Filing Flows › Plains All American Pipeline LP (PAA) › Q2 2025
Plains All American Pipeline LP (PAA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Plains All American Pipeline LP (PAA) reported revenue of $10.6B for the second quarter 2025 (Q2 2025), -17% from a year earlier and -7% from the quarter before. Operating margin was 2.2%, net earnings $210M (2.0% of revenue).
Plains All American Pipeline LP, Q2 2025: revenue $10.6B (-17% year over year), operating margin 2.2%, net earnings $210M, operating cash flow $694M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $10.6B | -7% | -17% |
| Operating profit | $239M | -55% | -28% |
| Net earnings | $210M | -53% | -16% |
| Operating cash flow | $694M | +9% | +6% |
| Free cash flow | $348M | — | -15% |
What changed
Revenue was $10.6B in Q2 2025, down 17% year over year and down 7% from the previous quarter. Product sales revenues was the largest line at 96% of revenue. Product sales revenues lost $2.2B year over year (down 17%), 102% of the total change.
Operating profit was $0.24B, a 2.2% margin (down 0.4 points year over year). Total costs fell 16% while revenue fell 17%. The fastest-growing cost line was Other operating costs (+11%). Net earnings were $0.21B, down 16% year over year. The effective tax rate was 1.3%. Non-operating items added $0.06B, 21% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.69B (up 6% year over year), 234% of net income including minority interests. Non-cash charges added back $0.23B of depreciation and amortization. Working capital and other items added $0.16B. After net cash used in investing activities, net ($0.25B) and cash distributions paid to noncontrolling interests ($0.10B), adjusted free cash flow as the company reports it was $0.35B.
Questions
What was Plains All American Pipeline LP's revenue in the second quarter 2025?
Plains All American Pipeline LP (PAA) reported revenue of $10.6B for the second quarter 2025 (Q2 2025), -17% from a year earlier and -7% from the quarter before.
Was Plains All American Pipeline LP profitable in the second quarter 2025?
Operating profit was $239M (2.2% of revenue) and net earnings $210M.