Plains All American Pipeline (PAA) Gross Margin (2009 - 2026)
Plains All American Pipeline (PAA) posted Gross Margin of 7.83% for Q1 2026, down 16.73% on a QoQ basis from 9.41% in Q4 2025, and down 53.0% year-on-year from 16.67% in Q1 2025.
Plains All American Pipeline (PAA) Gross Margin (2009 - 2026) Analysis & Trends
Plains All American Pipeline has disclosed Gross Margin across 18 years of filings, most recently posting 7.83% for Q1 2026.
- Gross Margin for Q1 2026 came in at 7.83%, down 53.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 8.5% (up 80.0% YoY), and the FY2025 annual result was 8.65%, up 103.0% from the prior year.
- Gross Margin came in at 7.83% for Q1 2026 at Plains All American Pipeline, down from 9.41% in the prior quarter.
- Over the last five years, Gross Margin for PAA reached as high as 9.41% in Q4 2025 and fell as low as 3.15% in Q4 2023.
- Median Gross Margin over the past 5 years was 7.97% (2024), compared with a mean of 7.58%.
- Year-over-year, Gross Margin slumped 518 bps in 2022 and surged 482 bps in 2024.
- Over 5 years, 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 | Enbridge | 1,308.38 Bn | 1,309.08 Bn | 6.70 Bn | 41.12% |
| 2 | Kinder Morgan | 112.34 Bn | 113.42 Bn | 3.08 Bn | 63.77% |
| 3 | Enterprise Products Partners | 79.55 Bn | 78.40 Bn | - | - |
| 4 | Energy Transfer | 65.78 Bn | 65.07 Bn | 6.62 Bn | 23.85% |
| 5 | Targa Resources | 57.60 Bn | 57.63 Bn | 1.70 Bn | 41.52% |
| 6 | Mplx | 57.17 Bn | 55.67 Bn | 2.54 Bn | 83.61% |
| 7 | Oneok | 54.83 Bn | 54.70 Bn | 2.57 Bn | 26.67% |
| 8 | Cheniere Energy Partners | 29.50 Bn | 29.22 Bn | 838.00 Mn | 23.28% |
| 9 | Venture Global | 27.41 Bn | 27.36 Bn | 4.33 Bn | 94.13% |
| 10 | Plains All American Pipeline | 15.72 Bn | 15.54 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% |