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Other financials

Income statement

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Revenue$12.5B+8.6%
Gross profit$977.0M+1.8%
Operating income$405.0M+13.8%
Net income$152.0M-65.7%

Balance sheet

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Cash & equivalents$171.0M-60.0%
Total debt$12.0B+26.8%
Total equity$12.8B-0.3%
Total assets$31.6B+16.9%

Cash flow

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Operating cash flow$418.0M-34.6%
CapEx$130.0M-7.1%
Free cash flow$288.0M-42.3%

Valuation

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Market cap$15.23B+11.9%
Enterprise value$27.05B+19.4%
P/E13.3×-1.0×
P/S0.3×+0.1×

Profitability

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Gross margin8.5%+0.8pp
Net margin2.5%+0.6pp

Returns & leverage

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Return on equity8.9%+1.8pp
Debt / equity0.9×+0.2×
Current ratio0.9×-0.1×

Where this comes from

Calculated from Plains All American Pipeline, L.P.’s reported figures.

Based on trailing twelve months.

The official record: Plains All American Pipeline, L.P.’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Plains All American Pipeline, L.P.'s operating margin?
Plains All American Pipeline, L.P. (PAA) reported operating margin of 3.3% in Q1 2026.
How has Plains All American Pipeline, L.P.'s operating margin changed year-over-year?
Plains All American Pipeline, L.P.'s operating margin increased by 84.0% year-over-year, from 1.8% to 3.3%.
What is the long-term trend for Plains All American Pipeline, L.P.'s operating margin?
Over 4 years (2021 to 2025), Plains All American Pipeline, L.P.'s operating margin has grown at a 2.7% compound annual growth rate (CAGR), from 8.1% to 9%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.