Plains All American Pipeline LP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Plains All American Pipeline LP reported revenue of $44.3B (-11.6% year on year) and net income of $1.8B (+58.9% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total revenues | $44.3B | $50.1B | $48.7B | $57.3B |
| Purchases and related costs | $40.4B | $45.6B | $44.5B | $53.2B |
| Field operating costs | $1.2B | $1.8B | $1.4B | $1.3B |
| General and administrative expenses | $342.0M | $381.0M | $350.0M | $325.0M |
| Depreciation and amortization | $953.0M | $1.0B | $1.0B | $965.0M |
| (Gains)/losses on asset sales, asset impairments and other, net (Note 7, Note 8) | ($54.0M) | $160.0M | ($152.0M) | $269.0M |
| Total costs and expenses | $42.8B | $48.9B | $47.2B | $56.0B |
| OPERATING INCOME | $1.4B | $1.2B | $1.5B | $1.3B |
| Equity earnings in unconsolidated entities | $382.0M | $452.0M | $369.0M | $403.0M |
| Gain on investments in unconsolidated entities, net (Note 8, Note 9) | $31.0M | $15.0M | $28.0M | — |
| Interest expense (net of capitalized interest of $11, $9 and $10, respectively) | ($554.0M) | ($430.0M) | — | — |
| Other income, net | $108.0M | $65.0M | $102.0M | ($219.0M) |
| INCOME FROM CONTINUING OPERATIONS BEFORE TAX | $1.4B | $1.3B | $1.6B | $1.4B |
| Current income tax expense from continuing operations | ($1.0M) | ($195.0M) | ($145.0M) | ($84.0M) |
| Deferred income tax (expense)/benefit from continuing operations | ($14.0M) | $28.0M | $24.0M | ($105.0M) |
| INCOME FROM CONTINUING OPERATIONS, NET OF TAX | $1.4B | — | — | — |
| INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX (NOTE 3) | $383.0M | — | — | — |
| NET INCOME | $1.8B | $1.1B | $1.5B | $1.2B |
| Net income attributable to noncontrolling interests | ($334.0M) | ($341.0M) | ($272.0M) | ($191.0M) |
| NET INCOME ATTRIBUTABLE TO PAA | $1.4B | $772.0M | $1.2B | $1.0B |
| Net income allocated to common unitholders — Basic : Continuing operations | $786.0M | — | — | — |
| Net income allocated to common unitholders — Diluted: Continuing operations | $786.0M | — | — | — |
| Net income allocated to common unitholders — Basic : Discontinued operations | $383.0M | — | — | — |
| Net income allocated to common unitholders — Diluted : Discontinued operations | $383.0M | — | — | — |
| Net income allocated to common unitholders — Basic | $1.2B | $514.0M | $976.0M | $831.0M |
| Net income allocated to common unitholders — Diluted | $1.2B | $514.0M | $976.0M | $831.0M |
| Basic weighted average common units outstanding (in units) | 704.0M | 702.0M | 699.0M | 701.0M |
| Diluted weighted average common units outstanding (in units) | 704.0M | 702.0M | 699.0M | 701.0M |
| Basic net income per common unit: continuing operations (usd per unit) | $1.12 | — | — | — |
| Diluted net income per common unit: continuing operations (usd per unit) | $1.12 | — | — | — |
| Basic net income per common unit: discontinuing operations (usd per unit) | $0.54 | — | — | — |
| Diluted net income per common unit: discontinuing operations (usd per unit) | $0.54 | — | — | — |
| Basic net income per common unit (usd per unit) | $1.66 | $0.73 | $1.4 | $1.19 |
| Diluted net income per common unit (usd per unit) | $1.66 | $0.73 | $1.4 | $1.19 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Total revenues | $17.7B | $12.5B | $11.6B | $10.6B |
| Purchases and related costs | $16.6B | $11.5B | $10.6B | $9.8B |
| Field operating costs | $328.0M | $301.0M | $288.0M | $286.0M |
| General and administrative expenses | $110.0M | $81.0M | $83.0M | $82.0M |
| Depreciation and amortization | $242.0M | $243.0M | $230.0M | $235.0M |
| Losses on asset sales, asset impairments and other, net | $59.0M | ($53.0M) | ($92.0M) | $42.0M |
| Total costs and expenses | $17.3B | $12.1B | $11.1B | $10.4B |
| OPERATING INCOME | $398.0M | $405.0M | $484.0M | $239.0M |
| Equity earnings in unconsolidated entities | $89.0M | $89.0M | $96.0M | $94.0M |
| Gain on investments in unconsolidated entities, net | $0 | — | — | $0 |
| Interest expense (net of capitalized interest of $2, $3, $3 and $5, respectively) | ($153.0M) | ($167.0M) | ($135.0M) | ($133.0M) |
| Other income, net | $42.0M | $8.0M | $14.0M | $31.0M |
| INCOME FROM CONTINUING OPERATIONS BEFORE TAX | $376.0M | $335.0M | $459.0M | $231.0M |
| Current income tax expense from continuing operations | ($107.0M) | ($216.0M) | ($5.0M) | ($1.0M) |
| Deferred income tax (expense)/benefit from continuing operations | $7.0M | $215.0M | ($1.0M) | ($3.0M) |
| INCOME FROM CONTINUING OPERATIONS, NET OF TAX | $276.0M | $334.0M | $453.0M | $227.0M |
| INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX (NOTE 2) | $1.6B | ($103.0M) | $76.0M | $70.0M |
| NET INCOME | $1.9B | $231.0M | $529.0M | $297.0M |
| Net income attributable to noncontrolling interests | ($95.0M) | ($79.0M) | ($88.0M) | ($87.0M) |
| NET INCOME ATTRIBUTABLE TO PAA | $1.8B | $152.0M | $441.0M | $210.0M |
| Net income allocated to common unitholders — basic: continuing operations | $121.0M | $203.0M | $311.0M | $80.0M |
| Net income allocated to common unitholders— diluted: continuing operations | $121.0M | $203.0M | $311.0M | $80.0M |
| Net income allocated to common unitholders — basic: discontinued operations | $1.6B | ($103.0M) | $76.0M | $70.0M |
| Net income allocated to common unitholders — diluted: discontinued operations | $1.6B | ($103.0M) | $76.0M | $70.0M |
| Net income allocated to common unitholders - basic | $1.8B | $100.0M | $387.0M | $150.0M |
| Net income allocated to common unitholders - diluted | $1.8B | $100.0M | $387.0M | $150.0M |
| Basic weighted average common units outstanding (units) | 706.0M | 706.0M | 704.0M | 703.0M |
| Diluted weighted average common units outstanding (units) | 706.0M | 706.0M | 704.0M | 703.0M |
| Basic net income per common unit: continuing operations (usd per unit) | $0.17 | $0.29 | $0.44 | $0.11 |
| Diluted net income per common unit: continuing operations (usd per unit) | $0.17 | $0.29 | $0.44 | $0.11 |
| Basic net income per common unit: discontinuing operations (usd per unit) | $2.34 | ($0.15) | $0.11 | $0.1 |
| Diluted net income per common unit: discontinuing operations (usd per unit) | $2.34 | ($0.15) | $0.11 | $0.1 |
| Basic net income per common unit (usd per unit) | $2.51 | $0.14 | $0.55 | $0.21 |
| Diluted net income per common unit (usd per unit) | $2.51 | $0.14 | $0.55 | $0.21 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $328.0M | $348.0M | $450.0M | $401.0M |
| Trade accounts receivable and other receivables, net | $3.6B | $3.9B | $3.8B | $3.9B |
| Inventory | $211.0M | $439.0M | $548.0M | $729.0M |
| Current assets of discontinued operations (Note 3) | $479.0M | — | — | — |
| Other current assets | $117.0M | $114.0M | $155.0M | $318.0M |
| Total current assets | $4.7B | $4.8B | $4.9B | $5.4B |
| PROPERTY AND EQUIPMENT | $22.5B | $21.3B | $21.1B | $20.0B |
| Accumulated depreciation | ($5.7B) | ($5.9B) | ($5.4B) | ($4.8B) |
| Property and equipment, net | $16.9B | $15.4B | $15.8B | $15.3B |
| Investments in unconsolidated entities | $2.8B | $2.8B | $2.8B | $3.1B |
| Intangible assets, net | $1.8B | $1.7B | $1.9B | $2.1B |
| Linefill | $900.0M | $968.0M | $976.0M | $961.0M |
| Long-term operating lease right-of-use assets, net | $198.0M | $332.0M | $313.0M | $349.0M |
| Long-term inventory | $214.0M | $280.0M | $265.0M | $284.0M |
| Long-term assets of discontinued operations (Note 3) | $2.6B | — | — | — |
| Other long-term assets, net | $107.0M | $268.0M | $411.0M | $464.0M |
| Total assets | $30.2B | $26.6B | $27.4B | $27.9B |
| Trade accounts payable | $3.5B | $3.9B | $3.8B | $4.0B |
| Short-term debt | $563.0M | $408.0M | $446.0M | $1.2B |
| Current liabilities of discontinued operations (Note 3) | $382.0M | — | — | — |
| Other current liabilities | $529.0M | $661.0M | $713.0M | $688.0M |
| Total current liabilities | $4.9B | $5.0B | $5.0B | $5.9B |
| Senior notes, net | $9.1B | $7.1B | $7.2B | $7.2B |
| Other long-term debt, net | $1.6B | $72.0M | $63.0M | $50.0M |
| Long-term operating lease liabilities | $202.0M | $313.0M | $274.0M | $308.0M |
| Long-term liabilities of discontinued operations (Note 3) | $606.0M | — | — | — |
| Other long-term liabilities and deferred credits | $654.0M | $990.0M | $1.0B | $1.1B |
| Total long-term liabilities | $12.2B | $8.5B | $8.6B | $8.7B |
| Partners' capital | $9.8B | $9.8B | $10.4B | $10.1B |
| Total partners’ capital excluding noncontrolling interests | $9.8B | $9.8B | $10.4B | $10.1B |
| Noncontrolling interests | $3.2B | $3.3B | $3.3B | $3.3B |
| Total partners’ capital | $13.1B | $13.1B | $13.7B | $13.3B |
| Total liabilities and partners’ capital | $30.2B | $26.6B | $27.4B | $27.9B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $1.1B | $171.0M | $1.2B | $459.0M |
| Trade accounts receivable and other receivables, net | $5.3B | $4.8B | $3.6B | $3.6B |
| Inventory | $84.0M | $380.0M | $184.0M | $151.0M |
| Current assets of discontinued operations (Note 2) | $0 | $602.0M | $434.0M | $385.0M |
| Other current assets | $127.0M | $190.0M | $162.0M | $131.0M |
| Total current assets | $6.5B | $6.2B | $5.6B | $4.7B |
| PROPERTY AND EQUIPMENT | $22.7B | $22.7B | $19.7B | $19.6B |
| Accumulated depreciation | ($5.9B) | ($5.8B) | ($5.5B) | ($5.4B) |
| Property and equipment, net | $16.8B | $16.9B | $14.1B | $14.2B |
| Investments in unconsolidated entities | $2.8B | $2.8B | $2.9B | $2.7B |
| Intangible assets, net | $1.6B | $1.7B | $1.6B | $1.6B |
| Linefill | $892.0M | $876.0M | $933.0M | $940.0M |
| Long-term operating lease right-of-use assets, net | $172.0M | $197.0M | $184.0M | $182.0M |
| Long-term inventory | $257.0M | $315.0M | $227.0M | $234.0M |
| Long-term assets of discontinued operations (Note 2) | $0 | $2.5B | $2.5B | $2.5B |
| Other long-term assets, net | $152.0M | $150.0M | $109.0M | $107.0M |
| Total assets | $29.2B | $31.6B | $28.1B | $27.2B |
| Trade accounts payable | $4.9B | $4.9B | $3.6B | $3.4B |
| Short-term debt | $9.0M | $420.0M | $1.0B | $475.0M |
| Current liabilities of discontinued operations (Note 2) | $154.0M | $561.0M | $283.0M | $313.0M |
| Other current liabilities | $754.0M | $634.0M | $488.0M | $527.0M |
| Total current liabilities | $5.9B | $6.5B | $5.4B | $4.7B |
| Senior notes, net | $8.4B | $9.1B | $8.4B | $8.1B |
| Other long-term debt, net | $59.0M | $1.8B | $68.0M | $71.0M |
| Long-term operating lease liabilities | $194.0M | $202.0M | $188.0M | $190.0M |
| Long-term liabilities of discontinued operations (Note 2) | $0 | $665.0M | $597.0M | $598.0M |
| Other long-term liabilities and deferred credits | $442.0M | $449.0M | $523.0M | $535.0M |
| Total long-term liabilities | $9.1B | $12.3B | $9.7B | $9.5B |
| Partners' capital | $11.1B | $9.6B | $9.8B | $9.7B |
| Total partners’ capital excluding noncontrolling interests | $11.1B | $9.6B | $9.8B | $9.7B |
| Noncontrolling interests | $3.2B | $3.2B | $3.2B | $3.2B |
| Total partners’ capital | $14.3B | $12.8B | $13.0B | $12.9B |
| Total liabilities and partners’ capital | $29.2B | $31.6B | $28.1B | $27.2B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $1.8B | $1.1B | $1.5B | $1.2B |
| Income from discontinued operations, net of tax | ($383.0M) | — | — | — |
| Depreciation and amortization | $953.0M | $1.0B | $1.0B | $965.0M |
| (Gains)/losses on asset sales, asset impairments and other, net (Note 7, Note 8) | ($54.0M) | $160.0M | ($152.0M) | $269.0M |
| Equity-indexed compensation expense | $49.0M | $50.0M | $50.0M | $40.0M |
| Deferred income tax expense/(benefit) | $14.0M | ($28.0M) | ($24.0M) | $105.0M |
| (Gain)/loss on foreign currency revaluation | $13.0M | ($17.0M) | $8.0M | $41.0M |
| Settlement of terminated interest rate hedging instruments (Note 13) | $37.0M | $57.0M | $80.0M | $42.0M |
| Change in fair value of Preferred Distribution Rate Reset Option (Note 13) | $0 | — | ($58.0M) | $189.0M |
| Equity earnings in unconsolidated entities | ($382.0M) | ($452.0M) | ($369.0M) | ($403.0M) |
| Distributions on earnings from unconsolidated entities | $486.0M | $505.0M | $458.0M | $488.0M |
| Gain on investments in unconsolidated entities, net (Note 8, Note 9) | ($31.0M) | ($15.0M) | ($28.0M) | — |
| Other | $15.0M | $17.0M | $20.0M | $16.0M |
| Trade accounts receivable and other | $204.0M | $94.0M | $213.0M | $649.0M |
| Inventory | $96.0M | $70.0M | $223.0M | ($10.0M) |
| Trade accounts payable and other | ($334.0M) | ($90.0M) | ($242.0M) | ($830.0M) |
| Cash provided by operating activities - continuing operations | $2.5B | — | — | — |
| Cash provided by operating activities - discontinued operations | $484.0M | — | — | — |
| Net cash provided by operating activities | $2.9B | $2.5B | $2.7B | $2.4B |
| Cash paid in connection with acquisitions, net of cash acquired (Note 8) | ($2.7B) | ($248.0M) | ($425.0M) | ($149.0M) |
| Investments in unconsolidated entities (Note 9) | ($2.0M) | ($4.0M) | ($33.0M) | ($14.0M) |
| Additions to property, equipment and other | ($643.0M) | ($619.0M) | ($559.0M) | ($455.0M) |
| Cash paid for purchases of linefill | ($27.0M) | ($21.0M) | ($23.0M) | ($84.0M) |
| Proceeds from sales of assets (Note 8) | $81.0M | $13.0M | $328.0M | $60.0M |
| Investments in related party notes (Note 17) | ($330.0M) | ($629.0M) | — | — |
| Other investing activities | $0 | $4.0M | $1.0M | $44.0M |
| Cash used in investing activities - continuing operations | ($3.6B) | — | — | — |
| Cash used in investing activities - discontinued operations | ($197.0M) | — | — | — |
| Net cash used in investing activities | ($3.8B) | ($1.5B) | ($702.0M) | ($526.0M) |
| Net borrowings/(repayments) under commercial paper program (Note 11) | $577.0M | ($40.0M) | $433.0M | — |
| Repayment under EPIC credit agreement (Note 11) | ($1.1B) | — | — | — |
| Borrowing under term loan (Note 11) | $1.1B | — | — | — |
| Proceeds from the issuance of senior notes (Note 11) | $3.0B | $650.0M | — | — |
| Repayments of senior notes (Note 11) | ($1.0B) | ($750.0M) | ($1.1B) | ($750.0M) |
| Proceeds from the issuance of related party notes (Note 17) | $330.0M | $629.0M | — | — |
| Repurchase of common units (Note 12) | ($8.0M) | — | — | ($74.0M) |
| Repurchase of Series A preferred units (Note 12) | ($333.0M) | — | — | — |
| Distributions paid to unitholders (Note 12) | ($1.3B) | ($1.1B) | ($989.0M) | ($782.0M) |
| Distributions paid to noncontrolling interests (Note 12) | ($447.0M) | ($425.0M) | — | ($298.0M) |
| Contributions from noncontrolling interests | $75.0M | $57.0M | $106.0M | — |
| Other financing activities | ($84.0M) | ($53.0M) | ($93.0M) | ($53.0M) |
| Net cash provided by/(used in) financing activities | $799.0M | ($1.1B) | ($2.0B) | ($1.9B) |
| Effect of translation adjustment - continuing operations | $14.0M | ($11.0M) | — | ($3.0M) |
| Effect of translation adjustment - discontinued operations | $0 | — | — | — |
| Net increase/(decrease) in cash and cash equivalents and restricted cash | ($20.0M) | ($102.0M) | $49.0M | ($52.0M) |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $2.2B | $231.0M | $1.3B | $813.0M |
| Income from discontinued operations, net of tax | ($1.5B) | $103.0M | ($281.0M) | ($206.0M) |
| Depreciation and amortization | $486.0M | $243.0M | $696.0M | $466.0M |
| Losses on asset sales, asset impairments and other, net | $6.0M | ($53.0M) | ($64.0M) | $29.0M |
| Deferred income tax expense/(benefit) | ($222.0M) | ($215.0M) | $6.0M | $5.0M |
| (Gain)/loss on foreign currency revaluation | ($16.0M) | — | $19.0M | $4.0M |
| Equity earnings in unconsolidated entities | ($178.0M) | ($89.0M) | ($292.0M) | ($196.0M) |
| Distributions on earnings from unconsolidated entities | $204.0M | $97.0M | $369.0M | $256.0M |
| Gain on investments in unconsolidated entities, net | $0 | — | ($31.0M) | ($31.0M) |
| Other | $27.0M | $29.0M | $47.0M | $32.0M |
| Changes in assets and liabilities, net of acquisitions | $299.0M | $54.0M | $18.0M | ($140.0M) |
| Cash provided by operating activities - continuing operations | $1.2B | $400.0M | $1.8B | $1.0B |
| Cash provided by operating activities - discontinued operations | $159.0M | $18.0M | $314.0M | $301.0M |
| Net cash provided by operating activities | $1.4B | $418.0M | $2.1B | $1.3B |
| Cash paid in connection with acquisitions, net of cash acquired | ($130.0M) | ($88.0M) | ($865.0M) | ($681.0M) |
| Additions to property, equipment and other | ($268.0M) | ($130.0M) | ($495.0M) | ($310.0M) |
| Cash paid for purchases of linefill | ($12.0M) | ($2.0M) | ($17.0M) | ($17.0M) |
| Proceeds from sales of assets | $4.0M | $3.0M | $27.0M | $21.0M |
| Cash received from sales of linefill | $37.0M | — | — | — |
| Investments in related party notes | $0 | — | ($330.0M) | ($330.0M) |
| Other investing activities | $20.0M | — | $0 | — |
| Cash used in investing activities - continuing operations | ($349.0M) | ($217.0M) | ($1.7B) | ($1.3B) |
| Cash provided by/(used in) investing activities - discontinued operations | $3.5B | ($16.0M) | ($151.0M) | ($106.0M) |
| Net cash provided by/(used in) investing activities | $3.1B | ($233.0M) | ($1.8B) | ($1.4B) |
| Net borrowings/(repayments) under commercial paper program (Note 6) | ($970.0M) | $116.0M | ($393.0M) | $69.0M |
| Repayment under term loan (Note 6) | ($1.1B) | — | — | — |
| Proceeds from the issuance of senior notes (Note 6) | $0 | — | $2.2B | $998.0M |
| Repayments of senior notes (Note 6) | ($750.0M) | — | — | — |
| Proceeds from the issuance of related party notes | $0 | — | $330.0M | $330.0M |
| Repurchase of common units | $0 | — | ($8.0M) | ($8.0M) |
| Repurchase of Series A preferred units | $0 | — | ($333.0M) | ($333.0M) |
| Distributions paid to unitholders (Note 7) | ($694.0M) | ($348.0M) | ($973.0M) | ($652.0M) |
| Distributions paid to noncontrolling interests (Note 7) | ($205.0M) | ($103.0M) | ($339.0M) | ($229.0M) |
| Contributions from noncontrolling interests | $0 | — | $34.0M | $29.0M |
| Other financing activities | ($9.0M) | ($4.0M) | ($64.0M) | ($22.0M) |
| Net cash provided by/(used in) financing activities | ($3.7B) | ($339.0M) | $500.0M | $182.0M |
| Effect of translation adjustment - continuing operations | ($16.0M) | ($3.0M) | $13.0M | $8.0M |
| Effect of translation adjustment - discontinued operations | $0 | — | $0 | $11.0M |
| Net increase in cash and cash equivalents and restricted cash | $731.0M | ($157.0M) | $832.0M | $111.0M |
| Cash and cash equivalents and restricted cash, beginning of period | $328.0M | $328.0M | $348.0M | $348.0M |
| Cash and cash equivalents and restricted cash, end of period | $1.1B | $171.0M | $1.2B | $459.0M |
| Interest, net of amounts capitalized | $314.0M | $183.0M | $382.0M | $254.0M |
| Income taxes, net of amounts refunded | $53.0M | $28.0M | $80.0M | $48.0M |
Plains All American Pipeline LP score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.