.74%	95.71%	153.70%	101.25%	85.56%	92.17%	-	81.11%	85.45%	78.69%
Effective Tax Rate	3.84%	15.82%	12.61%	27.71%	8.83%	1.73%	1.31%	-	0.30%	26.60%	1.90%
Return on Invested Capital (ROIC)	7.93%	6.77%	6.57%	1.42%	11.05%	6.11%	11.30%	-	7.79%	4.86%	10.52%
ROIC Less NNEP Spread (ROIC-NNEP)	7.82%	7.12%	6.76%	2.70%	11.64%	7.64%	12.61%	-	4.90%	44.33%	9.44%
Return on Net Nonoperating Assets (RNNOA)	2.61%	2.24%	2.35%	0.90%	4.46%	2.34%	3.73%	-	2.28%	13.47%	3.61%
Return on Equity (ROE)	10.54%	9.01%	8.92%	2.32%	15.52%	8.45%	15.04%	-	10.07%	18.33%	14.13%
Cash Return on Invested Capital (CROIC)	5.04%	4.31%	9.89%	9.39%	5.92%	15.82%	17.81%	-	3.04%	-5.50%	-6.70%
Operating Return on Assets (OROA)	5.37%	5.61%	5.37%	1.62%	8.57%	4.46%	7.33%	-	5.11%	4.61%	6.85%
Return on Assets (ROA)	5.16%	4.67%	4.49%	1.80%	7.91%	4.90%	7.79%	-	2.86%	20.19%	5.80%
Return on Common Equity (ROCE)	8.00%	6.85%	6.76%	1.75%	11.69%	6.37%	11.34%	-	7.54%	13.99%	10.60%
Return on Equity Simple (ROE_SIMPLE)	13.33%	13.23%	13.60%	0.00%	13.27%	0.00%	0.00%	-	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	356	315	303	63	486	235	478	233	404	292	506
NOPAT Margin	2.97%	2.43%	2.38%	0.51%	4.05%	2.21%	4.13%	-	3.24%	1.65%	3.34%
Net Nonoperating Expense Percent (NNEP)	0.11%	-0.35%	-0.19%	-1.28%	-0.59%	-1.53%	-1.31%	-	2.89%	-39.47%	1.09%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	0.30%	2.26%	1.09%	2.13%	0.96%	1.67%	1.29%	2.24%
Cost of Revenue to Revenue	91.01%	91.69%	90.69%	90.53%	89.59%	91.69%	91.42%	-	92.17%	93.57%	92.47%
SG&A Expenses to Revenue	3.78%	3.43%	4.56%	5.41%	3.90%	3.46%	3.20%	-	3.06%	2.48%	2.53%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%
Operating Expenses to Revenue	5.90%	5.42%	6.58%	8.76%	5.97%	6.06%	4.40%	-	4.59%	4.18%	4.13%
Earnings before Interest and Taxes (EBIT)	365	397	373	108	559	270	498	215	413	440	535
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	619	654	631	365	821	474	728	472	656	683	770
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.17	1.20	1.17	1.20	1.43	1.30	1.20	-	1.61	1.39	1.74
Price to Tangible Book Value (P/TBV)	1.42	1.44	1.40	1.45	1.73	1.56	1.43	-	1.95	1.63	2.08
Price to Revenue (P/Rev)	0.25	0.25	0.24	0.24	0.27	0.26	0.25	-	0.34	0.30	0.29
Price to Earnings (P/E)	11.26	11.94	11.40	15.29	14.51	13.89	10.38	-	13.52	5.59	6.13
Dividend Yield	6.49%	6.66%	7.16%	7.57%	6.81%	7.77%	8.74%	-	7.10%	7.29%	6.99%
Earnings Yield	8.88%	8.38%	8.77%	6.54%	6.89%	7.20%	9.63%	-	7.40%	17.90%	16.30%
Enterprise Value to Invested Capital (EV/IC)	1.10	1.11	1.10	1.11	1.23	1.30	1.24	-	1.40	1.22	1.36
Enterprise Value to Revenue (EV/Rev)	0.41	0.41	0.39	0.39	0.45	0.45	0.43	-	0.60	0.44	0.46
Enterprise Value to EBITDA (EV/EBITDA)	8.07	8.12	7.54	8.61	9.11	8.93	7.61	-	10.66	8.55	9.42
Enterprise Value to EBIT (EV/EBIT)	13.93	14.02	12.51	15.72	15.66	15.81	12.50	-	17.20	13.32	14.60
Enterprise Value to NOPAT (EV/NOPAT)	15.10	15.45	14.51	19.08	19.45	19.33	14.64	-	18.34	15.19	16.73
Enterprise Value to Operating Cash Flow (EV/OCF)	8.35	9.30	7.11	7.85	8.31	7.77	7.07	-	9.96	7.80	9.19
Enterprise Value to Free Cash Flow (EV/FCFF)	21.99	26.16	10.94	11.64	20.72	7.80	6.65	-	47.36	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.58	0.59	0.59	0.58	0.68	0.67	0.73	-	0.89	0.59	0.78
Long-Term Debt to Equity	0.54	0.53	0.53	0.55	0.64	0.63	0.65	-	0.85	0.59	0.78
Financial Leverage	0.33	0.32	0.35	0.33	0.38	0.31	0.30	-	0.47	0.30	0.38
Leverage Ratio	2.02	2.00	2.03	2.01	2.05	2.06	2.08	-	2.29	2.07	2.25
Compound Leverage Factor	2.02	1.97	1.94	3.09	2.08	1.76	1.92	-	1.85	1.77	1.77
Debt to Total Capital	36.55%	37.00%	37.09%	36.79%	40.30%	40.13%	42.11%	-	47.02%	37.13%	43.95%
Short-Term Debt to Total Capital	2.58%	3.55%	3.56%	1.97%	2.22%	2.20%	4.50%	-	1.74%	0.04%	0.04%
Long-Term Debt to Total Capital	33.98%	33.46%	33.53%	34.82%	38.08%	37.93%	37.61%	-	45.28%	37.09%	43.91%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	15.38%	15.32%	15.33%	15.85%	14.98%	14.99%	14.38%	-	13.30%	14.13%	14.13%
Common Equity to Total Capital	48.07%	47.68%	47.58%	47.37%	44.71%	44.88%	43.51%	-	39.68%	48.74%	41.92%
Debt to EBITDA	3.16	3.21	3.05	3.36	3.51	3.62	3.53	-	4.48	3.11	3.60
Net Debt to EBITDA	1.87	1.84	1.71	1.97	2.23	2.30	2.02	-	3.30	1.68	2.29
Long-Term Debt to EBITDA	2.94	2.90	2.75	3.18	3.32	3.43	3.15	-	4.32	3.10	3.59
Debt to NOPAT	5.92	6.11	5.87	7.44	7.50	7.85	6.80	-	7.71	5.52	6.39
Net Debt to NOPAT	3.50	3.49	3.30	4.36	4.76	4.98	3.88	-	5.67	2.99	4.07
Long-Term Debt to NOPAT	5.50	5.52	5.30	7.04	7.09	7.42	6.07	-	7.43	5.52	6.38
Altman Z-Score	2.34	2.39	2.43	2.42	2.50	2.33	2.21	-	1.95	2.49	2.57
Noncontrolling Interest Sharing Ratio	24.13%	24.01%	24.23%	24.58%	24.65%	24.67%	24.60%	-	25.11%	23.70%	25.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.97	1.00	1.01	0.97	1.01	1.00	1.04	-	0.94	1.12	1.09
Quick Ratio	0.85	0.88	0.89	0.86	0.91	0.86	0.90	-	0.76	1.08	1.02
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-60	-220	747	718	415	1,870	2,149	-3,167	-500	-2,214	-2,234
Operating Cash Flow to CapEx	272.08%	480.15%	445.81%	451.55%	339.89%	687.13%	456.42%	-	329.13%	697.08%	619.44%
Free Cash Flow to Firm to Interest Expense	-0.63	-1.98	6.61	6.47	3.27	14.06	15.92	-	-3.00	-14.47	-17.05
Operating Cash Flow to Interest Expense	4.41	5.88	6.12	6.55	5.03	5.22	6.05	-	2.50	6.24	5.11
Operating Cash Flow Less CapEx to Interest Expense	2.79	4.66	4.74	5.10	3.55	4.46	4.73	-	1.74	5.35	4.28
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.76	1.83	1.84	1.86	1.84	1.76	1.70	-	1.54	1.86	1.94
Accounts Receivable Turnover	12.08	13.38	12.28	13.07	12.75	12.35	12.43	-	10.47	11.85	12.13
Inventory Turnover	96.34	104.58	87.16	92.32	115.24	132.69	136.67	-	115.83	410.27	196.02
Fixed Asset Turnover	3.13	3.22	3.22	3.21	3.16	3.22	3.16	-	2.75	3.38	3.62
Accounts Payable Turnover	11.03	12.43	11.74	11.80	11.77	11.74	11.67	-	9.57	11.61	11.20
Days Sales Outstanding (DSO)	30.22	27.28	29.73	27.92	28.64	29.56	29.35	-	34.85	30.81	30.08
Days Inventory Outstanding (DIO)	3.79	3.49	4.19	3.95	3.17	2.75	2.67	-	3.15	0.89	1.86
Days Payable Outstanding (DPO)	33.09	29.36	31.10	30.94	31.01	31.08	31.27	-	38.14	31.44	32.60
Cash Conversion Cycle (CCC)	0.92	1.41	2.82	0.93	0.79	1.23	0.76	-	-0.14	0.25	-0.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,299	18,139	18,023	17,558	18,370	16,504	16,352	19,117	19,274	19,010	19,092
Invested Capital Turnover	2.67	2.78	2.76	2.80	2.73	2.77	2.74	-	2.40	2.95	3.15
Increase / (Decrease) in Invested Capital	416	535	-444	-655	71	-1,635	-1,671	3,400	904	2,506	2,740
Enterprise Value (EV)	20,054	20,171	19,735	19,546	22,507	21,376	20,352	-	27,055	23,218	25,981
Market Capitalization	12,094	12,308	11,947	11,801	13,769	12,622	11,730	-	15,469	15,441	16,476
Book Value per Share	$14.75	$14.66	$14.60	$13.95	$13.69	$13.80	$13.88	$13.94	$13.61	$15.70	$13.41
Tangible Book Value per Share	$12.17	$12.17	$12.21	$11.56	$11.31	$11.47	$11.65	$11.46	$11.22	$13.42	$11.23
Total Capital	21,508	21,554	21,509	20,717	21,542	21,628	22,438	24,339	24,196	22,732	22,572
Total Debt	7,862	7,976	7,977	7,621	8,682	8,679	9,449	11,259	11,376	8,441	9,920
Total Long-Term Debt	7,308	7,211	7,212	7,213	8,204	8,204	8,439	10,696	10,956	8,432	9,911
Net Debt	4,653	4,561	4,491	4,462	5,510	5,511	5,396	8,085	8,367	4,565	6,315
Capital Expenditures (CapEx)	154	136	155	161	188	101	179	94	127	137	108
Debt-free, Cash-free Net Working Capital (DFCFNWC)	80	193	158	-88	95	25	48	37	-131	-372	-273
Debt-free Net Working Capital (DFNWC)	411	746	798	260	522	484	1,228	365	40	687	606
Net Working Capital (NWC)	-143	-19	33	-148	44	9.00	218	-198	-380	678	597
Net Nonoperating Expense (NNE)	4.81	-15	-8.74	-57	-30	-62	-51	-194	173	-1,633	53
Net Nonoperating Obligations (NNO)	4,653	4,561	4,491	4,462	5,510	3,555	3,363	6,037	6,454	4,719	6,440
Total Depreciation and Amortization (D&A)	254	257	258	257	262	204	230	257	243	243	235
Debt-free, Cash-free Net Working Capital to Revenue	0.17%	0.39%	0.31%	-0.18%	0.19%	0.05%	0.10%	-	-0.29%	-0.71%	-0.49%
Debt-free Net Working Capital to Revenue	0.85%	1.50%	1.58%	0.52%	1.04%	1.01%	2.61%	-	0.09%	1.31%	1.08%
Net Working Capital to Revenue	-0.30%	-0.04%	0.07%	-0.30%	0.09%	0.02%	0.46%	-	-0.84%	1.30%	1.07%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.29	$0.26	$0.22	($0.04)	$0.49	$0.21	$0.55	$0.41	$0.14	$2.51	($0.06)
Adjusted Weighted Average Basic Shares Outstanding	701M	701M	702M	702M	704M	703M	704M	704M	706M	706M	707M
Adjusted Diluted Earnings per Share	$0.29	$0.26	$0.22	($0.04)	$0.49	$0.21	$0.55	$0.41	$0.14	$2.51	($0.06)
Adjusted Weighted Average Diluted Shares Outstanding	701M	701M	702M	702M	704M	703M	704M	704M	706M	706M	707M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	356	316	304	177	474	276	387	131	351	335	514
Normalized NOPAT Margin	2.97%	2.44%	2.39%	1.43%	3.95%	2.59%	3.34%	-	2.81%	1.90%	3.39%
Pre Tax Income Margin	3.04%	3.03%	2.80%	1.34%	4.71%	2.17%	3.96%	-	2.69%	2.13%	2.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.84	3.58	3.30	0.97	4.40	2.03	3.69	-	2.47	2.88	4.08
NOPAT to Interest Expense	3.75	2.84	2.68	0.57	3.83	1.77	3.54	-	2.42	1.91	3.86
EBIT Less CapEx to Interest Expense	2.22	2.35	1.93	-0.48	2.92	1.27	2.36	-	1.71	1.98	3.26
NOPAT Less CapEx to Interest Expense	2.12	1.61	1.31	-0.88	2.35	1.01	2.21	-	1.66	1.01	3.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	100.80%	106.84%	108.84%	141.06%	128.80%	135.02%	117.24%	-	116.58%	56.56%	59.85%
Augmented Payout Ratio	100.80%	106.84%	108.84%	141.06%	128.80%	135.66%	117.78%	-	116.58%	56.56%	59.85%

Financials Breakdown Chart

Key Financial Trends

Plains All American Pipeline (NASDAQ:PAA) showed a sharp improvement in its latest quarter, although the headline earnings gain was heavily influenced by discontinued operations. In Q2 2026, revenue rose to $17.7 billion from $10.6 billion in Q2 2025, while gross profit increased 29% to $1.14 billion. Operating income reached $398 million, up from $239 million a year earlier.

Continuing-operations net income increased to $276 million from $227 million in Q2 2025, but remained below Q1 2026's $334 million. Consolidated net income was $1.93 billion, including $1.65 billion from discontinued operations. As a result, net income attributable to common shareholders surged to $1.83 billion, or $2.51 per share, compared with $210 million, or $0.21 per share, in Q2 2025. Investors should focus more heavily on continuing operations when assessing recurring profitability.

Cash generation also improved. Cash flow from continuing operating activities more than doubled year over year to $814 million, and total operating cash flow reached $955 million. After $138 million of capital expenditures, continuing operations generated substantial cash available for distributions and debt reduction. The balance sheet strengthened sequentially, with cash increasing to $1.06 billion from $171 million at the end of Q1 2026 and total liabilities declining to $14.9 billion from $18.8 billion.

Revenue and operating income accelerated: Q2 2026 revenue increased 66% year over year, while operating income grew approximately 67%.
Continuing cash flow improved materially: Cash flow from continuing operations rose to $814 million from $393 million in Q2 2025.
Debt levels declined sequentially: Total short- and long-term debt fell to approximately $8.44 billion from $10.98 billion in Q1 2026.
Liquidity improved: Cash increased by $888 million during Q2, and the current ratio improved to roughly 1.12 from less than 1.0 in Q1.
Capital spending remained manageable: Q2 capital expenditures and acquisitions totaled approximately $180 million, well below continuing operating cash flow.
Distributions were supported by operating cash flow in Q2: Continuing operating cash flow covered the $448 million dividend payment by approximately 1.8 times.
Results remain sensitive to commodity-market activity: Revenue has been volatile, ranging from $10.0 billion in Q4 2025 to $17.7 billion in Q2 2026, while the company continues to operate on relatively thin gross margins.
Discontinued operations materially affect reported results: The $1.65 billion gain in Q2 2026 explains most of the increase in consolidated earnings and may not represent recurring performance.
Quarterly continuing earnings declined sequentially: Continuing-operations net income fell from $334 million in Q1 2026 to $276 million in Q2, despite higher revenue.
Dividend coverage can tighten in weaker quarters: Q1 2026 continuing operating cash flow of $400 million was below the $451 million dividend payment, highlighting reliance on cash balances or financing when operating conditions soften.

Bottom line: PAA's latest statements show stronger operating cash flow, improved liquidity and a substantial sequential reduction in debt. However, the unusually large discontinued-operations contribution makes the headline earnings and cash increase less representative of the ongoing business. Retail investors should monitor continuing-operations profitability, recurring dividend coverage and whether debt remains below the levels reported earlier in 2026.

11/13/26 11:50 AM ETAI Generated. May Contain Errors.

Plains All American Pipeline Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Plains All American Pipeline's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Plains All American Pipeline's net income appears to be on an upward trend, with a most recent value of $1.77 billion in 2025, rising from $906 million in 2015. The previous period was $1.11 billion in 2024. See where experts think Plains All American Pipeline is headed by visiting Plains All American Pipeline's forecast page.

Plains All American Pipeline's total operating income in 2025 was $1.43 billion, based on the following breakdown:

Total Gross Profit: $3.83 billion
Total Operating Expenses: $2.40 billion

Over the last 10 years, Plains All American Pipeline's total revenue changed from $23.15 billion in 2015 to $44.26 billion in 2025, a change of 91.2%.

In the past 13 quarters, Plains All American Pipeline's cash and equivalents has ranged from $171 million in Q1 2026 to $1.18 billion in Q3 2025, and is currently $879 million as of their latest financial filing in Q3 2026.

Plains All American Pipeline had total debt of $11.26 billion at the end of 2025, a 47.7% increase from 2024, and a 5.7% decrease since 2015.

Over the last 10 years, Plains All American Pipeline's book value per share changed from 19.82 in 2015 to 13.94 in 2025, a change of -29.6%.

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Financial statements for NASDAQ:PAA last updated on 11/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Plains All American Pipeline (PAA) Financials

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Plains All American Pipeline (PAA) Financials

Annual Income Statements for Plains All American Pipeline

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Quarterly Cash Flow Statements for Plains All American Pipeline

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Quarterly Balance Sheets for Plains All American Pipeline

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Quarterly Metrics And Ratios for Plains All American Pipeline

Financials Breakdown Chart

Key Financial Trends

Plains All American Pipeline Financials - Frequently Asked Questions

When does Plains All American Pipeline's financial year end?

How has Plains All American Pipeline's net income changed over the last 10 years?

What is Plains All American Pipeline's operating income?

How has Plains All American Pipeline's revenue changed over the last 10 years?

How much cash does Plains All American Pipeline have?

How much debt does Plains All American Pipeline have?

How has Plains All American Pipeline's book value per share changed over the last 10 years?

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