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Plains All American Pipeline LP vs Mplx LP: PAA and MPLX compared
Plains All American Pipeline LP is the larger company: $15.2B of revenue in its latest quarter (Q3 2026) against $3.6B for Mplx LP (Q3 2026). Plains All American Pipeline LP is growing faster (+31% against -0.4% a year earlier). Mplx LP is more profitable, with an operating margin of 40.9% against 3.4%.
Where the money goes: PAA and MPLX
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.
Mplx LP (MPLX) · Q3 2026
Mplx LP, Q3 2026: revenue $3.6B (-0.4% year over year), operating margin 40.9%, net earnings $1.2B, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Plains All American Pipeline LP (PAA) | Mplx LP (MPLX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $15.2B | $3.6B |
| Revenue growth, Y/Y | +31% | -0.4% |
| Operating margin | 3.4% | 40.9% |
| Net earnings | $363M | $1.2B |
| Net margin | 2.4% | 32.3% |
| Operating cash flow | $669M | $1.5B |
| Free cash flow | $458M | $447M |
| Market value | $17.3B | $56.6B |
| P/E | 12.5× | 11.9× |
| Analysts’ mean target | $26.76 | $62.92 |
Where the revenue comes from
Mplx LP
- Natural Gas and NGL Services: $1.5B (42%)
- Crude Oil and Products Logistics: $1.3B (35%)
- Other revenues: $817M (23%)
Questions
Which is bigger, Plains All American Pipeline LP or Mplx LP?
Plains All American Pipeline LP is the larger company: $15.2B of revenue in its latest quarter (Q3 2026) against $3.6B for Mplx LP (Q3 2026).
Is Plains All American Pipeline LP or Mplx LP growing faster?
Plains All American Pipeline LP is growing faster (+31% against -0.4% a year earlier).
Which is more profitable, Plains All American Pipeline LP or Mplx LP?
Mplx LP is more profitable, with an operating margin of 40.9% against 3.4%.
More: Plains All American Pipeline LP earnings · how Plains All American Pipeline LP makes money · Mplx LP earnings · how Mplx LP makes money
From the companies' latest 10-Q, 10-K or earnings release (8-K filed Nov 6, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.