# Plains All American Pipeline LP: overview

PAA · Nasdaq · CIK 1070423 · [Industrials](/sectors/industrials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/paa.md) · [Financials](/companies/paa/financials.md) · [Filings](/companies/paa/filings.md) · [Insiders](/companies/paa/insiders.md)

Latest reported revenue: [$17.69bn](/filings/0001070423-26-000031.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 10, 2026 (XBRL us-gaap:Revenues, accession 0001070423-26-000031).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $bn | [12.5](/filings/0001070423-26-000014.md) | [12.0](/filings/0001070423-26-000014.md) | [11.5](/filings/0001070423-26-000019.md) | [10.6](/filings/0001070423-26-000031.md) | [11.6](/filings/0001070423-26-000014.md) | [10.6](/filings/0001070423-26-000014.md) | [12.5](/filings/0001070423-26-000019.md) | [17.7](/filings/0001070423-26-000031.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [1.6%](/filings/0001070423-26-000014.md) | [(0.1%)](/filings/0001070423-26-000014.md) | [3.1%](/filings/0001070423-26-000019.md) | [2.2%](/filings/0001070423-26-000031.md) | [4.2%](/filings/0001070423-26-000014.md) | [3.4%](/filings/0001070423-26-000014.md) | [3.2%](/filings/0001070423-26-000019.md) | [2.2%](/filings/0001070423-26-000031.md) |
| Net margin | % | [1.8%](/filings/0001070423-26-000014.md) | [0.3%](/filings/0001070423-26-000014.md) | [3.9%](/filings/0001070423-26-000019.md) | [2.0%](/filings/0001070423-26-000031.md) | [3.8%](/filings/0001070423-26-000014.md) | [3.2%](/filings/0001070423-26-000014.md) | [1.2%](/filings/0001070423-26-000019.md) | [10.3%](/filings/0001070423-26-000031.md) |
| Diluted EPS | $ per share | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Free cash flow | $bn | [0.6 d](/filings/0001070423-25-000026.md) | [0.6 d](/filings/0001070423-26-000014.md) | [0.5](/filings/0001070423-26-000019.md) | [0.5 d](/filings/0001070423-26-000031.md) | [0.6 d](/filings/0001070423-25-000026.md) | [0.6 d](/filings/0001070423-26-000014.md) | [0.3](/filings/0001070423-26-000019.md) | [0.8 d](/filings/0001070423-26-000031.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL not reported.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $bn | [42.1](/filings/0001070423-24-000008.md) | [57.3](/filings/0001070423-25-000006.md) | [47.3](/filings/0001070423-26-000014.md) | [48.9](/filings/0001070423-26-000014.md) | [44.3](/filings/0001070423-26-000014.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [2.0%](/filings/0001070423-24-000008.md) | [2.3%](/filings/0001070423-25-000006.md) | [2.7%](/filings/0001070423-26-000014.md) | [1.8%](/filings/0001070423-26-000014.md) | [3.2%](/filings/0001070423-26-000014.md) |
| Net margin | % | [1.4%](/filings/0001070423-24-000008.md) | [1.8%](/filings/0001070423-25-000006.md) | [2.6%](/filings/0001070423-26-000014.md) | [1.6%](/filings/0001070423-26-000014.md) | [3.2%](/filings/0001070423-26-000014.md) |
| Diluted EPS | $ per share | not reported | not reported | not reported | not reported | not reported |
| Free cash flow | $bn | [1.7](/filings/0001070423-24-000008.md) | [2.0](/filings/0001070423-25-000006.md) | [2.3](/filings/0001070423-26-000014.md) | [2.0](/filings/0001070423-26-000014.md) | [2.3](/filings/0001070423-26-000014.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL not reported.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/paa/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [ALPS ADVISORS INC](/funds/1376113.md) | 2026-06-30 | $1.57bn | 70,510,853 |  | Reduced −2,596,217 |
| [Invesco Ltd.](/funds/914208.md) | 2026-06-30 | $741.9m | 33,326,777 |  | Reduced −58,785 |
| [Blackstone Inc.](/funds/1393818.md) | 2026-06-30 | $449.3m | 20,183,446 |  | Added +1,442,644 |
| [MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.](/funds/1705339.md) | 2026-06-30 | $394.2m | 17,708,480 |  | Added +656,898 |
| [GOLDMAN SACHS GROUP INC](/funds/886982.md) | 2026-06-30 | $355.3m | 15,960,527 |  | Reduced −580,280 |
| [TORTOISE CAPITAL ADVISORS, L.L.C.](/funds/1280965.md) | 2026-06-30 | $302.8m | 13,603,422 |  | Added +2,810,890 |
| [MORGAN STANLEY](/funds/895421.md) | 2026-06-30 | $242.4m | 10,887,631 |  | Reduced −513,407 |
| [UBS Group AG](/funds/1610520.md) | 2026-06-30 | $235.4m | 10,572,985 |  | Added +1,804,581 |
| [KAYNE ANDERSON CAPITAL ADVISORS LP](/funds/949615.md) | 2026-06-30 | $137.8m | 6,191,802 |  | Reduced −8,834 |
| [JPMORGAN CHASE & CO](/funds/19617.md) | 2026-06-30 | $109.9m | 4,968,377 |  | Added +1,062,055 |

## Recent filings

[All 1,210 filings](/companies/paa/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-09-29 | 20:28 ET | [8-K](/filings/0001104659-26-111950.md) | 5.02 Departure or appointment of officers or directors; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001104659-26-111950 |
| 2026-09-14 | 20:30 ET | [8-K](/filings/0001104659-26-107512.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-107512 |
| 2026-09-10 | 21:48 ET | [8-K](/filings/0001104659-26-106419.md) | 8.01 Other events | 0001104659-26-106419 |
| 2026-09-09 | 22:16 ET | [8-K](/filings/0001104659-26-105984.md) | 2.02 Results of operations; 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-105984 |
| 2026-08-10 | 21:57 ET | [10-Q](/filings/0001070423-26-000031.md) | Quarterly report, period 2026-06-30 | 0001070423-26-000031 |
| 2026-08-07 | 13:14 ET | [8-K](/filings/0001070423-26-000028.md) | 2.01 Completion of an acquisition or disposition; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001070423-26-000028 |
| 2026-06-17 | 20:40 ET | [8-K](/filings/0001104659-26-075186.md) | 1.01 Entry into a material agreement; 1.02 Termination of a material agreement; 2.03 New direct financial obligation; 9.01 Financial statements and exhibits | 0001104659-26-075186 |
| 2026-06-02 | 10:03 ET | [8-K](/filings/0001104659-26-069156.md) | 5.02 Departure or appointment of officers or directors | 0001104659-26-069156 |
| 2026-05-22 | 20:20 ET | [8-K](/filings/0001104659-26-065738.md) | 5.07 Shareholder vote results | 0001104659-26-065738 |
| 2026-05-13 | 21:01 ET | [8-K](/filings/0001104659-26-060358.md) | 5.02 Departure or appointment of officers or directors; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001104659-26-060358 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001070423-26-000014.md), filed Feb 27, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/52b666ec-33fd-49d3-b622-2f739855f7fc)

## About the filer

- CIK: 1070423
- Tickers: PAA, PAAPU
- Exchange: Nasdaq
- SIC code: 4610 Pipe Lines (No Natural Gas)
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:32 ET. No prices; not investment advice.