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Plains All American Pipeline, L.P. PAA Q3 2025 earnings

Reported November 5, 2025 · Before market open

Revenue$11.6BMiss by $940.4M
EPS$0.39Beat by $0.04
Revenue estimate$12.5B
EPS estimate$0.36

Next report

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

Financials

Q3 2025

Income statement

See full
Revenue$11.6B-7.0%
Gross profit$993.0M+8.4%
Operating income$484.0M+147%
Net income$441.0M+100%

Balance sheet

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Cash & equivalents$1.2B+84.4%
Total debt$10.6B+18.2%
Total equity$13.0B-4.0%
Total assets$28.1B+3.5%

Cash flow

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Operating cash flow$817.0M+18.2%
CapEx$185.0M+69.7%
Free cash flow$632.0M+8.6%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$12B-1.5%
Enterprise value$21.47B+4.5%
P/E10.6×-1.0×
P/S0.3×0.0×

Profitability

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Gross margin8.3%+2.3pp
Operating margin2.3%+0.1pp
Net margin2.5%+0.3pp
FCF margin5%-0.1pp

Returns & leverage

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Return on equity8.5%+0.8pp
Debt / equity0.8×+0.2×
Current ratio1×0.0×

Segments

By segment

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Crude Oil$11.6B-7.3%
NGL$24.0M+20.0%

By geography

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

FAQ

When did Plains All American Pipeline, L.P. report Q3 2025 earnings?
Plains All American Pipeline, L.P. (PAA) reported Q3 2025 earnings on November 5, 2025 before market open.
What were Plains All American Pipeline, L.P.'s Q3 2025 revenue and EPS?
Plains All American Pipeline, L.P. reported revenue of $11.6B and eps of $0.39 for Q3 2025.
Did Plains All American Pipeline, L.P. beat estimates in Q3 2025?
Revenue missed the consensus estimate of $12.5B by $940.4M. EPS beat the consensus estimate of $0.35 by $0.04.
How did Plains All American Pipeline, L.P.'s Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 9.1% from $12.7B a year earlier and eps grew 5.4% from $0.37.
Where can I find Plains All American Pipeline, L.P.'s Q3 2025 SEC filings?
You can read the 8-K earnings release (0001070423-25-000023) and the 10-Q periodic report (0001070423-25-000026) directly on SEC EDGAR. The filing index links above go to sec.gov.