Revenue growth remains inconsistent with a 11.61% year-over-year decline, while operating margins have compressed to as low as 0.7% during periods of reduced merchant activity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 45.17B | 44.26B | 50.07B | 48.71B | 57.34B | 42.08B | 23.29B | 33.67B | 34.05B | 26.22B | 20.18B | 23.15B | 43.46B | 42.25B | 37.8B | 34.27B | 25.89B | 18.52B | 30.06B | 20.39B | 22.44B | 31.18B | 20.98B | 12.59B | 8.38B | 6.87B | 6.64B | 4.7B | 176.4M | 752.52M |
| Revenue Growth % | -9.51% | -11.61% | 2.79% | -15.05% | 36.28% | 80.67% | -30.83% | -1.13% | 29.87% | 29.93% | -12.83% | -46.73% | 2.88% | 11.78% | 10.28% | 32.37% | 39.81% | -38.39% | 47.4% | -9.14% | -28.01% | 48.64% | 66.61% | 50.16% | 22.07% | 3.42% | 41.24% | 2565.48% | -76.56% | - |
| Cost of Goods Sold | 43.27B | 41.59B | 48.35B | 45.96B | 55.46B | 40.34B | 22.16B | 31.36B | 31.58B | 24.79B | 18.91B | 21.61B | 41.35B | 40.16B | 36.03B | 32.43B | 24.61B | 17.29B | 29.1B | 19.53B | 21.86B | 30.71B | 20.64B | 12.37B | 8.21B | 6.72B | 6.51B | 4.59B | 168.9M | 740.04M |
| COGS % of Revenue | - | 93.96% | 96.57% | 94.34% | 96.71% | 95.88% | 95.15% | 93.13% | 92.72% | 94.55% | 93.69% | 93.35% | 95.13% | 95.06% | 95.33% | 94.63% | 95.05% | 93.38% | 96.79% | 95.77% | 97.38% | 98.52% | 98.42% | 98.27% | 97.92% | 97.86% | 97.97% | 97.65% | 95.75% | 98.34% |
| Gross Profit | 1.9B | 2.67B | 1.72B | 2.76B | 1.89B | 1.74B | 1.13B | 2.31B | 2.48B | 1.43B | 1.27B | 1.54B | 2.12B | 2.09B | 1.77B | 1.84B | 1.28B | 1.23B | 965M | 862M | 589M | 462.3M | 331.43M | 217.41M | 174.29M | 147.25M | 134.68M | 110.3M | 7.5M | 12.48M |
| Gross Margin % | 4.2% | 6.04% | 3.43% | 5.66% | 3.29% | 4.12% | 4.85% | 6.87% | 7.28% | 5.45% | 6.31% | 6.65% | 4.87% | 4.94% | 4.67% | 5.37% | 4.96% | 6.62% | 3.21% | 4.23% | 2.62% | 1.48% | 1.58% | 1.73% | 2.08% | 2.14% | 2.03% | 2.35% | 4.25% | 1.66% |
| Gross Profit Growth % | - | 55.61% | -37.63% | 46.13% | 8.7% | 53.54% | -51.15% | -6.7% | 73.48% | 12.25% | -17.34% | -27.22% | 1.39% | 18.11% | -4.02% | 43.49% | 4.65% | 27.05% | 11.95% | 46.35% | 27.41% | 39.49% | 52.45% | 24.74% | 18.37% | 9.33% | 22.11% | 1370.67% | -39.9% | - |
| Operating Expenses | 554M | 1.24B | 541M | 1.25B | 594M | 884M | 3.5B | 325M | 316M | 276M | 279M | 278M | 325M | 359M | 342M | 543M | 516M | 447M | 371M | 344M | 234.3M | 186.7M | 151.41M | 119.2M | 79.73M | 70.89M | 65.34M | 39.5M | 2M | 4.69M |
| OpEx % of Revenue | - | 2.8% | 1.08% | 2.56% | 1.04% | 2.1% | 15.05% | 0.97% | 0.93% | 1.05% | 1.38% | 1.2% | 0.75% | 0.85% | 0.9% | 1.58% | 1.99% | 2.41% | 1.23% | 1.69% | 1.04% | 0.6% | 0.72% | 0.95% | 0.95% | 1.03% | 0.98% | 0.84% | 1.13% | 0.62% |
| Selling, General & Admin | 344M | 342M | 381M | 350M | 325M | 292M | 271M | 297M | 316M | 276M | 279M | 278M | 325M | 359M | 342M | 294M | 260M | 211M | 160M | 164M | 133.9M | 103.2M | 82.75M | 73.03M | 45.66M | 46.59M | 40.82M | 22.2M | 800K | 3.53M |
| SG&A % of Revenue | - | 0.77% | 0.76% | 0.72% | 0.57% | 0.69% | 1.16% | 0.88% | 0.93% | 1.05% | 1.38% | 1.2% | 0.75% | 0.85% | 0.9% | 0.86% | 1% | 1.14% | 0.53% | 0.8% | 0.6% | 0.33% | 0.39% | 0.58% | 0.54% | 0.68% | 0.61% | 0.47% | 0.45% | 0.47% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 899M | 160M | 896M | 269M | 592M | 3.23B | 28M | 0 | 0 | 0 | 0 | -2M | 1M | 0 | 249M | 256M | 236M | 211M | 180M | 100.4M | 83.5M | 68.66M | 46.17M | 34.07M | 24.31M | 24.52M | 17.3M | 2M | 4.69M |
| Operating Income | 1.34B | 1.43B | 1.18B | 1.51B | 1.29B | 851M | -2.38B | 1.99B | 2.28B | 1.15B | 994M | 1.26B | 1.79B | 1.73B | 1.43B | 1.3B | 767M | 779M | 594M | 518M | 354.7M | 275.6M | 180.02M | 98.2M | 94.56M | 76.35M | 69.34M | 70.8M | 5.5M | 7.79M |
| Operating Margin % | 2.97% | 3.24% | 2.35% | 3.1% | 2.25% | 2.02% | -10.2% | 5.9% | 6.69% | 4.4% | 4.93% | 5.45% | 4.12% | 4.09% | 3.77% | 3.79% | 2.96% | 4.21% | 1.98% | 2.54% | 1.58% | 0.88% | 0.86% | 0.78% | 1.13% | 1.11% | 1.04% | 1.51% | 3.12% | 1.03% |
| Operating Income Growth % | - | 21.73% | -21.99% | 16.87% | 51.82% | 135.83% | -219.47% | -12.69% | 97.48% | 16% | -21.24% | -29.54% | 3.65% | 21.26% | 9.78% | 69.23% | -1.54% | 31.14% | 14.67% | 46.04% | 28.7% | 53.09% | 83.32% | 3.85% | 23.85% | 10.11% | -2.06% | 1187.27% | -29.36% | - |
| EBITDA | 2.28B | 2.39B | 2.2B | 2.56B | 2.26B | 1.63B | -1.72B | 2.59B | 2.8B | 1.78B | 1.49B | 1.69B | 2.18B | 2.1B | 1.91B | 1.55B | 1.02B | 1.01B | 805M | 699M | 455.1M | 359.1M | 247.26M | 145.03M | 128.63M | 100.66M | 93.86M | 88.1M | 6.7M | 8.95M |
| EBITDA Margin % | 5.04% | 5.39% | 4.4% | 5.25% | 3.94% | 3.86% | -7.39% | 7.69% | 8.21% | 6.77% | 7.37% | 7.32% | 5.02% | 4.98% | 5.05% | 4.51% | 3.95% | 5.48% | 2.68% | 3.43% | 2.03% | 1.15% | 1.18% | 1.15% | 1.53% | 1.47% | 1.41% | 1.87% | 3.8% | 1.19% |
| EBITDA Growth % | 0.18% | 8.3% | -13.84% | 13.34% | 38.89% | 194.37% | -166.51% | -7.44% | 57.49% | 19.35% | -12.16% | -22.4% | 3.8% | 10.28% | 23.27% | 51.22% | 0.79% | 26.09% | 15.16% | 53.59% | 26.73% | 45.23% | 70.5% | 12.75% | 27.79% | 7.24% | 6.54% | 1214.93% | -25.15% | - |
| D&A (Non-Cash Add-back) | 934M | 953M | 1.03B | 1.05B | 965M | 774M | 653M | 601M | 520M | 623M | 494M | 432M | 392M | 375M | 482M | 249M | 256M | 236M | 211M | 181M | 100.4M | 83.5M | 67.24M | 46.82M | 34.07M | 24.31M | 24.52M | 17.3M | 1.2M | 1.17M |
| EBIT | 1.71B | 1.96B | 1.71B | 2.01B | 1.82B | 1.15B | -2.16B | 2.67B | 2.85B | 1.38B | 1.22B | 1.44B | 1.91B | 1.8B | 1.47B | 1.29B | 761M | 810M | 641M | 518M | 355M | 274.8M | 179.81M | 98.2M | 94.56M | 76.35M | 69.34M | 69.76M | 5.5M | 7.79M |
| Net Interest Income | -525M | -554M | -360M | -386M | -405M | -425M | -436M | -425M | -431M | -510M | -467M | -432M | -348M | -313M | -288M | -253M | -248M | -224M | -196M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 69M | 0 | 70M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 594M | 554M | 430M | 386M | 405M | 425M | 436M | 425M | 431M | 510M | 467M | 432M | 348M | 313M | 288M | 253M | 248M | 224M | 196M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 6M | -33M | 102M | 113M | 125M | -130M | -224M | 258M | 137M | -251M | -239M | -256M | -242M | -248M | -244M | -259M | -254M | -193M | -149M | -137M | -75.6M | -57.8M | -46.36M | -38.76B | -29.27B | -4M | 41.23M | -152.4M | 0 | -4.38M |
| Pretax Income | 1.35B | 1.4B | 1.28B | 1.62B | 1.42B | 721M | -2.6B | 2.25B | 2.41B | 902M | 755M | 1.01B | 1.56B | 1.49B | 1.18B | 1.04B | 513M | 586M | 445M | 381M | 279.1M | 217.8M | 1.94M | 59.45B | 65.29B | 72.35M | 110.56M | -81.6M | 0 | 3.41M |
| Pretax Margin % | 2.98% | 3.17% | 2.56% | 3.33% | 2.47% | 1.71% | -11.16% | 6.67% | 7.09% | 3.44% | 3.74% | 4.35% | 3.58% | 3.53% | 3.12% | 3.03% | 1.98% | 3.16% | 1.48% | 1.87% | 1.24% | 0.7% | 0.01% | 472.19% | 778.75% | 1.05% | 1.66% | -1.74% | - | 0.45% |
| Income Tax | 9M | 15M | 167M | 121M | 189M | 73M | -19M | 66M | 198M | 44M | 25M | 100M | 171M | 99M | 54M | 45M | -1M | 6M | 8M | 16M | 300K | 0 | 50.02M | 38.76M | -29.24B | 32.17M | -8.16M | 174.1M | 1.3M | 1.27M |
| Effective Tax Rate % | 0.67% | 1.07% | 13.05% | 7.46% | 13.34% | 10.12% | 0.73% | 2.94% | 8.2% | 4.88% | 3.31% | 9.94% | 10.98% | 6.64% | 4.57% | 4.33% | -0.19% | 1.02% | 1.8% | 4.2% | 0.11% | 0% | 2578.2% | 0.07% | -44.78% | 44.47% | -7.38% | -213.36% | - | 37.21% |
| Net Income | 1.15B | 1.44B | 772M | 1.23B | 1.04B | 593M | -2.59B | 2.17B | 2.22B | 856M | 726M | 903M | 1.38B | 1.36B | 1.09B | 966M | 505M | 579M | 437M | 365M | 285.1M | 217.8M | 130.01M | 59.45M | 65.29M | 44.18M | 77.5M | -103.3M | 4.2M | 2.14M |
| Net Margin % | 2.54% | 3.24% | 1.54% | 2.53% | 1.81% | 1.41% | -11.12% | 6.45% | 6.51% | 3.26% | 3.6% | 3.9% | 3.18% | 3.22% | 2.89% | 2.82% | 1.95% | 3.13% | 1.45% | 1.79% | 1.27% | 0.7% | 0.62% | 0.47% | 0.78% | 0.64% | 1.17% | -2.2% | 2.38% | 0.28% |
| Net Income Growth % | 20.65% | 85.88% | -37.24% | 18.61% | 74.87% | 122.9% | -219.3% | -2.03% | 158.88% | 17.91% | -19.6% | -34.75% | 1.69% | 24.41% | 13.25% | 91.29% | -12.78% | 32.49% | 19.73% | 28.03% | 30.9% | 67.53% | 118.69% | -8.95% | 47.79% | -43% | 175.03% | -2559.52% | 96.26% | - |
| Net Income (Continuing) | 1.34B | 1.39B | 1.11B | 1.5B | 1.23B | 648M | -2.58B | 2.18B | 2.22B | 858M | 730M | 906M | 1.39B | 1.39B | 1.13B | 994M | 514M | 580M | 437M | 365M | 278.8M | 217.8M | 133.14M | 59.4M | 65.29M | 43.67M | 92.65M | -101.81M | 4.2M | 2.14M |
| Discontinued Operations | 2M | 383M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.22B | 3.24B | 3.28B | 3.31B | 3.27B | 2.84B | 145M | 133M | 0 | 0 | 57M | 359M | 398M | 354M | 758M | 725M | 339M | 157M | 0 | 0 | 0 | 36.6M | 31.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.62 | 1.66 | 0.73 | 1.40 | 1.19 | 0.55 | -3.83 | 2.65 | 2.77 | 0.95 | 0.43 | 0.77 | 2.38 | 2.80 | 2.40 | 2.44 | 1.20 | 1.66 | 1.32 | 1.26 | 1.44 | 1.36 | 0.95 | 0.50 | 0.67 | 0.56 | 1.10 | -1.63 | 0.07 | 0.04 |
| EPS Growth % | 42.54% | 127.4% | -47.86% | 17.65% | 116.36% | 114.36% | -244.53% | -4.33% | 191.58% | 120.93% | -44.16% | -67.65% | -15% | 16.67% | -1.64% | 103.33% | -27.71% | 25.76% | 4.76% | -12.5% | 5.88% | 43.16% | 90% | -25.37% | 19.64% | -49.09% | 167.48% | -2428.57% | 96.08% | - |
| EPS (Basic) | - | 1.66 | 0.73 | 1.40 | 1.19 | 0.55 | -3.83 | 2.71 | 2.77 | 0.96 | 0.43 | 0.78 | 2.39 | 2.82 | 2.41 | 2.46 | 1.21 | 1.67 | 1.33 | 1.27 | 1.46 | 1.39 | 0.95 | 0.51 | 0.67 | 0.56 | 1.10 | -1.63 | 0.07 | 0.04 |
| Diluted Shares Outstanding | 706M | 704M | 702M | 699M | 701M | 716M | 728M | 800M | 799M | 718M | 466M | 396M | 369M | 343M | 328M | 299M | 276M | 262M | 242M | 228M | 164M | 141M | 126.6M | 106M | 91M | 75.06M | 68.77M | 63.27M | 60M | 60M |
| Basic Shares Outstanding | 706M | 704M | 702M | 699M | 701M | 716M | 728M | 727M | 799M | 717M | 464M | 394M | 367M | 341M | 325M | 297M | 274M | 260M | 240M | 226M | 162M | 138.6M | 126.6M | 106M | 91M | 75.06M | 68.77M | 63.27M | 60M | 60M |
| Dividend Payout Ratio | - | 74.56% | 115.41% | 60.81% | 56.32% | 87.18% | - | 46.25% | 39.31% | 161.92% | 146.28% | 119.71% | 67.49% | 58.12% | 62.52% | 59.52% | 101.39% | 80.83% | 121.74% | 101.37% | 92.11% | 90.45% | 113.12% | - | 152.91% | 171.87% | 76.86% | - | - | - |
Merchant segment margin volatility
As reported in recent financial filings, PAA experienced a 11.61% year-over-year revenue decline, reflecting the inherent sensitivity of its merchant-heavy business model to fluctuating commodity prices rather than a fundamental loss of physical throughput capacity across its core Permian Basin gathering and transportation infrastructure network.
The revenue trajectory appears heavily influenced by the nominal value of crude oil and NGLs traded, which masks the underlying stability of fee-based pipeline volumes. Investors should monitor whether the recent quarterly revenue fluctuations indicate a structural shift in regional basis spreads or merely temporary market noise.
Based on the provided income statement data, PAA maintains a structurally low gross margin profile, averaging roughly 3% to 6% over the last ten quarters, which highlights the significant impact of high-cost merchant activities on the company's consolidated profitability relative to more diversified midstream peers.
The thin margin profile suggests that PAA's profitability is highly susceptible to regional supply-demand imbalances that dictate the success of its buy-sell merchant operations. This reliance on transactional spreads rather than pure-play service fees warrants further investigation into the durability of cash flows during periods of market stability.
According to the quarterly income statement analysis, PAA's operating income has failed to scale consistently with gross profit, as evidenced by the 2024Q4 period where operating margins compressed to 0.7%, suggesting that fixed infrastructure costs remain a significant burden during periods of lower merchant activity.
The lack of meaningful operating leverage implies that the company's cost structure is not sufficiently flexible to protect earnings during revenue downturns. This suggests that management's ability to control SG&A expenses is secondary to the broader impact of commodity price volatility on the bottom line.
As indicated by the 2024Q3 data, where gross margins spiked to 96.2% due to an apparent accounting anomaly in COGS, the reported figures may be misleading, suggesting that investors should prioritize adjusted metrics over GAAP net income to assess the true operational health of the business.
The extreme variance in quarterly margins suggests that non-operating items and accounting adjustments frequently distort the income statement, making year-over-year comparisons difficult. Analysts should remain cautious of relying on headline EPS, as these figures appear to be heavily influenced by one-time offsets rather than core operational improvements.
Quick answers to the most common questions about buying PAA stock.
For fiscal year 2025, Plains All American Pipeline, L.P. (PAA) reported total revenue of $44.26B. This represents a 5781.8% increase compared to $752.5M in 1997.
Plains All American Pipeline, L.P. (PAA) is profitable, generating $1.44B in net income for the fiscal year ending 2025 with a net profit margin of 3.2%.
Plains All American Pipeline, L.P. (PAA) reported an operating income of $1.43B, resulting in an operating profit margin of 3.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Plains All American Pipeline, L.P. (PAA) generated $2.67B in gross profit for the year, representing a gross profit margin of 6.0%. This demonstrates the company's core pricing power and production efficiency.