Plains All American Pipeline (PAA) Operating Expenses (2009 - 2026)
Plains All American Pipeline's Operating Expenses came in at $17.3 billion for Q2 2026, up 66.3% from $10.4 billion a year earlier and up 43.3% from the prior quarter.
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Analysis
Plains All American Pipeline (PAA) Operating Expenses (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Plains All American Pipeline reported Operating Expenses of $50.66 billion, up 10.5% year-over-year; for FY2025, it was $42.83 billion, down 10.8% from FY2024.
- Operating Expenses carries a five-year compound annual growth rate of 10.8% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $48.02 billion in FY2024 (+4.2%), $46.08 billion in FY2023 (-17.8%), $56.05 billion in FY2022 (+36.0%) and $41.23 billion in FY2021 (+60.6%).
- The Q2 2026 figure represents the highest quarterly Operating Expenses in data going back to Q1 2009.
- Year-over-year, Operating Expenses increased in four of the last eight quarters, with growth averaging 5.1%.
- The fastest year-over-year change in Operating Expenses over five years came in Q4 2021 (growth of 105.5%), and the weakest in Q2 2023 (a decline of 29.6%).
- Business Quant data shows PAA's Operating Expenses at $12.07 billion (Q1 2026), $10.21 billion (Q4 2025) and $11.09 billion (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 102.52 Bn | 100.06 Bn | 4.84 Bn | 19.09 Bn |
| 2 | Enterprise Products Partners | 79.27 Bn | 77.71 Bn | - | 16.13 Bn |
| 3 | Energy Transfer | 69.21 Bn | 62.65 Bn | 7.40 Bn | 30.76 Bn |
| 4 | Kinder Morgan | 68.17 Bn | 69.12 Bn | 3.07 Bn | 3.13 Bn |
| 5 | Tc Energy | 61.09 Bn | 64.16 Bn | 2.81 Bn | -1.06 Bn |
| 6 | Targa Resources | 59.48 Bn | 59.10 Bn | 2.14 Bn | 354.10 Mn |
| 7 | Mplx | 58.45 Bn | 52.01 Bn | 2.91 Bn | 1.93 Bn |
| 8 | Oneok | 55.88 Bn | 54.37 Bn | 2.81 Bn | 4.00 Mn |
| 9 | Cheniere Energy | 55.70 Bn | 55.83 Bn | 5.29 Bn | 1.44 Bn |
| 10 | Plains All American Pipeline | 17.31 Bn | 14.57 Bn | 1.14 Bn | 17.30 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 17.30 Bn |
| Mar 31, 2026 | 12.07 Bn |
| Dec 31, 2025 | 10.21 Bn |
| Sep 30, 2025 | 11.09 Bn |
| Jun 30, 2025 | 10.40 Bn |
| Mar 31, 2025 | 11.12 Bn |
| Dec 31, 2024 | 12.05 Bn |
| Sep 30, 2024 | 12.26 Bn |
| Jun 30, 2024 | 12.43 Bn |
| Mar 31, 2024 | 11.63 Bn |
| Dec 31, 2023 | 11.15 Bn |
| Sep 30, 2023 | 11.84 Bn |
| Jun 30, 2023 | 11.22 Bn |
| Mar 31, 2023 | 11.87 Bn |
| Dec 31, 2022 | 12.99 Bn |
| Sep 30, 2022 | 13.71 Bn |
| Jun 30, 2022 | 15.95 Bn |
| Mar 31, 2022 | 13.40 Bn |
| Dec 31, 2021 | 12.39 Bn |
| Sep 30, 2021 | 10.81 Bn |
API Access
Plains All American Pipeline Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=PAA&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "PAA", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=PAA&period=max&api_key=YOUR_API_KEY");
const data = await res.json();