Plains All American Pipeline (PAA) Operating Margin (2009 - 2026)
Plains All American Pipeline (PAA) recorded Operating Margin of 2.25% in Q2 2026, unchanged from 2.25% a year earlier and down 1.00 percentage points from the prior quarter.
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Analysis
Plains All American Pipeline (PAA) Operating Margin (2009 - 2026) Analysis & Trends
On a TTM basis, Plains All American Pipeline's Operating Margin came in at 3.14% as of Jun 30, 2026, up 1.48 percentage points year-over-year; for FY2025, it was 3.24%, up 1.46 percentage points from FY2024.
- Annual Operating Margin has a five-year change of +13.44 percentage points (FY2020 to FY2025).
- Across earlier years, Operating Margin came in at 1.78% in FY2024 (-0.88 pp), 2.66% in FY2023 (+0.40 pp), 2.25% in FY2022 (+0.23 pp) and 2.02% in FY2021 (+12.22 pp).
- Quarterly Operating Margin has ranged from -0.35% in Q3 2021 to 4.61% in Q4 2021 over the past five years.
- On a year-over-year basis, Operating Margin rose in four of the last eight quarters, with an average year-over-year change of +0.49 percentage points.
- Peak year-over-year performance for Operating Margin in the last five years was a gain of 5.70 percentage points in Q4 2021, against a drop of 4.90 percentage points in Q4 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at 3.25% (Q1 2026), 3.36% (Q4 2025) and 4.18% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 101.88 Bn | 99.42 Bn | 4.84 Bn | 9.93% |
| 2 | Enterprise Products Partners | 77.78 Bn | 76.22 Bn | - | 12.31% |
| 3 | Energy Transfer | 68.56 Bn | 62.00 Bn | 7.40 Bn | 10.41% |
| 4 | Kinder Morgan | 67.77 Bn | 68.72 Bn | 3.07 Bn | 30.06% |
| 5 | Tc Energy | 60.65 Bn | 63.72 Bn | 2.81 Bn | 135.28% |
| 6 | Targa Resources | 58.65 Bn | 58.26 Bn | 2.14 Bn | 27.80% |
| 7 | Mplx | 57.82 Bn | 51.38 Bn | 2.91 Bn | 41.61% |
| 8 | Cheniere Energy | 55.20 Bn | 55.33 Bn | 5.29 Bn | 74.84% |
| 9 | Oneok | 54.77 Bn | 53.26 Bn | 2.81 Bn | 13.22% |
| 10 | Plains All American Pipeline | 16.88 Bn | 14.15 Bn | 1.14 Bn | 2.25% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 2.25% |
| 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% |
API Access
Plains All American Pipeline Operating Margin 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-margin&ticker=PAA&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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-margin&ticker=PAA&period=max&api_key=YOUR_API_KEY");
const data = await res.json();