# Plains All American Pipeline, L.P. (PAA)

> Source: Nexqual · https://nexqual.com/PAA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Plains All American Pipeline, L.P. (PAA), nexqual.com/PAA" · informational, not investment advice.

**Price:** USD 25.9 (+0.04% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 25.9 · day 25.48–26.03 · 52w 16–26.39 · market cap null · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $52.3B, net income $2.77B (5.3% margin), free cash flow $2.38B (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $51K; 1 not under a Rule 10b5-1 plan ($51K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.61 on a 1–5 scale) (18 analysts), mean target USD 26.35 (range 20–31).
- Total return with dividends: 1Y +66.7% vs S&P 500 +14.9%; 5Y +247.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD 0.46, revenue estimate $15.2B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $42.1B | $57.3B | $47.3B | $48.9B | $44.3B | $52.3B |
| Gross profit | $3.57B | $4.17B | $3.40B | $3.73B | $3.83B | — |
| Operating income | $851M | $1.29B | $1.26B | $868M | $1.43B | $1.64B |
| Net income | $593M | $1.04B | $1.23B | $772M | $1.44B | $2.77B |
| Free cash flow | $1.66B | $1.95B | $2.32B | $2.04B | $2.29B | $2.38B |
| Gross margin | 8.5% | 7.3% | 7.2% | 7.6% | 8.7% | — |
| Operating margin | 2.0% | 2.3% | 2.7% | 1.8% | 3.2% | 3.1% |
| Net margin | 1.4% | 1.8% | 2.6% | 1.6% | 3.2% | 5.3% |
| Revenue growth | +80.7% | +36.3% | -17.4% | +3.3% | -9.5% | — |
| Cash + short-term investments | $449M | $401M | $450M | $348M | $328M | — |
| Total debt | $9.22B | $8.45B | $7.75B | $7.62B | $11.3B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-29 | Ziemba Lawrence Michael | Director | 2,346 | $51K | 100% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.61 on a 1–5 scale), 18 analysts; mean target USD 26.35 (low 20, high 31).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Jefferies | Initiated | Buy | $27 |
| 2026-10-09 | UBS | Target raised | Buy | $30 → $31 |
| 2026-09-21 | UBS | Target raised | Buy | $27 → $28 |
| 2026-09-21 | Barclays | Target raised | Underweight | $23 → $24 |
| 2026-09-21 | Mizuho | Target raised | Outperform | $27 → $30 |
| 2026-09-17 | Citigroup | Target raised | Neutral | $22 → $25 |
| 2026-09-10 | Scotiabank | Target raised | Sector Outperform | $24 → $27 |
| 2026-09-03 | JP Morgan | Target raised | Neutral | $24 → $27 |
| 2026-08-18 | Morgan Stanley | Target raised | Equal-Weight | $25 → $26 |
| 2026-08-17 | RBC Capital | Target raised | Sector Perform | $23 → $26 |
| 2026-07-16 | Barclays | Target raised | Underweight | $21 → $23 |
| 2026-07-15 | Truist Securities | Target raised | Buy | $23 → $25 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +66.7% | +247.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +67.0% | +28.2% |
| Volatility (annualized) | 19.2% | 27.4% |
| Max drawdown | -11.6% (May 2026→Jun 2026) | -19.2% (Feb 2025→Oct 2025) |

## Peers (Oil & Gas Midstream)
WES (Western Midstream Partners, LP) USD 44.46 -0.27% · VNOM (Viper Energy, Inc.) USD 45.35 -0.72% · DTM (DT Midstream, Inc.) USD 123.4 -0.87% · PBA (Pembina Pipeline Corp.) USD 49.37 -2.55% · FRO (Frontline Plc) USD 51.22 -0.14% · VG (Venture Global, Inc.) USD 12.81 -0.31%

## More
Full page: https://nexqual.com/PAA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PAA's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1070423/000107042326000014/paa-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | PLAINS GP HOLDINGS LP (PAGP) | "(1)Each Class C share represents a non-economic limited partner interest in PAGP." |
| Partner | Ford (F) | "The Cactus Pipeline connects to our Eagle Ford joint venture pipeline system at Gardendale for access to the Corpus Christi, Texas market." |
| Partner | PAA GP | "Our non-economic general partner interest is held by PAA GP LLC ("PAA GP"), a Delaware limited liability company, whose sole member is Plains AAP, L.P. ("AAP"), a Delaware limited partnership." |
| Partner | Plains AAP | "Our non-economic general partner interest is held by PAA GP LLC ("PAA GP"), a Delaware limited liability company, whose sole member is Plains AAP, L.P. ("AAP"), a Delaware limited partnership." |
| Partner | Cactus II Pipeline | "We operate the Cactus II Pipeline and own a 70% interest in Cactus II, the entity that owns the Cactus II Pipeline, through a joint venture with Enbridge Inc." |
| Partner | ENBRIDGE INC (ENB) | "We operate the Cactus II Pipeline and own a 70% interest in Cactus II, the entity that owns the Cactus II Pipeline, through a joint venture with Enbridge Inc." |
| Partner | ENTERPRISE PRODUCTS PARTNERS L.P. (EPD) | "We own a 50% interest in the entity that owns the Eagle Ford Pipeline through a joint venture with a subsidiary of Enterprise Products Partners, L.P. ("Enterprise Products")." |
| Partner | Diamond Pipeline | "We own a 50% interest in the entity that owns the Diamond Pipeline through a joint venture with Valero Energy Corporation ("Valero")." |
| Partner | Valero Energy | "We own a 50% interest in the entity that owns the Diamond Pipeline through a joint venture with Valero Energy Corporation ("Valero")." |
| Partner | White Cliffs Pipeline | "We own an approximate 36% interest in the entity that owns the White Cliffs Pipeline system through a joint venture with three other partners." |
| Partner | GP | "•the PAGP GP Board is composed of three classes of directors, which limits our unitholders' ability to make significant changes to the board in any given year; and" |
| Partner | Delaware Revised Uniform | "Furthermore, under Section 17-607 of the Delaware Revised Uniform Limited Partnership Act we may not make a distribution to our unitholders if the distribution would cause our liabilities to exceed the fair value of our …" |

Other companies that name PAA in their own reports (relationship from PAA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | Calumet, Inc. /DE (CLMT) | 10-K 2026-02-27 | "Our Shreveport facility is interconnected to a pipeline that supplies a portion of its crude oil and a pipeline that ships a portion of its refined fuel products to customers, such as pipelines operat…" |
| partner | Delek US Holdings, Inc. (DK) | 10-K 2026-02-27 | "In addition, Delek Logistics has two other pipeline joint ventures in which it owns a 50% membership interest in the entity formed with an affiliate of Plains All American Pipeline, L.P. to operate on…" |
| partner | HF Sinclair Corp (DINO) | 10-K 2026-02-27 | "We, through our wholly owned subsidiary HEP Cushing LLC ("HEP Cushing"), own a 50% interest in Cushing Connect Pipeline & Terminal LLC ("Cushing Connect"), a joint venture with Plains Marketing, L.P.,…" |
| partner | Delek Logistics Partners, LP (DKL) | 10-K 2026-02-27 | "Additionally, we have two pipeline joint ventures, in which we own a 50% membership interest in the entity formed with an affiliate of Plains All American Pipeline, L.P. ("CP LLC") to operate one of t…" |
| partner | PLAINS GP HOLDINGS LP (PAGP) | 10-K 2026-02-27 | "•the successful operation of joint ventures and joint operating arrangements PAA enters into from time to time, whether relating to assets operated by PAA or by third parties, and the successful integ…" |
| partner | Kinetik Holdings Inc. (KNTK) | 10-K 2026-02-26 | "During the fourth quarter 2025, the Company consummated the previously announced Sale and Purchase Agreement with affiliates of Diamondback Energy, Inc. (together with the Company, the "Sellers") and …" |
| partner | Diamondback Energy, Inc. (FANG) | 10-K 2026-02-25 | "On October 31, 2025, the Company divested its 27.5% equity interest in EPIC Crude Holdings, LP ("EPIC") pursuant to a definitive purchase and sale agreement with Plains All American Pipeline, L.P. and…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Crude Oil | $17.73B | 100.2% | +66.4% |
| NGL | $22.0M | 0.1% | -15.4% |
| Total revenue | $17.69B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product sales revenues | $17.27B | 97.6% | +68.8% |
| Services revenues | $472.0M | 2.7% | +6.1% |
| Transportation | $358.0M | 2.0% | +5.3% |
| Terminalling, Storage and Other | $102.0M | 0.6% | +17.2% |
| Total revenue | $17.69B | 100% | — |
The lines above cover 102.9% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $39.76B | 89.8% | -8.7% |
| Canada | $4.50B | 10.2% | -15.9% |
| Total revenue | $44.26B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 31% of revenue from unnamed direct customers (10-K, filed 2026-02-27).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.46 | $0.47 | -1.8% | $15.21B | 8 |
| Next quarter (ends 2026-12-31) | $0.48 | $0.49 | -1.1% | $14.84B | 8 |
| Current fiscal year (ends 2026-12-31) | $1.73 | $1.71 | +1.2% | $59.83B | 9 |
| Next fiscal year (ends 2027-12-31) | $1.95 | $2.01 | -3.0% | $62.57B | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-06): ±4.3%; earnings reaction alone ±0.8%; last 8 reports averaged ±1.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 21.9% | ±3.8% |
| 2026-11-06 | 14 | 21.7% | ±4.3% |
| 2026-11-13 | 21 | 23.7% | ±5.1% |
| 2026-11-20 | 28 | 23.0% | ±5.5% |
| 2026-11-27 | 35 | 23.5% | ±6.2% |
| 2026-12-04 | 42 | 24.4% | ±6.9% |
| 2026-12-18 | 56 | 20.1% | ±6.5% |
| 2027-01-15 | 84 | 19.6% | ±7.6% |