Skip to content
AnalystLens

Plains All American PipelinePAA

Legal name
Plains All American Pipeline LP
Sector
Energy
Industry
Pipe Lines (No Natural Gas)
Exchange
Nasdaq

Stock Price $PAA

Latest filings

You are here#32 of 33 in Energy by market cap

Filing record · 2016–202610-K1110-Q338-K168

PAA filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 168 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Aug ’17Aug ’17
  2. Leadership change8-K · Sep ’19Sep ’19
  3. Deal closed8-K · Oct ’21Oct ’21
  4. Material agreement8-K · Dec ’25Dec ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025

Last reported FY2016

Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $44.26B
YoY changeLargest recent move+80.7%in FY21Latest −9.5%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All PAA Financial Metrics46 metrics

Income Statement14

Balance Sheet19

Cash Flow11

Per Share2

02—Overview

Plains All American Pipeline Financial Overview 2021–2025

Updated Nov 10, 2026

PAA's earnings more than doubled, but its balance sheet carried the cost. Net income attributable to PAA hit $1.435 billiona in FY2025, up 142% from $593 million in FY2021. In the same year, total debt jumped to $11.259 billion from $7.618 billion. The thesis: PAA is turning into a bigger, crude-focused pipeline operator, and FY2025 profit growth was financed with borrowed money.

Look at the arc. Net income climbed from $593 million in FY2021 to $1.435 billionb in FY2025, with a dip to $772 million in FY2024 when Line 901 costs and impairments hit. Adjusted EBITDA reached $3.374 billion in FY2025.

The crude oil segment did the heavy lifting. Segment Adjusted EBITDA rose to $2.344 billionc from $2.276 billion, helped by Permian tariff volumes and the $2.016 billion EPIC (Cactus III) acquisition. Operating cash flow was $2.936 billion. Yet Adjusted Free Cash Flow after Distributions was negative $2.170 billion, and liquidity sat at just over $2.0 billion. The quarterly distribution reached $0.4175 per unit.

The fix is the sale of the Canadian NGL business to Keyera for about $3.75 billiond, with roughly $3.2 billion of expected net proceeds earmarked for debt reduction. At the close of FY2025 (December 30, 2025), units finished at $17.96.

Recent Developments (Q2 and Q3 2026)

Plains All American Pipeline transformed into a pure-play crude operator following the $3.883 billione sale of its Canadian NGL business. Total debt dropped to $8.441 billion from $11.259 billion, bringing leverage to 3.3x.

Q3 2026 Adjusted EBITDA rose 6% year-over-year to $711 million, supported by an 8% volume jump in the Permian Basin and the $585 million acquisition of the Silver Creek gathering system. PAA also issued $1.5 billion in junior subordinated notes to redeem all outstanding preferred units, securing roughly $60 million in annual distributable cash flow accretion. The bull case highlights strong Permian volume growth and successful deleveraging, while the bear case points to ongoing commodity price volatility and environmental remediation costs. The stock trades at a P/E of 54.9x based on annual EPS of $0.43 as of the Q3 2026 filing date.

What to watch: Permian JV expansion progress; debt reduction execution.

03—Filings

Recent SEC Filings

  1. 8-KPlains All American Pipeline 8-K Report, Financial Results (Nov 6, 2026)Plains All American Pipeline (PAA) reported its third-quarter 2026 results, highlighting a net income of $363 million and operating cash flow of $669 million. A key focus for investors is the company's strengthened balance sheet following the issuance of $1.5 billion in Junior Subordinated notes and the redemption of $2.3 billion in preferred units, which is projected to increase distributable cash flow by approximately $60 million annually. The company also maintained its quarterly cash distribution of $0.4175 per unit, yielding approximately 7%. Operationally, PAA announced an expansion of its Permian JV gathering system, securing 10-year agreements for an additional 270,000 dedicated acres with expected volumes of 225 mbbl/d starting in Q4 2027, alongside the recent acquisition of the Silver Creek gathering system in the Powder River Basin. The company remains on track to meet its full-year 2026 Adjusted EBITDA guidance of $2.880 billion +/- $50 million and is executing on its key initiatives for the year, including synergies from the Cactus III acquisition and organizational efficiencies.
  2. 8-KPlains All American Pipeline 8-K Report, Executive Changes (Sep 29, 2026)Plains All American Pipeline, L.P. (PAA) and Plains GP Holdings, L.P. (PAGP) announced on September 29, 2026 the appointment of Dean Liollio as Executive Vice President and Chief Operating Officer, effective October 2, 2026. He succeeds Chris Chandler, who provided notice on September 25, 2026 that he will resign effective October 2, 2026, to pursue other interests and not due to any disagreement with the company's operations, policies or practices. Mr. Liollio, age 67, has served as Senior Vice President, Special Projects, of Plains since June 2024. His prior roles include President of Plains Midstream Canada (2020 to 2024), President of PAA Natural Gas Storage (2008 to 2020) and President of Plains Gas Solutions (2016 to 2020). Under his new role, he will receive an annual base salary of $625,000, an annual bonus target of 150% of base salary, and a time-based promotional LTIP grant of 150,000 phantom units vesting in August 2029. The filing also furnishes a press release under Item 7.01, in which Chairman, CEO and President Willie Chiang said Mr. Liollio has been a member of the executive committee and instrumental in executing recent initiatives. The filing states there is no family relationship between Mr. Liollio and any Plains executive officer or director.
  3. 8-KPlains All American Pipeline 8-K Report, Material Agreement (Sep 14, 2026)On September 14, 2026, Plains All American Pipeline, L.P. (PAA) completed a public offering of two series of junior subordinated notes due 2056: $700,000,000 of 6.750% Series A Junior Subordinated Notes and $800,000,000 of 7.000% Series B Junior Subordinated Notes. The notes were issued under a Subordinated Indenture with U.S. Bank Trust Company, National Association, as trustee, as supplemented by First and Second Supplemental Indentures, each dated September 14, 2026. The offering was made under the company's Form S-3 shelf registration (No. 333-281967) and described in a prospectus supplement dated September 9, 2026. Underwriters are represented by J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc. and Truist Securities, Inc., under an underwriting agreement dated September 9, 2026. The notes mature on December 15, 2056, with semiannual interest payable on June 15 and December 15, beginning June 15, 2027. The Series A rate resets on December 15, 2031, and the Series B rate resets on December 15, 2036, and every five years thereafter, based on the then-applicable Five-Year U.S. Treasury Rate plus a spread. Resets cannot take the rate below the initial coupon. PAA may redeem the Series A and Series B notes during the 90 days before the applicable first reset date and on any applicable interest payment date thereafter, and may redeem at other times as permitted by the indenture. The notes are unsecured and junior in right of payment to PAA's existing and future senior indebtedness, rank equally with any future unsecured debt that is expressly structured to rank equally, and are not guaranteed by any subsidiaries. The filing incorporates the full terms by reference to the indenture exhibits.
  4. 8-KPlains All American Pipeline 8-K Report, Corporate Update (Sep 10, 2026)Plains All American Pipeline, L.P. (PAA) reported in this Form 8-K, dated September 9, 2026, that it priced an underwritten public offering of junior subordinated notes due 2056. The offering consists of $700 million of 6.75% Series A Junior Subordinated Notes and $800 million of 7.00% Series B Junior Subordinated Notes. The offering is being made under an effective Form S-3 shelf registration and is expected to close on September 14, 2026, subject to customary closing conditions. PAA intends to use the net proceeds, together with cash on hand and commercial paper borrowings, to redeem all 58,411,908 outstanding Series A Preferred Units and all 800,000 outstanding Series B Preferred Units. On September 9, 2026, PAA issued redemption notices for both series. The Series A Preferred Units will be redeemed at 110% of their $26.25 par value, or $28.875 per unit, on or about September 14, 2026. The Series B Preferred Units will be redeemed at 100% of their $1,000 par value on or about October 9, 2026. Both redemption prices include accrued and unpaid distributions through the applicable redemption date. The filing states that the note offering and the preferred unit redemptions are not conditioned on each other. The filing also notes that it is not itself an offer to purchase the preferred units or a notice of redemption. Its forward-looking statements point to risk factors in PAA's 2025 Form 10-K and subsequent filings.
  5. 8-KPlains All American Pipeline 8-K Report, Financial Results (Sep 9, 2026)Plains All American Pipeline, L.P. (PAA) filed this Form 8-K on September 9, 2026 to provide unaudited pro forma condensed combined financial information for the year ended December 31, 2025, reflecting its acquisition of EPIC Crude Holdings, LP, the entity that owns and operates the Cactus III Pipeline (formerly the EPIC Crude Oil Pipeline). The EPIC 55% interest was purchased on October 1, 2025 (completed October 31, 2025 per the exhibit notes), and the remaining 45% interest was purchased effective November 1, 2025 from a subsidiary of Ares Management LLC. The two transactions are presented as a single business combination, as if they had occurred on January 1, 2025. As a result, PAA now indirectly owns 100% of EPIC Crude Holdings and its general partner and serves as operator of record of the Cactus III Pipeline. On a pro forma basis, PAA's 2025 revenues would have been $44,464 million compared with $44,262 million historically, a difference of $202 million reflecting EPIC's contribution. Pro forma operating income is $1,524 million versus $1,434 million historically, and pro forma net income attributable to PAA from continuing operations is $975 million versus $1,052 million historically. The decline in net income is driven mainly by roughly $94 million of incremental interest expense on $1,901 million of acquisition financing (assumed at one-month SOFR plus 1.125%) and about $102 million of incremental depreciation and amortization from the acquired assets. Pro forma net income per common unit from continuing operations is $1.01, compared with $1.12 historically. The filing notes that the pro forma figures exclude anticipated synergies, integration costs and cost savings, and are illustrative only; they are not indicative of future results. Because the transaction is fully reflected in PAA's audited December 31, 2025 balance sheet in its Form 10-K, no pro forma balance sheet is included.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.