Plains All American Pipeline (PAA) Gross Margin (2009 - 2026)
Plains All American Pipeline's (PAA) quarterly Gross Margin came in at 7.83% in Q1 2026, down 53.0% year-on-year from 16.67% in Q1 2025, and down 16.73% quarter-over-quarter from 9.41% in Q4 2025.
Plains All American Pipeline (PAA) Gross Margin (2009 - 2026) Analysis & Trends
Plains All American Pipeline's Gross Margin history runs 18 years deep, the most recent figure standing at 7.83% for Q1 2026.
- On a quarterly basis, Gross Margin fell 53.0% year-over-year to 7.83% in Q1 2026; TTM through Mar 2026 was 8.5%, a 80.0% increase from a year earlier, with the FY2025 full-year figure at 8.65%, up 103.0% from the prior year.
- Gross Margin declined to 7.83% in Q1 2026 per PAA's latest filing, from 9.41% in the prior quarter.
- Across five years, Gross Margin topped out at 9.41% in Q4 2025 and bottomed at 3.15% in Q4 2023.
- The 5-year median for Gross Margin is 7.97% (2024), against an average of 7.58%.
- Across the five-year window, Gross Margin tumbled 518 bps in 2022 and soared 482 bps in 2024, its largest moves.
- Year by year, Gross Margin stood at 7.39% in 2022, then sank by 57 bps to 3.15% in 2023, then jumped by 153 bps to 7.97% in 2024, then increased by 18 bps to 9.41% in 2025, then fell by 17 bps to 7.83% in 2026.
- Per Business Quant, the three latest PAA Gross Margin figures stand at 7.83% (Q1 2026), 9.41% (Q4 2025), and 8.58% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | DHT Holdings | 2,706.13 Bn | 2,706.00 Bn | 167.16 Mn | 89.73% |
| 2 | Flex LNG | 1,674.16 Bn | 1,673.77 Bn | 61.79 Mn | 76.80% |
| 3 | Kinder Morgan | 112.74 Bn | 113.82 Bn | 3.07 Bn | 68.62% |
| 4 | Enbridge | 89.82 Bn | 89.03 Bn | 6.70 Bn | 41.12% |
| 5 | Enterprise Products Partners | 83.97 Bn | 82.82 Bn | - | - |
| 6 | Tc Energy | 72.76 Bn | 73.95 Bn | 1.36 Bn | 97.17% |
| 7 | Energy Transfer | 70.27 Bn | 69.30 Bn | 6.62 Bn | 23.85% |
| 8 | Targa Resources | 61.30 Bn | 61.34 Bn | 1.70 Bn | 41.52% |
| 9 | Oneok | 61.15 Bn | 61.02 Bn | 8.98 Bn | 93.41% |
| 10 | Plains All American Pipeline | 17.42 Bn | 17.25 Bn | 977.00 Mn | 7.83% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 7.83% |
| Dec 31, 2025 | 9.41% |
| Sep 30, 2025 | 8.58% |
| Jun 30, 2025 | 8.31% |
| Mar 31, 2025 | 8.36% |
| Dec 31, 2024 | 7.97% |
| Sep 30, 2024 | 7.35% |
| Jun 30, 2024 | 7.20% |
| Mar 31, 2024 | 6.20% |
| Dec 31, 2023 | 3.15% |
| Sep 30, 2023 | 7.99% |
| Jun 30, 2023 | 9.12% |
| Mar 31, 2023 | 8.25% |
| Dec 31, 2022 | 7.39% |
| Sep 30, 2022 | 8.82% |
| Jun 30, 2022 | 6.33% |
| Mar 31, 2022 | 6.64% |
| Dec 31, 2021 | 9.45% |
| Sep 30, 2021 | 6.51% |
| Jun 30, 2021 | 6.58% |