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
Price history unavailable for PAAPU.
Market data
Price feed temporarily unavailable for PAAPU.
5-year trend
What this company does
Plains All American Pipeline operates a midstream energy network that transports, stores, and markets crude oil and natural gas liquids across North America. It earns most of its revenue from buying and reselling crude oil products, supplemented by fee-based pipeline and terminal services. The partnership is divesting its Canadian NGL business, now classified as discontinued operations, to refocus on crude oil while deploying $865 million on acquisitions and building a $1.18 billion cash position.
Key risks
- Leverage rising: senior notes grew to $8.37B (from $7.14B) and short-term debt jumped to $1.01B; interest expense up 24% YoY to $395M.
- NGL segment being divested: discontinued operations hold $2.91B assets/$880M liabilities, removing a $281M YTD earnings contributor and concentrating PAA in crude.
- Commodity/throughput exposure: product sales revenues fell 9% YoY to $32.4B over nine months, signaling weaker crude volumes/pricing despite margin expansion.
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
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Insider activity
No insider transactions on file for PAAPU in the last 12 months.
Source: SEC Form 4 filings. Backfill runs nightly.
Who owns PAAPU
No institutional holdings on file for PAAPU yet.
Source: SEC Form 13F-HR. Updated quarterly (45-day filing lag).
Top questions investors are asking
- 1
Revenue fell 7% YoY to $11.6B in Q3 yet operating income jumped 147%—how much was driven by the $92M asset sale gain versus sustainable margin?
- 2
With senior notes up $1.2B to $8.4B and interest expense rising 19% to $395M, what's the refinancing schedule and rate sensitivity through 2026?
- 3
You spent $865M on acquisitions and $333M repurchasing Series A preferreds—what's the strategic rationale versus accelerating the $802M common distribution?