Latest revenue
$12.47B
as of 2026-03-31
Latest net income
$152.0M
as of 2026-03-31
Net margin
1.2%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $17.04B
- Enterprise value
- $17.04B
- P/E (trailing)
- 11.9×
- Forward P/E
- —
- P/B
- —
- Dividend yield
- 6.6%
- 52-wk high
- $24.26
- 52-wk low
- $15.69
- Beta
- —
- Shares out
- 705.5M
5-year trend
What this company does
Plains All American operates a vast network of pipelines, storage terminals, and gathering systems that transport and store crude oil and natural gas liquids across North America. The partnership earns most of its money by buying and reselling crude oil and NGLs, with pipeline and terminal service fees as a smaller but higher-margin contributor. PAA is divesting its NGL business, now classified as discontinued operations, to refocus on crude oil midstream while deploying $865 million on acquisitions and buying back Series A preferred units.
Generated from PAA's filing dated 2024-02-29
Key risks
- Leverage rising: senior notes grew to $8.37B (from $7.14B) and short-term debt to $1.01B; interest expense up 24% YoY to $395M.
- Commodity-price exposure: product sales revenue fell 9% YoY to $32.4B over nine months, pressuring margins despite stable services revenue (~$1.3B).
- NGL business divestiture risk: ~$2.9B of assets and $880M liabilities classified as discontinued operations, creating execution and valuation uncertainty.
Generated from PAA's filing dated 2024-02-29
Profitability
Operating margin
3.2%
37.7%Net margin
3.2%
110.3%Return on assets
4.8%
63.7%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $12.47B | +8.7% | $152.0M | -65.7% | 1.2% |
Q4 2025 2025-12-31 | $10.56B | -17.9% | $341.0M | +847.2% | 3.2% |
Q3 2025 2025-09-30 | $11.58B | -7.0% | $441.0M | +100.5% | 3.8% |
Q2 2025 2025-06-30 | $10.64B | -16.6% | $210.0M | -16.0% | 2.0% |
Q1 2025 2025-03-31 | $11.48B | -4.3% | $443.0M | +66.5% | 3.9% |
Q4 2024 2024-12-31 | $12.87B | — | $36.0M | — | 0.3% |
Q3 2024 2024-09-30 | $12.46B | +3.2% | $220.0M | +8.4% | 1.8% |
Q2 2024 2024-06-30 | $12.76B | +10.0% | $250.0M | -14.7% | 2.0% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Pipe Lines (No Natural Gas) · SIC 4610
Your notes
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Insider activity
Insider buying
$0
Insider selling
$0
Net activity
+$0
Distinct insiders
0
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value |
|---|
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns PAA
Institutional value
$3.72B
Total shares held
169.8M
Distinct holders
294
-77 vs prior
As of
2026-03-31
Prior: 2025-12-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | ALPS ADVISORS INC | 73.1M | $1.63B | -2.9M (-3.9%) | Trimmed |
| 2 | Invesco Ltd. | 33.4M | $745.5M | -123.2K (-0.4%) | Trimmed |
| 3 | UBS Group AG | 8.8M | $195.8M | +989.8K (+12.7%) | Added |
| 4 | KAYNE ANDERSON CAPITAL ADVISORS LP | 6.2M | $138.5M | +1.1M (+21.1%) | Added |
| 5 | JPMORGAN CHASE & CO | 3.9M | $87.8M | -2.0M (-33.5%) | Trimmed |
| 6 | CIBC Bancorp USA Inc. | 3.8M | $84.0M | — | New |
| 7 | Fractal Investments LLC | 3.6M | $81.0M | +0 (+0.0%) | No change |
| 8 | BNP PARIBAS FINANCIAL MARKETS | 3.3M | $74.5M | +1.7M (+97.9%) | Added |
| 9 | MILLER HOWARD INVESTMENTS INC /NY | 2.8M | $62.6M | -52.9K (-1.9%) | Trimmed |
| 10 | Clearbridge Investments, LLC | 2.7M | $59.6M | +0 (+0.0%) | No change |
| 11 | DEUTSCHE BANK AG\ | 1.9M | $42.1M | +0 (+0.0%) | No change |
| 12 | DUFF & PHELPS INVESTMENT MANAGEMENT CO | 1.8M | $39.7M | -400.0K (-18.4%) | Trimmed |
| 13 | WELLS FARGO & COMPANY/MN | 1.6M | $35.0M | +44.8K (+2.9%) | Added |
| 14 | LONGFELLOW INVESTMENT MANAGEMENT CO LLC | 1.2M | $27.5M | -364.1K (-22.8%) | Trimmed |
| 15 | Mariner, LLC | 1.0M | $22.7M | +14.1K (+1.4%) | Added |
| 16 | Adams Asset Advisors, LLC | 823.1K | $18.4M | -4.7K (-0.6%) | Trimmed |
| 17 | LPL Financial LLC | 759.3K | $17.0M | +23.3K (+3.2%) | Added |
| 18 | Texas Yale Capital Corp. | 665.9K | $14.9M | +2.1K (+0.3%) | Added |
| 19 | WALNUT PRIVATE EQUITY PARTNERS, LLC | 602.3K | $13.4M | +2.3K (+0.4%) | Added |
| 20 | Americana Partners, LLC | 579.0K | $12.9M | +507 (+0.1%) | Added |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Product sales revenue fell 7.3% YoY to $11.15B in Q3; how much reflects Permian volume softness versus pricing, and what's your 2026 throughput outlook?
- 2
Senior notes jumped to $8.37B with interest expense up 19% to $395M YTD—why issue $2.25B of notes while sitting on $1.18B cash and an $865M acquisition?
- 3
Field operating costs dropped $120M YoY in Q3 to $288M—is that sustainable, or did you defer integrity spending that will resurface in 2026?
Refreshed when PAA files a new report · last from 2024-02-29