It has been about a month since the last earnings report for Plains All American Pipeline (PAA). Shares have added about 8.2% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Plains All American due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Plains All American Pipeline, L.P. before we dive into how investors and analysts have reacted as of late.
Plains All American Q3 Earnings Beat Estimates, Sales Decline Y/Y
Plains All American Pipeline, L.P. reported third-quarter 2025 adjusted earnings of 39 cents per unit, which topped the Zacks Consensus Estimate of 34 cents by 14.7%. In the year-ago quarter, the firm reported earnings of 37 cents.
PAA’s Total Revenues
Net sales of $11.58 billion missed the Zacks Consensus Estimate of $12.96 billion by 10.6%. The top line also decreased 7% from the year-ago quarter’s figure of $12.46 billion.
Highlights of PAA’s Q3 Earnings Release
Costs and expenses amounted to $11.09 billion, down 9.5% year over year. The decrease was due to lower purchases and related costs, field operating costs, and general and administrative expenses.
Net interest expenses were $135 million, up 19.5% from the prior-year quarter’s level.
PAA’s Financial Update
As of Sept. 30, 2025, cash and cash equivalents totaled $1.18 billion compared with $0.35 billion as of Dec. 31, 2024.
As of Sept. 30, 2025, long-term debt was $8.44 billion compared with $7.21 billion as of Dec. 31, 2024.
As of Sept. 30, 2025, long-term debt-to-total book capitalization was 46% compared with 42% as of Dec. 31, 2024.
PAA’s 2025 Guidance
For 2025, Plains All American narrowed its adjusted EBITDA in the range of $2.84-$2.89 billion from the previous range of $2.80-$2.95 billion. Adjusted free cash flow is now anticipated to be $900 million (excluding changes in assets and liabilities).
PAA remains focused on disciplined capital investments, anticipating full-year 2025 growth capital and maintenance capital of $490 million and $215 million, respectively.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in estimates review.
The consensus estimate has shifted 5.59% due to these changes.
VGM Scores
Currently, Plains All American has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. Following the exact same course, the stock was allocated a score of A on the value side, putting it in the top 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Plains All American has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Plains All American belongs to the Zacks Oil and Gas - Production Pipeline - MLB industry. Another stock from the same industry, Enterprise Products Partners (EPD), has gained 5.3% over the past month. More than a month has passed since the company reported results for the quarter ended September 2025.
Enterprise Products reported revenues of $12.02 billion in the last reported quarter, representing a year-over-year change of -12.7%. EPS of $0.61 for the same period compares with $0.65 a year ago.
Enterprise Products is expected to post earnings of $0.70 per share for the current quarter, representing a year-over-year change of -5.4%. Over the last 30 days, the Zacks Consensus Estimate has changed -2.2%.
Enterprise Products has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.
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Plains All American Pipeline, L.P. (PAA): Free Stock Analysis Report Enterprise Products Partners L.P. (EPD): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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