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HF Sinclair vs Plains All American Pipeline: revenue, profit, margins and growth compared

HF Sinclair brought in $26.9B of revenue in fiscal 2025, Plains All American Pipeline $44.3B in fiscal 2025. Revenue changed by -6.0% at HF Sinclair and -9.5% at Plains All American Pipeline on the year before, so HF Sinclair grew faster. HF Sinclair kept 2.2% of its revenue as net profit, Plains All American Pipeline 3.2%. Free cash flow was $866M at HF Sinclair and $2.3B at Plains All American Pipeline.

Side by side, latest fiscal year

DINOPAA
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$26.9B$44.3B
Revenue growth-6.0%-9.5%
Net income$579M$1.4B
Net margin2.2%3.2%
Free cash flow$866M$2.3B
Free cash flow margin3.2%5.2%
Earnings per share (diluted)$3.08n/a
Cash$978M$328M
Debt$2.8B$11.3B
Price to earnings34.5n/a
Market value$18.9B$17.2B
Dividend yield1.88%n/a
Rank by revenue in sector#17 of 163 · Energy#12 of 163 · Energy

Over the years

Revenue
DINO FY2020: $11.2BDINO FY2022: $18.4BDINO FY2022: $38.2BDINO FY2023: $32BDINO FY2024: $28.6BDINO FY2025: $26.9BPAA FY2018: $34.1BPAA FY2019: $33.7BPAA FY2020: $23.3BPAA FY2021: $42.1BPAA FY2022: $57.3BPAA FY2023: $47.3BPAA FY2024: $48.9BPAA FY2025: $44.3BFY18FY19FY20FY21FY22FY23FY24FY25
DINO $26.9BPAA $44.3B
Net income
DINO FY2020: -$601.4MDINO FY2022: $558.3MDINO FY2022: $2.9BDINO FY2023: $1.6BDINO FY2024: $177MDINO FY2025: $579MPAA FY2018: $2.2BPAA FY2019: $2.2BPAA FY2020: -$2.6BPAA FY2021: $593MPAA FY2022: $1BPAA FY2023: $1.2BPAA FY2024: $772MPAA FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
DINO $579MPAA $1.4B
Net margin
DINO FY2020: -5.4%DINO FY2022: 3.0%DINO FY2022: 7.7%DINO FY2023: 5.0%DINO FY2024: 0.6%DINO FY2025: 2.2%PAA FY2018: 6.5%PAA FY2019: 6.4%PAA FY2020: -11.1%PAA FY2021: 1.4%PAA FY2022: 1.8%PAA FY2023: 2.6%PAA FY2024: 1.6%PAA FY2025: 3.2%FY18FY19FY20FY21FY22FY23FY24FY25
DINO 2.2%PAA 3.2%
Revenue growth
DINO FY2022: +64.4%DINO FY2022: +107.8%DINO FY2023: -16.3%DINO FY2024: -10.6%DINO FY2025: -6.0%PAA FY2019: -1.1%PAA FY2020: -30.8%PAA FY2021: +80.7%PAA FY2022: +36.3%PAA FY2023: -17.4%PAA FY2024: +3.3%PAA FY2025: -9.5%FY19FY20FY21FY22FY23FY24FY25
DINO -6.0%PAA -9.5%
Free cash flow
DINO FY2020: $187.1MDINO FY2022: -$318.4MDINO FY2022: $3.3BDINO FY2023: $1.9BDINO FY2024: $640MDINO FY2025: $866MPAA FY2018: $974MPAA FY2019: $1.3BPAA FY2020: $776MPAA FY2021: $1.7BPAA FY2022: $2BPAA FY2023: $2.3BPAA FY2024: $2BPAA FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
DINO $866MPAA $2.3B

Fiscal years as each company reports them; the two may end in different months.

Questions about HF Sinclair and Plains All American Pipeline

Which is bigger by revenue, HF Sinclair or Plains All American Pipeline?

Plains All American Pipeline is bigger by revenue: $44.3B in fiscal 2025, against $26.9B for HF Sinclair in fiscal 2025.

Which keeps more of its revenue as profit, HF Sinclair or Plains All American Pipeline?

HF Sinclair had a net margin of 2.2% in fiscal 2025; Plains All American Pipeline had 3.2% in fiscal 2025.

Which grew revenue faster, HF Sinclair or Plains All American Pipeline?

In their latest fiscal years revenue changed by -6.0% at HF Sinclair and -9.5% at Plains All American Pipeline.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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