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Plains ALL American Pipeline (PAA) Q2 FY2022 earnings: revenue $16.4 billion, up 64.7% on the year

Plains ALL American Pipeline LP (PAA) reported revenue of $16.4 billion for Q2 FY2022, the quarter ended 30 June 2022, up 64.7% on the same quarter a year earlier. Net income was $203 million. The figures are the company's own, from the 10-Q it filed with the SEC on 9 August 2022.

Revenue$16.4 billionup 64.7%
Net income$203 million
Diluted EPSn/a
QuarterQ2 FY2022ended 30 June 2022

The quarter, against the one before and a year earlier

LineQ2 FY2022Q1 FY2022A year earlierChange on the year
Revenue16,35913,694n/an/a
Cost of revenue15,32412,785n/an/a
Gross profit1,035909n/an/a
Gross margin6.3%6.6%n/a
Operating income411293n/an/a
Operating margin2.5%2.1%n/a
Interest expense99.0107n/an/a
Pre-tax income298246n/an/a
Income tax47.021.0n/an/a
Effective tax rate15.8%8.5%n/a
Net income203187n/an/a
Net margin1.2%1.4%n/a
$ million except per share.
Read moreFree 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

LineQ2 FY2022Q1 FY2022A year earlierChange on the year
Operating cash flow792340n/an/a
Capital expenditure89.0101n/an/a
Free cash flow703239n/an/a
Free cash flow margin4.3%1.7%n/a
Cash from investing-42.0-81.0n/an/a
Cash from financing-599-597n/an/a
Depreciation and amortisation242230n/an/a
Buybacks49.025.0n/an/a
Shares outstanding at period end698m703mn/an/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

LineQ2 FY2022Q1 FY2022A year earlierChange on the year
Debt8,6168,886n/an/a
Operating lease liabilities316331n/an/a
Total liabilities and equity28,88630,642n/an/a
Intangible assets1,8391,901n/an/a
Cash and equivalents267114n/an/a
Receivables5,5817,136n/an/a
Inventory528527n/an/a
Other assets20,67120,964n/an/a
Total assets28,88630,642n/an/a

Questions

What was Plains ALL American Pipeline's revenue in Q2 FY2022?

Plains ALL American Pipeline (PAA) reported revenue of $16.4 billion for Q2 FY2022, the quarter ended 30 June 2022, up 64.7% on the same quarter a year earlier.

How much did Plains ALL American Pipeline earn in Q2 FY2022?

Net income for Q2 FY2022 was $203 million.

When did Plains ALL American Pipeline report Q2 FY2022 results?

Plains ALL American Pipeline filed its 10-Q for the quarter ended 30 June 2022 with the SEC on 9 August 2022.

Quarterly results, the last 20 quarters

Q3 FY2021Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024 †Q2 FY2024 †Q3 FY2024 †Q4 FY2024Q1 FY2025 †Q2 FY2025Q3 FY2025Q4 FY2025Q1 FY2026Q2 FY2026
Revenue10,77612,98913,69416,35914,33612,95312,34111,60212,07112,69811,63912,75712,45612,03511,47710,64211,57810,56512,47017,693
Cost of revenue10,07411,76112,78515,32413,07111,99611,32310,54411,10611,55810,91711,85811,55711,22810,5179,75810,5859,32911,49316,556
Gross profit7021,2289091,0351,2659571,0181,0589651,1407228998998079608849931,2369771,137
Gross margin7%9%7%6%9%7%8%9%8%9%6%7%7%7%8%8%9%12%8%6%
Operating income-38.0599293411626-38.0473378234425356332196-16.0356239484355405398
Operating margin-0%5%2%3%4%-0%4%3%2%3%3%3%2%-0%3%2%4%3%3%2%
Interest expense10610510799.099.010098.095.097.096.095.0111113111127133135159167153
Pre-tax income-85.0585246298551322528392265438365350206166389231459n/a335376
Tax raten/a15%9%16%20%4%10%11%-5%9%4%15%4%28%2%2%1%n/a0%27%
Net income-59.045018720338426342229320331226625022036.04432104413421521,830
Net margin-1%3%1%1%3%2%3%3%2%2%2%2%2%0%4%2%4%3%1%10%
Diluted EPSn/a$0.56n/an/an/a$210.00n/an/an/a$248.00n/an/an/an/an/an/an/an/an/an/a
Operating cash flow33563534079294233474388885.01,011419653691727639694817786418955
Capital expenditure75.079.010189.0122143122145137155157139157166140119185n/a130138
Free cash flow260556239703820191621743-52.0856262514534561499575632n/a288817
Buybacks64.061.025.049.00.00.0n/an/an/an/an/an/a0.0n/an/an/a0.0n/an/an/a
Shares outstanding711m705m703m698m698m698m698m698m701m701m701m701m704m706m703m703m705m706m706m706m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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-Q for the period ended 30 June 2022, filed 9 August 2022: the filing.