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Plains All American Pipeline, L.P. (PAA)
Energy · Oil & Gas Midstream · NasdaqGS
Plains All American Pipeline, L.P. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.18B | $26.22B | $34.05B | $33.67B | $23.29B | $42.08B | $57.34B | $47.34B | $48.89B | $44.26B |
| Gross profit | $2.95B | $3.24B | $4.26B | $4.22B | $2.86B | $3.57B | $1.89B | $1.41B | $1.35B | $1.72B |
| Net income | $726.00M | $856.00M | $2.22B | $2.17B | $-2.59B | $593.00M | $1.04B | $1.23B | $772.00M | $1.39B |
| Net margin | 3.6% | 3.3% | 6.5% | 6.4% | -11.1% | 1.4% | 1.8% | 2.6% | 1.6% | 3.1% |
Source: Plains All American Pipeline, L.P. SEC filings (10-K). 19 years of history available in the interactive view.
What growth is priced into PAA stock?
At today's market cap of $16.16B, Plains All American Pipeline, L.P. is priced for free-cash-flow growth of about -6.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $2.29B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 24.2%/yr over the last five fiscal years and revenue 13.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 19 years of Plains All American Pipeline, L.P. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Plains All American Pipeline, L.P. financial history by metric
About Plains All American Pipeline, L.P.
Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, trucks, and on barges or railcars. This segment provides terminalling, storage, and other related services, as well as merchant activities. The NGL segment is involved in natural gas processing and NGL fractionation, storage, transportation, and terminaling. This segment also includes ethane, propane, normal butane, iso-butane, and natural gasoline derived from natural gas production and processing activities, as well as crude oil refining processes. Its NGL components are used for various applications, such as heating, engine, and industrial fuels. The company was founded in 1981 and is headquartered in Houston, Texas. Plains All American Pipeline, L.P. operates as a subsidiary of Plains GP Holdings, L.P.
Plains All American Pipeline, L.P. — frequently asked questions
What is Plains All American Pipeline, L.P.'s revenue?
Plains All American Pipeline, L.P. (PAA) reported revenue of $44.26B for fiscal year 2025, down 9.5% from the prior year, according to its SEC filings.
Is Plains All American Pipeline, L.P. profitable?
Yes. PAA earned net income of $1.39B in fiscal 2025, a net margin of 3.1%.
What is PAA's P/E ratio?
Plains All American Pipeline, L.P. trades at a price-to-earnings ratio of about 20.6 based on the latest data in our nightly-refreshed cache.
How fast is Plains All American Pipeline, L.P. growing?
PAA's revenue grew at roughly 13.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Plains All American Pipeline, L.P. have?
As of fiscal year 2025, PAA carried roughly $11.26B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Plains All American Pipeline, L.P.'s gross margin?
PAA's gross margin was 3.9% in fiscal 2025 — gross profit of $1.72B on revenue of $44.26B.
What is Plains All American Pipeline, L.P.'s market cap?
Plains All American Pipeline, L.P. (PAA) has a market capitalization of about $16.16B, based on the latest data in our nightly-refreshed cache.
When does Plains All American Pipeline, L.P.'s fiscal year end?
PAA's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into PAA stock?
At today's market cap of $16.16B, Plains All American Pipeline, L.P. is priced for free-cash-flow growth of about -6.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $2.29B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 24.2%/yr over the last five fiscal years and revenue 13.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Plains All American Pipeline, L.P.'s official SEC filings (10-K and 10-Q), covering 19 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.