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Financial statements

PLAINS ALL AMERICAN PIPELINE LP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PLAINS ALL AMERICAN PIPELINE LP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue20,18226,22334,05533,66923,29042,07857,34247,33648,88944,262
Cost of revenue17,23322,98529,79329,45220,43138,50453,17643,93745,16240,433
Gross profit2,9493,2384,2624,2172,8593,5744,1663,3993,7273,829
General and administrative279276316297271292325299328342
Operating income9941,1532,2771,988-2,3758511,2921,2588681,434
Interest expense467510431425436425405386430554
Other non-operating income33-31-7243919-21910264108
Pre-tax income7559022,4142,246-2,5997211,4171,3719691,401
Income tax254419866-1973189618715
Income from continuing operations1,0385411,052
Net income to minority interests42091055191272341334
Net income7268562,2162,171-2,5905931,0371,2307721,435
EBITDA1,5081,6702,7972,589-1,7221,6252,2572,1671,7692,387

Balance sheet

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash and equivalents4737664522449401450348328
Receivables2,2793,0292,4543,6142,5534,7053,9073,7603,6793,598
Inventory1,343713640604647783729548261211
Other current assets60322137331240520031815599117
Total current assets4,2724,0003,5334,6123,6656,1375,3554,9134,8024,733
Property, plant and equipment13,87214,08914,78715,35514,61114,90315,25015,78213,44616,860
Lease right-of-use assets466378393349313189198
Goodwill2,3442,5662,5212,5400
Intangible assets2428447727078051,9602,1451,8751,6771,754
Other non-current assets290904916858162251464411142107
Total assets24,21025,35125,51128,67724,49728,60927,89227,35526,56230,169
Accounts payable2,5883,3232,7043,6862,4374,8104,0443,8443,6473,457
Short-term debt1,715737665048318221,159446407563
Total current liabilities4,6644,5313,4565,0174,2536,2325,8915,0034,9504,931
Long-term debt10,1249,1839,1439,1879,3828,3987,2877,3057,21110,696
Lease liabilities387317339308274192202
Other non-current liabilities8918078301,0811,041537654
Total liabilities25,219
Total debt11,8399,9209,2099,69110,2139,2208,4467,7517,61811,259
Other comprehensive income-1,009
Total equity-1,009
Total liabilities and equity24,21025,35125,51128,67724,49728,60927,89227,35526,56230,169

Cash flow statement

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net income7308582,2162,180-2,5806481,2281,5021,1131,769
Depreciation and amortization514517520601653774965909901953
Stock-based compensation60417934152340505049
Deferred income tax-6016132-46-7023105-9514
Change in inventory-463605-75-5-304-18-1010212096
Change in payables508847-3671,151-1,2861,970-830-141-57-334
Cash from operations7332,4992,6082,5041,5141,9962,4082,7272,4902,936
Capital expenditures-1,334-1,024-1,634-1,181-738-336-455-408-448-643
Cash from investing-1,273-1,570-813-1,765-1,093386-526-702-1,504-3,769
Debt issued7480099874806502,998
Debt repaid-175-1,3500-1,000-617-750-1,100-750-1,000
Share buybacks00-50-178-7400-8
Cash from financing556-943-1,757-720-435-1,984-1,931-1,976-1,077799
Exchange rate effect4-9-3-8-5-33-1314
Net change in cash20-102916-22393-5249-102-20
Free cash flow-6011,4759741,3237761,6601,9532,3192,0422,293
Interest paid450486400397428401393377381516
Income taxes paid985021136111761126926998

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $24.37 on September 28, 2026.

Profitability

MetricValueHow it is calculated
Gross margin7.8%Gross profit / revenue.
Operating margin3.1%Operating income / revenue.
EBITDA margin5.0%EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin2.9%Pre-tax income / revenue.
Net margin5.3%Net income / revenue.
FCF margin4.5%Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin5.7%Cash from operations / revenue.
Effective tax rate7.0%Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)9.5%Net income / average total assets.
Capex / revenue1.1%Capital expenditures / revenue.
D&A / revenue1.9%Depreciation and amortization / revenue.

Growth

MetricValueHow it is calculated
Revenue growth, 1y-9.5%Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y-8.3%Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y13.7%Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y2.7%Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y-2.8%Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y6.0%Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y65.2%Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y3.5%Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y34.9%EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y1.9%Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y85.9%Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y11.4%Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y17.9%Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y6.8%Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y14.2%Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y12.3%Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y5.5%Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y24.2%Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y13.6%Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y2.7%Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y4.3%Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

MetricValueHow it is calculated
Current ratio1.12xCurrent assets / current liabilities.
Quick ratio1.08x(Cash + short-term investments + receivables) / current liabilities.
Cash ratio0.18x(Cash + short-term investments) / current liabilities.
Debt / assets28.9%Total debt / total assets.
Net debt$7.38BTotal debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA2.82xNet debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage2.67xOperating income / interest expense.
Working capital$678.0MCurrent assets - current liabilities.
Goodwill and intangibles / assets5.5%(Goodwill + intangible assets) / total assets.

Efficiency

MetricValueHow it is calculated
Asset turnover1.79xRevenue / average total assets.
Fixed asset turnover3.12xRevenue / average property, plant and equipment.
Inventory turnover574xCost of revenue / average inventory.
Days inventory1 days365 x average inventory / cost of revenue.
Receivables turnover9.93xRevenue / average receivables.
Days sales outstanding37 days365 x average receivables / revenue.
Days payables37 days365 x average accounts payable / cost of revenue.
Cash conversion cycle-0 daysDays inventory + days sales outstanding - days payables.
FCF conversion85.9%Free cash flow / net income, when net income is positive.
Capex / operating cash flow20.2%Capital expenditures / cash from operations, when that is positive.

Valuation

MetricValueHow it is calculated
Market cap$17.19BShare price x shares outstanding.
Enterprise value$24.57BMarket cap + total debt - cash - short-term investments.
P/E6.22xMarket cap / net income. Only when net income is positive.
P/S0.33xMarket cap / revenue.
P/FCF7.24xMarket cap / free cash flow. Only when free cash flow is positive.
P/OCF5.78xMarket cap / cash from operations, when positive.
EV/Sales0.47xEnterprise value / revenue.
EV/EBIT15.0xEnterprise value / operating income, when both are positive.
EV/EBITDA9.40xEnterprise value / EBITDA, when both are positive.
EV/FCF10.3xEnterprise value / free cash flow, when both are positive.
FCF yield13.8%Free cash flow / market cap.
Earnings yield16.1%Net income / market cap (the inverse of P/E).
What was PLAINS ALL AMERICAN PIPELINE LP's revenue in fiscal 2025?

PLAINS ALL AMERICAN PIPELINE LP reported revenue of $44.26B for fiscal 2025, 9.5% lower than the year before.

Was PLAINS ALL AMERICAN PIPELINE LP profitable in fiscal 2025?

Yes. Net income was $1.44B, a net margin of 3.2%.

How much free cash flow did PLAINS ALL AMERICAN PIPELINE LP generate in fiscal 2025?

Cash from operations of $2.94B minus capital expenditures of $643.0M left free cash flow of $2.29B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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