01—Abstract
Summary
Summary of the 10-K filed February 27, 2026. Cited figures are marked; the original filing is the authoritative source.
Plains All American Pipeline, L.P.
(PAA) reported net income attributable to PAA of $1.435 billiona for 2025, up from $772 million in 2024, with consolidated total revenues of $44.26 billion and Adjusted EBITDA of $3.374 billion (Adjusted EBITDA attributable to PAA of $2.833 billion). The results include both continuing and discontinued operations, with the Canadian NGL Business classified as held for sale and presented as discontinued operations following a June 2025 agreement to sell it to Keyera Corp. for approximately $3.75 billion USD (CAD$5.15 billion). The sale is expected to close around the end of the first quarter of 2026, and the company expects net proceeds of approximately $3.2 billion after taxes and expenses, which will be used to reduce leverage.
The company describes its strategy as transitioning to a crude oil pure play business upon completion of that divestiture. The company's crude oil segment drove results, with Segment Adjusted EBITDA of $2.344 billionb, up from $2.276 billion, supported by higher Permian Basin tariff volumes, acquisitions (including the EPIC/Cactus III pipeline acquired in October and November 2025 for total consideration of $2.016 billion), and tariff escalations, partially offset by fewer market-based opportunities and certain Permian long-haul contract rates resetting to market. Total debt was $11.259 billion at year-end 2025 versus $7.618 billion a year earlier, reflecting the EPIC acquisition funding and $3.0 billion of senior notes issued during 2025.
The company reported over $2.0 billionc of liquidity and stated it was in compliance with its debt covenants. Cash flow and distributions remained a focus. Net cash provided by operating activities was $2.936 billion, while Adjusted Free Cash Flow was negative $875 million after investing outflows, and Adjusted Free Cash Flow after Distributions was negative $2.170 billion.
Implied DCF was $2.063 billiond. The common unit distribution for the fourth quarter of 2025 was $0.4175 per unit, up from $0.3800 in the prior quarter's comparable period, with the company noting a 2026 investment capital plan of approximately $440 million and maintenance capital of approximately $185 million.
02—Key points
Key Highlights
- Net income attributable to PAA rose to $1.435 billion in 2025 from $772 million in 2024; income from continuing operations, net of tax, was $1.386 billion.
- Pending sale of the Canadian NGL Business to Keyera Corp. for approximately $3.75 billion USD, expected to close around end of Q1 2026, with expected net proceeds of about $3.2 billion to reduce leverage.
- Crude Oil segment Adjusted EBITDA increased to $2.344 billion from $2.276 billion, driven by higher Permian tariff volumes, acquisitions, and tariff escalations.
- Completed the EPIC (Cactus III) acquisition in late 2025 for total consideration of $2.016 billion, adding a Permian-to-Corpus Christi pipeline with capacity of over 600,000 barrels per day.
- Total debt rose to $11.259 billion at December 31, 2025 from $7.618 billion, with $3.0 billion of senior notes issued in 2025 and over $2.0 billion of liquidity available.
- Adjusted Free Cash Flow after Distributions was negative $2.170 billion in 2025, compared with $102 million in 2024, reflecting acquisition-related investing outflows.
- Quarterly common unit distribution of $0.4175 was paid February 13, 2026, and the company targets an investment-grade credit profile with leverage of 3.25x to 3.75x total debt plus 50% of preferred units to Adjusted EBITDA attributable to PAA.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Plains All American Pipeline kept $0.04.
- Revenue$44.26B100.0%
- Cost of revenue−$40.43B91.3%
- Gross profit$3.83B8.7%
- Operating costs−$2.40B5.4%
- Operating income$1.43B3.2%
- Interest, other & tax$336.0M0.8%
- Net income$1.77B4.0%
Where FY2025 revenue went
$44.26B- Cost of revenue: $40.43B, 91% of revenue
- Operating income: $1.43B, 3.2% of revenue
- Operating costs: $2.40B, 5.4% of revenue
Kept 3.2% as operating incomeOperating income $1.43B · 3.2%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 27, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $44.26B$48.89B | −9.5% |
| Cost of Revenue | $40.43B$45.16B | −10.5% |
| Gross Profit | $3.83B$3.73B | +2.7% |
| Operating Expenses | $42.83B$48.02B | −10.8% |
| Operating Income | $1.43B$868.00M | +65.2% |
| Net Income | $1.77B$1.11B | +59.5% |
05—Questions
Frequently Asked Questions
What is the status of the Canadian NGL Business sale?
Plains entered a definitive Share Purchase Agreement with Keyera Corp. on June 17, 2025 to sell Plains Midstream Canada ULC for approximately CAD$5.15 billion (about $3.75 billion USD), subject to post-closing adjustments. The transaction is expected to close around the end of the first quarter of 2026, subject to customary conditions including regulatory approvals. The filing states that the company expects net proceeds of approximately $3.2 billion after taxes, expenses and a potential special one-time distribution, and that proceeds will be used to reduce leverage.
How did the company's results change in 2025?
Net income attributable to PAA was $1.435 billion in 2025, compared with $772 million in 2024. Total revenues were $44.262 billion versus $48.889 billion, reflecting lower commodity prices. Operating income was $1.434 billion versus $868 million. The company attributed the increase in its crude oil segment to higher tariff volumes, acquisitions, and tariff escalations, partly offset by fewer market-based opportunities and Permian long-haul contract rates resetting to market.
What are the company's main liquidity and debt metrics?
At December 31, 2025, total debt was $11.259 billion, up from $7.618 billion a year earlier. The company had over $2.0 billion of liquidity, including $328 million of cash and cash equivalents, and was in compliance with its credit agreement and indenture covenants. It has a $1.35 billion senior unsecured revolving credit facility, a $1.35 billion senior secured hedged inventory facility, and a $2.7 billion commercial paper program. Its targeted average leverage multiple is 3.25x to 3.75x.
What distributions has the company paid or declared?
On February 13, 2026, the company paid a quarterly distribution of $0.4175 per common unit (about $1.67 annualized), totaling $295 million. Common unit distributions paid in 2025 totaled $1.52 per unit, compared with $1.27 in 2024. Series A preferred units receive $0.615 per unit quarterly, and the Series B preferred unit rate for the February 17, 2026 payment was 8.22342% per annum ($21.02 per unit). The filing notes that Adjusted Free Cash Flow after Distributions was negative $2.170 billion in 2025.
What capital spending is planned for 2026?
The company projects total investment capital of approximately $440 million for 2026 ($350 million net to its interest), including about $15 million related to the Canadian NGL Business, with roughly half expected in the Permian JV assets. Maintenance capital is projected at approximately $185 million ($165 million net to its interest). The company expects to fund these expenditures primarily with retained cash flow.
06—Continue