Filing Flows › Plains All American Pipeline LP (PAA) › Q1 2025
Plains All American Pipeline LP (PAA) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Plains All American Pipeline LP (PAA) reported revenue of $11.5B for the first quarter 2025 (Q1 2025), -1% from a year earlier and -5% from the quarter before. Operating margin was 4.6%, net earnings $443M (3.9% of revenue).
Plains All American Pipeline LP, Q1 2025: revenue $11.5B (-1% year over year), operating margin 4.6%, net earnings $443M, operating cash flow $639M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.5B | -5% | -1% |
| Operating profit | $533M | — | +50% |
| Net earnings | $443M | 12× | +67% |
| Operating cash flow | $639M | -12% | +53% |
| Free cash flow | $448M | -20% | +71% |
What changed
Revenue was $11.5B in Q1 2025, down 1% year over year and down 5% from the previous quarter.
Operating profit was $0.53B, a 4.6% margin (up 1.6 points year over year). Total costs fell 3% while revenue fell 1%. The fastest-growing cost line was Other operating costs (+21%). Net earnings were $0.44B, up 67% year over year. The effective tax rate was 8.8%.
Operating cash flow was $0.64B (up 53% year over year), 124% of net income including minority interests. Non-cash charges added back $0.26B of depreciation and amortization. Working capital and other items used $0.14B. Capital expenditures of $0.19B left free cash flow of $0.45B.
Questions
What was Plains All American Pipeline LP's revenue in the first quarter 2025?
Plains All American Pipeline LP (PAA) reported revenue of $11.5B for the first quarter 2025 (Q1 2025), -1% from a year earlier and -5% from the quarter before.
Was Plains All American Pipeline LP profitable in the first quarter 2025?
Operating profit was $533M (4.6% of revenue) and net earnings $443M.