PAA

MKT CAP:$15B

Plains All American Pipeline, L.P.

Market Cap

$15B

Energy·Oil & Gas Midstream·🇺🇸 United States·NASDAQ

Energy·Oil & Gas Midstream·🇺🇸·NASDAQ

Stock Price

$21.47+$3.26 (+17.90%)

Apr 23, 2026

Company Details

Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates in t...

CEO

Wilfred Chiang

IPO Date

Nov 18, 1998

Website

www.plainsallamerican.com

Key Metrics TTM

Revenue

$49.8B

+78.0% YoY

Net Income

$952M

EPS (Diluted)

$1.01

Free Cash Flow

$935M

Revenue / Share

$70.88

Gross Margin

27.3%

Operating Margin

1.8%

Net Margin

1.9%

FCF Margin

1.9%

P/S

0.3x

P/E

15.9x

Earnings Reports

Q4 2024

May 8, 2026

PENDING

Q3 2024

Nov 8, 2024

$12.7B+5.6%EPS $0.22

Q1 2024

May 9, 2024

$12.0BEPS $0.29

Q3 2023

Nov 7, 2023

$12.1BEPS $0.20

Q4 2022

Feb 28, 2023

$13.0BEPS $0.30

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 16	$4.1B	$349M	$282M
Q2 16	$5.0B	$219M	$146M
Q3 16	$5.2B	$419M	$349M
Q4 17	$7.6B	$327M	$261M
Q2 18	$8.1B	$168M	$88M
Q1 20	$8.3B	$598M	-$2.8B
Q2 20	$3.2B	$447M	$210M
Q1 21	$8.4B	$772M	$526M
Q4 22	$13.0B	$528M	-$38M
Q3 23	$12.1B	$333M	$234M
Q1 24	$12.0B	$466M	$370M
Q3 24	$12.7B	$12.3B	$347M

Valuation

Quarter	P/S	P/E
Q1 16	—	—
Q2 16	—	—
Q3 16	—	—
Q4 17	0.7x	19.2x
Q2 18	0.6x	22.0x
Q1 20	0.5x	—
Q2 20	0.6x	—
Q1 21	0.5x	—
Q4 22	0.5x	—
Q3 23	0.4x	14.7x
Q1 24	0.3x	13.1x
Q3 24	0.3x	15.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 16	$635M	$263M
Q2 16	-$248M	-$575M
Q3 16	$255M	-$76M
Q4 17	$581M	$335M
Q2 18	$494M	$36M
Q1 20	$890M	$645M
Q2 20	$84M	-$143M
Q1 21	$791M	$694M
Q4 22	$334M	$191M
Q3 23	$85M	-$52M
Q1 24	$419M	$262M
Q3 24	$691M	$534M

Capital Expenditures

Quarter	CapEx
Q1 16	$372M
Q2 16	$327M
Q3 16	$331M
Q4 17	$246M
Q2 18	$458M
Q1 20	$245M
Q2 20	$227M
Q1 21	$97M
Q4 22	$143M
Q3 23	$137M
Q1 24	$157M
Q3 24	$157M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 18	+96.5%	+108.7%
Q1 20	+67.1%	+129.9%
Q2 20	-37.6%	-37.5%
Q1 21	+10.2%	+7.0%
Q4 22	+60.3%	+62.5%
Q3 23	+46.0%	+7.2%
Q1 24	+271.9%	+285.6%
Q3 24	+52.0%	+57.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 16	$4M	0.1%
Q2 16	$22M	0.4%
Q3 16	$14M	0.3%
Q4 17	$8M	0.1%
Q2 18	$19M	0.2%
Q1 20	-$4M	-0.0%
Q2 20	$0	0.0%
Q1 21	$0	0.0%
Q4 22	$16M	0.1%
Q3 23	$10M	0.1%
Q1 24	$9M	0.1%
Q3 24	$9M	0.1%

OpEx Breakdown

Quarter	G&A
Q1 16	$67M
Q2 16	$73M
Q3 16	$70M
Q4 17	$66M
Q2 18	$80M
Q1 20	$69M
Q2 20	$72M
Q1 21	$67M
Q4 22	$82M
Q3 23	$92M
Q1 24	$96M
Q3 24	$98M

Revenue Segments

Quarter	Segment Facilities	Segment Supply And Logistics	Segment Transportation	Product	Service
Q1 16	$138M	$3.8B	$154M	—	—
Q2 16	$132M	$4.6B	$170M	—	—
Q3 16	$135M	$4.9B	$159M	—	—
Q4 17	$145M	$7.3B	$264M	—	—
Q4 22	—	—	—	$12.6B	$394M
Q3 23	—	—	—	$11.6B	$490M
Q1 24	—	—	—	$11.5B	$449M
Q3 24	—	—	—	$12.3B	$461M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$114M	$0	$114M
Q2 22	$267M	$0	$267M
Q3 22	$623M	$0	$623M
Q4 22	$401M	$0	$401M
Q1 23	$526M	$0	$526M
Q2 23	$933M	$0	$933M
Q3 23	$260M	$0	$260M
Q4 23	$450M	$0	$450M
Q1 24	$331M	$0	$331M
Q2 24	$553M	$0	$553M
Q3 24	$640M	$0	$640M
Q4 24	$348M	$0	$348M
Q1 25	$427M	$0	$427M
Q2 25	$459M	$0	$459M
Q3 25	$1.2B	$0	$1.2B
Q4 25	$4.7B	$0	$4.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 16	399M	—	—
Q2 16	398M	-0.3%	—
Q3 16	402M	+1.0%	—
Q4 17	726M	+80.6%	—
Q2 18	727M	+0.1%	+82.2%
Q1 20	728M	+0.1%	+82.9%
Q2 20	728M	0.0%	+81.1%
Q1 21	722M	-0.8%	-0.6%
Q4 22	698M	-3.3%	-4.0%
Q3 23	700M	+0.3%	-3.8%
Q1 24	701M	+0.1%	-3.7%
Q3 24	702M	+0.1%	-2.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 16	$761.3K	5K
Q2 16	$916.7K	5K
Q3 16	$957.4K	5K
Q4 17	$2M	5K
Q2 18	$2M	5K
Q1 20	$2M	5K
Q2 20	$645.0K	5K
Q1 21	$2M	4K
Q4 22	$3M	4K
Q3 23	$3M	4K
Q1 24	$3M	4K
Q3 24	$3M	4K

Revenue / Employee