Plains All American reported solid Q4 2025 results with higher net income and improved per-unit earnings, driven by strong crude oil segment performance and disciplined cost management, despite weaker NGL contributions.

Plains All American posted $441 million in net income and $0.55 EPS in Q3 2025. Strong performance in crude oil logistics was supported by higher pipeline volumes and contributions from acquisitions. The company completed its full acquisition of EPIC and is progressing toward the divestiture of its Canadian NGL business.

Revenue fell year over year but profitability remained solid: Q2 revenue was $10.642B, operating income $239M, GAAP EPS $0.21, and Adjusted EPS $0.36, with cost of revenue at $9.758B. :contentReference[oaicite:1]{index=1}:contentReference[oaicite:2]{index=2}

The company posted solid financial results, highlighted by strong adjusted EBITDA, increased pipeline volumes, and strategic expansion of assets in key markets.

Plains All American Pipeline (PAA) reported a significant decline in net income for Q4 2024 due to non-cash charges and insurance-related write-offs. Despite this, the company delivered strong Adjusted EBITDA and cash flow, exceeding guidance. Revenue declined slightly year-over-year.

Plains All American Pipeline reported a net income attributable to PAA of $220 million and Adjusted EBITDA attributable to PAA of $659 million for the third quarter of 2024. The company is expecting to be toward the high-end of the guidance range for full-year 2024 Adjusted EBITDA attributable to PAA of $2.725 - $2.775 billion and expects 2024 Adjusted Free Cash Flow to be approximately $1.45 billion.

Plains All American Pipeline, L.P. reported strong second-quarter 2024 results, exceeding expectations in both the Crude Oil and NGL segments. The company is increasing its annual EBITDA guidance for 2024.