Filing Flows › Plains All American Pipeline LP (PAA) › Q2 2026 › vs Q2 2025
Plains All American Pipeline LP (PAA) Q2 2026 vs Q2 2025 (year over year)
Plains All American Pipeline LP's revenue rose $7.1B (+66%) from $10.6B in Q2 2025 to $17.7B in Q2 2026. The biggest changes: Product sales revenues +$7.0B (+69%); Services revenues +$27.0M (+6%). Operating margin 2.2% against 2.2% (+0.0 pts).
Plains All American Pipeline LP, Q2 2026: revenue $17.7B (+66% year over year), operating margin 2.2%, net earnings $1.8B, operating cash flow $955M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 2.2% | 2.2% | +0.0 pts |
| Net margin | 10.3% | 2.0% | +8.4 pts |
| Free cash flow margin | 4.6% | 4.9% | -0.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Product sales revenues | $17.2B | $10.2B | $7.0B | +69% |
| Services revenues | $472M | $445M | $27.0M | +6% |
| Revenue | $17.7B | $10.6B | $7.1B | +66% |
| Other income, net | $1.6B | $62.0M | $1.6B | 26× |
| Operating profit | $398M | $239M | $159M | +67% |
| Costs & expenses | $17.3B | $10.4B | $6.9B | +66% |
| Pre-tax earnings | $2.0B | $301M | $1.7B | +572% |
| Cost of revenue | $16.6B | $9.8B | $6.8B | +70% |
| General & admin | $110M | $82.0M | $28.0M | +34% |
| Other operating costs | $629M | $563M | $66.0M | +12% |
| Net earnings | $1.8B | $210M | $1.6B | +771% |
| Minority interests | $95.0M | $87.0M | $8.0M | +9% |
| Income tax | $99.0M | $4.0M | $95.0M | 25× |
| Depreciation & amortization | $242M | $235M | $7.0M | +3% |
| Working capital & other | $1.1B | −$249M | $1.4B | — |
| Operating cash flow | $955M | $694M | $261M | +38% |
| Free cash flow (OCF − capex) | $817M | $524M | $293M | +56% |
| Capital expenditures | $138M | $170M | −$32.0M | -19% |
Questions
How much did Plains All American Pipeline LP's revenue grow year over year in Q2 2026?
Plains All American Pipeline LP's revenue rose $7.1B (+66%) from $10.6B in Q2 2025 to $17.7B in Q2 2026.
What drove Plains All American Pipeline LP's revenue change in Q2 2026?
Product sales revenues +$7.0B (+69%); Services revenues +$27.0M (+6%).