Plains All American Pipeline, L.p. (PAA) Financial Statements

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Plains All American Pipeline financial statements at a glance

Plains All American Pipeline reported revenue of $44.26 billion for fiscal year 2025 (ended December 31, 2025), down 11.6% from fiscal year 2024. Net income was $1.17 billion, a net margin of 2.6%, and diluted earnings per share were $1.66.

At the end of fiscal year 2025 it had total assets of $30.17 billion, total liabilities of $17.09 billion and shareholders' equity of $0, with cash and short-term investments of $328.00 million and total debt of $11.46 billion.

Its operations brought in $2.94 billion of cash; capital spending was $643.00 million, leaving free cash flow of $2.29 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

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Plains All American Pipeline, L.p.

PAAUnited States
Energy
USD (Local)

Income Statement

Annual • USD

Total Revenue
44.26B
Prev Year: 50.07B
YoY: -11.6%
Operating Revenue
44.26B
Prev Year: 50.07B
YoY: -11.6%
Tax Effect of Unusual Items
890.4K
Prev Year: -20.22M
YoY: +104.4%
Interest Income
108.00M
Prev Year: 70.00M
YoY: +54.3%
Weighted Average Shares (diluted)
704.00M
Weighted Average Shares (basic)
704.00M
Diluted EPS
1.66
Basic EPS
1.66
Net Income from Discontinued Operations
383.00M
Non-operating Interest Income
108.00M
Prev Year: 70.00M
YoY: +54.3%
General and Administrative Expense
342.00M
Prev Year: 381.00M
YoY: -10.2%
Other General and Administrative
342.00M
Prev Year: 381.00M
YoY: -10.2%
Cost of Revenue
42.54B
Prev Year: 48.35B
YoY: -12.0%
Gross Profit
1.72B
Prev Year: 1.72B
YoY: +0.2%
Operating Expense
342.00M
Prev Year: 381.00M
YoY: -10.2%
Selling General and Administrative
342.00M
Prev Year: 381.00M
YoY: -10.2%
Operating Income
1.38B
Prev Year: 1.34B
YoY: +3.1%
Net Non Operating Interest Income Expense
-446.00M
Prev Year: -360.00M
YoY: -23.9%
Non-operating Interest Expense
554.00M
Prev Year: 430.00M
YoY: +28.8%
Other Income Expense
467.00M
Prev Year: 302.00M
YoY: +54.6%
Gain on Sale of Securities
30.00M
Prev Year: 5.00M
YoY: +500.0%
Equity in Earnings of Affiliates
382.00M
Prev Year: 452.00M
YoY: -15.5%
Special Income Charges
54.00M
Prev Year: -160.00M
YoY: +133.8%
Gain on Sale of Property, Plant and Equipment
54.00M
Prev Year: -160.00M
YoY: +133.8%
Impairment of Capital Assets
-
Other Special Charges
-
Other Non-operating Income (expense)
1.00M
Prev Year: 5.00M
YoY: -80.0%
Pre-tax Income
1.40B
Prev Year: 1.28B
YoY: +9.5%
Provision for Income Taxes
15.00M
Prev Year: 167.00M
YoY: -91.0%
Net Income Common Stockholders
1.17B
Prev Year: 514.00M
YoY: +127.4%
Net Income
1.39B
Prev Year: 772.00M
YoY: +80.3%
Net Income Including Non-Controlling Interests
1.77B
Prev Year: 1.11B
YoY: +58.9%
Net Income from Continuing Operations
1.39B
Prev Year: 1.11B
YoY: +24.5%
Noncontrolling Interests
-334.00M
Prev Year: -341.00M
YoY: +2.1%
Preferred Stock Dividends
216.00M
Prev Year: 253.00M
YoY: -14.6%
Otherunder Preferred Stock Dividend
7.00M
Prev Year: 5.00M
YoY: +40.0%
Diluted NI Available to Com Stockholders
1.17B
Prev Year: 514.00M
YoY: +127.4%
Average Dilution Earnings
-
Total Operating Income as Reported
1.43B
Prev Year: 1.18B
YoY: +21.7%
Total Expenses
42.88B
Prev Year: 48.73B
YoY: -12.0%
Interest Expense
554.00M
Prev Year: 430.00M
YoY: +28.8%
Net Interest Income
-446.00M
Prev Year: -360.00M
YoY: -23.9%
Net Income from Continuing and Discontinued Operation
1.39B
Prev Year: 772.00M
YoY: +80.3%
Normalized Income
925.89M
Prev Year: 906.78M
YoY: +2.1%
EBIT
1.96B
Prev Year: 1.71B
YoY: +14.3%
EBITDA
2.91B
Prev Year: 2.74B
YoY: +6.3%
Reconciled Cost of Revenue
42.54B
Prev Year: 48.35B
YoY: -12.0%
Reconciled Depreciation
953.00M
Prev Year: 1.03B
YoY: -7.1%
Net Income from Continuing Operation Net Minority Interest
1.01B
Prev Year: 772.00M
YoY: +30.7%
Total Unusual Items Excluding Goodwill
84.00M
Prev Year: -155.00M
YoY: +154.2%
Total Unusual Items
84.00M
Prev Year: -155.00M
YoY: +154.2%
Normalized EBITDA
2.82B
Prev Year: 2.89B
YoY: -2.3%
Tax Rate for Calcs
0.011
Prev Year: 0
Values in USD

Plains All American Pipeline key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$44.3B$50.1B$48.7B$57.3B$42.1B
Gross profit$1.7B$1.7B$1.7B$1.9B$1.7B
Operating income$1.4B$1.3B$1.4B$1.6B$1.4B
Net income$1.2B$514.0M$976.0M$831.0M$393.0M
Diluted EPS$1.66–$1.40$1.19$0.55
Total assets$30.2B$26.6B$27.4B$27.9B$28.6B
Total liabilities$17.1B$13.5B$13.6B$14.6B$15.8B
Shareholders' equity$0$0$0$0$0
Cash and short-term investments$328.0M$348.0M$450.0M$401.0M$449.0M
Total debt$11.5B$7.9B$8.0B$8.8B$9.6B
Operating cash flow$2.9B$2.5B$2.7B$2.4B$2.0B
Capital spending$643.0M$619.0M$559.0M$455.0M$336.0M
Free cash flow$2.3B$1.9B$2.2B$2.0B$1.7B

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Plains All American Pipeline's revenue in fiscal year 2025?

$44.26 billion, down 11.6% from $50.07 billion in fiscal year 2024.

How much profit does Plains All American Pipeline make?

Plains All American Pipeline reported net income of $1.17 billion for fiscal year 2025 (2.6% of revenue); operating income was $1.38 billion.

How much cash and debt does Plains All American Pipeline have?

At the end of fiscal year 2025: cash and short-term investments of $328.00 million and total debt of $11.46 billion.

What is Plains All American Pipeline's free cash flow?

$2.29 billion in fiscal year 2025 (operating cash flow of $2.94 billion minus capital spending of $643.00 million).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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