Filing Flows › Industrials › Plains All American Pipeline LP (PAA)
Plains All American Pipeline LP (PAA) earnings and revenue breakdown
Latest: Q3 2026 · 8-K filed Nov 6, 2026
Q3 2026 Revenue up 31% year over year to $15.2B · 2¢ of every $1 of revenue kept as net profit · operating margin 3.4%
Plains All American Pipeline LP made $15.2B in Q3 2026 (+31% Y/Y). Operating margin 3.4%, net earnings $363M. See where every dollar goes — costs, profit and cash — as a Sankey from the 8-K filed Nov 6, 2026 (preliminary, from the earnings release).
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What changed this quarter
Revenue was $15.2B in Q3 2026, up 31% year over year and down 14% from the previous quarter.
Operating profit was $0.52B, a 3.4% margin (down 0.8 points year over year). Of the extra revenue versus Q3 2025, 1% reached operating profit, below the 4% margin then. Total costs grew 32% against revenue growth of 31%. The fastest-growing cost line was Other operating costs (+3322%). Net earnings were $0.36B, down 18% year over year. The effective tax rate was 0.0%.
Operating cash flow was $0.67B (down 18% year over year), 148% of net income including minority interests. Working capital and other items added $0.22B. After cash distributions paid to noncontrolling interests ($0.11B) and net cash provided by/(used in) investing activities ($0.10B), adjusted free cash flow as the company reports it was $0.46B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 8-K | Nov 6, 2026 | $15.2B | +31% | 3.4% | $363M | $669M |
| Q2 2026 | 10-Q | Aug 10, 2026 | $17.7B | +66% | 2.2% | $1.8B | $955M |
| Q1 2026 | 10-Q | May 8, 2026 | $12.5B | +9% | 3.2% | $152M | $418M |
| Q4 2025 | 10-K | Feb 27, 2026 | $10.6B | -12% | 3.4% | $342M | $786M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $11.6B | -7% | 4.2% | $441M | $817M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $10.6B | -17% | 2.2% | $210M | $694M |
| Q1 2025 | 10-Q | May 9, 2025 | $11.5B | -1% | 4.6% | $443M | $639M |
Charts
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
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About Plains All American Pipeline LP
PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil. PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.
In its own words, from its 8-K, filed Nov 6, 2026.
Plains All American Pipeline LP against its Pipe Lines (No Natural Gas) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +31% against the peers' median +42%. Operating margin: 3.4% against the peers' median 14.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PAA Plains All American Pipeline LP | Q3 2026 | $15.2B | +31% | 3.4% |
| PAGP Plains GP Holdings LP | Q2 2026 | $17.7B | +66% | 2.2% |
| ENB Enbridge | Q3 2026 | $15.1B | +44% | 10.1% |
| DINO HF Sinclair | Q3 2026 | $10.9B | +50% | 24.6% |
| MPLX Mplx LP | Q3 2026 | $3.6B | -0.4% | 40.9% |
| GEL Genesis Energy LP | Q3 2026 | $449M | +8% | 15.4% |
| DKL Delek Logistics Partners, LP | Q3 2026 | $372M | +42% | 14.4% |
Source: Plains All American Pipeline LP 8-K on SEC EDGAR · CIK 1070423 · Pipe Lines (No Natural Gas)
Guidance and outlook
13F: who owns PAA and who is buying
More on PAA
- How Plains All American Pipeline LP makes money: revenue by segment
- Plains All American Pipeline LP stock forecast, price target and fair value
- Who owns Plains All American Pipeline LP stock: holders, funds and Congress trades
- Plains All American Pipeline LP guidance and outlook
- Is Plains All American Pipeline LP a takeover target? LBO and rumors
- Plains All American Pipeline LP recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Plains All American Pipeline LP guidance history: guided vs reported
- Plains All American Pipeline LP operating margin by quarter
- Plains All American Pipeline LP net income by quarter
- Plains All American Pipeline LP free cash flow by quarter
- Plains All American Pipeline LP capital expenditures by quarter