Plains All American Pipeline, L.P. (PAA) Balance Sheet
PAA balance sheet, 2025
December 31, 2025 · U.S. dollars$30.17B assets = $17.09B liabilities + $13.08B equity
Both columns are drawn to the same scale: what PAA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PAA financial health
Descriptive bands, not a rating. Fiscal 2025.
PAA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $24.21B2016 | $30.17B2025 | +2.5%/yr | |
| Total liabilities | $15.39B2016 | $17.09B2025 | +1.2%/yr | |
| Shareholders’ equity | $8.82B2016 | $9.84B2025 | +1.2%/yr | |
| Cash & short-term investments | $47.0M2016 | $4.73B2025 | +66.9%/yr | |
| Total debt | $11.84B2016 | $11.30B2025 | −0.5%/yr | |
| Net cash (debt) | −$11.79B2016 | −$6.57B2025 | +$5.2B | |
| Working capital | −$392.0M2016 | −$198.0M2025 | +$194.0M | |
| Book value per share | $18.922016 | $13.972025 | −3.3%/yr | |
| Current ratio | 0.922016 | 0.962025 | +0.04 | |
| Debt / equity | 1.342016 | 1.152025 | −0.19 | |
| Shares outstanding | 466.0M2016 | 704.0M2025 | +4.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PAA assets
PAA liabilities and equity
PAA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PAA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $4.73B | $348.0M | $450.0M | $401.0M | $449.0M | $22.0M | $45.0M | $66.0M | $37.0M | $47.0M |
| Cash & equivalents | $4.73B | $348.0M | $450.0M | $401.0M | $449.0M | $22.0M | $45.0M | $66.0M | $37.0M | $47.0M |
| Short-term investments | — | — | $51.0M | $75.0M | $3.81B | $3.76B | — | — | $0 | $0 |
| Receivables | $3.93B | $3.90B | $3.76B | $3.91B | $4.71B | $2.55B | $3.61B | $2.45B | $3.03B | $2.28B |
| Inventory | $211.0M | $439.0M | $548.0M | $729.0M | $783.0M | $647.0M | $604.0M | $640.0M | $713.0M | $1.34B |
| Other current assets | $0 | $114.0M | $155.0M | $318.0M | $200.0M | $443.0M | $349.0M | $373.0M | $221.0M | $603.0M |
| Total current assets | $4.73B | $4.80B | $4.91B | $5.36B | $6.14B | $3.67B | $4.61B | $3.53B | $4.00B | $4.27B |
| Property, plant & equipment (net) | $17.06B | $15.76B | $16.09B | $15.60B | $15.30B | $14.99B | $15.82B | $14.79B | $14.09B | $13.87B |
| Goodwill & intangible assets | $1.75B | $1.68B | $1.88B | $2.15B | $1.96B | $805.0M | $3.25B | $3.29B | $3.41B | $2.59B |
| Long-term investments | $2.85B | $2.81B | $2.82B | $3.08B | $3.81B | $3.76B | $3.68B | $2.70B | $2.76B | $2.34B |
| Other non-current assets | $3.78B | $1.52B | $1.65B | $1.71B | $1.41B | $1.27B | $1.31B | $1.20B | $1.10B | $1.14B |
| Total assets | $30.17B | $26.56B | $27.36B | $27.89B | $28.61B | $24.50B | $28.68B | $25.51B | $25.35B | $24.21B |
| Liabilities | ||||||||||
| Accounts payable | $4.37B | $3.88B | $3.84B | $4.04B | $4.81B | $2.44B | $3.69B | $2.70B | $3.46B | $2.59B |
| Short-term debt | $202.0M | $408.0M | $446.0M | $1.16B | $899.0M | $909.0M | $504.0M | $66.0M | $737.0M | $1.72B |
| Deferred revenue | — | — | −$79.0M | — | — | $361.0M | — | — | — | — |
| Total current liabilities | $4.93B | $4.95B | $5.00B | $5.89B | $6.23B | $4.25B | $5.02B | $3.46B | $4.53B | $4.66B |
| Long-term debt | $10.70B | $7.21B | $7.30B | $7.29B | $8.40B | $9.38B | $9.19B | $9.14B | $9.18B | $10.12B |
| Lease obligations | $202.0M | $313.0M | $274.0M | $308.0M | $339.0M | $317.0M | $387.0M | — | — | — |
| Other long-term liabilities | $1.46B | $1.30B | $1.31B | $1.39B | $1.17B | $1.12B | $1.28B | $910.0M | $679.0M | $606.0M |
| Total liabilities | $17.09B | $13.47B | $13.62B | $14.57B | $15.80B | $14.76B | $15.48B | $13.51B | $14.39B | $15.39B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $7.80B | $7.51B | $8.13B | $7.76B | $7.68B | $7.30B | $10.77B | $9.71B | $8.66B | $7.25B |
| Retained earnings (deficit) | — | — | — | $1.63B | $593.0M | — | — | −$15.08B | −$10.96B | −$8.76B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | — | — | — | — | −$3.59B | −$3.08B | −$2.77B | −$2.35B |
| Minority interest | $3.24B | $3.28B | $3.31B | $3.27B | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $9.84B | $9.81B | $10.42B | $13.32B | $12.81B | $9.74B | $13.20B | $12.00B | $10.96B | $8.82B |
| Key figures | ||||||||||
| Total debt | $11.30B | $7.93B | $8.03B | $8.45B | $9.30B | $10.29B | $9.69B | $9.21B | $9.92B | $11.84B |
| Net cash (debt) | −$6.57B | −$7.59B | −$7.58B | −$8.04B | −$8.85B | −$10.27B | −$9.65B | −$9.14B | −$9.88B | −$11.79B |
| Working capital | −$198.0M | −$148.0M | −$90.0M | −$536.0M | −$95.0M | −$588.0M | −$405.0M | $77.0M | −$531.0M | −$392.0M |
| Tangible book value | $8.08B | $8.14B | $8.55B | $11.18B | $10.85B | $8.93B | $9.95B | $8.71B | $7.55B | $6.23B |
| Book value per share | $13.97 | $13.98 | $14.91 | $19.01 | $17.89 | $13.38 | $16.49 | $15.02 | $15.26 | $18.92 |
| Shares outstanding | 704.0M | 702.0M | 699.0M | 701.0M | 716.0M | 728.0M | 800.0M | 799.0M | 718.0M | 466.0M |
| Current ratio | 0.96 | 0.97 | 0.98 | 0.91 | 0.98 | 0.86 | 0.92 | 1.02 | 0.88 | 0.92 |
| Quick ratio | 1.76 | 0.86 | 0.84 | 0.73 | 0.83 | 0.61 | 0.73 | 0.73 | 0.68 | 0.50 |
| Debt / equity | 1.15 | 0.81 | 0.77 | 0.63 | 0.73 | 1.06 | 0.73 | 0.77 | 0.91 | 1.34 |
| Equity / assets | 32.6% | 36.9% | 38.1% | 47.8% | 44.8% | 39.8% | 46.0% | 47.0% | 43.2% | 36.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.06B | $171.0M | $4.73B | $1.18B | $459.0M | $427.0M | $4.80B | $640.0M | $553.0M | $331.0M | $450.0M | $260.0M |
| Cash & equivalents | $1.06B | $171.0M | $4.73B | $1.18B | $459.0M | $427.0M | $4.80B | $640.0M | $553.0M | $331.0M | $450.0M | $260.0M |
| Short-term investments | — | — | — | — | — | — | −$27.0M | — | — | $55.0M | $51.0M | $57.0M |
| Receivables | $5.27B | $4.82B | $3.93B | $3.62B | $3.56B | $3.82B | $3.90B | $3.95B | $4.21B | $4.04B | $3.76B | $4.25B |
| Inventory | $84.0M | $380.0M | $211.0M | $184.0M | $151.0M | $335.0M | $280.0M | $436.0M | $502.0M | $453.0M | $548.0M | $617.0M |
| Other current assets | $127.0M | $792.0M | $0 | $596.0M | $516.0M | $153.0M | $0 | $141.0M | $124.0M | $177.0M | $155.0M | $201.0M |
| Total current assets | $6.54B | $6.16B | $4.73B | $5.58B | $4.69B | $4.74B | $5.08B | $5.17B | $5.39B | $5.00B | $4.91B | $5.33B |
| Property, plant & equipment (net) | $16.95B | $17.07B | $17.06B | $14.33B | $14.36B | $16.38B | $15.76B | $15.95B | $15.93B | $15.97B | $16.09B | $15.90B |
| Goodwill & intangible assets | $1.61B | $1.69B | $1.75B | $1.57B | $1.64B | $1.68B | $1.68B | $1.67B | $1.74B | $1.81B | $1.88B | $1.97B |
| Long-term investments | $2.82B | $2.84B | $2.85B | $2.87B | $2.71B | $2.75B | $2.81B | $2.85B | $2.86B | $2.88B | $2.82B | $2.83B |
| Other non-current assets | $1.30B | $3.88B | $3.78B | $3.75B | $3.76B | $1.52B | $1.24B | $1.52B | $1.53B | $1.70B | $1.65B | $1.70B |
| Total assets | $29.22B | $31.64B | $30.17B | $28.10B | $27.16B | $27.06B | $26.56B | $27.16B | $27.45B | $27.36B | $27.36B | $27.73B |
| Liabilities | ||||||||||||
| Accounts payable | $4.94B | $4.93B | $4.37B | $3.58B | $3.36B | $3.73B | $3.88B | $3.67B | $4.01B | $3.99B | $3.84B | $4.14B |
| Short-term debt | $9.0M | $420.0M | $202.0M | $1.01B | $475.0M | $478.0M | $313.0M | $765.0M | $765.0M | $554.0M | $446.0M | $710.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$5.41B | −$4.54B | −$4.29B | −$4.86B |
| Total current liabilities | $5.86B | $6.54B | $4.93B | $5.37B | $4.68B | $4.69B | $4.95B | $5.14B | $5.41B | $5.14B | $5.00B | $5.61B |
| Long-term debt | $8.43B | $10.96B | $10.70B | $8.44B | $8.20B | $8.20B | $7.21B | $7.21B | $7.21B | $7.31B | $7.30B | $7.30B |
| Lease obligations | $194.0M | $202.0M | $202.0M | $188.0M | $190.0M | $301.0M | $313.0M | $269.0M | $279.0M | $261.0M | $274.0M | $280.0M |
| Other long-term liabilities | $636.0M | $1.32B | $1.46B | $1.31B | $1.32B | $1.30B | $1.30B | $1.27B | $1.26B | $1.26B | $1.31B | $1.28B |
| Total liabilities | $14.93B | $18.82B | $17.09B | $15.11B | $14.21B | $14.20B | $13.47B | $13.62B | $13.88B | $13.71B | $13.62B | $14.18B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $9.04B | $7.57B | $7.80B | $7.73B | $7.67B | $7.60B | $7.51B | $7.93B | $7.98B | $8.04B | $8.13B | $7.99B |
| Minority interest | $3.21B | $3.22B | $3.24B | $3.23B | $3.24B | — | — | — | — | — | — | — |
| Total shareholders' equity | $11.08B | $9.60B | $9.84B | $9.76B | $9.71B | $9.63B | $13.10B | $10.23B | $10.28B | $10.34B | $10.42B | $10.29B |
| Key figures | ||||||||||||
| Total debt | $8.63B | $11.58B | $11.30B | $9.64B | $8.87B | $8.98B | $313.0M | $8.25B | $8.26B | $8.12B | $8.03B | $8.29B |
| Net cash (debt) | −$7.58B | −$11.41B | −$6.57B | −$8.46B | −$8.41B | −$8.56B | $4.49B | −$7.61B | −$7.70B | −$7.79B | −$7.58B | −$8.03B |
| Working capital | $678.0M | −$380.0M | −$198.0M | $218.0M | $9.0M | $44.0M | $132.0M | $33.0M | −$19.0M | −$143.0M | −$90.0M | −$275.0M |
| Tangible book value | $9.47B | $7.92B | $8.08B | $8.19B | $8.07B | $7.96B | $11.42B | $8.56B | $8.54B | $8.53B | $8.55B | $8.32B |
| Book value per share | $15.69 | $13.60 | $13.93 | $13.87 | $13.81 | $13.68 | $18.60 | $14.58 | $14.66 | $14.75 | $14.87 | $14.69 |
| Shares outstanding | 706.0M | 706.0M | 706.0M | 704.0M | 703.0M | 704.0M | 704.0M | 702.0M | 701.0M | 701.0M | 701.0M | 700.0M |
| Current ratio | 1.12 | 0.94 | 0.96 | 1.04 | 1.00 | 1.01 | 1.03 | 1.01 | 1.00 | 0.97 | 0.98 | 0.95 |
| Quick ratio | 1.08 | 0.76 | 1.76 | 0.90 | 0.86 | 0.91 | 1.76 | 0.89 | 0.88 | 0.85 | 0.84 | 0.81 |
| Debt / equity | 0.78 | 1.21 | 1.15 | 0.99 | 0.91 | 0.93 | 0.02 | 0.81 | 0.80 | 0.79 | 0.77 | 0.81 |
| Equity / assets | 37.9% | 30.3% | 32.6% | 34.7% | 35.7% | 35.6% | 49.3% | 37.7% | 37.4% | 37.8% | 38.1% | 37.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
PAA financial position
At the end of fiscal 2025 (December 31, 2025), Plains All American Pipeline had total assets of $30.2 billion (up 13.6% from a year earlier), total liabilities of $17.1 billion and shareholders' equity of $9.8 billion. It held $4.7 billion in cash and short-term investments against $11.3 billion of debt, net debt of $6.6 billion. Its current ratio was 0.96. In the latest quarter (ended June 30, 2026) total assets were $29.2 billion and equity $11.1 billion.
Related: PAA income statement, PAA cash flow statement, PAA key metrics. See the PAA stock overview for the latest quote and news.
PAA balance sheet FAQ
What are Plains All American Pipeline's total assets?
Plains All American Pipeline reported total assets of $30.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $26.6 billion a year earlier.
How much debt does Plains All American Pipeline have?
Plains All American Pipeline had $11.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.15.
How much cash does Plains All American Pipeline have?
Plains All American Pipeline held $4.7 billion in cash and short-term investments at the end of fiscal 2025; with $11.3 billion of debt that is net debt of $6.6 billion.
What is Plains All American Pipeline's book value?
Plains All American Pipeline's shareholders' equity (book value) was $9.8 billion at the end of fiscal 2025, or $13.97 per share.
What is Plains All American Pipeline's current ratio?
Plains All American Pipeline had current assets of $4.7 billion and current liabilities of $4.9 billion, a current ratio of 0.96 (current liabilities exceed current assets).
How much goodwill does Plains All American Pipeline have?
Plains All American Pipeline carried $1.8 billion of goodwill and intangible assets, 5.8% of total assets, at the end of fiscal 2025.