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Plains All American Pipeline, L.P. PAA Q4 2025 Annual earnings

Reported February 6, 2026 · Before market open

Revenue$10.6BMiss by $2.3B
EPS$0.40Miss by $0.07
Revenue estimate$12.9B
EPS estimate$0.47

Next report

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

Financials

Q4 2025

Income statement

See full
Revenue$10.6B-12.2%
Gross profit$993.0M+3.5%
Operating income$355.0M+2,319%
Net income$342.0M+850%

Balance sheet

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Cash & equivalents$328.0M-5.7%
Total debt$12.1B+45.5%
Total equity$13.1B-0.1%
Total assets$30.2B+13.6%

Cash flow

See full
Operating cash flow$786.0M+8.1%
CapEx$148.0M+39.6%
Free cash flow$638.0M+2.7%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$12.67B+5.4%
Enterprise value$24.47B+22.3%
P/E8.8×-6.7×
P/S0.3×0.0×

Profitability

See full
Gross margin8.7%+1.5pp
Operating margin3.2%+1.5pp
Net margin3.2%+1.7pp
FCF margin5.2%+1.0pp

Returns & leverage

See full
Return on equity11%+5.2pp
Debt / equity0.9×+0.3×
Current ratio1×0.0×

Segments

By segment

See full
Crude Oil$10.5B-12.1%
NGL$59.0M-27.2%

By geography

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

By product

See full
Transportation$340.0M+7.6%
Terminalling, Storage and Other$93.0M-7.0%

FAQ

When did Plains All American Pipeline, L.P. report Q4 2025 earnings?
Plains All American Pipeline, L.P. (PAA) reported Q4 2025 earnings on February 6, 2026 before market open.
What were Plains All American Pipeline, L.P.'s Q4 2025 revenue and EPS?
Plains All American Pipeline, L.P. reported revenue of $10.6B and eps of $0.40 for Q4 2025.
Did Plains All American Pipeline, L.P. beat estimates in Q4 2025?
Revenue missed the consensus estimate of $12.9B by $2.3B. EPS missed the consensus estimate of $0.47 by $0.07.
How did Plains All American Pipeline, L.P.'s Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 14.8% from $12.4B a year earlier and eps declined 4.8% from $0.42.
Where can I find Plains All American Pipeline, L.P.'s Q4 2025 SEC filings?
You can read the 8-K earnings release (0001070423-26-000011) and the 10-K periodic report (0001070423-26-000014) directly on SEC EDGAR. The filing index links above go to sec.gov.