Plains All American Pipeline (PAA) Operating Margin (2009 - 2026)
Plains All American Pipeline's (PAA) quarterly Operating Margin came in at 3.25% in Q1 2026, up 15.0% year-on-year from 2.82% in Q1 2025, and down 3.34% quarter-over-quarter from 3.36% in Q4 2025.
Plains All American Pipeline (PAA) Operating Margin (2009 - 2026) Analysis & Trends
Plains All American Pipeline's Operating Margin history runs 18 years deep, the most recent figure standing at 3.25% for Q1 2026.
- On a quarterly basis, Operating Margin rose 15.0% year-over-year to 3.25% in Q1 2026; TTM through Mar 2026 was 3.28%, a 150.0% increase from a year earlier, with the FY2025 full-year figure at 3.24%, up 146.0% from the prior year.
- Operating Margin retreated to 3.25% in Q1 2026 per PAA's latest filing, from 3.36% in the prior quarter.
- Across five years, Operating Margin topped out at 4.37% in Q3 2022 and bottomed at 0.29% in Q4 2022.
- The 5-year median for Operating Margin is 2.6% (2024), against an average of 2.5%.
- Biggest YoY gain for Operating Margin was 489 bps in 2022; the steepest drop was 490 bps in 2022.
- Year by year, Operating Margin stood at 0.29% in 2022, then soared by 621 bps to 1.53% in 2023, then plunged by 109 bps to 0.13% in 2024, then jumped by 2627 bps to 3.36% in 2025, then fell by 3 bps to 3.25% in 2026.
- Per Business Quant, the three latest PAA Operating Margin figures stand at 3.25% (Q1 2026), 3.36% (Q4 2025), and 4.18% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | DHT Holdings | 2,706.13 Bn | 2,706.00 Bn | 167.16 Mn | 90.00% |
| 2 | Flex LNG | 1,674.16 Bn | 1,673.77 Bn | 61.79 Mn | 103.91% |
| 3 | Kinder Morgan | 112.74 Bn | 113.82 Bn | 3.07 Bn | 30.06% |
| 4 | Enbridge | 89.82 Bn | 89.03 Bn | 6.70 Bn | 14.43% |
| 5 | Enterprise Products Partners | 83.97 Bn | 82.82 Bn | - | 13.17% |
| 6 | Tc Energy | 72.76 Bn | 73.95 Bn | 1.36 Bn | 31.60% |
| 7 | Energy Transfer | 70.27 Bn | 69.30 Bn | 6.62 Bn | 10.74% |
| 8 | Targa Resources | 61.30 Bn | 61.34 Bn | 1.70 Bn | 20.68% |
| 9 | Oneok | 61.15 Bn | 61.02 Bn | 8.98 Bn | 14.85% |
| 10 | Plains All American Pipeline | 17.42 Bn | 17.25 Bn | 977.00 Mn | 3.25% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 3.25% |
| Dec 31, 2025 | 3.36% |
| Sep 30, 2025 | 4.18% |
| Jun 30, 2025 | 2.25% |
| Mar 31, 2025 | 3.10% |
| Dec 31, 2024 | -0.13% |
| Sep 30, 2024 | 1.57% |
| Jun 30, 2024 | 2.60% |
| Mar 31, 2024 | 3.06% |
| Dec 31, 2023 | 1.53% |
| Sep 30, 2023 | 1.94% |
| Jun 30, 2023 | 3.26% |
| Mar 31, 2023 | 3.83% |
| Dec 31, 2022 | -0.29% |
| Sep 30, 2022 | 4.37% |
| Jun 30, 2022 | 2.51% |
| Mar 31, 2022 | 2.14% |
| Dec 31, 2021 | 4.61% |
| Sep 30, 2021 | -0.35% |
| Jun 30, 2021 | -2.38% |