Plains All American Pipeline | 8-K: FY2025 Q3 Revenue Misses Estimate at USD 11.58 B

Revenue: As of FY2025 Q3, the actual value is USD 11.58 B, missing the estimate of USD 12.4 B.

EPS: As of FY2025 Q3, the actual value is USD 0.55, beating the estimate of USD 0.3713.

EBIT: As of FY2025 Q3, the actual value is USD 619 M.

Financial Data and Metrics

Net Income

• Net income attributable to Plains All American Pipeline, L.P. (PAA) for the third quarter of 2025 was $441 million, a 100% increase from $220 million in the same period of 2024.

Adjusted EBITDA

• Adjusted EBITDA attributable to PAA for the third quarter of 2025 was $669 million, a 2% increase from $659 million in the third quarter of 2024.

Cash Flow

• Net cash provided by operating activities for the third quarter of 2025 was $817 million, an 18% increase from $692 million in the third quarter of 2024.
• Adjusted Free Cash Flow for the third quarter of 2025 was $303 million, a 24% decrease from $401 million in the third quarter of 2024.

Segment Performance

• Adjusted EBITDA from Crude Oil for the third quarter of 2025 was $593 million, a 3% increase from $577 million in the third quarter of 2024.
• Adjusted EBITDA from NGL for the third quarter of 2025 was $70 million, a 4% decrease from $73 million in the third quarter of 2024.

Leverage and Debt

• The company exited the third quarter of 2025 with a leverage ratio of 3.3x, towards the low end of its target range of 3.25x to 3.75x.

Outlook / Guidance

• Plains All American Pipeline forecasts full-year 2025 Adjusted EBITDA attributable to Plains to be in the range of $2.84 to $2.89 billion, including approximately $40 million from the acquisition of EPIC.
• The company expects its leverage ratio to be around the midpoint of the target range (~3.5x) following the announced acquisitions and the closing of the NGL divestiture by the end of the first quarter of 2026.