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PAA FINANCIAL STATEMENTS

Plains All American Pipeline LP — balance sheet, income statement and cash flow trends

PAAPlains All American Pipeline LP

🇺🇸 USA · US · Energy · Oil & Gas Midstream

Value itDuel
PriceFinancialsPeers

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
020 B40 B60 B202120222023202420252026

Profit Funnel

Q1 2026 · TTM
Revenue45.2 B $Gross Profit1.9 B $ · 4%Operating Income1.3 B $ · 3%Pre-tax Income1.3 B $ · 3%Net Income1.1 B $ · 3%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue45.2 B $-9.5%
Gross Profit1.9 B $-86.1%
Operating Income1.3 B $+3.2%
EBITDA2.9 B $+0.1%
Net Income1.1 B $+20.7%

Peer Comparison· Oil & Gas Midstream

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
PAA-9.5%4.2%6.4%2.5%
Industry median9.4%40.8%44.7%17.6%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
010 B20 B30 B202120222023202420252026

Capital Structure

Q1 2026
Total Assets31.6 B
  • Equity9.6 B $34%
  • Current Liabilities6.5 B $23%
  • Long-term Liabilities12.3 B $43%

Key Figures

YoY change
Total Assets31.6 B $+16.9%
Total Liabilities18.8 B $+32.5%
Total Equity9.6 B $-0.3%
Cash & ST Investments171 M $-60.0%
Total Debt11.6 B $+28.9%
Net Debt11.4 B $+33.3%

Peer Comparison· Oil & Gas Midstream

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
PAA0.94120.6%3.9730.3%
Industry median1.26102.3%3.3433.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
01 B2 B3 B202120222023202420252026

Cash Flow Bridge

Q1 2026 · TTM
01 B2 B2.7 B $Operating-2.8 B $Investing-171 M $Financing-269 M $Net Change

Key Figures

YoY change
Operating Cash Flow2.7 B $+0.1%
Capital Expenditures582 M $-1.4%
Free Cash Flow2.1 B $+0.6%
Dividends Paid-1.3 B $-210.3%

Peer Comparison· Oil & Gas Midstream

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
PAA6.0%4.7%1.3%237.0%
Industry median36.3%9.5%17.1%182.4%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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