FY2025 · ended Dec 31, 2025 · Revenue $44.26B, -9.5% YoY · Filed Feb 27, 2026
Plains All American Pipeline LP (PAA) files with the SEC under industry code 4610, Pipe Lines (No Natural Gas). In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $44.3 billion and net income of $1.4 billion. Free cash flow was $2.3 billion. As of Jun 30, 2026 it held $1.1 billion in cash and investments and $8.6 billion in total debt.
Revenue (TTM)
$52.30B
+12.2% vs year-ago TTM
Net income (TTM)
$2.77B
+203.8% vs year-ago TTM
Operating cash flow (TTM)
$2.98B
+8.2% vs year-ago TTM
Free cash flow (TTM)
$2.38B
+6.7% vs year-ago TTM
EPS
—
Dividend per share
None
Shares outstanding
705.53M
+0.2% vs prior year
Net cash
$-7.58B
as of Jun 30, 2026
Operating margin
3.1%
FY 2026
Company profile
- Industry
- Pipe Lines (No Natural Gas) (SIC 4610)
- Listed as
- PAA (Nasdaq), PAAPU (OTC)
- Fiscal year ends
- December 31
- Incorporated in
- DE
- Headquarters
- Houston, TX
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1070423
Other Pipe Lines (No Natural Gas) companies
- Enbridge Inc ENB
- Mplx LP MPLX
- HF Sinclair Corp DINO
- South Bow Corp SOBO
- Plains GP Holdings LP PAGP
- Delek Logistics Partners, LP DKL
- Genesis Energy LP GEL
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $44.3B | $48.9B | $47.3B | $57.3B | $42.1B |
| Operating income | $1.4B | $868.0M | $1.3B | $1.3B | $851.0M |
| Net income | $1.4B | $772.0M | $1.2B | $1.0B | $593.0M |
| Operating cash flow | $2.9B | $2.5B | $2.7B | $2.4B | $2.0B |
| Free cash flow | $2.3B | $2.0B | $2.3B | $2.0B | $1.7B |
| Total assets | $30.2B | $26.6B | $27.4B | $27.9B | $28.6B |
| Cash and investments | $328.0M | $348.0M | $450.0M | $401.0M | $449.0M |
| Total debt | $11.5B | $7.8B | $8.1B | $8.8B | $9.6B |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 8-K |
Current report
Officer or director change, Regulation FD disclosure
|
Sep 29, 2026 | Sep 25, 2026 |
| 8-K |
Current report
Material agreement, New debt, Other events
|
Sep 14, 2026 | Sep 9, 2026 |
| 8-K |
Current report
Other events
|
Sep 10, 2026 | Sep 9, 2026 |
| 8-K |
Current report
Results of operations, Other events
|
Sep 9, 2026 | Sep 8, 2026 |
| 10-Q | Quarterly report | Aug 10, 2026 | Jun 30, 2026 |
| 8-K |
Current report
Acquisition or sale of assets, Regulation FD disclosure
|
Aug 7, 2026 | Aug 7, 2026 |
All 1000 Plains All American Pipeline LP SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.