Fundamentals Hub
▼ FY 2025 Summary Analysis
Annual report ending Dec 31, 2025Overview and Growth
Fiscal 2025 results for PLAINS ALL AMERICAN PIPELINE LP combined $44.26B of revenue with net income of $1.44B and an operating cash inflow of $2.94B. Revenue of $44.26B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 9.5% below fiscal 2024 revenue of $48.89B, marking a top-line contraction. The revenue-to-assets relationship was 1.47x, showing the sales generated relative to the resources carried on the balance sheet.Profitability
Gross profit was $3.83B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 8.7%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operating income was $1.43B, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 3.2% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all reported below-operating-line items, the company recorded net income of $1.44B for the fiscal year. Net margin was 3.2%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $1.40B of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 3.2%, adding a pre-tax profitability layer between revenue and net income. The reported income-tax provision was $15.00M, the amount recognized between pretax income and the final net-income result. The income-tax provision equaled 1.1% of pretax income, showing the tax burden absorbed by the year’s earnings. Return on period-end equity was 11.0%, relating annual net income to the equity capital on the balance sheet. Return on period-end assets was 4.8%, connecting net income with the company’s total asset base.Liquidity and Capital Structure
The company held $30.17B of assets against $17.09B of liabilities and $13.08B of equity, revealing how the asset base was financed. Current assets were $4.73B against $4.93B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered only 0.96x of current liabilities, so current liabilities exceeded current assets at period end. Reported cash and equivalents were $328.00M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 6.7%, excluding receivables and other current assets. The liabilities-to-assets relationship was 56.6%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 1.1% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 13.6% from $26.56B in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 0.1% from $13.10B in fiscal 2024, placing the current capital base lower year over year.Cash Flow and Earnings Quality
Operating activities produced a cash inflow of $2.94B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 2.05x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $643.00M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 21.9% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $2.29B of positive free cash flow for the period. The free-cash-flow margin was 5.2%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 7.6%, showing the cash productivity of the company’s assets.
Based on the annual report for the fiscal year ending Dec 31, 2025.
Analysis generated .