v3.25.4
Selected Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2025
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Data
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