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Plains All American Pipeline, L.P. PAA NGL — Segment Adjusted EBITDA

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Other financials

Income statement

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Revenue$12.5B+8.7%
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$17.14B+31.1%
Enterprise value$28.96B+31.9%
P/E15×+0.6×
P/S0.4×+0.1×

Profitability

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Gross margin8.5%+0.8pp
Operating margin3.3%+1.5pp
Net margin2.5%+0.6pp
FCF margin4.6%-0.1pp

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

Reported directly by Plains All American Pipeline, L.P. in its filing.

Tagged under the XBRL concept paa:SegmentAdjustedEBITDA.

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 NGL — segment adjusted EBITDA?
Plains All American Pipeline, L.P. (PAA) reported NGL — segment adjusted EBITDA of -$7M in Q1 2026.
How has Plains All American Pipeline, L.P.'s NGL — segment adjusted EBITDA changed year-over-year?
Plains All American Pipeline, L.P.'s NGL — segment adjusted EBITDA decreased by 40.0% year-over-year, from -$5M to -$7M.
What is the long-term trend for Plains All American Pipeline, L.P.'s NGL — segment adjusted EBITDA?
Over 4 years (2021 to 2025), Plains All American Pipeline, L.P.'s NGL — segment adjusted EBITDA has grown at a -40.8% compound annual growth rate (CAGR), from $285M to -$35M.
What does NGL — segment adjusted EBITDA mean?
This metric represents the core operating profitability of the Natural Gas Liquids segment before interest, taxes, depreciation, and amortization. It adjusts for non-recurring items and non-cash charges to provide a normalized view of the segment's cash-generating capability from its fractionation and marketing activities.