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Plains All American Pipeline, L.P. (PAA)
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Plains All American Pipeline, L.P. Income Statement 2025-2006 | PAA
Brief overview of financial results at Plains All American Pipeline, L.P.
The figures are compared over a five-year interval. According to figures from Plains All American Pipeline, L.P., revenue changed from 23.3 billion dollars to 10.6 billion dollars over five years. The cumulative result was −54.6%, corresponding to roughly −14.6% per year. The negative rate indicates weakening core operations.
At the gross-profit level, the result moved from $1.1 billion to −$29.9 billion, a change of −2743.2%. The relationship between sales and direct costs deteriorated. At the margin level, the figure shifted from 4.9% to −282.7%. Weakening gross profitability reduces the quality of the top-line trend.
The operating result measured by EBITDA moved from 1.5 billion dollars to 1.3 billion dollars, or −13.5%. EBITDA expanded faster than the top line. EBITDA margin was 6.5% at the start and 12.4% at the end. The business generated more EBITDA from each unit of revenue.
The final result was −$2.6 billion initially and $1.8 billion in the final year. The trajectory reversed from a loss to positive earnings.
Conclusion
The indicators point to a weaker financial profile. Key strengths include positive operating leverage and net-income growth. The main areas of concern are a narrow gross-profit buffer, limited revenue growth and pressure from direct costs. Future reports should be judged by revenue momentum, margins, and the conversion of sales into net income.
Annual Income Statement Plains All American Pipeline, L.P.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
- | - | - | - | - | 6.09 B | 12.4 B | 16.7 B | 15.2 B | 14.4 B | 8.32 B | 18.2 B | 17 B | 17 B | 11.5 B | - | - | - | - | - |
Shares |
- | - | - | - | - | 728 M | 727 M | 726 M | 717 M | 464 M | 394 M | 367 M | 341 M | 325 M | 298 M | - | - | - | - | - |
Historical Prices |
16.8 | 16.8 | 13.2 | 11.7 | 10.6 | 7.63 | 13.8 | 17.8 | 15.3 | 21.3 | 12.9 | 28.3 | 27.6 | 27.5 | 19.1 | 28.6 | 22.3 | 24.6 | 31.2 | 24.4 |
Net Income |
1.77 B | 1.11 B | 1.5 B | 1.23 B | 593 M | -2.59 B | 2.17 B | 2.22 B | 856 M | 726 M | 903 M | 1.38 B | 1.36 B | 1.09 B | 966 M | 505 M | 579 M | 437 M | 365 M | - |
Revenue |
10.6 B | 12 B | 47.3 B | 57.3 B | 42.1 B | 23.3 B | 33.7 B | 34.1 B | 26.2 B | 20.2 B | 23.2 B | 43.5 B | 42.2 B | 37.8 B | 34.3 B | 25.9 B | 18.5 B | 30.1 B | 20.4 B | - |
Cost of Revenue |
40.4 B | 45.2 B | 43.9 B | 53.2 B | 38.5 B | 20.4 B | 29.5 B | 29.8 B | 23 B | 17.2 B | 19.7 B | 39.5 B | 38.5 B | - | - | - | - | - | - | - |
Gross Profit |
- | - | - | - | - | 1.13 B | 2.31 B | 2.48 B | 1.43 B | 1.27 B | 1.54 B | 2.12 B | 2.09 B | 1.77 B | 1.84 B | 1.03 B | 1.03 B | - | - | - |
Operating Income |
355 M | -16 M | 1.26 B | 1.29 B | 851 M | -2.38 B | 1.99 B | 2.28 B | 1.15 B | 994 M | 1.26 B | 1.8 B | 1.74 B | 1.42 B | 1.3 B | 767 M | 779 M | 594 M | 518 M | - |
Interest Expense |
108 M | 64 M | 386 M | 405 M | 425 M | 436 M | 425 M | 431 M | 510 M | 467 M | 432 M | 348 M | 313 M | 288 M | 253 M | 248 M | 224 M | 196 M | 162 M | - |
EBITDA |
1.31 B | 885 M | 2.17 B | 2.26 B | 1.62 B | 1.51 B | 2.62 B | 2.68 B | 1.78 B | 1.49 B | 1.69 B | 2.18 B | 2.1 B | 1.91 B | 1.55 B | 1.02 B | 1.02 B | 805 M | 698 M | - |
Operating Expenses |
- | - | - | - | - | 271 M | 297 M | 316 M | 276 M | 279 M | 278 M | 325 M | 359 M | 342 M | 543 M | - | - | - | - | - |
General and Administrative Expenses |
342 M | 328 M | 299 M | 325 M | 292 M | 271 M | 297 M | 316 M | 276 M | 279 M | 278 M | 325 M | 359 M | 342 M | 294 M | 260 M | 211 M | 160 M | 164 M | - |
Annual performance
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All numbers in USD currency
Quarterly Income Statement Plains All American Pipeline, L.P.
| 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | 2010-Q1 | 2009-Q3 | 2009-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Income |
152 M | 441 M | 210 M | 443 M | 220 M | 250 M | 266 M | 203 M | 293 M | 422 M | - | - | 203 M | 187 M | - | -59 M | -220 M | 422 M | -28 M | 143 M | 142 M | -2.85 B | 306 M | 449 M | 446 M | 970 M | 1.12 B | 710 M | 100 M | 288 M | 191 M | 33 M | 188 M | 444 M | 126 M | 297 M | 101 M | 202 M | 247 M | 249 M | 124 M | 283 M | 389 M | 323 M | 287 M | 384 M | 309 M | 231 M | 292 M | 528 M | 320 M | 165 M | 378 M | 230 M | 278 M | 281 M | 225 M | 182 M | 81 M | 131 M | 151 M | 122 M | 136 M |
Revenue |
12.5 B | 11.6 B | 10.6 B | 12 B | 12.7 B | 12.9 B | 12 B | 12.1 B | 11.6 B | 12.3 B | - | - | 16.4 B | 13.7 B | - | 10.8 B | 9.93 B | 8.38 B | 5.96 B | 5.83 B | 3.22 B | 8.27 B | 9.15 B | 7.89 B | 8.25 B | 8.38 B | 8.79 B | 8.79 B | 8.08 B | 8.4 B | 7.6 B | 5.87 B | 6.08 B | 6.67 B | 5.95 B | 5.17 B | 4.95 B | 4.11 B | 5 B | 5.55 B | 6.66 B | 5.94 B | 9.46 B | 11.1 B | 11.2 B | 11.7 B | 10.6 B | 10.7 B | 10.3 B | 10.6 B | 9.44 B | 9.35 B | 9.79 B | 9.22 B | 8.88 B | 8.84 B | 8.86 B | 7.69 B | 6.41 B | 6.12 B | 6.12 B | 4.86 B | 4.28 B |
Cost of Revenue |
11.5 B | 10.6 B | 9.76 B | 10.8 B | 11.6 B | 11.9 B | 10.9 B | 11.1 B | 10.5 B | 11.3 B | - | - | 15.3 B | 12.8 B | - | 10.1 B | 9.28 B | 7.39 B | - | 5.11 B | 2.52 B | 7.37 B | - | 6.86 B | 7.24 B | 7.12 B | - | 7.77 B | 7.55 B | 7.52 B | - | 5.33 B | 5.32 B | 5.59 B | - | 4.43 B | 4.22 B | 3.35 B | - | 4.7 B | 5.85 B | 5.04 B | - | 10.2 B | 10.3 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 487 M | 371 M | 513 M | - | 530 M | 488 M | 609 M | - | 408 M | 485 M | 748 M | - | 466 M | 557 M | 380 M | - | 426 M | 365 M | 348 M | - | - | - | - | - |
Operating Income |
405 M | 484 M | 239 M | 533 M | 347 M | 374 M | 370 M | 234 M | 378 M | 473 M | - | - | 411 M | 293 M | - | -38 M | -236 M | 526 M | -65 M | 253 M | 210 M | -2.77 B | 331 M | 492 M | 451 M | 714 M | 1.32 B | 493 M | 88 M | 381 M | 261 M | 44 M | 257 M | 591 M | 218 M | 349 M | 146 M | 282 M | 344 M | 335 M | 211 M | 372 M | 532 M | 406 M | 367 M | 495 M | 394 M | 296 M | 383 M | 655 M | 402 M | 247 M | 462 M | 313 M | 359 M | 357 M | 298 M | 285 M | 150 M | 192 M | 211 M | 166 M | 183 M |
Interest Expense |
8 M | 14 M | 31 M | 26 M | 26 M | 23 M | 95 M | 97 M | 95 M | 98 M | - | - | 99 M | 107 M | - | 106 M | 107 M | 107 M | - | 113 M | 108 M | 108 M | - | 108 M | 103 M | 101 M | - | 110 M | 111 M | 106 M | - | 134 M | 127 M | 129 M | - | 113 M | 114 M | 112 M | - | 109 M | 107 M | 105 M | - | 85 M | 82 M | 78 M | - | 72 M | 75 M | 77 M | - | 74 M | 75 M | 65 M | - | 62 M | 62 M | 65 M | 64 M | 62 M | 58 M | 59 M | 56 M |
EBITDA |
648 M | 714 M | 474 M | 795 M | 604 M | 631 M | 624 M | 494 M | 637 M | 729 M | - | - | 653 M | 523 M | - | 140 M | -40 M | 703 M | -65 M | 413 M | 376 M | -2.6 B | 331 M | 648 M | 598 M | 850 M | 1.32 B | 622 M | 218 M | 508 M | 261 M | 195 M | 386 M | 712 M | 218 M | 382 M | 350 M | 396 M | 344 M | 442 M | 319 M | 476 M | 532 M | 503 M | 467 M | 591 M | 394 M | 389 M | 383 M | 655 M | 402 M | 247 M | 548 M | 373 M | 359 M | 422 M | 361 M | 348 M | 211 M | 256 M | 278 M | 225 M | 239 M |
General and Administrative Expenses |
81 M | 83 M | 82 M | 100 M | 98 M | 93 M | 96 M | 92 M | 85 M | 86 M | - | - | 78 M | 82 M | - | 67 M | 72 M | 67 M | - | 61 M | 72 M | 69 M | - | 74 M | 75 M | 76 M | - | 74 M | 80 M | 79 M | - | 68 M | 68 M | 74 M | - | 70 M | 73 M | 67 M | - | 60 M | 79 M | 78 M | - | 78 M | 90 M | 89 M | - | 79 M | 91 M | 106 M | - | 81 M | 89 M | 94 M | - | 56 M | 73 M | 70 M | 56 M | 56 M | 62 M | 52 M | 54 M |
Quarterly performance
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All numbers in USD currency
The income statement is one of the three key financial reports of a company Plains All American Pipeline, L.P. (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.