v3.25.4
Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2025
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited) Selected Quarterly Financial Data (Unaudited)
On June 17, 2025, we entered into a SPA with Keyera, pursuant to which Keyera agreed to acquire all of the issued and outstanding shares of Plains Midstream Canada ULC, our wholly-owned subsidiary that owns substantially all of our Canadian NGL Business. See Note 1 for additional information. We determined that in conjunction with entering into the SPA, the operations of the Canadian NGL Business meet the criteria for classification as held for sale and for discontinued operations reporting, as the sale will represent a strategic shift that will have a major effect on our operations and financial results.

The following table sets forth selected quarterly financial data (in millions, except per unit data):

First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Total (1)
Year Ended December 31, 2025
Total revenues
$11,477 $10,642 $11,578 $10,565 $44,262 
Gross margin (2)
$440 $321 $567 $447 $1,776 
Operating income
$354 $239 $484 $355 $1,434 
Income from continuing operations, net of tax
$380 $227 $453 $325 $1,386 
Income from discontinued operations, net of tax
$136 $70 $76 $102 $383 
Net income
$516 $297 $529 $427 $1,769 
Net income attributable to PAA
$443 $210 $441 $342 $1,435 
Basic and diluted net income per common unit:
Continuing operations
$0.30 $0.11 $0.44 $0.26 $1.12 
Discontinued operations
0.19 0.10 0.11 0.15 0.54 
Basic and diluted net income per common unit
$0.49 $0.21 $0.55 $0.41 $1.66 
Year Ended December 31, 2024
Total revenues
$11,639 $12,757 $12,456 $12,035 $48,889 
Gross margin (2)
$437 $411 $282 $65 $1,196 
Operating income/(loss)
$356 $332 $196 $(16)$868 
Income from continuing operations, net of tax
$341 $298 $198 $45 $882 
Income from discontinued operations, net of tax
$10 $32 $114 $74 $231 
Net income
$351 $330 $312 $119 $1,113 
Net income attributable to PAA
$266 $250 $220 $36 $772 
Basic and diluted net income/(loss) per common unit:
Continuing operations
$0.28 $0.21 $0.06 $(0.15)$0.40 
Discontinued operations
0.01 0.05 0.16 0.11 0.33 
Basic and diluted net income/(loss) per common unit
$0.29 $0.26 $0.22 $(0.04)$0.73 

(1)The sum of the four quarters may not equal the year due to rounding.
(2)Gross margin is calculated as Total revenues less (i) Purchases and related costs, (ii) Field operating costs, (iii) Depreciation and amortization and (iv) (Gains)/losses on asset sales, asset impairments and other, net.