PAA
$23.70-0.08%
as of close, Oct 1, 2026
☾ AH $23.70 -0.08%
Plains All American Pipeline L.P. Common Units representing Limited Partner InterestsStock · Energy
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.
As-reported fiscal years.
| Line item | Trend | 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-9.5% | 48.9B+3.3% | 47.3B-17.4% | 57.3B+36.3% | 42.1B+80.7% | ||
| Lease income | 8.00M-20.0% | 10.0M-37.5% | 16.0M-44.8% | 29.0M+3.6% | 28.0M+47.4% | |
| Cost of revenue | 40.4B-10.5% | 45.2B+2.8% | 43.9B-17.4% | 53.2B+38.1% | 38.5B+88.5% | |
| Selling, general & administrative | 342M+4.3% | 328M+9.7% | 299M-8.0% | 325M+11.3% | 292M+7.7% | |
| General & administrative | 342M+4.3% | 328M+9.7% | 299M-8.0% | 325M+11.3% | 292M+7.7% | |
| Amortization of intangibles | 280M+6.9% | 262M-10.0% | 291M+14.6% | 254M+108.2% | 122M+35.6% | |
| Operating income | 1.43B+65.2% | 868M-31.0% | 1.26B-2.6% | 1.29B+51.8% | 851M+135.8% | |
| Interest expense | 554M+28.8% | 430M+11.4% | 386M-4.7% | 405M-4.7% | 425M-2.5% | |
| Other non-operating income | 108M+68.8% | 64.0M-37.3% | 102M+146.6% | -219M-1252.6% | 19.0M-51.3% | |
| Equity-method income | 382M-15.5% | 452M+22.5% | 369M-8.4% | 403M+47.1% | 274M-22.8% | |
| Pre-tax income | 1.40B+44.6% | 969M-29.3% | 1.37B-3.2% | 1.42B+96.5% | 721M+127.7% | |
| Income tax | 15.0M-82.8% | 87.0M+42.6% | 61.0M-67.7% | 189M+158.9% | 73.0M+484.2% | |
| 1.44B+85.9% | 772M-37.2% | 1.23B+18.6% | 1.04B+74.9% | 593M+122.9% | ||
| Income from continuing operations | 1.05B+94.5% | 541M-47.9% | 1.04B | — | — | |
| Discontinued operations | 383M+65.8% | 231M+20.3% | 192M | — | — | |
| Net income to non-controlling interest | 334M-2.1% | 341M+25.4% | 272M+42.4% | 191M+247.3% | 55.0M+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-1.4% | 4.80B-2.3% | 4.91B-8.3% | 5.36B-12.7% | 6.14B+67.4% | ||
| Cash & equivalents | 328M-5.7% | 348M-22.7% | 450M+12.2% | 401M-10.7% | 449M+1940.9% | |
| Accounts receivable | 3.60B-2.2% | 3.68B-2.2% | 3.76B-3.8% | 3.91B-17.0% | 4.71B+84.3% | |
| Inventory | 211M-19.2% | 261M-52.4% | 548M-24.8% | 729M-6.9% | 783M+21.0% | |
| Other current assets | 117M+18.2% | 99.0M-36.1% | 155M-51.3% | 318M+59.0% | 200M-50.6% | |
| 30.2B+13.6% | 26.6B-2.9% | 27.4B-1.9% | 27.9B-2.5% | 28.6B+16.8% | ||
| Operating lease right-of-use | 198M+4.8% | 189M-39.6% | 313M-10.3% | 349M-11.2% | 393M+4.0% | |
| Intangible assets | 1.75B+4.6% | 1.68B-10.6% | 1.88B-12.6% | 2.15B+9.4% | 1.96B+143.5% | |
| Other non-current assets | 107M-24.6% | 142M-65.5% | 411M-11.4% | 464M+84.9% | 251M+54.9% | |
| 4.93B-0.4% | 4.95B-1.1% | 5.00B-15.1% | 5.89B-5.5% | 6.23B+46.5% | ||
| Accounts payable | 3.46B-5.2% | 3.65B-5.1% | 3.84B-4.9% | 4.04B-15.9% | 4.81B+97.4% | |
| Short-term & current debt | 563M+38.3% | 407M-8.7% | 446M-61.5% | 1.16B+41.0% | 822M-1.1% | |
| Current lease liability | 27.0M-10.0% | 30.0M-56.5% | 69.0M-2.8% | 71.0M-7.8% | 77.0M-1.3% | |
| Other current liabilities | 529M-3.1% | 546M-23.4% | 713M+3.6% | 688M+14.7% | 600M-39.1% | |
| Finance lease liability (current) | 9.00M-35.7% | 14.0M+7.7% | 13.0M+30.0% | 10.0M-16.7% | 12.0M+9.1% | |
| Long-term debt | 10.7B+48.3% | 7.21B-1.3% | 7.30B+0.2% | 7.29B-13.2% | 8.40B-10.5% | |
| Non-current lease liability | 202M+5.2% | 192M-29.9% | 274M-11.0% | 308M-9.1% | 339M+6.9% | |
| Operating lease liability (total) | 229M+3.2% | 222M-35.3% | 343M-9.5% | 379M-8.9% | 416M+5.3% | |
| Finance lease liability (total) | 72.0M-14.3% | 84.0M+10.5% | 76.0M+26.7% | 60.0M-15.5% | 71.0M-12.3% | |
| Finance lease liability | 63.0M-10.0% | 70.0M+11.1% | 63.0M+26.0% | 50.0M-15.3% | 59.0M-15.7% | |
| Other non-current liabilities | 654M+21.8% | 537M-48.4% | 1.04B-3.7% | 1.08B+30.2% | 830M+2.9% | |
| Total non-current liabilities | 12.2B+42.8% | 8.52B-1.2% | 8.62B-0.6% | 8.68B-9.3% | 9.57B-8.9% | |
| Total liabilities & equity | 30.2B+13.6% | 26.6B-2.9% | 27.4B-1.9% | 27.9B-2.5% | 28.6B+16.8% | |
| Shares outstanding (cover) | 706M+0.2% | 704M+0.4% | 701M+0.4% | 698M-0.9% | 705M-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+17.9% | 2.49B-8.7% | 2.73B+13.2% | 2.41B+20.6% | 2.00B+31.8% | ||
| Depreciation & amortization | 953M+5.8% | 901M-0.9% | 909M-5.8% | 965M+24.7% | 774M+18.5% | |
| Intangible amortization | 280M+6.9% | 262M-10.0% | 291M+14.6% | 254M+108.2% | 122M+35.6% | |
| Deferred income taxes | 14.0M+180.0% | 5.00M+155.6% | -9.00M-108.6% | 105M+356.5% | 23.0M+132.9% | |
| Change in inventory | -96.0M+20.0% | -120M-17.6% | -102M-1120.0% | 10.0M-44.4% | 18.0M-94.1% | |
| -3.77B-150.6% | -1.50B-114.2% | -702M-33.5% | -526M-236.3% | 386M+135.3% | ||
| Capital expenditure | 643M+43.5% | 448M+9.8% | 408M-10.3% | 455M+35.4% | 336M-54.5% | |
| Free cash flow | 2.29B+12.3% | 2.04B-11.9% | 2.32B+18.7% | 1.95B+17.7% | 1.66B+113.9% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other investing activities | 0.00+100.0% | -5.00M+37.5% | -8.00M+81.8% | -44.0M-4300.0% | -1.00M-150.0% | |
| 799M+174.2% | -1.08B+45.5% | -1.98B-2.3% | -1.93B+2.7% | -1.98B-356.1% | ||
| Long-term debt issued | 3.00B+361.2% | 650M | 0.00 | 0.00 | 0.00-100.0% | |
| 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 | 0.00-100.0% | 74.0M-58.4% | 178M+256.0% | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other financing activities | -84.0M-58.5% | -53.0M+43.0% | -93.0M-75.5% | -53.0M+68.1% | -166M-525.6% | |
| FX effect on cash | 14.0M+207.7% | -13.0M-533.3% | 3.00M+200.0% | -3.00M+40.0% | -5.00M+37.5% | |
| Net change in cash | -20.0M+80.4% | -102M-308.2% | 49.0M+194.2% | -52.0M-113.2% | 393M+1886.4% | |
| Interest paid | 516M+35.4% | 381M+1.1% | 377M-4.1% | 393M-2.0% | 401M-6.3% | |
| Income taxes paid | 98.0M-63.6% | 269M+289.9% | 69.0M-38.4% | 112M+47.4% | 76.0M-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+5.4% | 12.0B+13.2% | 10.6B+29.3% | 8.21B+24.7% | 6.59B+10.7% | |
| P/E | 8.8×-43.3% | 15.6×+73.2% | 9.0×+34.0% | 6.7×-39.6% | 11.1× | |
| P/S | 0.3×+16.4% | 0.2×+13.4% | 0.2×+51.5% | 0.1×-8.5% | 0.2×-38.7% | |
| P/FCF | 5.5×-6.1% | 5.9×-16.7% | 7.1×+99.4% | 3.5×-10.7% | 4.0×-48.3% | |
| Earnings yield | 11.3%+76.3% | 6.4%-42.2% | 11.1%-25.4% | 14.9%+65.5% | 9.0% | |
| FCF yield | 18.1%+6.5% | 17.0%+20.0% | 14.2%-49.9% | 28.2%+12.0% | 25.2%+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.