Plains All American Pipeline (PAA) FCF Margin (2009 - 2026)
Plains All American Pipeline (PAA) posted FCF Margin of 2.31% for Q1 2026, down 61.75% on a QoQ basis from 6.04% in Q4 2025, and down 21.0% year-on-year from 2.92% in Q1 2025.
Plains All American Pipeline (PAA) FCF Margin (2009 - 2026) Analysis & Trends
Plains All American Pipeline has disclosed FCF Margin across 18 years of filings, most recently posting 2.31% for Q1 2026.
- FCF Margin for Q1 2026 came in at 2.31%, down 21.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 5.06% (up 82.0% YoY), and the FY2025 annual result was 5.18%, up 100.0% from the prior year.
- FCF Margin came in at 2.31% for Q1 2026 at Plains All American Pipeline, down from 6.04% in the prior quarter.
- Over the last five years, FCF Margin for PAA reached as high as 8.06% in Q3 2025 and fell as low as 0.43% in Q3 2023.
- Median FCF Margin over the past 5 years was 4.52% (2024), compared with a mean of 4.03%.
- Year-over-year, FCF Margin tumbled 653 bps in 2022 and surged 510 bps in 2024.
- Over 5 years, FCF Margin stood at 1.47% in 2022, then surged by 219 bps to 4.7% in 2023, then climbed by 10 bps to 5.16% in 2024, then grew by 17 bps to 6.04% in 2025, then tumbled by 62 bps to 2.31% in 2026.
- Per Business Quant, the three latest PAA FCF Margin figures stand at 2.31% (Q1 2026), 6.04% (Q4 2025), and 8.06% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 1,308.38 Bn | 1,309.08 Bn | 6.70 Bn | -0.43% |
| 2 | Kinder Morgan | 112.34 Bn | 113.42 Bn | 3.08 Bn | 28.13% |
| 3 | Enterprise Products Partners | 79.55 Bn | 78.40 Bn | - | 3.38% |
| 4 | Energy Transfer | 65.78 Bn | 65.07 Bn | 6.62 Bn | 5.26% |
| 5 | Targa Resources | 57.60 Bn | 57.63 Bn | 1.70 Bn | -3.91% |
| 6 | Mplx | 57.17 Bn | 55.67 Bn | 2.54 Bn | 25.41% |
| 7 | Oneok | 54.83 Bn | 54.70 Bn | 2.57 Bn | 0.73% |
| 8 | Cheniere Energy Partners | 29.50 Bn | 29.22 Bn | 838.00 Mn | 24.42% |
| 9 | Venture Global | 27.41 Bn | 27.36 Bn | 4.33 Bn | -52.58% |
| 10 | Plains All American Pipeline | 15.72 Bn | 15.54 Bn | 977.00 Mn | 2.31% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 2.31% |
| Dec 31, 2025 | 6.04% |
| Sep 30, 2025 | 8.06% |
| Jun 30, 2025 | 4.07% |
| Mar 31, 2025 | 2.52% |
| Dec 31, 2024 | 5.16% |
| Sep 30, 2024 | 4.67% |
| Jun 30, 2024 | 4.52% |
| Mar 31, 2024 | 2.25% |
| Dec 31, 2023 | 4.70% |
| Sep 30, 2023 | -0.43% |
| Jun 30, 2023 | 6.40% |
| Mar 31, 2023 | 5.03% |
| Dec 31, 2022 | 1.47% |
| Sep 30, 2022 | 5.72% |
| Jun 30, 2022 | 4.30% |
| Mar 31, 2022 | 1.75% |
| Dec 31, 2021 | 4.28% |
| Sep 30, 2021 | 2.41% |
| Jun 30, 2021 | 1.51% |