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Plains All American Pipeline, L.P. PAA Q2 2025 earnings

Reported August 8, 2025 · Before market open

Revenue$10.6BMiss by $2.8B
EPS$0.36Beat by $0.04
Revenue estimate$13.4B
EPS estimate$0.32

Next report

Nov 4, 2026 (in 2 months)
Revenue estimate$14.7B
EPS estimate$0.43

Financials

Q2 2025

Income statement

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Revenue$10.6B-16.6%
Gross profit$884.0M-3.8%
Operating income$239.0M-28.0%
Net income$210.0M-16.0%

Balance sheet

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Cash & equivalents$459.0M-17.0%
Total debt$9.3B+3.6%
Total equity$12.9B-4.6%
Total assets$27.2B-1.1%

Cash flow

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Operating cash flow$694.0M+6.3%
CapEx$170.0M+124%
Free cash flow$524.0M-9.2%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$12.74B+1.8%
Enterprise value$21.63B+3.1%
P/E14×+1.9×
P/S0.3×0.0×

Profitability

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Gross margin8%+1.8pp
Operating margin1.7%-0.6pp
Net margin2%-0.2pp
FCF margin4.8%+0.9pp

Returns & leverage

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Return on equity6.9%-0.7pp
Debt / equity0.7×+0.1×
Current ratio1×0.0×

Segments

By segment

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Crude Oil$10.7B-16.3%
NGL$26.0M+4.0%

By geography

See full
United States$9.9B-8.7%
Canada$1.1B-15.9%

FAQ

When did Plains All American Pipeline, L.P. report Q2 2025 earnings?
Plains All American Pipeline, L.P. (PAA) reported Q2 2025 earnings on August 8, 2025 before market open.
What were Plains All American Pipeline, L.P.'s Q2 2025 revenue and EPS?
Plains All American Pipeline, L.P. reported revenue of $10.6B and eps of $0.36 for Q2 2025.
Did Plains All American Pipeline, L.P. beat estimates in Q2 2025?
Revenue missed the consensus estimate of $13.4B by $2.8B. EPS beat the consensus estimate of $0.32 by $0.04.
How did Plains All American Pipeline, L.P.'s Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 18.0% from $13.0B a year earlier and eps grew 16.1% from $0.31.
Where can I find Plains All American Pipeline, L.P.'s Q2 2025 SEC filings?
You can read the 8-K earnings release (0001070423-25-000018) and the 10-Q periodic report (0001070423-25-000020) directly on SEC EDGAR. The filing index links above go to sec.gov.