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.<h4>Consolidated Operational Metrics</h4><ul><li>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.</li><li>Income from Continuing Operations, Net of Tax: $1.386 billion for 2025, a 57% increase from $882 million for 2024.</li><li>Income from Discontinued Operations, Net of Tax: $383 million for 2025, a 66% increase from $231 million for 2024.</li><li>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.</li><li>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.</li><li>Purchases and Related Costs: - $40,433 million for 2025, compared to - $45,162 million for 2024.</li><li>Field Operating Costs: - $1,154 million for 2025, compared to - $1,471 million for 2024.</li><li>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.</li><li>Depreciation and Amortization: - $953 million for 2025, a 6% increase from - $901 million for 2024, largely due to recent acquisitions.</li><li>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.</li><li>Equity Earnings in Unconsolidated Entities: $382 million for 2025, a 15% decrease from $452 million for 2024.</li><li>Gain on Investments in Unconsolidated Entities, Net: $31 million for 2025, a 107% increase from $15 million for 2024.</li><li>Interest Expense, Net: - $554 million for 2025, a 29% increase from - $430 million for 2024.</li><li>Other Income, Net: $108 million for 2025, a 69% increase from $64 million for 2024.</li><li>Income Tax Expense from Continuing Operations: - $15 million for 2025, an 83% decrease from - $87 million for 2024.</li></ul><h4>Segmented Financial Metrics</h4>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.<h4>Cash Flow</h4><ul><li>Net Cash Provided by Operating Activities: $2,936 million for 2025, up from $2,490 million for 2024.</li><li>Net Cash Used in Investing Activities: - $3,769 million for 2025, compared to - $1,504 million for 2024.</li><li>Adjusted Free Cash Flow: - $875 million for 2025, compared to $1,247 million for 2024.</li><li>Adjusted Free Cash Flow after Distributions: - $2,170 million for 2025, compared to $102 million for 2024.</li></ul><h4>Capital Expenditures</h4><ul><li>Total Investment Capital (Consolidated): $619 million for 2025, up from $415 million for 2024.<ul><li>Crude Oil Investment Capital (Consolidated): $520 million for 2025, up from $300 million for 2024.</li><li>NGL Investment Capital (Consolidated): $99 million for 2025, down from $115 million for 2024.</li></ul></li><li>Total Maintenance Capital (Consolidated): $226 million for 2025, down from $261 million for 2024.<ul><li>Crude Oil Maintenance Capital (Consolidated): $153 million for 2025, down from $183 million for 2024.</li><li>NGL Maintenance Capital (Consolidated): $73 million for 2025, down from $78 million for 2024.</li></ul></li><li>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.</li></ul><h4>Outlook / Guidance</h4>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.

Plains All American Pipeline | 10-K: FY2025 Revenue: USD 44.26 B