Plains All American Pipeline, L.P. (PAA)

PAA Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	44,262	50,073	48,712	57,342	42,078
Revenue Growth (YoY)	-11.61%	2.79%	-15.05%	36.27%	80.67%
Cost of Revenue	41,587	46,983	45,946	54,491	39,569
Gross Profit	2,675	3,090	2,766	2,851	2,509
Selling, General & Admin	342	381	350	325	275
Operating Expenses	1,295	1,407	1,398	1,290	1,049
Operating Income	1,380	1,683	1,368	1,561	1,460
Interest Expense	-554	-430	-386	-405	-425
Interest & Investment Income	-	70	27	-	-
Earnings From Equity Investments	382	452	369	403	274
Currency Exchange Gain (Loss)	-	-10	15	-	-
Other Non Operating Income (Expenses)	108	5	60	-219	19
EBT Excluding Unusual Items	1,316	1,770	1,453	1,340	1,328
Merger & Restructuring Charges	-	-	-	-	-17
Gain (Loss) on Sale of Investments	31	15	28	346	2
Gain (Loss) on Sale of Assets	54	-	140	61	106
Asset Writedown	-	-160	12	-330	-698
Legal Settlements	-	-345	-10	-	-
Pretax Income	1,401	1,280	1,623	1,417	721
Income Tax Expense	15	167	121	189	73
Earnings From Continuing Operations	1,386	1,113	1,502	1,228	648
Earnings From Discontinued Operations	383	-	-	-	-
Net Income to Company	1,769	1,113	1,502	1,228	648
Minority Interest in Earnings	-334	-341	-272	-191	-55
Net Income	1,435	772	1,230	1,037	593
Preferred Dividends & Other Adjustments	266	258	254	206	200
Net Income to Common	1,169	514	976	831	393
Net Income Growth	85.88%	-37.24%	18.61%	74.87%	-
Shares Outstanding (Basic)	704	702	699	701	716
Shares Outstanding (Diluted)	704	702	699	701	716
Shares Change (YoY)	0.29%	0.43%	-0.29%	-2.10%	-1.65%
EPS (Basic)	1.66	0.73	1.40	1.19	0.55
EPS (Diluted)	1.66	0.73	1.40	1.19	0.55
EPS Growth	126.79%	-47.56%	17.79%	115.98%	-
Free Cash Flow	2,936	1,871	2,168	1,953	1,660
Free Cash Flow Per Share	4.17	2.67	3.10	2.79	2.32
Dividend Per Share	1.558	1.333	1.120	0.920	0.720
Dividend Growth	16.89%	18.97%	21.74%	27.78%	-
Gross Margin	6.04%	6.17%	5.68%	4.97%	5.96%
Operating Margin	3.12%	3.36%	2.81%	2.72%	3.47%
Profit Margin	2.64%	1.03%	2.00%	1.45%	0.93%
Free Cash Flow Margin	6.63%	3.74%	4.45%	3.41%	3.94%
EBITDA	2,333	2,709	2,416	2,526	2,234
EBITDA Margin	5.27%	5.41%	4.96%	4.41%	5.31%
D&A For EBITDA	953	1,026	1,048	965	774
EBIT	1,380	1,683	1,368	1,561	1,460
EBIT Margin	3.12%	3.36%	2.81%	2.72%	3.47%
Effective Tax Rate	1.07%	13.05%	7.46%	13.34%	10.13%
Revenue as Reported	-	50,073	48,712	57,342	42,078

Updated Feb 6, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q