Plains All American Pipeline (PAA) Operating Margin (2009 - 2026)

Plains All American Pipeline's Operating Margin history runs 18 years deep, the most recent figure standing at 3.25% for Q1 2026.

• In Q1 2026, Operating Margin rose 15.0% year-over-year to 3.25%; the TTM figure through Mar 2026 stood at 3.28% (up 150.0% YoY), while the FY2025 annual figure was 3.24%, up 146.0% from the prior year.
• Operating Margin was 3.25% for Q1 2026 at Plains All American Pipeline, down from 3.36% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 4.37% in Q3 2022 to a low of 0.29% in Q4 2022.
• Historically, Operating Margin has averaged 2.5% across 5 years, with a median of 2.6% in 2024.
• Biggest YoY gain for Operating Margin was 489 bps in 2022; the steepest drop was 490 bps in 2022.
• A 5-year view of Operating Margin shows it stood at 0.29% in 2022, then soared by 621 bps to 1.53% in 2023, then slumped 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.
• The last three Operating Margin figures came in at 3.25% (Q1 2026), 3.36% (Q4 2025), and 4.18% (Q3 2025), per Business Quant data.