Plains ALL American Pipeline (PAA) Q4 FY2021 earnings: revenue $13.0 billion, up 117.8% on the year

Plains ALL American Pipeline LP (PAA) reported revenue of $13.0 billion for Q4 FY2021, the quarter ended 31 December 2021, up 117.8% on the same quarter a year earlier. Net income was $450 million, and diluted earnings per share $0.56. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue$13.0 billionup 117.8%

Net income$450 million

Diluted EPS$0.56

QuarterQ4 FY2021ended 31 December 2021

The quarter, against the one before and a year earlier

Line	Q4 FY2021	Q3 FY2021	A year earlier	Change on the year
Revenue	12,989	10,776	n/a	n/a
Cost of revenue	11,761	10,074	n/a	n/a
Gross profit	1,228	702	n/a	n/a
Gross margin	9.5%	6.5%	n/a
Operating income	599	-38.0	n/a	n/a
Operating margin	4.6%	-0.4%	n/a
Interest expense	105	106	n/a	n/a
Pre-tax income	585	-85.0	n/a	n/a
Income tax	89.0	-30.0	n/a	n/a
Effective tax rate	15.2%	n/a	n/a
Net income	450	-59.0	n/a	n/a
Net margin	3.5%	-0.5%	n/a
Diluted EPS	$0.56	n/a	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2021	Q3 FY2021	A year earlier	Change on the year
Operating cash flow	635	335	n/a	n/a
Capital expenditure	79.0	75.0	n/a	n/a
Free cash flow	556	260	n/a	n/a
Free cash flow margin	4.3%	2.4%	n/a
Cash from investing	-92.0	761	n/a	n/a
Cash from financing	-277	-933	n/a	n/a
Depreciation and amortisation	223	178	n/a	n/a
Buybacks	61.0	64.0	n/a	n/a
Shares outstanding at period end	705m	711m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2021	Q3 FY2021	A year earlier	Change on the year
Debt	9,220	9,196	n/a	n/a
Operating lease liabilities	339	326	n/a	n/a
Finance lease liabilities	59.0	n/a	n/a	n/a
Total liabilities and equity	28,609	24,197	n/a	n/a
Fixed assets	n/a	13,084	n/a	n/a
Intangible assets	1,960	n/a	n/a	n/a
Cash and equivalents	449	191	n/a	n/a
Receivables	4,705	3,765	n/a	n/a
Inventory	783	681	n/a	n/a
Other assets	20,712	6,476	n/a	n/a
Total assets	28,609	24,197	n/a	n/a

Questions

What was Plains ALL American Pipeline's revenue in Q4 FY2021?

Plains ALL American Pipeline (PAA) reported revenue of $13.0 billion for Q4 FY2021, the quarter ended 31 December 2021, up 117.8% on the same quarter a year earlier.

How much did Plains ALL American Pipeline earn in Q4 FY2021?

Net income for Q4 FY2021 was $450 million, and diluted earnings per share $0.56.

When did Plains ALL American Pipeline report Q4 FY2021 results?

Plains ALL American Pipeline filed its 10-K for the year that ended with the quarter on 1 March 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	10,776	12,989	13,694	16,359	14,336	12,953	12,341	11,602	12,071	12,698	11,639	12,757	12,456	12,035	11,477	10,642	11,578	10,565	12,470	17,693
Cost of revenue	10,074	11,761	12,785	15,324	13,071	11,996	11,323	10,544	11,106	11,558	10,917	11,858	11,557	11,228	10,517	9,758	10,585	9,329	11,493	16,556
Gross profit	702	1,228	909	1,035	1,265	957	1,018	1,058	965	1,140	722	899	899	807	960	884	993	1,236	977	1,137
Gross margin	7%	9%	7%	6%	9%	7%	8%	9%	8%	9%	6%	7%	7%	7%	8%	8%	9%	12%	8%	6%
Operating income	-38.0	599	293	411	626	-38.0	473	378	234	425	356	332	196	-16.0	356	239	484	355	405	398
Operating margin	-0%	5%	2%	3%	4%	-0%	4%	3%	2%	3%	3%	3%	2%	-0%	3%	2%	4%	3%	3%	2%
Interest expense	106	105	107	99.0	99.0	100	98.0	95.0	97.0	96.0	95.0	111	113	111	127	133	135	159	167	153
Pre-tax income	-85.0	585	246	298	551	322	528	392	265	438	365	350	206	166	389	231	459	n/a	335	376
Tax rate	n/a	15%	9%	16%	20%	4%	10%	11%	-5%	9%	4%	15%	4%	28%	2%	2%	1%	n/a	0%	27%
Net income	-59.0	450	187	203	384	263	422	293	203	312	266	250	220	36.0	443	210	441	342	152	1,830
Net margin	-1%	3%	1%	1%	3%	2%	3%	3%	2%	2%	2%	2%	2%	0%	4%	2%	4%	3%	1%	10%
Diluted EPS	n/a	$0.56	n/a	n/a	n/a	$210.00	n/a	n/a	n/a	$248.00	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating cash flow	335	635	340	792	942	334	743	888	85.0	1,011	419	653	691	727	639	694	817	786	418	955
Capital expenditure	75.0	79.0	101	89.0	122	143	122	145	137	155	157	139	157	166	140	119	185	n/a	130	138
Free cash flow	260	556	239	703	820	191	621	743	-52.0	856	262	514	534	561	499	575	632	n/a	288	817
Buybacks	64.0	61.0	25.0	49.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a
Shares outstanding	711m	705m	703m	698m	698m	698m	698m	698m	701m	701m	701m	701m	704m	706m	703m	703m	705m	706m	706m	706m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 1 March 2022: the filing.