15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $44.3B | $1.8B | 8.7% | 3.2% | $2.3B | — | $328M |
| 2024 | $48.9B | $1.1B | 7.6% | 1.8% | $2.0B | — | $348M |
| 2023 | $47.3B | $1.5B | 7.2% | 2.7% | $2.3B | — | $450M |
| 2022 | $57.3B | $1.2B | 7.3% | 2.3% | $2.0B | — | $401M |
| 2021 | $42.1B | $648M | 8.5% | 2.0% | $1.7B | — | $449M |
| 2020 | $23.3B | -$2.6B | 12.3% | -10.2% | $776M | — | $22M |
| 2019 | $33.7B | $2.2B | 12.5% | 5.9% | $1.3B | — | $45M |
| 2018 | $34.1B | $2.2B | 12.5% | 6.7% | $974M | — | $66M |
| 2017 | $26.2B | $856M | 12.3% | 4.4% | $1.5B | — | $37M |
| 2016 | $20.2B | $726M | 14.6% | 4.9% | -$601M | — | $47M |
| 2015 | $23.2B | $903M | 14.8% | 5.5% | -$721M | — | $27M |
| 2014 | $43.5B | $1.4B | 5.3% | 4.1% | — | — | $403M |
| 2013 | $42.2B | $1.4B | 5.1% | 4.1% | — | — | $41M |
| 2012 | $37.8B | $1.1B | 5.1% | 3.8% | — | — | $24M |
| 2011 | $34.3B | $966M | 4.6% | 3.8% | — | $4.5B | $26M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $12.5B | $152M | 7.8% | 3.2% | $288M | — | $171M |
| Dec '25 | $10.6B | $342M | 9.4% | 3.4% | $638M | — | $328M |
| Sep '25 | $11.6B | $441M | 8.6% | 4.2% | $632M | — | $1.2B |
| Jun '25 | $10.6B | $210M | 8.3% | 2.2% | $575M | — | $459M |
| Mar '25 | $11.5B | $443M | 8.4% | 3.1% | $499M | — | $427M |
| Dec '24 | $12.0B | $36M | 8.0% | -0.1% | $621M | — | $348M |
| Sep '24 | $12.5B | $220M | 7.4% | 1.6% | $582M | — | $640M |
| Jun '24 | $12.8B | $250M | 7.2% | 2.6% | $577M | — | $553M |
| Mar '24 | $12.0B | $266M | 9.0% | 3.1% | $262M | — | $331M |
| Dec '23 | $12.7B | $312M | 9.0% | 3.3% | $856M | — | $450M |
| Sep '23 | $12.1B | $203M | 8.0% | 1.9% | -$52M | — | $260M |
| Jun '23 | $11.6B | $293M | 9.1% | 3.3% | $743M | — | $933M |
| Mar '23 | $12.3B | $422M | 8.2% | 3.8% | $621M | — | $526M |
| Dec '22 | $13.0B | $263M | 7.4% | -0.3% | $191M | — | $401M |
| Sep '22 | $14.3B | $384M | 8.8% | 4.4% | $820M | — | $623M |
| Jun '22 | $16.4B | $203M | 6.3% | 2.5% | $703M | — | $267M |
| Mar '22 | $13.7B | $187M | 6.6% | 2.1% | $239M | — | $114M |
| Dec '21 | $13.0B | $450M | 9.5% | 4.6% | $556M | — | $449M |
| Sep '21 | $10.8B | -$59M | 6.5% | -0.4% | $260M | — | $191M |
| Jun '21 | $9.9B | -$220M | 6.6% | -2.4% | $150M | — | $24M |
How the market has priced PAA against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Plains All American Pipeline Lp's revenue has grown 13.7% per year. These are computed facts, not advice.
As of FY2025, Plains All American Pipeline Lp reported — of total debt against $328M of cash; operating income covered interest expense 2.6×.
In FY2025, gross margin was 8.7%, operating margin 3.2%, and net margin 4.0%.
As of Jun '26, Plains All American Pipeline Lp traded at a price-to-earnings ratio of about 8.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.