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PAAPlains All American Pipeline, L.P.
$22.68$16.0B
Overview & Verdict
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PAA logoPlains All American Pipeline, L.P.(PAA)Earnings, Financials & Key Ratios

PAA•NASDAQ
$22.68
13.7× P/E·Price updated Jul 7, 2026
SectorEnergyIndustryMidstream Oil & GasSub-IndustryCrude Oil Pipelines and Terminals
AboutPlains 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 two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and at times on barges or railcars. This segment provides terminalling, storage, and other facilities-related services, as well as merchant activities. As of December 31, 2021, this segment owned and leased 18,300 miles of active crude oil transportation pipelines and gathering systems, as well as an additional 110 miles of pipelines that supports crude oil storage and terminalling facilities; 74 million barrels of commercial crude oil storage capacity; 38 million barrels of active, above-ground tank capacity; four marine facilities; a condensate processing facility; seven crude oil rail terminals and 2,100 crude oil railcars; and 640 trucks and 1,275 trailers. The Natural Gas Liquids segment engages in the natural gas processing, NGL fractionation, storage, transportation, and terminalling activities. As of December 31, 2021, this segment owned and operated four natural gas processing plants; nine fractionation plants; 28 million barrels of NGL storage capacity; approximately 1,620 miles of active NGL transportation pipelines, as well as an additional 55 miles of pipeline that supports NGL storage facilities; 16 NGL rail terminals and approximately 3,900 NGL rail cars; and approximately 220 trailers. The company was founded in 1981 and is headquartered in Houston, Texas. Plains All American Pipeline, L.P. operates as a subsidiary of Plains GP Holdings, L.P.Show more
  • Revenue$44.26B-11.6%
  • EBITDA$2.39B+8.3%
  • Net Income$1.44B+85.9%
  • EPS (Diluted)1.66+127.4%
  • Gross Margin6.04%+76.0%
  • EBITDA Margin5.39%+22.5%
  • Operating Margin3.24%+37.7%
  • Net Margin3.24%+110.3%
  • ROE10.96%+90.5%

PAA Price & Volume

Plains All American Pipeline, L.P. (PAA) stock price & volume — 10-year historical chart

Loading chart...

Merchant Volatility Strains Plains All American Profitability

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Contracting
Profitability:Weak
Financial:Strained
Cash Flow:Mixed
Primary Risk:Merchant segment margin volatility

Key Thesis Takeaways

  • Plains All American Pipeline faces a challenging outlook as its merchant-heavy business model drives significant revenue volatility and structural margin compression, with gross margins frequently languishing between 3% and 6%.
  • While the company maintains a critical infrastructure footprint in the Permian Basin, the reliance on debt-funded expansion—evidenced by total debt rising to $11.6 billion—creates a precarious balance sheet.
  • Investors should remain cautious as the high distribution burden, often exceeding $300 million per quarter, limits the financial flexibility required to navigate cyclical commodity price swings.

Verdict Logic

while the 7.0% dividend yield is attractive, the D/EBITDA ratio of 22.79 and persistent margin volatility suggest that the underlying cash flow stability warrants further investigation before committing capital.

PAA Growth Metrics

Plains All American Pipeline, L.P. (PAA) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years6.7%
5 Years13.7%
3 Years-8.27%
TTM-9.51%

Profit CAGR

10 Years4.74%
5 Years-
3 Years11.44%
TTM20.65%

EPS CAGR

10 Years7.98%
5 Years-
3 Years11.73%
TTM42.54%

Return on Capital

10 Years4.75%
5 Years5.62%
3 Years6.1%
Last Year6.12%

PAA Recent Earnings

Plains All American Pipeline, L.P. (PAA) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 3/12 qtrs (25%)
Q2 2026Latest
May 8, 2026
Metric
Actual
Est
EPS
$0.39+6.2%
$0.37
Rev
$12.5B+3.7%
$12.0B
Q1 2026
Feb 6, 2026
Metric
Actual
Est
EPS
$0.40-14.9%
$0.47
Rev
$10.6B-17.8%
$12.9B
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$0.39+9.9%
$0.35
Rev
$11.6B-7.5%
$12.5B
Q3 2025
Aug 8, 2025
Metric
Actual
Est
EPS
$0.36+11.0%
$0.32
Rev
$10.6B-20.7%
$13.4B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 8, 2026
$0.39vs $0.37+6.2%
$12.5Bvs $12.0B+3.7%
Q1 2026Feb 6, 2026
$0.40vs $0.47-14.9%
$10.6Bvs $12.9B-17.8%
Q4 2025Nov 5, 2025
$0.39vs $0.35+9.9%
$11.6Bvs $12.5B-7.5%
Q3 2025Aug 8, 2025
$0.36vs $0.32+11.0%
$10.6Bvs $13.4B-20.7%
Based on last 12 quarters of dataView full earnings history →

Latest PAA News

Recent stock market news and headlines for Plains All American Pipeline, L.P. (PAA)

GlobeNewsWire·1 day ago
Plains All American Pipeline and Plains GP Holdings Announce Quarterly Distributions and Timing of Second Quarter 2026 Earnings

HOUSTON, July 06, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) announced today their quarterly distributions with respect to the second quarter of 2026 and also announced timing of second quarter 2026 earnings.

Seeking Alpha·3 days ago
7-14% Yields: My Top High-Yielding Fund Picks For H2 2026

There are several macro trends that I have high conviction in. However, there are also several sectors that are positioned to benefit immensely from these macro trends that the market has recently sold off. I detail why I am bullish on these sectors and some high-yielding funds that are well-positioned to benefit.

Seeking Alpha·Jun 30, 2026
Plains All American: Right Call, Wrong Math, Still Bullish

Plains All American raised FY'26 EBITDA guidance midpoint to $2.88B, reflecting improved crude macro but highlighting only modest sensitivity to oil price increases. PAGP's earnings base has stabilized, with fee-based operations now dominating and opportunistic trading exposure significantly reduced versus the volatile mid-2010s. Permian volumes were flat or down in most pipeline segments, as upstream producers showed discipline despite higher oil prices and geopolitical disruptions.

GlobeNewsWire·Jun 30, 2026
Plains All American's 2025 Schedule K-3 Now Available

HOUSTON, June 30, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) (the "Partnership") today announced that its 2025 Schedule K-3 reflecting items of international tax relevance is available online.

The Motley Fool·Jun 26, 2026
Prediction: Oil Is Heading to $60 a Barrel by 2027, and These Stocks Are Worth Buying Now

With the Strait of Hormuz reopening, oil supplies should start flooding the market again. That could put downward pressure on crude prices as inventory levels rebuild.

Peers Comparison

Key metrics vs top competitors for Plains All American Pipeline, L.P. (PAA)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
PAA logoPAAPlains All American Pipeline, L.P.Current
$22.68$16B13.66-11.61%3.24%10.96%6.7%
EPD logoEPDEnterprise Products Partners L.P.
$37.64$81.43B14.15-6.44%11.42%19.49%—
ET logoETEnergy Transfer LP
$19.81$68.15B14.67-0.05%6.21%11.56%—
MPLX logoMPLXMPLX Lp
$57.51$58.38B11.938.37%37.54%32.81%—
WES logoWESWestern Midstream Partners, LP
$44.80$17.64B14.936.61%29.9%33.79%—
PAGP logoPAGPPlains GP Holdings, L.P.
$24.65$4.88B18.82-11.61%0.43%1.38%—

Compare PAA vs Peers

Plains All American Pipeline, L.P. (PAA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs EPD

Most directly comparable listed peer for PAA.

Scale Benchmark

vs CVX

Larger-name benchmark to compare PAA against a more recognizable public peer.

Peer Set

Compare Top 5

vs EPD, ET, MPLX, WES

PAA SEC Filings & Documents

Plains All American Pipeline, L.P. (PAA) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 13, 2026·SEC

Material company update

May 12, 2026·SEC

Material company update

May 8, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 29, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 8, 2026·SEC

FY 2025

Nov 7, 2025·SEC

FY 2025

Aug 8, 2025·SEC

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PAA Frequently Asked Questions

Plains All American Pipeline, L.P. (PAA) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Plains All American Pipeline, L.P.'s revenue?

Plains All American Pipeline, L.P. (PAA) reported $45.17B in revenue for fiscal year 2025. This represents a 5902% increase from $752.5M in 1997.

How fast is Plains All American Pipeline, L.P. growing?

Plains All American Pipeline, L.P. (PAA) saw revenue decline by 11.6% over the past year.

Is PAA profitable?

Yes, Plains All American Pipeline, L.P. (PAA) is profitable, generating $1.15B in net income for fiscal year 2025 (3.2% net margin).

Dividend & Returns
Does PAA pay dividends?

Yes, Plains All American Pipeline, L.P. (PAA) pays a dividend with a yield of 6.70%. This makes it attractive for income-focused investors.

What is PAA's return on equity?

Plains All American Pipeline, L.P. (PAA) has a return on equity (ROE) of 11.0%. This is reasonable for most industries.

What is Plains All American Pipeline, L.P.'s free cash flow?

Plains All American Pipeline, L.P. (PAA) generated $2.13B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in PAA back in 1997?

Total return calculator · dividends reinvested · 29+ years of data

See returns →