--- title: "Plains All American Pipeline | 10-K: FY2025 Revenue: USD 44.26 B" type: "news" locale: "en" url: "https://longbridge.com/en/news/277254276.md" published_at: "2026-02-27T22:07:08.000Z" --- # Plains All American Pipeline | 10-K: FY2025 Revenue: USD 44.26 B Revenue: As of FY2025, the actual value is USD 44.26 B. EPS: As of FY2025, the actual value is USD 1.66, missing the estimate of USD 1.7653. EBIT: As of FY2025, the actual value is USD 1.88 B. #### Consolidated Operational Metrics - **Net Income Attributable to PAA:** $1.435 billion for the year ended December 31, 2025, an 86% increase from $772 million for the year ended December 31, 2024. - **Income from Continuing Operations, Net of Tax:** $1.386 billion for 2025, a 57% increase from $882 million for 2024. - **Income from Discontinued Operations, Net of Tax:** $383 million for 2025, a 66% increase from $231 million for 2024. - **Product Sales Revenues:** $42,501 million for 2025, a 10% decrease from $47,199 million for 2024, primarily due to lower commodity prices, partially offset by higher crude oil sales volumes. - **Services Revenues:** $1,761 million for 2025, a 4% increase from $1,690 million for 2024, driven by higher pipeline volumes and tariff escalations, partially offset by lower commodity prices and contract rate resets. - **Purchases and Related Costs:** - $40,433 million for 2025, compared to - $45,162 million for 2024. - **Field Operating Costs:** - $1,154 million for 2025, compared to - $1,471 million for 2024. - **General and Administrative Expenses:** - $342 million for 2025, a 4% increase from - $328 million for 2024, mainly due to transaction costs for acquisitions, offset by lower information systems costs. - **Depreciation and Amortization:** - $953 million for 2025, a 6% increase from - $901 million for 2024, largely due to recent acquisitions. - **Gains/(Losses) on Asset Sales, Asset Impairments and Other, Net:** A gain of $54 million for 2025, compared to a loss of - $159 million for 2024. - **Equity Earnings in Unconsolidated Entities:** $382 million for 2025, a 15% decrease from $452 million for 2024. - **Gain on Investments in Unconsolidated Entities, Net:** $31 million for 2025, a 107% increase from $15 million for 2024. - **Interest Expense, Net:** - $554 million for 2025, a 29% increase from - $430 million for 2024. - **Other Income, Net:** $108 million for 2025, a 69% increase from $64 million for 2024. - **Income Tax Expense from Continuing Operations:** - $15 million for 2025, an 83% decrease from - $87 million for 2024. #### Segmented Financial Metrics **Crude Oil Segment** **Segment Adjusted EBITDA:** $2,344 million for 2025, a 3% increase from $2,276 million for 2024. **Average Crude Oil Pipeline Tariff Volumes:** 9,680 thousand barrels per day (MBbls/d) for 2025, an 8% increase from 8,934 MBbls/d for 2024. Permian Basin: 7,333 MBbls/d for 2025, up 9% from 6,731 MBbls/d for 2024. South Texas / Eagle Ford: 521 MBbls/d for 2025, up 29% from 403 MBbls/d for 2024. Mid-Continent: 518 MBbls/d for 2025, up 2% from 506 MBbls/d for 2024. **Maintenance Capital Expenditures:** $153 million for 2025, a 16% decrease from $183 million for 2024. **NGL Segment** **Segment Adjusted EBITDA:** - $34 million loss for 2025, compared to a - $21 million loss for 2024. **Maintenance Capital Expenditures:** $3 million for 2025, a 25% decrease from $4 million for 2024. #### Cash Flow - **Net Cash Provided by Operating Activities:** $2,936 million for 2025, up from $2,490 million for 2024. - **Net Cash Used in Investing Activities:** - $3,769 million for 2025, compared to - $1,504 million for 2024. - **Adjusted Free Cash Flow:** - $875 million for 2025, compared to $1,247 million for 2024. - **Adjusted Free Cash Flow after Distributions:** - $2,170 million for 2025, compared to $102 million for 2024. #### Capital Expenditures - **Total Investment Capital (Consolidated):** $619 million for 2025, up from $415 million for 2024. - Crude Oil Investment Capital (Consolidated): $520 million for 2025, up from $300 million for 2024. - NGL Investment Capital (Consolidated): $99 million for 2025, down from $115 million for 2024. - **Total Maintenance Capital (Consolidated):** $226 million for 2025, down from $261 million for 2024. - Crude Oil Maintenance Capital (Consolidated): $153 million for 2025, down from $183 million for 2024. - NGL Maintenance Capital (Consolidated): $73 million for 2025, down from $78 million for 2024. - **Total Acquisition Capital (Consolidated):** $2,801 million for 2025, up from $254 million for 2024, primarily for several acquisitions including EPIC (Cactus III), Ironwood Midstream, EMG Medallion 2 Holdings, Black Knight Midstream, and additional interests in Cheyenne Pipeline LLC and BridgeTex Pipeline. #### Outlook / Guidance Plains All American Pipeline, L.P. projects total investment capital for 2026 to be approximately $440 million ($350 million net to its interest), including $15 million related to discontinued operations, with about half expected in Permian JV assets. Maintenance capital for 2026 is projected at approximately $185 million ($165 million net to its interest), including $15 million related to discontinued operations. Funding for maintenance capital is expected primarily from retained cash flow. ### Related Stocks - [PAA.US - Plains All American Pipeline](https://longbridge.com/en/quote/PAA.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Piper Sandler Cos｜10-K：2025 財年營收 19.04 億美元 | | [Link](https://longbridge.com/en/news/277086228.md) | | 雲白國際 (0030) 發盈警，2025 財年純利預期按年大減 65% 至 85% | 雲白國際發出盈利預警，預計截至 2025 年 12 月 31 日的財年，股東應佔純利將介乎 250 萬至 650 萬港元，較 2024 財年的約 1,800 萬港元減少 65% 至 85%。主要原因是毛利率較高的產品銷量顯著下跌，導致整體毛 | [Link](https://longbridge.com/en/news/276566862.md) | | Claritev｜10-K：2025 財年營收 9654 億美元超過預期 | | [Link](https://longbridge.com/en/news/277029212.md) | | Alight｜10-K：2025 財年營收 22.62 億美元不及預期 | | [Link](https://longbridge.com/en/news/276788496.md) | | Hertz Global Holdings - CW51｜10-K：2025 財年營收 85.04 億美元 | | [Link](https://longbridge.com/en/news/277048271.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.