Plains All American Pipeline, L.P. (PAA) Income Statement
PAA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPAA revenue and net income
Where PAA's revenue goes
2025Each bar shows an amount and its share of revenue. PAA kept 3.2% of revenue as net income.
PAA profit margins
PAA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −11.6% | −8.3% | +13.7% | +6.7% |
| Gross profit | +55.6% | +12.4% | +18.8% | +5.7% |
| Operating income | +21.7% | +3.5% | — | +1.3% |
| Net income | +85.9% | +11.4% | — | +4.7% |
| EPS (diluted) | +2.0% | +6.6% | −0.1% | +0.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PAA quarterly EPS vs estimates
Plains All American Pipeline beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 6, 2026 (estimate $0.40).
PAA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.26B | $50.07B | $48.71B | $57.34B | $42.08B | $23.29B | $33.67B | $34.05B | $26.22B | $20.18B |
| Cost of revenue | $41.59B | $48.35B | $45.96B | $55.46B | $40.34B | $22.16B | $31.36B | $31.58B | $24.79B | $18.91B |
| Gross profit | $2.67B | $1.72B | $2.76B | $1.89B | $1.74B | $1.13B | $2.31B | $2.48B | $1.43B | $1.27B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $342.0M | $381.0M | $350.0M | $325.0M | $292.0M | $271.0M | $297.0M | $316.0M | $276.0M | $279.0M |
| Total operating expenses | $1.24B | $541.0M | $1.25B | $594.0M | $884.0M | $3.50B | $325.0M | $316.0M | $276.0M | $279.0M |
| Operating income | $1.43B | $1.18B | $1.51B | $1.29B | $851.0M | −$2.38B | $1.99B | $2.28B | $1.15B | $994.0M |
| Interest income | $108.0M | $70.0M | $27.0M | — | — | — | $234.0M | $56.0M | $220.0M | $272.0M |
| Interest expense | $554.0M | $430.0M | $386.0M | $405.0M | $425.0M | $436.0M | $425.0M | $431.0M | $510.0M | $467.0M |
| Income before taxes | $1.40B | $1.28B | $1.62B | $1.42B | $721.0M | −$2.60B | $2.25B | $2.41B | $902.0M | $755.0M |
| Income taxes | $15.0M | $167.0M | $121.0M | $189.0M | $73.0M | −$19.0M | $66.0M | $198.0M | $44.0M | $25.0M |
| Net income | $1.44B | $772.0M | $1.23B | $1.04B | $593.0M | −$2.59B | $2.17B | $2.22B | $856.0M | $726.0M |
| EBITDA | $2.91B | $2.74B | $3.06B | $2.79B | $1.92B | −$1.51B | $3.27B | $2.69B | $2.01B | $1.70B |
| EPS (diluted) | $1.54 | $1.51 | $1.43 | $1.27 | $0.95 | $1.55 | $2.51 | $1.97 | $0.95 | $1.09 |
| Gross margin | 6.0% | 3.4% | 5.7% | 3.3% | 4.1% | 4.9% | 6.9% | 7.3% | 5.4% | 6.3% |
| Operating margin | 3.2% | 2.4% | 3.1% | 2.3% | 2.0% | −10.2% | 5.9% | 6.7% | 4.4% | 4.9% |
| Net margin | 3.2% | 1.5% | 2.5% | 1.8% | 1.4% | −11.1% | 6.4% | 6.5% | 3.3% | 3.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.69B | $12.38B | $10.56B | $11.58B | $10.64B | $12.01B | $12.40B | $12.74B | $12.76B | $11.99B | $12.70B | $12.07B |
| Cost of revenue | $16.88B | $12.04B | $9.85B | $11.10B | $10.28B | $11.39B | $12.06B | $483.0M | $12.34B | $11.53B | $12.19B | $11.74B |
| Gross profit | $809.0M | $346.0M | $712.0M | $475.0M | $363.0M | $620.0M | $341.0M | $12.26B | $413.0M | $466.0M | $504.0M | $333.0M |
| Sales, general & admin | $110.0M | $81.0M | $98.0M | $83.0M | $82.0M | $100.0M | $94.0M | $98.0M | $79.0M | $96.0M | $87.0M | $92.0M |
| Total operating expenses | $411.0M | $81.0M | $358.0M | −$9.0M | $124.0M | $87.0M | $253.0M | $11.91B | $81.0M | $96.0M | $79.0M | $99.0M |
| Operating income | $398.0M | $265.0M | $354.0M | $484.0M | $239.0M | $533.0M | $88.0M | $347.0M | $332.0M | $370.0M | $425.0M | $234.0M |
| Interest income | $18.0M | $23.0M | $43.0M | $23.0M | $23.0M | $25.0M | $23.0M | $23.0M | $19.0M | $5.0M | — | $10.0M |
| Interest expense | $153.0M | $167.0M | $159.0M | $135.0M | $133.0M | $127.0M | $112.0M | $113.0M | $111.0M | $95.0M | $96.0M | $97.0M |
| Income before taxes | $376.0M | $335.0M | $323.0M | $459.0M | $231.0M | $566.0M | $165.0M | $357.0M | $350.0M | $365.0M | $438.0M | $265.0M |
| Income taxes | $100.0M | $1.0M | −$2.0M | $6.0M | $4.0M | $50.0M | $45.0M | $45.0M | $52.0M | $14.0M | $39.0M | −$14.0M |
| Net income | $1.83B | $152.0M | $342.0M | $441.0M | $210.0M | $443.0M | $36.0M | $220.0M | $250.0M | $266.0M | $312.0M | $203.0M |
| EBITDA | $772.0M | $745.0M | $739.0M | $824.0M | $568.0M | $955.0M | $534.0M | $728.0M | $656.0M | $714.0M | $806.0M | $623.0M |
| EPS (diluted) | $0.41 | $0.39 | $0.40 | $0.39 | $0.36 | $0.39 | $0.42 | $0.37 | $0.31 | $0.41 | $0.42 | $0.35 |
| Gross margin | 4.6% | 2.8% | 6.7% | 4.1% | 3.4% | 5.2% | 2.7% | 96.2% | 3.2% | 3.9% | 4.0% | 2.8% |
| Operating margin | 2.2% | 2.1% | 3.4% | 4.2% | 2.2% | 4.4% | 0.7% | 2.7% | 2.6% | 3.1% | 3.3% | 1.9% |
| Net margin | 10.3% | 1.2% | 3.2% | 3.8% | 2.0% | 3.7% | 0.3% | 1.7% | 2.0% | 2.2% | 2.5% | 1.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PAA's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PAA financial results
In fiscal year 2025 (ended December 31, 2025), Plains All American Pipeline reported revenue of $44.3 billion, down 11.6% from the year before. It had net income of $1.4 billion (up 85.9%), a net profit margin of 3.2%. Diluted earnings per share came to $1.54. Over five years revenue grew at an average rate of 13.7% a year.
See the PAA stock overview for the latest quote and news, or the PAA chart for price history and technical indicators.
PAA income statement FAQ
What is Plains All American Pipeline's annual revenue?
Plains All American Pipeline reported total revenue of $44.3 billion for fiscal year 2025, which ended on December 31, 2025. That was down 11.6% from $50.1 billion the previous year.
Is Plains All American Pipeline profitable?
Yes. Plains All American Pipeline reported net income of $1.4 billion in fiscal 2025, a net profit margin of 3.2%; its operating margin was 3.2%.
What is Plains All American Pipeline's gross margin?
Plains All American Pipeline's gross margin was 6.0% in fiscal 2025: for every $100 of revenue, Plains All American Pipeline kept $6 after the direct cost of its products and services.
How fast is Plains All American Pipeline growing?
Revenue grew 13.7% a year on average over the last five fiscal years, from $23.3 billion to $44.3 billion.
What are Plains All American Pipeline's earnings per share?
Plains All American Pipeline earned $1.54 per diluted share in fiscal 2025, compared with $1.51 a year earlier.
When will Plains All American Pipeline report its next earnings?
Plains All American Pipeline is expected to report results for the quarter ending September 30, 2026 on November 6, 2026 before the market opens.
When does Plains All American Pipeline's fiscal year end?
Plains All American Pipeline's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.