Plains All American Pipeline LP Dossier
Financial Snapshot
Revenue, profitability, returns, debt, and capital allocation
Revenue $52.3B+7.0% YoYTTM through 30 Jun 2026
Net Income $2.8B+258.2% YoYTTM through 30 Jun 2026
Free Cash Flow $2.4BTTM through 30 Jun 2026
Margins
| Current | |
|---|---|
| Gross Margin | 8.7% |
| EBITDA Margin | 5.0% |
| Operating Margin | 3.2% |
| Net Margin | 5.3% |
Returns
11.0%ROE
4.8%ROA
13.5%ROIC
Balance Sheet Health
Debt / Equity0.86x
Current Ratio1.12x
Net Debt$11.1B
Cash & Equivalents$1.1B
Quality Metrics
Piotroski F-Score7 / 9
FCF Margin4.5%
Rule of 4017.9
Earnings-Beat Rate50.0%
Multi-Year Trend
RevenueFY2025: $44.3B
Dividend
$0.84Per share, FY20268.50%Yield+3.0%5-yr growth
Capital Allocation
Capex Intensity1.1%
Segment Performance
| Segment | Revenue | YoY | Outlook |
|---|---|---|---|
| Crude Oil | View detailsExpected to drive growth in 2026 with a Segment EBITDA midpoint guidance of $2.64 billion net to Plains, representing a 13% year-over-year increase. | ||
| NGL | View detailsSubstantially all Canadian NGL operations are being divested to Keyera Corp for approximately CAD 5.15 billion, shifting the company toward a pure-play crude oil midstream operator. |
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