Plains All American Pipeline (PAA) FCF Margin (2009 - 2026)
Plains All American Pipeline's (PAA) quarterly FCF Margin came in at 2.31% in Q1 2026, down 21.0% year-on-year from 2.92% in Q1 2025, and up 58.44% quarter-over-quarter from 1.46% in Q4 2025.
Plains All American Pipeline (PAA) FCF Margin (2009 - 2026) Analysis & Trends
Plains All American Pipeline's FCF Margin history runs 18 years deep, the most recent figure standing at 2.31% for Q1 2026.
- On a quarterly basis, FCF Margin fell 21.0% year-over-year to 2.31% in Q1 2026; TTM through Mar 2026 was 4.0%, a 25.0% decrease from a year earlier, with the FY2025 full-year figure at 4.09%, down 9.0% from the prior year.
- FCF Margin grew to 2.31% in Q1 2026 per PAA's latest filing, from 1.46% in the prior quarter.
- Across five years, FCF Margin topped out at 8.06% in Q3 2025 and bottomed at 0.43% in Q3 2023.
- The 5-year median for FCF Margin is 4.07% (2025), against an average of 3.76%.
- Across the five-year window, FCF Margin plunged 653 bps in 2022 and soared 575 bps in 2024, its largest moves.
- Year by year, 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 slumped by 72 bps to 1.46% in 2025, then soared by 58 bps to 2.31% in 2026.
- Per Business Quant, the three latest PAA FCF Margin figures stand at 2.31% (Q1 2026), 1.46% (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 | DHT Holdings | 2,706.13 Bn | 2,706.00 Bn | 167.16 Mn | 53.09% |
| 2 | Flex LNG | 1,674.16 Bn | 1,673.77 Bn | 61.79 Mn | 15.79% |
| 3 | Kinder Morgan | 112.74 Bn | 113.82 Bn | 3.07 Bn | 21.84% |
| 4 | Enbridge | 89.82 Bn | 89.03 Bn | 6.70 Bn | -0.43% |
| 5 | Enterprise Products Partners | 83.97 Bn | 82.82 Bn | - | 3.38% |
| 6 | Tc Energy | 72.76 Bn | 73.95 Bn | 1.36 Bn | 97.53% |
| 7 | Energy Transfer | 70.27 Bn | 69.30 Bn | 6.62 Bn | 5.26% |
| 8 | Targa Resources | 61.30 Bn | 61.34 Bn | 1.70 Bn | -3.91% |
| 9 | Oneok | 61.15 Bn | 61.02 Bn | 8.98 Bn | 0.73% |
| 10 | Plains All American Pipeline | 17.42 Bn | 17.25 Bn | 977.00 Mn | 2.31% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 2.31% |
| Dec 31, 2025 | 1.46% |
| Sep 30, 2025 | 8.06% |
| Jun 30, 2025 | 4.07% |
| Mar 31, 2025 | 2.52% |
| Dec 31, 2024 | 5.16% |
| Sep 30, 2024 | 5.31% |
| Jun 30, 2024 | 3.90% |
| 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% |