PAA on Nasdaq

PLAINS ALL AMERICAN PIPELINE LP

American pipe lines, incorporated in Delaware, listed on Nasdaq (PAA). Summary from the record

$25.25 up 0.10 (0.40%)Price as of Oct 16, 2026 at 19:58 UTC

Last updated Oct 19, 2026.

Overview

Compare with Plains GP Holdings, HF Sinclair or MPLX, or pick any stock.

  • TickerPAA on Nasdaq1
  • IndustryPipe Lines (No Natural Gas)1
  • HeadquartersHouston, Texas1
  • Incorporated inDE3
  • Business address333 Clay Street, Suite 1600, Houston, Tx 770023
  • Filer categoryLarge accelerated filer3

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

3.2%Operating margin4
3.2%Net margin4
-9.5%Revenue growth, 20254
$2.3BFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 96% of the revenue PLAINS ALL AMERICAN PIPELINE LP broke down this way in fiscal 2025.

  1. Product$42.5B496%down 10% from 2024
  2. Service$1.8B44%up 4% from 2024
Products and services by year
Products and services202320242025
Product$45.7B$47.2B$42.5B
Service$1.6B$1.7B$1.8B

Business segments

Crude Oil brought in 100% of the revenue PLAINS ALL AMERICAN PIPELINE LP broke down this way in fiscal 2025.

  1. Crude Oil$44.1B4100%down 9% from 2024
  2. Natural Gas Liquids$150.0M40%down 20% from 2024
Business segments by year
Business segments202320242025
Crude Oil$47.1B$48.7B$44.1B
Natural Gas Liquids$186.0M$187.0M$150.0M

Regions

United States brought in 90% of the revenue PLAINS ALL AMERICAN PIPELINE LP broke down this way in fiscal 2025.

  1. United States$39.8B490%down 9% from 2024
  2. Canada$4.5B410%down 16% from 2024
Regions by year
Regions202320242025
United States$41.7B$43.5B$39.8B
Canada$5.6B$5.4B$4.5B

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue91¢$40.4B
  • Other costs5¢$2.4B
  • Income tax0¢$15.0M
  • Profit3¢$1.4B

Out of $44.3B in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending22¢$643.0M
  • Share buybacks0¢$8.0M
  • Kept or used elsewhere78¢$2.3B

Out of $2.9B of cash from operations.4

Financial statements

Revenue56784$44.3B in 2025+31% since 2019
0$20.0B$40.0B$60.0B2019: $33.7B$33.7B20192020: $23.3B$23.3B2020−31%2021: $42.1B$42.1B2021+81%2022: $57.3B$57.3B2022+36%2023: $47.3B$47.3B2023−17%2024: $48.9B$48.9B2024+3%2025: $44.3B$44.3B2025−9%
Operating income56784$1.4B in 2025−28% since 2019
-$4.0B-$2.0B0$2.0B2019: $2.0B$2.0B20192020: -$2.4B-$2.4B20202021: $851.0M$851.0M20212022: $1.3B$1.3B2022+52%2023: $1.3B$1.3B2023−3%2024: $868.0M$868.0M2024−31%2025: $1.4B$1.4B2025+65%
Net income56784$1.4B in 2025−34% since 2019
-$4.0B-$2.0B0$2.0B$4.0B2019: $2.2B$2.2B20192020: -$2.6B-$2.6B20202021: $593.0M$593.0M20212022: $1.0B$1.0B2022+75%2023: $1.2B$1.2B2023+19%2024: $772.0M$772.0M2024−37%2025: $1.4B$1.4B2025+86%

Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.4

Period ending2025-12-312024-12-312023-12-31
Total revenues$44.3B$48.9B$47.3B
Purchases and related costs$40.4B$45.2B$43.9B
Field operating costs$1.2B$1.5B$1.1B
General and administrative expenses$342.0M$328.0M$299.0M
Depreciation and amortization$953.0M$901.0M$909.0M
(Gains)/losses on asset sales, asset impairments and other, net (Note 7, Note 8)-$54.0M$159.0M-$152.0M
Total costs and expenses$42.8B$48.0B$46.1B
OPERATING INCOME$1.4B$868.0M$1.3B
Equity earnings in unconsolidated entities$382.0M$452.0M$369.0M
Gain on investments in unconsolidated entities, net (Note 8, Note 9)$31.0M$15.0M$28.0M
Interest expense (net of capitalized interest of $11, $9 and $10, respectively)-$554.0M-$430.0M-$386.0M
Other income, net$108.0M$64.0M$102.0M
INCOME FROM CONTINUING OPERATIONS BEFORE TAX$1.4B$969.0M$1.4B
Current income tax expense from continuing operations-$1.0M-$82.0M-$70.0M
Deferred income tax (expense)/benefit from continuing operations-$14.0M-$5.0M$9.0M
INCOME FROM CONTINUING OPERATIONS, NET OF TAX$1.4B$882.0M$1.3B
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX (NOTE 3)$383.0M$231.0M$192.0M
NET INCOME$1.8B$1.1B$1.5B
Net income attributable to noncontrolling interests-$334.0M-$341.0M-$272.0M
NET INCOME ATTRIBUTABLE TO PAA$1.4B$772.0M$1.2B
Interest expense, capitalized interest$11.0M$9.0M$10.0M

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Leadership

Who has led PLAINS ALL AMERICAN PIPELINE LP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. W. David Duckett2016

President

  1. W. David Duckett2007–2013

Chief financial officer

  1. Phil D. Kramer2006–2007
  2. Al Swanson2009–now
2010201520202025
Board members and other officers (33)

Timeline

  1. Aug 22, 2016New chief executive W. David Duckett becomes CEO12

Filings

215 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 66 major events, 75 insider forms, 14 large holders, 40 other. The latest 20:

  1. Oct 7, 2026SCHEDULE 13G/A EDGAR
  2. Oct 7, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  3. Oct 5, 2026SCHEDULE 13G/A EDGAR
  4. Oct 2, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  5. Sep 29, 20268-K EDGAR
  6. Sep 16, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  7. Sep 14, 20268-K EDGAR
  8. Sep 11, 2026424B5 EDGAR
  9. Sep 10, 2026SCHEDULE 13G/A EDGAR
  10. Sep 10, 20268-K EDGAR
  11. Sep 10, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  12. Sep 9, 2026FWP EDGAR
  13. Sep 9, 2026424B5 EDGAR
  14. Sep 9, 20268-K EDGAR
  15. Aug 17, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  16. Aug 17, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  17. Aug 17, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  18. Aug 17, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  19. Aug 17, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  20. Aug 17, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR

The 215 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

3 open-market trades by officers, directors and large owners since October 2021: 1 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 29, 2026Ziemba Lawrence MichaelDirectorSale2,346$21.95$51.5KForm 4
Nov 21, 2023Goebel Jeremy L.EVP & CCOSale35,000$15.58$545.3KForm 4
Jun 23, 2022McCarthy Kevin SDirectorBuy200,000$9.81$2.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Alps Advisors Inc70,510,853$1.6B7.4%−2,596,217
Invesco Ltd.33,326,777$741.9M0.1%−58,785
Blackstone Inc.20,183,446$449.3M1.5%+1,442,644
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.17,708,480$394.2M0.5%+656,898
Goldman Sachs Group Inc15,960,527$355.3M0.0%−580,280
Tortoise Capital Advisors, L.l.c.13,603,422$302.8M3.1%+2,810,890
Morgan Stanley10,887,631$242.4M0.0%−513,407
UBS Group AG10,572,985$235.4M0.0%+1,804,581
Kayne Anderson Capital Advisors LP6,191,802$137.8M2.7%−8,834
Jpmorgan Chase & Co4,968,377$109.9M0.0%+1,062,055
Bank Of America Corp /de/3,949,624$87.9M0.0%−952,531
CIBC Bancorp USA Inc.3,781,949$84.2M0.1%+19,960
Fractal Investments LLC3,625,784$80.7M9.3%No change
Berkley W R Corp3,184,307$70.9M3.5%+500,000
Infrastructure Capital Advisors, LLC2,995,408$66.7M5.2%−94,584
Miller Howard Investments Inc /ny2,992,424$66.6M1.8%+190,823
Clearbridge Investments, LLC2,670,671$59.4M0.0%No change
Bnp Paribas Financial Markets2,462,778$54.8M0.0%−872,347
Brookfield Corp /ON/2,422,915$53.9M0.1%−1,268,520
Barclays PLC2,334,287$52.0M0.0%+1,327
Eagle Global Advisors LLC2,200,185$49.0M1.6%−65,800
Deutsche Bank Ag\1,883,597$41.9M0.0%No change
Duff & Phelps Investment Management Co1,676,900$37.3M0.4%−100,000
Fayez Sarofim & Co1,657,477$36.9M0.1%No change
State Of Wisconsin Investment Board1,604,386$35.7M0.1%+819,307

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

23 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Oct 3, 2023Virginia FoxxRepublican, HouseSale$15,001 - $50,000+11.5%Report
Mar 24, 2023Virginia FoxxRepublican, HouseBuy$15,001 - $50,000+22.9%Report
Jun 23, 2022Virginia FoxxRepublican, HouseSale$100,001 - $250,000−58.1%Report
May 16, 2022Virginia FoxxRepublican, HouseBuy$1,001 - $15,000+41.9%Report
Feb 15, 2022Virginia FoxxRepublican, HouseBuy$1,001 - $15,000+63.6%Report
Jan 21, 2022Virginia FoxxRepublican, HouseBuy$15,001 - $50,000+71.1%Report
Jan 6, 2022Mark GreenRepublican, HouseSale$500,001 - $1,000,000−85.6%Report
Dec 29, 2021Mark GreenRepublican, HouseBuy$500,001 - $1,000,000+112.6%Report
Nov 26, 2021Virginia FoxxRepublican, HouseBuy$15,001 - $50,000+85.9%Report
Nov 15, 2021Virginia FoxxRepublican, HouseBuy$1,001 - $15,000+72.4%Report
Aug 16, 2021Virginia FoxxRepublican, HouseBuy$1,001 - $15,000+85.8%Report
May 17, 2021Virginia FoxxRepublican, HouseBuy$1,001 - $15,000+54.9%Report
Apr 14, 2021Mark GreenRepublican, HouseSale$250,001 - $500,000−87.9%Report
Apr 1, 2021Mark GreenRepublican, HouseBuy$15,001 - $50,000+81.0%Report
Feb 23, 2021Virginia FoxxRepublican, HouseBuy$15,001 - $50,000+96.0%Report
Feb 22, 2021Mark GreenRepublican, HouseBuy$15,001 - $50,000+97.5%Report
Feb 19, 2021Mark GreenRepublican, HouseBuy$50,001 - $100,000+103.0%Report
Feb 12, 2021Mark GreenRepublican, HouseBuy$50,001 - $100,000+101.8%Report
Feb 10, 2021Virginia FoxxRepublican, HouseBuy$15,001 - $50,000+101.9%Report
Jan 19, 2021Mark GreenRepublican, HouseBuy$100,001 - $250,000+43.5%Report
Apr 15, 2020David A Perdue , Jr, SenateSale$15,001 - $50,000−110.3%Report
Dec 17, 2019David A Perdue , Jr, SenateBuy$1,001 - $15,000−102.6%Report
Dec 10, 2019David A Perdue , Jr, SenateBuy$1,001 - $15,000−106.5%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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