Filing Flows › Plains All American Pipeline LP (PAA) › Q4 2025
Plains All American Pipeline LP (PAA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Plains All American Pipeline LP (PAA) reported revenue of $10.6B for the fourth quarter 2025 (Q4 2025), -12% from a year earlier and -9% from the quarter before. Operating margin was 3.4%, net earnings $342M (3.2% of revenue).
Plains All American Pipeline LP, Q4 2025: revenue $10.6B (-12% year over year), operating margin 3.4%, net earnings $342M, operating cash flow $786M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $10.6B | -9% | -12% |
| Operating profit | $355M | -27% | — |
| Net earnings | $342M | -22% | +850% |
| Operating cash flow | $786M | -4% | +8% |
| Free cash flow | $638M | +0.9% | +3% |
What changed
Revenue was $10.6B in Q4 2025, down 12% year over year and down 9% from the previous quarter. Sales was the largest line at 96% of revenue.
Operating profit was $0.35B, a 3.4% margin (up 3.5 points year over year). Total costs fell 15% while revenue fell 12%. The fastest-growing cost line was General & admin (+11%). Net earnings were $0.34B, up 850% year over year. The effective tax rate was -0.5%.
Operating cash flow was $0.79B (up 8% year over year), 184% of net income including minority interests. Non-cash charges added back $0.26B of depreciation and amortization. Working capital and other items added $0.10B. Capital expenditures of $0.15B left free cash flow of $0.64B.
Questions
What was Plains All American Pipeline LP's revenue in the fourth quarter 2025?
Plains All American Pipeline LP (PAA) reported revenue of $10.6B for the fourth quarter 2025 (Q4 2025), -12% from a year earlier and -9% from the quarter before.
Was Plains All American Pipeline LP profitable in the fourth quarter 2025?
Operating profit was $355M (3.4% of revenue) and net earnings $342M.