Filing Flows › Plains All American Pipeline LP (PAA) › Q3 2025
Plains All American Pipeline LP (PAA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Plains All American Pipeline LP (PAA) reported revenue of $11.6B for the third quarter 2025 (Q3 2025), -7% from a year earlier and +9% from the quarter before. Operating margin was 4.2%, net earnings $441M (3.8% of revenue).
Plains All American Pipeline LP, Q3 2025: revenue $11.6B (-7% year over year), operating margin 4.2%, net earnings $441M, operating cash flow $817M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.6B | +9% | -7% |
| Operating profit | $484M | +103% | +147% |
| Net earnings | $441M | +110% | +100% |
| Operating cash flow | $817M | +18% | +18% |
| Free cash flow | $303M | — | -24% |
What changed
Revenue was $11.6B in Q3 2025, down 7% year over year and up 9% from the previous quarter. Product sales revenues was the largest line at 96% of revenue. Product sales revenues lost $0.87B year over year (down 7%), 99% of the total change.
Operating profit was $0.48B, a 4.2% margin (up 2.6 points year over year). Total costs fell 10% while revenue fell 7%. Net earnings were $0.44B, up 100% year over year. The effective tax rate was 1.1%.
Operating cash flow was $0.82B (up 18% year over year), 154% of net income including minority interests. Non-cash charges added back $0.23B of depreciation and amortization. Working capital and other items added $0.06B. After net cash used in investing activities, net ($0.40B) and cash distributions paid to noncontrolling interests ($0.11B), adjusted free cash flow as the company reports it was $0.30B.
Questions
What was Plains All American Pipeline LP's revenue in the third quarter 2025?
Plains All American Pipeline LP (PAA) reported revenue of $11.6B for the third quarter 2025 (Q3 2025), -7% from a year earlier and +9% from the quarter before.
Was Plains All American Pipeline LP profitable in the third quarter 2025?
Operating profit was $484M (4.2% of revenue) and net earnings $441M.