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Plains All American Pipeline

PAA Q3 2025 Earnings

Reported Nov 5, 2025 at 8:40 AM ET · SEC Source

Q3 25 EPS

$0.39

Q3 25 Revenue

$11.58B

vs S&P Since Q3 25

+33.2%

BEATING MARKET

PAA +40.7% vs S&P +7.5%

Market Reaction

Did PAA Beat Earnings? Q3 2025 Results

Plains All American Pipeline delivered a steady third quarter, posting adjusted EPS of $0.39, a 5% increase from $0.37 a year ago, on revenue of $11.58 billion, as the midstream giant's extensive crude infrastructure network continued to generate dur… Read more Plains All American Pipeline delivered a steady third quarter, posting adjusted EPS of $0.39, a 5% increase from $0.37 a year ago, on revenue of $11.58 billion, as the midstream giant's extensive crude infrastructure network continued to generate durable cash flows. Adjusted EBITDA attributable to PAA rose 2% year-over-year to $669 million, anchored by the Crude Oil segment's $593 million contribution, where pipeline tariff volumes climbed to 9,883 thousand barrels per day from 9,166 in Q3 2024, with Permian Basin volumes leading the charge. The headline strategic development, however, came just after quarter-end: the completed acquisition of the EPIC Crude Oil Pipeline for approximately $1.33 billion, a system Plains intends to rebrand as Cactus III and integrate with its existing long-haul network. Management expects mid-teens returns on the deal with a 2026 EBITDA multiple near 10x. With full-year 2025 Adjusted EBITDA guidance set at $2.84 to $2.89 billion and a quarterly distribution yielding roughly 9.5%, PAA continues to appeal to investors hunting for durable high-yield income.

Key Takeaways

  • • Contributions from recently completed bolt-on acquisitions
  • • Higher volumes on crude oil pipelines
  • • Tariff escalations
  • • Permian Basin pipeline volumes grew to 7,490 thousand bpd from 6,944 thousand bpd year-over-year
  • • Total crude oil pipeline tariff volumes of 9,883 thousand bpd versus 9,166 thousand bpd in Q3 2024
  • • Offset by Permian long-haul pipeline contract rate resets and lower commodity prices
  • • NGL Adjusted EBITDA declined 4% due to lower sales volumes
24/7 Wall St

PAA YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

24/7 Wall St

PAA Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“We have made significant progress in our journey of becoming the premier crude oil midstream provider. The pending divestiture of our NGL business, acquisition of EPIC, and streamlining efforts across the broader organization will provide tailwinds for the business despite near term macro volatility. We remain committed to our capital allocation framework and returning cash to unitholders. Our approximately 9.5% distribution yield is well supported with distribution coverage and offers an attractive opportunity to participate in energy markets where we expect improving oil market fundamentals”

— Willie Chiang, Q3 2025 Earnings Press Release

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