P

PLAINS ALL AMERICAN PIPELINE LP

PAAPU · CIK 0001070423

19 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$44.26B9.5%
FY2025
Net income (FY)
$1.44B85.9%
FY2025
Free cash flow (FY)
$2.29B12.3%
FY2025
The story, charted

The shape of the business

FY2007–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$20B$40B$60BFY2007 · Revenue $20.39B · Net income $365.0M · 0001104659-10-010102 · filed 2010-02-26FY07Revenue $20.39BNet income $365.0M0001104659-10-010102 · filed 2010-02-26FY2008 · Revenue $30.06B · Net income $437.0M · 0001104659-11-010359 · filed 2011-02-25FY08Revenue $30.06BNet income $437.0M0001104659-11-010359 · filed 2011-02-25FY2009 · Revenue $18.52B · Net income $579.0M · 0001104659-12-013480 · filed 2012-02-28FY09Revenue $18.52BNet income $579.0M0001104659-12-013480 · filed 2012-02-28FY2010 · Revenue $25.89B · Net income $505.0M · 0001104659-13-015163 · filed 2013-02-27FY10Revenue $25.89BNet income $505.0M0001104659-13-015163 · filed 2013-02-27FY2011 · Revenue $34.27B · Net income $966.0M · 0001104659-14-014322 · filed 2014-02-28FY11Revenue $34.27BNet income $966.0M0001104659-14-014322 · filed 2014-02-28FY2012 · Revenue $37.80B · Net income $1.09B · 0001104659-15-013616 · filed 2015-02-25FY12Revenue $37.80BNet income $1.09B0001104659-15-013616 · filed 2015-02-25FY2013 · Revenue $42.25B · Net income $1.36B · 0001104659-16-100030 · filed 2016-02-25FY13Revenue $42.25BNet income $1.36B0001104659-16-100030 · filed 2016-02-25FY2014 · Revenue $43.46B · Net income $1.38B · 0001070423-17-000003 · filed 2017-02-23FY14Revenue $43.46BNet income $1.38B0001070423-17-000003 · filed 2017-02-23FY2015 · Revenue $23.15B · Net income $903.0M · 0001070423-18-000006 · filed 2018-02-27FY15Revenue $23.15BNet income $903.0M0001070423-18-000006 · filed 2018-02-27FY2016 · Revenue $20.18B · Net income $726.0M · 0001070423-19-000004 · filed 2019-02-27FY16Revenue $20.18BNet income $726.0M0001070423-19-000004 · filed 2019-02-27FY2017 · Revenue $26.22B · Net income $856.0M · 0001070423-20-000004 · filed 2020-02-27FY17Revenue $26.22BNet income $856.0M0001070423-20-000004 · filed 2020-02-27FY2018 · Revenue $34.05B · Net income $2.22B · 0001070423-21-000008 · filed 2021-03-01FY18Revenue $34.05BNet income $2.22B0001070423-21-000008 · filed 2021-03-01FY2019 · Revenue $33.67B · Net income $2.17B · 0001070423-22-000006 · filed 2022-03-01FY19Revenue $33.67BNet income $2.17B0001070423-22-000006 · filed 2022-03-01FY2020 · Revenue $23.29B · Net income −$2.59B · 0001070423-23-000006 · filed 2023-03-01FY20Revenue $23.29BNet income −$2.59B0001070423-23-000006 · filed 2023-03-01FY2021 · Revenue $42.08B · Net income $593.0M · 0001070423-24-000008 · filed 2024-02-29FY21Revenue $42.08BNet income $593.0M0001070423-24-000008 · filed 2024-02-29FY2022 · Revenue $57.34B · Net income $1.04B · 0001070423-25-000006 · filed 2025-02-28FY22Revenue $57.34BNet income $1.04B0001070423-25-000006 · filed 2025-02-28FY2023 · Revenue $47.34B · Net income $1.23B · 0001070423-26-000014 · filed 2026-02-27FY23Revenue $47.34BNet income $1.23B0001070423-26-000014 · filed 2026-02-27FY2024 · Revenue $48.89B · Net income $772.0M · 0001070423-26-000014 · filed 2026-02-27FY24Revenue $48.89BNet income $772.0M0001070423-26-000014 · filed 2026-02-27FY2025 · Revenue $44.26B · Net income $1.44B · 0001070423-26-000014 · filed 2026-02-27FY25Revenue $44.26BNet income $1.44B0001070423-26-000014 · filed 2026-02-27FY25Revenue $44.26BNet income $1.44B0001070423-26-000014 · filed 2026-02-27FY07FY10FY13FY16FY19FY22FY25

revenue 2.2× since FY2007 · net margin 1.8% → 3.2%

MarginsNet marginFCF margin
-10%0%FY2007 · Net margin 1.8% · FCF margin 1.2%FY07Net margin 1.8%FCF margin 1.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2008 · Net margin 1.5% · FCF margin 0.9%FY08Net margin 1.5%FCF margin 0.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 3.1% · FCF margin -0.5%FY09Net margin 3.1%FCF margin -0.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 2.0% · FCF margin -0.7%FY10Net margin 2.0%FCF margin -0.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 2.8% · FCF margin 5.0%FY11Net margin 2.8%FCF margin 5.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 2.9% · FCF margin 0.1%FY12Net margin 2.9%FCF margin 0.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 3.2% · FCF margin 0.8%FY13Net margin 3.2%FCF margin 0.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 3.2% · FCF margin 0.2%FY14Net margin 3.2%FCF margin 0.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 3.9% · FCF margin -3.1%FY15Net margin 3.9%FCF margin -3.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 3.6% · FCF margin -3.0%FY16Net margin 3.6%FCF margin -3.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 3.3% · FCF margin 5.6%FY17Net margin 3.3%FCF margin 5.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 6.5% · FCF margin 2.9%FY18Net margin 6.5%FCF margin 2.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 6.4% · FCF margin 3.9%FY19Net margin 6.4%FCF margin 3.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin -11.1% · FCF margin 3.3%FY20Net margin -11.1%FCF margin 3.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 1.4% · FCF margin 3.9%FY21Net margin 1.4%FCF margin 3.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 1.8% · FCF margin 3.4%FY22Net margin 1.8%FCF margin 3.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 2.6% · FCF margin 4.9%FY23Net margin 2.6%FCF margin 4.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 1.6% · FCF margin 4.2%FY24Net margin 1.6%FCF margin 4.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 3.2% · FCF margin 5.2%FY25Net margin 3.2%FCF margin 5.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 3.2%FCF margin 5.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 3.2% · free cash flow 5.2% of revenue

Cash engineOperating cash flowFree cash flow
$0$2BFY2007 · OCF $796.0M · FCF $248.0M · 0001104659-10-010102 · filed 2010-02-26FY07OCF $796.0MFCF $248.0M0001104659-10-010102 · filed 2010-02-26FY2008 · OCF $857.0M · FCF $268.0M · 0001104659-11-010359 · filed 2011-02-25FY08OCF $857.0MFCF $268.0M0001104659-11-010359 · filed 2011-02-25FY2009 · OCF $365.0M · FCF −$95.0M · 0001104659-11-010359 · filed 2011-02-25FY09OCF $365.0MFCF −$95.0M0001104659-11-010359 · filed 2011-02-25FY2010 · OCF $259.0M · FCF −$192.0M · 0001104659-11-010359 · filed 2011-02-25FY10OCF $259.0MFCF −$192.0M0001104659-11-010359 · filed 2011-02-25FY2011 · OCF $2.37B · FCF $1.73B · 0001104659-14-014322 · filed 2014-02-28FY11OCF $2.37BFCF $1.73B0001104659-14-014322 · filed 2014-02-28FY2012 · OCF $1.24B · FCF $36.0M · 0001104659-15-013616 · filed 2015-02-25FY12OCF $1.24BFCF $36.0M0001104659-15-013616 · filed 2015-02-25FY2013 · OCF $1.95B · FCF $341.0M · 0001104659-16-100030 · filed 2016-02-25FY13OCF $1.95BFCF $341.0M0001104659-16-100030 · filed 2016-02-25FY2014 · OCF $2.00B · FCF $72.0M · 0001070423-17-000003 · filed 2017-02-23FY14OCF $2.00BFCF $72.0M0001070423-17-000003 · filed 2017-02-23FY2015 · OCF $1.36B · FCF −$721.0M · 0001070423-18-000006 · filed 2018-02-27FY15OCF $1.36BFCF −$721.0M0001070423-18-000006 · filed 2018-02-27FY2016 · OCF $733.0M · FCF −$601.0M · 0001070423-19-000004 · filed 2019-02-27FY16OCF $733.0MFCF −$601.0M0001070423-19-000004 · filed 2019-02-27FY2017 · OCF $2.50B · FCF $1.48B · 0001070423-20-000004 · filed 2020-02-27FY17OCF $2.50BFCF $1.48B0001070423-20-000004 · filed 2020-02-27FY2018 · OCF $2.61B · FCF $974.0M · 0001070423-21-000008 · filed 2021-03-01FY18OCF $2.61BFCF $974.0M0001070423-21-000008 · filed 2021-03-01FY2019 · OCF $2.50B · FCF $1.32B · 0001070423-22-000006 · filed 2022-03-01FY19OCF $2.50BFCF $1.32B0001070423-22-000006 · filed 2022-03-01FY2020 · OCF $1.51B · FCF $776.0M · 0001070423-23-000006 · filed 2023-03-01FY20OCF $1.51BFCF $776.0M0001070423-23-000006 · filed 2023-03-01FY2021 · OCF $2.00B · FCF $1.66B · 0001070423-24-000008 · filed 2024-02-29FY21OCF $2.00BFCF $1.66B0001070423-24-000008 · filed 2024-02-29FY2022 · OCF $2.41B · FCF $1.95B · 0001070423-25-000006 · filed 2025-02-28FY22OCF $2.41BFCF $1.95B0001070423-25-000006 · filed 2025-02-28FY2023 · OCF $2.73B · FCF $2.32B · 0001070423-26-000014 · filed 2026-02-27FY23OCF $2.73BFCF $2.32B0001070423-26-000014 · filed 2026-02-27FY2024 · OCF $2.49B · FCF $2.04B · 0001070423-26-000014 · filed 2026-02-27FY24OCF $2.49BFCF $2.04B0001070423-26-000014 · filed 2026-02-27FY2025 · OCF $2.94B · FCF $2.29B · 0001070423-26-000014 · filed 2026-02-27FY25OCF $2.94BFCF $2.29B0001070423-26-000014 · filed 2026-02-27FY25OCF $2.94BFCF $2.29B0001070423-26-000014 · filed 2026-02-27’09’13’17’21’25

FY2025: $2.94B operating cash − $643.0M capex = $2.29B free cash flow

The receipts