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Plains All American Pipeline LP vs Enbridge: PAA and ENB compared
Plains All American Pipeline LP is the larger company: $15.2B of revenue in its latest quarter (Q3 2026) against $21.1B for Enbridge (Q3 2026). Enbridge is growing faster (+44% against +31% a year earlier). Enbridge is more profitable, with an operating margin of 10.1% against 3.4%.
Where the money goes: PAA and ENB
Plains All American Pipeline LP (PAA) · Q3 2026
Plains All American Pipeline LP, Q3 2026: revenue $15.2B (+31% year over year), operating margin 3.4%, net earnings $363M, operating cash flow $669M. The chart follows the revenue to costs, profit and cash.
Enbridge (ENB) · Q3 2026
Enbridge, Q3 2026: revenue $21.1B (+44% year over year), operating margin 10.1%, net earnings $1.4B, operating cash flow $2.7B. The chart follows the revenue to costs, profit and cash.
| Plains All American Pipeline LP (PAA) | Enbridge (ENB) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $15.2B | $21.1B |
| Revenue growth, Y/Y | +31% | +44% |
| Operating margin | 3.4% | 10.1% |
| Net earnings | $363M | $1.4B |
| Net margin | 2.4% | 6.6% |
| Operating cash flow | $669M | $2.7B |
| Free cash flow | $458M | — |
| Market value | $17.3B | $107.2B |
| P/E | 12.5× | 15.5× |
| Analysts’ mean target | $26.76 | $51.09 |
Where the revenue comes from
Enbridge
- Commodity Sales Revenue: $14.9B (70%)
- Transportation and Other Services Revenues: $4.9B (23%)
- Gas Distribution Sales: $1.3B (6%)
Questions
Which is bigger, Plains All American Pipeline LP or Enbridge?
Plains All American Pipeline LP is the larger company: $15.2B of revenue in its latest quarter (Q3 2026) against $21.1B for Enbridge (Q3 2026).
Is Plains All American Pipeline LP or Enbridge growing faster?
Enbridge is growing faster (+44% against +31% a year earlier).
Which is more profitable, Plains All American Pipeline LP or Enbridge?
Enbridge is more profitable, with an operating margin of 10.1% against 3.4%.
More: Plains All American Pipeline LP earnings · how Plains All American Pipeline LP makes money · Enbridge earnings · how Enbridge makes money
From the companies' latest 10-Q, 10-K or earnings release (8-K filed Nov 6, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.