Plains All American Pipeline (PAAPU) Operating Margin (2009 - 2026)
Plains All American Pipeline (PAAPU) posted Operating Margin of 3.25% for Q1 2026, down 3.34% on a QoQ basis from 3.36% in Q4 2025, and up 15.0% year-on-year from 2.82% in Q1 2025.
Plains All American Pipeline (PAAPU) Operating Margin (2009 - 2026) Analysis & Trends
Plains All American Pipeline has disclosed Operating Margin across 18 years of filings, most recently posting 3.25% for Q1 2026.
- Operating Margin for Q1 2026 came in at 3.25%, up 15.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 3.28% (up 150.0% YoY), and the FY2025 annual result was 3.24%, up 146.0% from the prior year.
- Operating Margin came in at 3.25% for Q1 2026 at Plains All American Pipeline, down from 3.36% in the prior quarter.
- Over the last five years, Operating Margin for PAAPU reached as high as 4.37% in Q3 2022 and fell as low as 0.29% in Q4 2022.
- Median Operating Margin over the past 5 years was 2.6% (2024), compared with a mean of 2.5%.
- On a YoY basis, Operating Margin climbed as much as 489 bps in 2022 and fell as far as 490 bps in 2022.
- Over 5 years, 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 PAAPU 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 | Enbridge | 1,308.38 Bn | 1,309.08 Bn | 6.70 Bn | 14.43% |
| 2 | Kinder Morgan | 112.34 Bn | 113.42 Bn | 3.08 Bn | 29.91% |
| 3 | Enterprise Products Partners | 79.55 Bn | 78.40 Bn | - | 13.17% |
| 4 | Energy Transfer | 65.78 Bn | 65.07 Bn | 6.62 Bn | 10.74% |
| 5 | Targa Resources | 57.60 Bn | 57.63 Bn | 1.70 Bn | 20.68% |
| 6 | Mplx | 57.17 Bn | 55.67 Bn | 2.54 Bn | 39.96% |
| 7 | Oneok | 54.83 Bn | 54.70 Bn | 2.57 Bn | 14.85% |
| 8 | Cheniere Energy Partners | 29.50 Bn | 29.22 Bn | 838.00 Mn | 10.03% |
| 9 | Venture Global | 27.41 Bn | 27.36 Bn | 4.33 Bn | 25.03% |
| 10 | Plains All American Pipeline | - | - | 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% |