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PAA

Plains All American Pipeline, L.P.

PAA

Plains All American Pipeline, L.P. • NASDAQ
$17.41 ▲ 0.40% (+0.07)
Market Cap $12.25 B
52w High $21.00
52w Low $15.58
Dividend Yield 1.52%
P/E 16.9
Volume 2.19M
Outstanding Shares 703.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.578B ▲ $-9M ▼ $441M ▲ 3.809% ▲ $0.55 ▲ $824M ▲
Q2-2025 $10.642B ▼ $124M ▲ $210M ▼ 1.973% ▼ $0.23 ▼ $568M ▼
Q1-2025 $12.011B ▼ $87M ▼ $443M ▲ 3.688% ▲ $0.49 ▲ $955M ▲
Q4-2024 $12.402B ▼ $253M ▼ $36M ▼ 0.29% ▼ $-0.037 ▼ $534M ▼
Q3-2024 $12.743B $11.913B $220M 1.726% $0.22 $728M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.18B ▲ $28.101B ▲ $15.112B ▲ $9.763B ▲
Q2-2025 $459M ▲ $27.155B ▲ $14.206B ▲ $9.706B ▲
Q1-2025 $427M ▲ $27.059B ▲ $14.199B ▲ $9.632B ▼
Q4-2024 $348M ▼ $26.562B ▼ $13.466B ▼ $9.813B ▼
Q3-2024 $640M $27.155B $13.623B $10.235B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $454M ▲ $817M ▲ $-408M ▼ $318M ▲ $721M ▲ $632M ▲
Q2-2025 $91M ▼ $694M ▲ $-274M ▲ $-408M ▼ $32M ▼ $575M ▲
Q1-2025 $516M ▲ $639M ▼ $-1.149B ▼ $590M ▲ $79M ▲ $448M ▼
Q4-2024 $120M ▼ $727M ▲ $-264M ▲ $-747M ▼ $-292M ▼ $561M ▲
Q3-2024 $220M $691M $-822M $215M $87M $534M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $24.43Bn ▲$11.54Bn ▼$10.20Bn ▼$11.15Bn ▲
Service
Service
 $910.00M ▲$470.00M ▼$450.00M ▼$430.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Plains All American has clearly moved past its difficult 2020 and has delivered several consecutive years of solid profitability. Revenue has stayed high, reflecting strong volumes and a sizable asset base, but recent results show that margins have come under pressure. After a couple of very strong years, 2024 shows lower profit per dollar of revenue than 2023, suggesting tougher market conditions, less favorable spreads, or higher costs. Overall, the business looks firmly back in the black, but earnings are not on a straight upward path and remain sensitive to industry cycles and contract mix.

Balance Sheet

Balance Sheet The balance sheet looks much healthier than a few years ago. Total assets have stayed broadly stable, while debt has been worked down steadily, easing financial risk and interest burden. Equity has inched up over time, indicating that value has been rebuilt after the 2020 downturn, even if 2024 shows a small step back from the prior year. Cash on hand is still a small share of total assets, which is typical for this type of business but means ongoing reliance on cash flow and credit access. Overall leverage has clearly improved, giving the company more flexibility to handle volatility or fund selective growth.

Cash Flow

Cash Flow Cash generation has been a relative bright spot. Operating cash flow has strengthened meaningfully since 2020 and remains solid, even with a modest dip in 2024 versus the prior year. Capital spending has been disciplined and generally modest relative to cash inflows, allowing free cash flow to expand over time. That surplus cash has supported debt reduction and provides room for distributions and reinvestment. The key point is that the underlying infrastructure assets are throwing off steady cash, and the company appears to be managing investment levels carefully to preserve that strength.

Competitive Edge

Competitive Edge Plains All American’s main advantage is the scale and location of its pipeline and storage network, especially its deep presence in the Permian Basin and connectivity to major Gulf Coast markets. This footprint would be extremely expensive and time‑consuming for a rival to replicate. The company’s integrated model—gathering, transportation, storage, and terminalling—allows it to offer end‑to‑end solutions and benefit from long‑term, largely fee‑based contracts that cushion some commodity price swings. At the same time, it still faces competition from other large midstream operators, ongoing regulatory scrutiny, and dependence on continued drilling and production in key basins. Its recent focus on concentrating around core crude oil assets and pruning non‑core businesses suggests a push to sharpen that competitive edge.

Innovation and R&D

Innovation and R&D Plains All American is not a classic R&D‑driven company, but it does lean heavily on technology to run its network safely and efficiently. It uses advanced control systems and data analytics platforms to monitor pipelines in real time, detect leaks or pressure issues early, and manage alarms and safety risks more intelligently. The company’s innovation is mainly about better execution—automation, data‑driven decision making, and safety tools—rather than new proprietary inventions. It has also begun to formalize its sustainability efforts and is exploring early‑stage opportunities in areas like battery and hydrogen storage, which could become more important over time if the energy mix continues to shift. Execution and follow‑through on these technology and ESG initiatives will be important to watch.

Summary

Overall, Plains All American looks like a midstream operator that has repaired the damage from the 2020 downturn and is now operating from a position of greater financial strength. Profitability and cash flow have recovered well, and leverage has been pulled down to more comfortable levels, supported by a large, strategically located asset base. The business still shows some earnings volatility as market conditions and margins swing, as seen in the softer profit picture in 2024 versus the prior two years. Its competitive moat is rooted in location, scale, and integration rather than in unique technology, with innovation focused on making the existing system safer, more reliable, and more efficient. Key things to monitor going forward include margin trends, the integration and performance of newly acquired assets, ongoing debt discipline, and how effectively the company adapts to longer‑term changes in the energy landscape, including regulation and decarbonization pressures.

NEWS

November 10, 2025 · 4:46 PM UTC

Plains All American Announces Pricing of Public Offering of $750 Million of Senior Notes

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November 5, 2025 · 7:30 AM UTC

Plains All American Reports Third-Quarter 2025 Results and Announces Closing of Acquisitions Totaling 100% Equity Interest in EPIC

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October 2, 2025 · 4:15 PM UTC

Plains All American Pipeline and Plains GP Holdings Announce Quarterly Distributions and Timing of Third Quarter 2025 Earnings

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September 3, 2025 · 6:53 PM UTC

Plains All American Announces Pricing of Public Offering of $1.25 Billion of Senior Notes

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September 2, 2025 · 8:00 AM UTC

Plains to Acquire 55% Interest in EPIC Crude Holdings, LP

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