Plains All American Pipeline LP

How Do They Make Money?

revenue

Segment	Share	Revenue
Sales	96% FY2022: 98%
Service	4.0% FY2022: 2.4%

Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.

Operating income, FY2025

3% of revenue

▲ +65% vs FY2024 ($868M, 2%)

Net income, FY2025

3% of revenue

▲ +86% vs FY2024 ($772M, 2%)

Free cash flow, FY2025

5% of revenue

▲ +12% vs FY2024 ($2B, 4%)

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Product sales revenues share of revenue vs 95.8% in Q2 FY2025

Flat. Revenue was $44.3B in FY2025, about the same as the $42.1B of FY2021.

Revenue over time

Sales Service

$100B$50B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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