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Plains ALL American Pipeline LP (PAA) stock

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NASDAQ: PAA Nasdaq Oil & Gas Storage & Transportation Next results ~November 6, 2026

C+ Fundamentals grade

Plains ALL American Pipeline LP is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($75.03) is 2.91x the share price ($25.78) and 2.66x the median of our other models ($28.18); the other models don't support a gap this wide.

Price vs value

Under review: our cash-flow value ($75.03) is 2.91x the share price ($25.78) and 2.66x the median of our other models ($28.18); the other models don't support a gap this wide. We'll show the comparison once resolved.

Plains ALL American Pipeline LP valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds162 adding, 136 cuttingOf 7 active managers that changed their stake, 3 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Plains ALL American Pipeline files

Where Plains ALL American Pipeline LP stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $52.3bn, up 12.2% on a year earlier, against a decline of 7.1% a quarter earlier. Free-cash-flow margin held at 4.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 4 financial-health checks.

Our model value for Plains ALL American Pipeline is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 6, 2026 (estimated)

Plains ALL American Pipeline LP's trailing-twelve-month revenue grew 12.2% year on year, with a free-cash-flow margin of 4.5%. Where it stands out: change in growth rate of +19.3pp ranks 2 of 29 oil & gas storage & transportation companies we cover. Where it lags: gross margin of 7.8% ranks 14 of 15 oil & gas storage & transportation companies we cover.

Our discounted-cash-flow model values the business at ~$75 per share in the base case (~$54–$100 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 6.7% while net income grew 204.2%: a 197pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 19.3 points higher than a quarter earlier.

Things to watch

  • Below peers: gross margin. Gross margin of 7.8% ranks 14 of 15 oil & gas storage & transportation companies we cover (median 35.5%).
  • Below peers: operating margin. Operating margin of 3.1% ranks 24 of 27 oil & gas storage & transportation companies we cover (median 28.1%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$0.41 against an average estimate of $0.50: missed by 17.4%
Revenue
$17.69bn, up 66.3% on a year earlier
Share reaction
-1.0% in the first session after the results on September 9, 2026, against -1.1% for the S&P 500
Next report
November 6, 2026; average EPS estimate $0.46

Plains ALL American Pipeline's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.2%
  • 1 week-2.9%
  • 1 month+9.8%
  • This year+53.7%
  • 1 year+67.8%
  • 5 years+257.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$52.3B
Operating margin
3.1%
Net margin
5.3%

Growth

Revenue growth
+12.2%
Change in growth rate
+19.3 pts

Cash

Free cash flow (TTM)
$2.4B
FCF margin
4.5%

Earnings

Last results
September 9, 2026
Next results (est.)
December 9, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Agreement
  3. Announcement
  4. Results
  5. Deal

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Plains ALL American Pipeline LP valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($75.03) is 2.91x the share price ($25.78) and 2.66x the median of our other models ($28.18); the other models don't support a gap this wide.

Our value per share comes from a discounted-cash-flow model of Plains ALL American Pipeline LP's free cash flow after stock-based pay ( $2.7B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Plains ALL American Pipeline LP as an operating company, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.64 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$75 ~$54–$100 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$28 ~$23–$38 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Plains ALL American Pipeline LP with Oil & Gas Storage & Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

28 /100

Weak moat

How hard Plains ALL American Pipeline's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.6% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 8.9%, moving by 2.8 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 2.5%; its worst year was -6.1%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 3.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 6, 2026, before the open. Analysts expect revenue of $15.2bn and EPS of $0.46 (range $0.37 to $0.53) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.73 +12% $59.8bn +35%
Next $1.95 +13% $62.6bn +5%

Next year's EPS estimate has moved −3.0% in 90 days, across 11 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.50 $0.41 −17.4%
Mar 2026 $0.42 $0.39 −7.4%
Dec 2025 $0.45 $0.40 −11.7%
Sept 2025 $0.38 $0.39 +3.6%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Plains ALL American Pipeline LP's revenue by +13.6% next year and +5.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+17.1%, weight 67%) and the company's own record (+6.5%, weight 33%) . How the weights are set.

Analyst recommendations

18 analysts, Oct 2026
Buy950%
Hold739%
Sell211%

Monthly trend

  1. Oct 2026277218
  2. Sep 2026267217
  3. Aug 2026268218
  4. Jul 2026268218

Counts of recommendations published by analysts covering Plains ALL American Pipeline LP, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
6.48
at average volume
Short interest, 1 month
+11%
to September 30, 2026
Held by institutions
41%
of shares
Held by insiders
34.2%
of shares
Employees
3,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PAA+22%+36%+39%+21%+14%+54%
Industry peers (median)+41%+21%+9%+28%+8%+22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PAA75%58%83%50%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PAA−26%−20%−14%−11%−22%−12%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 88% from March 6, 2017 to March 18, 2020. Getting back needed a 728% gain, reached on January 8, 2025, 1757 days after the low.

Price behaviour

52-week range
$15.16 – $26.51
From 52-week high
−3.2%
vs 50-day average
+3.2%
vs 200-day average
+16.0%
Volatility (1 year)
20%
Beta vs S&P 500
-0.37

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±1.8%
After a week
6 up, 6 down
typical move ±2.6%
After a month
5 up, 7 down
typical move ±4.1%
Results releasedNext dayS&P 500 next day5 days21 days
September 9, 2026 −1.0% −1.1% −2.1% −6.0%
May 8, 2026 −0.5% +1.1% +3.7% +1.7%
February 6, 2026 −3.5% +2.4% +0.9% +5.6%
November 5, 2025 −0.1% −0.7% +0.5% +7.9%
August 8, 2025 −0.9% +0.6% −2.0% −3.5%
May 9, 2025 +1.1% +3.2% +1.8% +4.3%
February 7, 2025 −1.3% −0.2% −1.0% −3.4%
November 8, 2024 −2.6% +0.5% −3.4% −0.8%
August 2, 2024 −5.6% −4.7% −4.0% −2.1%
May 3, 2024 +2.2% +2.3% +2.4% −2.2%
February 9, 2024 +2.7% +0.5% +5.1% +9.1%
November 3, 2023 −0.3% +1.1% −4.0% −2.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Plains ALL American Pipeline LP in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Plains ALL American Pipeline LP
$40B $45B $50B $55B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $49B Revenue (TTM), FY23 Q4: $47.3B Revenue (TTM), FY24 Q1: $46.6B Revenue (TTM), FY24 Q2: $47.8B Revenue (TTM), FY24 Q3: $48.2B Revenue (TTM), FY24 Q4: $48.9B Revenue (TTM), FY25 Q1: $48.7B Revenue (TTM), FY25 Q2: $46.6B Revenue (TTM), FY25 Q3: $45.7B Revenue (TTM), FY25 Q4: $44.3B Revenue (TTM), FY26 Q1: $45.3B Revenue (TTM), FY26 Q2: $52.3B $52.3B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $49B
FY23 Q4 $47.3B
FY24 Q1 $46.6B
FY24 Q2 $47.8B
FY24 Q3 $48.2B
FY24 Q4 $48.9B
FY25 Q1 $48.7B
FY25 Q2 $46.6B
FY25 Q3 $45.7B
FY25 Q4 $44.3B
FY26 Q1 $45.3B
FY26 Q2 $52.3B
Revenue growth, TTM YoY Plains ALL American Pipeline LP
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -14.7% Revenue growth, TTM YoY, FY23 Q4: -17.4% Revenue growth, TTM YoY, FY24 Q1: -16.7% Revenue growth, TTM YoY, FY24 Q2: -6.7% Revenue growth, TTM YoY, FY24 Q3: -1.6% Revenue growth, TTM YoY, FY24 Q4: 3.3% Revenue growth, TTM YoY, FY25 Q1: 4.5% Revenue growth, TTM YoY, FY25 Q2: -2.5% Revenue growth, TTM YoY, FY25 Q3: -5.1% Revenue growth, TTM YoY, FY25 Q4: -9.5% Revenue growth, TTM YoY, FY26 Q1: -7.1% Revenue growth, TTM YoY, FY26 Q2: 12.2% 12.2%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -14.7%
FY23 Q4 -17.4%
FY24 Q1 -16.7%
FY24 Q2 -6.7%
FY24 Q3 -1.6%
FY24 Q4 3.3%
FY25 Q1 4.5%
FY25 Q2 -2.5%
FY25 Q3 -5.1%
FY25 Q4 -9.5%
FY26 Q1 -7.1%
FY26 Q2 12.2%
Operating margin (TTM) Plains ALL American Pipeline LP
1.5% 2% 2.5% 3% 3.5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 2.1% Operating margin (TTM), FY23 Q4: 2.7% Operating margin (TTM), FY24 Q1: 2.4% Operating margin (TTM), FY24 Q2: 2.3% Operating margin (TTM), FY24 Q3: 2.2% Operating margin (TTM), FY24 Q4: 1.8% Operating margin (TTM), FY25 Q1: 1.8% Operating margin (TTM), FY25 Q2: 1.7% Operating margin (TTM), FY25 Q3: 2.3% Operating margin (TTM), FY25 Q4: 3.2% Operating margin (TTM), FY26 Q1: 3.3% Operating margin (TTM), FY26 Q2: 3.1% 3.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 2.1%
FY23 Q4 2.7%
FY24 Q1 2.4%
FY24 Q2 2.3%
FY24 Q3 2.2%
FY24 Q4 1.8%
FY25 Q1 1.8%
FY25 Q2 1.7%
FY25 Q3 2.3%
FY25 Q4 3.2%
FY26 Q1 3.3%
FY26 Q2 3.1%
FCF margin (TTM) Plains ALL American Pipeline LP
3% 4% 5% 6% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 3.1% FCF margin (TTM), FY23 Q4: 4.9% FCF margin (TTM), FY24 Q1: 4.2% FCF margin (TTM), FY24 Q2: 3.8% FCF margin (TTM), FY24 Q3: 5.0% FCF margin (TTM), FY24 Q4: 4.2% FCF margin (TTM), FY25 Q1: 4.7% FCF margin (TTM), FY25 Q2: 4.8% FCF margin (TTM), FY25 Q3: 5.0% FCF margin (TTM), FY25 Q4: 5.2% FCF margin (TTM), FY26 Q1: 4.6% FCF margin (TTM), FY26 Q2: 4.5% 4.5%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 3.1%
FY23 Q4 4.9%
FY24 Q1 4.2%
FY24 Q2 3.8%
FY24 Q3 5.0%
FY24 Q4 4.2%
FY25 Q1 4.7%
FY25 Q2 4.8%
FY25 Q3 5.0%
FY25 Q4 5.2%
FY26 Q1 4.6%
FY26 Q2 4.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Plains ALL American Pipeline took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $44.3B
  2. Cost of revenue $40.4B · 91.3%
  3. Gross profit $3.8B · 8.7%
  4. Selling, general and admin $342M · 0.8%
  5. Other operating costs $2.1B · 4.6%
  6. Operating income $1.4B · 3.2%
  7. Net income $1.4B · 3.2%

Shares of revenue. Source: Plains ALL American Pipeline's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 18.5 25.9 34.3 37.8 42.2 43.5 23.2 20.2 26.2 34.1 33.7 23.3 42.1 57.3 47.3 48.9 44.3 52.3
Gross profit 1.0 1.0 1.6 1.9 2.2 2.3 3.4 2.9 3.2 4.3 4.2 2.9 3.6 4.2 3.4 3.7 3.8 4.1
EBITDA 1.0 1.0 1.5 1.9 2.1 2.2 1.7 1.5 1.7 2.8 2.6 −1.7 1.6 2.3 2.2 1.8 2.4 2.6
Operating income 0.8 0.8 1.3 1.4 1.7 1.8 1.3 1.0 1.2 2.3 2.0 −2.4 0.9 1.3 1.3 0.9 1.4 1.6
Net income 0.6 0.5 1.0 1.1 1.4 1.4 0.9 0.7 0.9 2.2 2.2 −2.6 0.6 1.0 1.2 0.8 1.4 2.8
Growth (year on year)
Revenue −38.4% +39.8% +32.4% +10.3% +11.8% +2.9% −46.7% −12.8% +29.9% +29.9% −1.1% −30.8% +80.7% +36.3% −17.4% +3.3% −9.5% +12.2%
EBITDA +26.1% +0.8% +51.2% +23.3% +10.3% +3.8% −22.4% −11.0% +10.7% +67.5% −7.4% −166.5% — +38.9% −4.0% −18.4% +34.9% +54.3%
Operating income — −1.5% +69.2% +9.8% +22.0% +3.5% −29.8% −21.2% +16.0% +97.5% −12.7% −219.5% — +51.8% −2.6% −31.0% — —
Net income — −12.8% — +13.3% +24.4% +1.7% −34.8% −19.6% +17.9% +158.9% −2.0% −219.3% — — — −37.2% — —
Margins
Gross margin 5.6% 4.0% 4.6% 5.1% 5.1% 5.3% 14.8% 14.6% 12.3% 12.5% 12.5% 12.3% 8.5% 7.3% 7.2% 7.6% 8.7% 7.8%
EBITDA margin 5.5% 4.0% 4.5% 5.0% 5.0% 5.0% 7.3% 7.5% 6.4% 8.2% 7.7% −7.4% 3.9% 3.9% 4.6% 3.6% 5.4% 5.0%
Operating margin 4.2% 3.0% 3.8% 3.8% 4.1% 4.1% 5.5% 4.9% 4.4% 6.7% 5.9% −10.2% 2.0% 2.3% 2.7% 1.8% 3.2% 3.1%
Net margin 3.1% 2.0% 2.8% 2.9% 3.2% 3.2% 3.9% 3.6% 3.3% 6.5% 6.4% −11.1% 1.4% 1.8% 2.6% 1.6% 3.2% 5.3%
Free-cash-flow margin −0.5% −0.7% 5.0% 0.1% 0.8% 0.2% −3.1% −3.0% 5.6% 2.9% 3.9% 3.3% 3.9% 3.4% 4.9% 4.2% 5.2% 4.5%
Cash flow
Cash from operations 0.4 0.3 2.4 1.2 2.0 2.0 1.4 0.7 2.5 2.6 2.5 1.5 2.0 2.4 2.7 2.5 2.9 3.0
Capital spending 0.5 0.5 0.6 1.2 1.6 1.9 2.1 1.3 1.0 1.6 1.2 0.7 0.3 0.5 0.4 0.4 0.6 0.6
Free cash flow −0.1 −0.2 1.7 0.0 0.3 0.1 −0.7 −0.6 1.5 1.0 1.3 0.8 1.7 2.0 2.3 2.0 2.3 2.4
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.0 —
Free cash flow after stock pay −0.2 −0.3 1.6 −0.1 0.2 −0.0 −0.7 −0.7 1.4 0.9 1.3 0.8 1.6 1.9 2.3 2.0 2.2 —
Balance sheet
Cash 0.0 0.0 0.0 0.0 0.0 0.4 0.0 0.0 0.0 0.1 0.0 0.0 0.4 0.4 0.5 0.3 0.3 1.1
Total debt 5.2 6.0 5.2 7.4 7.8 10.0 11.4 11.8 9.9 9.2 9.7 10.2 9.2 8.4 7.8 7.6 11.3 8.4
Net debt (negative = net cash) 5.2 5.9 5.2 7.4 7.8 9.6 11.3 11.8 9.9 9.1 9.6 10.2 8.8 8.0 7.3 7.3 10.9 7.4
Returned to shareholders
Buybacks — — — — — — — — — 0.0 0.0 0.1 0.2 0.1 0.0 0.0 0.0 —
Total returned — — — — — — — — — 0.0 0.0 0.1 0.2 0.1 0.0 0.0 0.0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 4 checks passed · June 30, 2026
What it owns · $29.2bn
Short-term assets $6.5bnLonger-term assets $22.7bn
What it owes, and who funded it · $5.9bn
Short-term liabilities $5.9bn
  • Short-term assets cover short-term liabilities $6.5bn of assets due within a year against $5.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.1bn of cash against $8.4bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $3.0bn of operating cash flow against $8.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.6bn against $614m of interest.

From Plains ALL American Pipeline LP's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$8M

Competitors: side by side with peers

Closest by revenue in oil & gas storage & transportation
Last 12 months unless stated PAA EPD OKE LNG KMI TRGP Median
Revenue, last 12 months $52.3bn $58.5bn $43.2bn $23.2bn $18.3bn $16.7bn $2.0bn
Revenue growth, last 12 months 12.2% 6.8% 36.8% 22.5% 11.7% −2.0% 8.8%
Revenue growth, 3-year average 0.7% 3.8% 35.2% −2.0% 4.9% −2.1% 4.0%
Revenue growth, latest quarter 66.3% 60.8% 44.3% 39.0% 9.3% 4.2% 10.7%
Gross margin 7.8% 25.6% 25.2% 42.6% 51.8% 43.2% 42.6%
Operating margin 3.1% 13.4% 14.2% 28.1% 29.0% 22.9% 27.3%
Operating margin, 3-year average 2.4% 13.3% 18.4% 35.9% 28.4% 18.4% 20.8%
Net margin 5.3% 10.8% 9.4% 13.1% 19.6% 13.5% 13.1%
Cash from operations / revenue 5.7% 15.2% 13.7% 30.9% 36.7% 25.6% 29.5%
Free-cash-flow margin 4.5% 5.9% 5.9% 16.3% 16.8% 4.4% 11.8%
Free-cash-flow margin, 3-year average 4.4% 6.7% 9.6% 15.8% 19.9% 3.2% 8.8%
Stock pay / revenue 0.1% 0.4% 0.4% 0.8% — 0.5% 0.5%
Change in share count — −0.2% 2.8% −5.6% 0.1% −1.5% 0.2%

Median of all 29 companies we cover in oil & gas storage & transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

29 oil & gas storage & transportation companies
Measure Company Peer median Rank
Revenue growth Growth 12.2% 8.8% 12 of 29
Change in growth rate Growth +19.3pp +0.5pp 2 of 29
Gross margin Profitability 7.8% 35.5% 14 of 15
Operating margin Profitability 3.1% 28.1% 24 of 27
Net margin Profitability 5.3% 13.1% 20 of 29
Free-cash-flow margin Cash generation 4.5% 13.6% 19 of 28
Long-term debt as % of assets Balance sheet 28.9% 46.2% 6 of 26

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $42.5B 96.0% ▼ 10.0%
Services $1.8B 4.0% ▲ 4.2%
Geography
Region Revenue Share YoY
United States $39.8B 89.8% ▼ 8.7%
Canada $4.5B 10.2% ▼ 15.9%

From Plains ALL American Pipeline LP's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6.4B
Institutions reporting
419
Shares held vs prior quarter
▲ 1.5%
Positions opened / closed
38 / 30

Top buyers and sellers, Q2 2026: 162 institutions bought and 136 sold ; the biggest buyer was Tortoise Capital Advisors, L.L.C (+2.8M shares) and the biggest seller Alps Advisors Inc (−2.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Alps Advisors Inc $1.6B 70.5M 24.4% ▼ 3.6%
Invesco Ltd. $742M 33.3M 11.5% ▼ 0.2%
Blackstone Inc. $449M 20.2M 7.0% ▲ 7.7%
Mirae Asset Global Etfs Holdings Ltd. $394M 17.7M 6.1% ▲ 3.9%
Goldman Sachs Group Inc $355M 16.0M 5.5% ▼ 3.5%
Tortoise Capital Advisors, L.L.C. $303M 13.6M 4.7% ▲ 26.0%
Morgan Stanley $242M 10.9M 3.8% ▼ 4.5%
UBS Group AG $235M 10.6M 3.7% ▲ 20.6%
Kayne Anderson Capital Advisors LP $138M 6.2M 2.1% ▼ 0.1%
Jpmorgan Chase & Co $110M 5.0M 1.7% ▲ 27.2%
Bank Of America Corp $87.9M 3.9M 1.4% ▼ 19.4%
CIBC Bancorp Usa Inc. $84.2M 3.8M 1.3% ▲ 0.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Plains ALL American Pipeline LP's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $51,495 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $51,495 net selling
Insider Date Trade Shares Price Value
Ziemba Lawrence Michael Director June 29, 2026 Sell 2,346 $21.95 $51,495

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 44 trades and filings

No trades in Plains ALL American Pipeline LP disclosed in the last 12 months; 44 earlier trades on record.

  • Virginia Foxx(R-NC 5):Sale (full), $15,001 - $50,000, traded October 3, 2023, filed November 7, 2023
  • Virginia Foxx(R-NC 5):Purchase, $15,001 - $50,000, traded March 24, 2023, filed April 4, 2023
  • Virginia Foxx(R-NC 5):Sale (full), $100,001 - $250,000, traded June 23, 2022, filed July 5, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 9, 2026 estimated from the company's past filing pattern, not announced

  • September 9, 2026
  • May 8, 2026
  • February 6, 2026
  • November 5, 2025
  • August 8, 2025
  • May 9, 2025

Recent SEC filings

Data status

When each part of this page on Plains ALL American Pipeline LP was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Plains ALL American Pipeline LP in brief

What does Plains ALL American Pipeline LP do?
Plains ALL American Pipeline LP is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.
What is Plains ALL American Pipeline LP's stock ticker?
Plains ALL American Pipeline LP trades under the ticker PAA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Plains ALL American Pipeline LP's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Plains ALL American Pipeline LP reported revenue of $52.3B, 12.2% higher than a year earlier, according to its SEC filings.
What is Plains ALL American Pipeline LP's free cash flow?
Plains ALL American Pipeline LP's free-cash-flow margin is 4.5% of revenue over the trailing twelve months, ranking 19 of the 28 oil & gas storage & transportation companies we cover.
Who are Plains ALL American Pipeline LP's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Alps Advisors Inc, Invesco Ltd. and Blackstone Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Plains ALL American Pipeline LP's competitors?
In our Oil & Gas Storage & Transportation peer group, the companies closest to Plains ALL American Pipeline LP are Enterprise Products Partners L.p., Oneok, Cheniere Energy, Inc., Kinder Morgan and Targa Resources. The side-by-side comparison below sets their revenue, margins and growth against Plains ALL American Pipeline LP's.
Are insiders buying or selling Plains ALL American Pipeline LP stock?
Over the last 12 months, Plains ALL American Pipeline LP's directors and officers reported 0 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Plains ALL American Pipeline LP's next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Plains ALL American Pipeline LP announces its own schedule.