Plains All American Pipeline LP (PAA)
As-reported financials and SEC filings for Plains All American Pipeline LP. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About Plains All American Pipeline LP
Plains All American Pipeline LP operates in the energy sector, focusing on the transportation, terminalling, and storage of crude oil and natural gas liquids. The company provides pipeline and storage services to producers, refiners, and marketers in the oil and gas industry. It serves customers involved in the production and distribution of energy products.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Plains All American Pipeline
- Revenue fell 9.5% to $44.3B in FY2025, slower than the 3.3% the year before.
- Operating margin is 3.2% in FY2025, +1.2 pp against 2.0% in FY2021.
- Most recent quarter Q2 FY2026: revenue $17.7B, up 66.3% from Q2 FY2025.
- Free cash flow was $2.3B in FY2025, 5.2% of revenue.
- Net income rose 85.9% to $1.4B in FY2025.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Plains All American Pipeline’s fundamentals sit among the 668 Industrials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Plains All American Pipeline’s gross margin of 8.7% ranks in the 11th percentile of the 455 Industrials companies reporting it. Plains All American Pipeline’s revenue growth of -9.5% ranks in the 15th percentile of the 652 Industrials companies reporting it.
No reported insider transactions (codes P/S) in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 2 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| Citadel Advisorsquant | Q2 2026 | $22.0M | 987.4K | New |
| AQR Capital Managementquant | Q2 2026 | $230,124 | 10.3K | Held |
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Recent insider activity
Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.
| Trade date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
2026-06-29 filed 2026-06-30 | Lawrence Michael ZiembaDirector | Sell | 2.3K | $21.95 | $51K |
Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-09-30 | 17.5M | -4.4% | 6.84 |
| 2026-09-15 | 18.3M | +16.1% | 6.57 |
| 2026-08-31 | 15.8M | +14.8% | 6.43 |
| 2026-08-14 | 13.7M | +19.3% | 4.92 |
| 2026-07-31 | 11.5M | -22.9% | 5.05 |
| 2026-07-15 | 14.9M | +2.5% | 8.31 |
| 2026-06-30 | 14.5M | -14.8% | 5.78 |
| 2026-06-15 | 17.1M | +7.0% | 7.57 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $44.26B | $48.89B | $47.34B | $57.34B | $42.08B |
| Gross profit | |||||
| Operating income | $1.43B | $868.0M | $1.26B | $1.29B | $851.0M |
| Net income | $1.44B | $772.0M | $1.23B | $1.04B | $593.0M |
| Diluted EPS | — | — | — | — | — |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $328.0M | $348.0M | $450.0M | $401.0M | $449.0M |
| Current assets | $4.73B | $4.80B | $4.91B | $5.36B | $6.14B |
| Total assets | $30.17B | $26.56B | $27.36B | $27.89B | $28.61B |
| Current liabilities | $4.93B | $4.95B | $5.00B | $5.89B | $6.23B |
| Long-term debt | $10.70B | $7.21B | $7.30B | $7.29B | $8.40B |
| Total liabilities | — | — | — | — | — |
| Total equity | — | — | — | — | — |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $2.94B | $2.49B | $2.73B | $2.41B | $2.00B |
| Capital expenditure | $643.0M | $448.0M | $408.0M | $455.0M | $336.0M |
| Free cash flow |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Quarterly trend
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $17.69B | 66.3% | $1.83B | — |
| Q1 FY2026 | $12.47B | 8.7% | $152.0M | — |
| Q4 FY2025 | -12.2% | — | ||
| Q3 FY2025 | $11.58B | -7.0% | $441.0M | — |
| Q2 FY2025 | $10.64B | -16.6% | $210.0M | — |
| Q1 FY2025 | $11.48B | -1.4% | $443.0M | — |
| Q4 FY2024 | 6.3% | — | ||
| Q3 FY2024 | $12.46B | 3.2% | $220.0M | — |
Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.
Company facts
Selected SEC filings
Largest Industrials peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.