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

Plains All American Pipeline brought in $44.3B of revenue in fiscal 2025, Plains GP $44.3B in fiscal 2025. Revenue changed by -9.5% at Plains All American Pipeline and -9.5% at Plains GP on the year before. Plains All American Pipeline kept 3.2% of its revenue as net profit, Plains GP 0.6%. Free cash flow was $2.3B at Plains All American Pipeline and $2.3B at Plains GP.

Side by side, latest fiscal year

PAAPAGP
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$44.3B$44.3B
Revenue growth-9.5%-9.5%
Net income$1.4B$260M
Net margin3.2%0.6%
Free cash flow$2.3B$2.3B
Free cash flow margin5.2%5.2%
Earnings per share (diluted)n/an/a
Cash$328M$329M
Debt$11.3B$1.1B
Price to earningsn/an/a
Market value$17.2B$5.3B
Dividend yieldn/an/a
Rank by revenue in sector#12 of 163 · Energy#12 of 163 · Energy

Over the years

Revenue
PAA FY2018: $34.1BPAA FY2019: $33.7BPAA FY2020: $23.3BPAA FY2021: $42.1BPAA FY2022: $57.3BPAA FY2023: $47.3BPAA FY2024: $48.9BPAA FY2025: $44.3BPAGP FY2018: $34.1BPAGP FY2019: $33.7BPAGP FY2020: $23.3BPAGP FY2021: $42.1BPAGP FY2022: $57.3BPAGP FY2023: $47.3BPAGP FY2024: $48.9BPAGP FY2025: $44.3BFY18FY19FY20FY21FY22FY23FY24FY25
PAA $44.3BPAGP $44.3B
Net income
PAA FY2018: $2.2BPAA FY2019: $2.2BPAA FY2020: -$2.6BPAA FY2021: $593MPAA FY2022: $1BPAA FY2023: $1.2BPAA FY2024: $772MPAA FY2025: $1.4BPAGP FY2018: $334MPAGP FY2019: $331MPAGP FY2020: -$568MPAGP FY2021: $60MPAGP FY2022: $168MPAGP FY2023: $198MPAGP FY2024: $103MPAGP FY2025: $260MFY18FY19FY20FY21FY22FY23FY24FY25
PAA $1.4BPAGP $260M
Net margin
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%PAGP FY2018: 1.0%PAGP FY2019: 1.0%PAGP FY2020: -2.4%PAGP FY2021: 0.1%PAGP FY2022: 0.3%PAGP FY2023: 0.4%PAGP FY2024: 0.2%PAGP FY2025: 0.6%FY18FY19FY20FY21FY22FY23FY24FY25
PAA 3.2%PAGP 0.6%
Revenue growth
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%PAGP FY2019: -1.1%PAGP FY2020: -30.8%PAGP FY2021: +80.7%PAGP FY2022: +36.3%PAGP FY2023: -17.4%PAGP FY2024: +3.3%PAGP FY2025: -9.5%FY19FY20FY21FY22FY23FY24FY25
PAA -9.5%PAGP -9.5%
Free cash flow
PAA FY2018: $974MPAA FY2019: $1.3BPAA FY2020: $776MPAA FY2021: $1.7BPAA FY2022: $2BPAA FY2023: $2.3BPAA FY2024: $2BPAA FY2025: $2.3BPAGP FY2018: $970MPAGP FY2019: $1.3BPAGP FY2020: $772MPAGP FY2021: $1.7BPAGP FY2022: $1.9BPAGP FY2023: $2.3BPAGP FY2024: $2BPAGP FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
PAA $2.3BPAGP $2.3B

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

Questions about Plains All American Pipeline and Plains GP

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

Plains All American Pipeline had a net margin of 3.2% in fiscal 2025; Plains GP had 0.6% in fiscal 2025.

Which grew revenue faster, Plains All American Pipeline or Plains GP?

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

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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