Plains All American Pipeline, L.P.

PAANASDAQEnergy● Active

$22.65

+$0.05(+0.22%)

Market Cap$16.0B

P/E Ratio—

52W High$24.26

52W Low$15.69

Avg Volume3.3M

Open$22.87

Beta0.46

Overview

Plains All American Pipeline, L.P. (PAA) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

PAA · free cash flow · updated Jun 8, 2026

Core FCF metrics

PAA · FCF · TTM · margin & CAGR

Free cash flow was $2.29B for FY2025 (fiscal year ending 2025-12-31), up 22.6% year-over-year The FCF margin was 5.2%. Five-year CAGR stands at +24.2%.

FY2025 Free Cash Flow$2.29B▲ +22.6% YoY

Trailing 12M (TTM)$2.13Btrailing 4 quarters sum

FCF Margin5.2%$2.29B ÷ revenue

3-Year CAGR+5.5%FY2022 → FY2025

5-Year CAGR+24.2%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

PAA · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$2.94B(643M)$2.29B▲ +22.6%5.2%

FY2024$2.49B(619M)$1.87B▼ 13.7%3.7%

FY2023$2.73B(559M)$2.17B▲ +11.0%4.5%

FY2022$2.41B(455M)$1.95B▲ +17.7%3.4%

FY2021$2.00B(336M)$1.66B▲ +113.9%4.0%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

PAA · P/FCF · FCF yield · FCF per share

Plains All American Pipeline, L.P. (PAA) trades at a FCF yield of 13.38% and a price-to-free-cash-flow ratio of 7.5x. FCF per share stands at $3.03, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

13.38%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$3.03

TTM FCF ÷ Shares Outstanding

Price / FCF

x7.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x12.8

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

PAA · cash flow statement · operating / investing / financing

For FY2025, Plains All American Pipeline, L.P. generated $2.94B in operating cash flow and spent 643M in capital expenditures, yielding $2.29B in free cash flow.

Operating Activities

+$2.94B

Cash from core business operations

2025-12-31

Investing Activities

−$3.69B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$724.0M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($2.94B) − |CapEx| (643M) = FCF ($2.29B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Energy)

PAA vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Plains All American Pipeline, L.P.YOU

PAA

$2.29B+22.6%5.2%

10%

Exxon Mobil Corporation

Energy · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Plains All American Pipeline, L.P. (PAA) reported free cash flow of $2.29B for FY2025 (fiscal year ending 2025-12-31), up 22.6% year-over-year. The FCF margin was 5.2%.

Based on available data, Plains All American Pipeline, L.P. has maintained positive free cash flow for at least 13 fiscal year(s). FCF peaked at $2.29B in FY2025. The 5-year CAGR stands at +24.2%.

Plains All American Pipeline, L.P.'s FCF yield is 13.38% and price-to-FCF ratio is 7.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

PAA free cash flow · 8 questions

Plains All American Pipeline, L.P. free cash flow was $2.29B for FY2025, up 22.6% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $2.13B.

PAA free cash flowPAA FCFPAA FCF 2025PAA free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Plains All American Pipeline, L.P. · Plains All American Pipeline, L.P. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026