PAA

Plains All American Pipeline L.P. Common Units representing Limited Partner InterestsStock · Energy

$23.75−$0.16 (-0.67%)as of Aug 17, 3:55 PM ET

☾ After hours:$23.75+0.00%3:59 PM ET

PAA financial statements

The full income statement, balance sheet, and cash-flow statement for Plains All American Pipeline L.P. Common Units representing Limited Partner Interests (PAA), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 701.1M2024-09 703.7M2024-12 703.8M2025-03 703.3M2025-06 703.3M2025-09 705.5M2025-12 705.5M2026-03 705.5M2026-06 705.6M+0.6% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	44.3B YoY-9.5%	48.9B YoY+3.3%	47.3B YoY-17.4%	57.3B YoY+36.3%	42.1B YoY+80.7%
Lease income	8.00M YoY-20.0%	10.0M YoY-37.5%	16.0M YoY-44.8%	29.0M YoY+3.6%	28.0M YoY+47.4%
Cost of revenue	40.4B YoY-10.5%	45.2B YoY+2.8%	43.9B YoY-17.4%	53.2B YoY+38.1%	38.5B YoY+88.5%
Selling, general & administrative	342M YoY+4.3%	328M YoY+9.7%	299M YoY-8.0%	325M YoY+11.3%	292M YoY+7.7%
General & administrative	342M YoY+4.3%	328M YoY+9.7%	299M YoY-8.0%	325M YoY+11.3%	292M YoY+7.7%
Amortization of intangibles	280M YoY+6.9%	262M YoY-10.0%	291M YoY+14.6%	254M YoY+108.2%	122M YoY+35.6%
Operating income	1.43B YoY+65.2%	868M YoY-31.0%	1.26B YoY-2.6%	1.29B YoY+51.8%	851M YoY+135.8%
Interest expense	554M YoY+28.8%	430M YoY+11.4%	386M YoY-4.7%	405M YoY-4.7%	425M YoY-2.5%
Other non-operating income	108M YoY+68.8%	64.0M YoY-37.3%	102M YoY+146.6%	-219M YoY-1252.6%	19.0M YoY-51.3%
Equity-method income	382M YoY-15.5%	452M YoY+22.5%	369M YoY-8.4%	403M YoY+47.1%	274M YoY-22.8%
Pre-tax income	1.40B YoY+44.6%	969M YoY-29.3%	1.37B YoY-3.2%	1.42B YoY+96.5%	721M YoY+127.7%
Income tax	15.0M YoY-82.8%	87.0M YoY+42.6%	61.0M YoY-67.7%	189M YoY+158.9%	73.0M YoY+484.2%
	1.44B YoY+85.9%	772M YoY-37.2%	1.23B YoY+18.6%	1.04B YoY+74.9%	593M YoY+122.9%
Income from continuing operations	1.05B YoY+94.5%	541M YoY-47.9%	1.04B	—	—
Discontinued operations	383M YoY+65.8%	231M YoY+20.3%	192M	—	—
Net income to non-controlling interest	334M YoY-2.1%	341M YoY+25.4%	272M YoY+42.4%	191M YoY+247.3%	55.0M YoY+450.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.73B YoY-1.4%	4.80B YoY-2.3%	4.91B YoY-8.3%	5.36B YoY-12.7%	6.14B YoY+67.4%
Cash & equivalents	328M YoY-5.7%	348M YoY-22.7%	450M YoY+12.2%	401M YoY-10.7%	449M YoY+1940.9%
Accounts receivable	3.60B YoY-2.2%	3.68B YoY-2.2%	3.76B YoY-3.8%	3.91B YoY-17.0%	4.71B YoY+84.3%
Inventory	211M YoY-19.2%	261M YoY-52.4%	548M YoY-24.8%	729M YoY-6.9%	783M YoY+21.0%
Other current assets	117M YoY+18.2%	99.0M YoY-36.1%	155M YoY-51.3%	318M YoY+59.0%	200M YoY-50.6%
	30.2B YoY+13.6%	26.6B YoY-2.9%	27.4B YoY-1.9%	27.9B YoY-2.5%	28.6B YoY+16.8%
Operating lease right-of-use	198M YoY+4.8%	189M YoY-39.6%	313M YoY-10.3%	349M YoY-11.2%	393M YoY+4.0%
Intangible assets	1.75B YoY+4.6%	1.68B YoY-10.6%	1.88B YoY-12.6%	2.15B YoY+9.4%	1.96B YoY+143.5%
Other non-current assets	107M YoY-24.6%	142M YoY-65.5%	411M YoY-11.4%	464M YoY+84.9%	251M YoY+54.9%
	4.93B YoY-0.4%	4.95B YoY-1.1%	5.00B YoY-15.1%	5.89B YoY-5.5%	6.23B YoY+46.5%
Accounts payable	3.46B YoY-5.2%	3.65B YoY-5.1%	3.84B YoY-4.9%	4.04B YoY-15.9%	4.81B YoY+97.4%
Short-term & current debt	563M YoY+38.3%	407M YoY-8.7%	446M YoY-61.5%	1.16B YoY+41.0%	822M YoY-1.1%
Current lease liability	27.0M YoY-10.0%	30.0M YoY-56.5%	69.0M YoY-2.8%	71.0M YoY-7.8%	77.0M YoY-1.3%
Other current liabilities	529M YoY-3.1%	546M YoY-23.4%	713M YoY+3.6%	688M YoY+14.7%	600M YoY-39.1%
Finance lease liability (current)	9.00M YoY-35.7%	14.0M YoY+7.7%	13.0M YoY+30.0%	10.0M YoY-16.7%	12.0M YoY+9.1%
Long-term debt	10.7B YoY+48.3%	7.21B YoY-1.3%	7.30B YoY+0.2%	7.29B YoY-13.2%	8.40B YoY-10.5%
Non-current lease liability	202M YoY+5.2%	192M YoY-29.9%	274M YoY-11.0%	308M YoY-9.1%	339M YoY+6.9%
Operating lease liability (total)	229M YoY+3.2%	222M YoY-35.3%	343M YoY-9.5%	379M YoY-8.9%	416M YoY+5.3%
Finance lease liability (total)	72.0M YoY-14.3%	84.0M YoY+10.5%	76.0M YoY+26.7%	60.0M YoY-15.5%	71.0M YoY-12.3%
Finance lease liability	63.0M YoY-10.0%	70.0M YoY+11.1%	63.0M YoY+26.0%	50.0M YoY-15.3%	59.0M YoY-15.7%
Other non-current liabilities	654M YoY+21.8%	537M YoY-48.4%	1.04B YoY-3.7%	1.08B YoY+30.2%	830M YoY+2.9%
Total non-current liabilities	12.2B YoY+42.8%	8.52B YoY-1.2%	8.62B YoY-0.6%	8.68B YoY-9.3%	9.57B YoY-8.9%
Total liabilities & equity	30.2B YoY+13.6%	26.6B YoY-2.9%	27.4B YoY-1.9%	27.9B YoY-2.5%	28.6B YoY+16.8%
	706M YoY+0.2%	704M YoY+0.4%	701M YoY+0.4%	698M YoY-0.9%	705M YoY-2.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.94B YoY+17.9%	2.49B YoY-8.7%	2.73B YoY+13.2%	2.41B YoY+20.6%	2.00B YoY+31.8%
Depreciation & amortization	953M YoY+5.8%	901M YoY-0.9%	909M YoY-5.8%	965M YoY+24.7%	774M YoY+18.5%
Intangible amortization	280M YoY+6.9%	262M YoY-10.0%	291M YoY+14.6%	254M YoY+108.2%	122M YoY+35.6%
Deferred income taxes	14.0M YoY+180.0%	5.00M YoY+155.6%	-9.00M YoY-108.6%	105M YoY+356.5%	23.0M YoY+132.9%
Change in inventory	-96.0M YoY+20.0%	-120M YoY-17.6%	-102M YoY-1120.0%	10.0M YoY-44.4%	18.0M YoY-94.1%
	-3.77B YoY-150.6%	-1.50B YoY-114.2%	-702M YoY-33.5%	-526M YoY-236.3%	386M YoY+135.3%
Capital expenditure	643M YoY+43.5%	448M YoY+9.8%	408M YoY-10.3%	455M YoY+35.4%	336M YoY-54.5%
Free cash flow	2.29B YoY+12.3%	2.04B YoY-11.9%	2.32B YoY+18.7%	1.95B YoY+17.7%	1.66B YoY+113.9%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Other investing activities	0.00 YoY+100.0%	-5.00M YoY+37.5%	-8.00M YoY+81.8%	-44.0M YoY-4300.0%	-1.00M YoY-150.0%
	799M YoY+174.2%	-1.08B YoY+45.5%	-1.98B YoY-2.3%	-1.93B YoY+2.7%	-1.98B YoY-356.1%
Long-term debt issued	3.00B YoY+361.2%	650M	0.00	0.00	0.00 YoY-100.0%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	8.00M	0.00	0.00 YoY-100.0%	74.0M YoY-58.4%	178M YoY+256.0%
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	-84.0M YoY-58.5%	-53.0M YoY+43.0%	-93.0M YoY-75.5%	-53.0M YoY+68.1%	-166M YoY-525.6%
FX effect on cash	14.0M YoY+207.7%	-13.0M YoY-533.3%	3.00M YoY+200.0%	-3.00M YoY+40.0%	-5.00M YoY+37.5%
Net change in cash	-20.0M YoY+80.4%	-102M YoY-308.2%	49.0M YoY+194.2%	-52.0M YoY-113.2%	393M YoY+1886.4%
Interest paid	516M YoY+35.4%	381M YoY+1.1%	377M YoY-4.1%	393M YoY-2.0%	401M YoY-6.3%
Income taxes paid	98.0M YoY-63.6%	269M YoY+289.9%	69.0M YoY-38.4%	112M YoY+47.4%	76.0M YoY-31.5%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	12.7B YoY+5.4%	12.0B YoY+13.2%	10.6B YoY+29.3%	8.21B YoY+24.7%	6.59B YoY+10.7%
P/E	8.8× YoY-43.3%	15.6× YoY+73.2%	9.0× YoY+34.0%	6.7× YoY-39.6%	11.1×
P/S	0.3× YoY+16.4%	0.2× YoY+13.4%	0.2× YoY+51.5%	0.1× YoY-8.5%	0.2× YoY-38.7%
P/FCF	5.5× YoY-6.1%	5.9× YoY-16.7%	7.1× YoY+99.4%	3.5× YoY-10.7%	4.0× YoY-48.3%
	11.3% YoY+76.3%	6.4% YoY-42.2%	11.1% YoY-25.4%	14.9% YoY+65.5%	9.0%
	18.1% YoY+6.5%	17.0% YoY+20.0%	14.2% YoY-49.9%	28.2% YoY+12.0%	25.2% YoY+93.3%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: PAA's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all PAA filings on SEC EDGAR → Not investment advice.