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Plains All American Q4 Earnings Miss Estimates, Sales Decline Y/Y
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Key Takeaways
PAA reported Q4 adjusted earnings of 40 cents per unit, missing estimates and falling from last year.
PAA posted Q4 net sales of $10.57B, missing estimates and down 12.2% from the year-ago quarter.
PAA guided to 2026 adjusted EBITDA of $2.75B and free cash flow of $1.8B with disciplined capital plans.
Plains All American Pipeline, L.P. (PAA - Free Report) reported fourth-quarter 2025 adjusted earnings of 40 cents per unit, which lagged the Zacks Consensus Estimate of 47 cents by 14.9%. In the year-ago quarter, the firm reported earnings of 42 cents.
Full-year 2025 adjusted earnings were $1.54 per share, up 2% from the previous year’s reported figure of $1.51.
PAA’s Total Revenues
Net sales of $10.57 billion missed the Zacks Consensus Estimate of $11.55 billion by 8.5%. The top line also decreased 12.2% from the year-ago quarter’s figure of $12.04 billion.
Full-year 2025 revenues totaled $44.26 billion, down 9.5% from the previous year’s level of $48.89 billion.
Plains All American Pipeline, L.P. Price, Consensus and EPS Surprise
Costs and expenses amounted to $10.21 billion, down 15.3% year over year. The decrease was due to lower purchases and related costs, and field operating costs.
Net interest expenses were $159 million, up 42% from the prior-year quarter’s level.
PAA’s Financial Update
As of Dec. 31, 2025, cash and cash equivalents totaled $328 million compared with $348 million as of Dec. 31, 2024.
As of Dec. 31, 2025, long-term debt was $10.7 billion compared with $7.21 billion as of Dec. 31, 2024.
As of Dec. 31, 2025, long-term debt-to-total book capitalization was 52% compared with 42% as of Dec. 31, 2024.
PAA’s 2026 Guidance
For 2026, Plains All American expects adjusted EBITDA to be $2.75 billion. Adjusted free cash flow is anticipated to be $1.8 billion (excluding changes in assets and liabilities).
PAA remains focused on disciplined capital investments, expecting full-year 2026 growth capital and maintenance capital of $350 million and $165 million, respectively.
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2025 operating earnings of 68 cents per share, which beat the Zacks Consensus Estimate of 40 cents by 70.0%. The bottom line also increased 19.3% from 57 cents in the year-ago quarter.
The company reported revenues of $419 million, which topped the Zacks Consensus Estimate of $373 million by 12.3%. The top line also rose 8.6% from the prior-year quarter’s $386 million.
Murphy Oil Corporation (MUR - Free Report) delivered fourth-quarter 2025 adjusted net earnings of 14 cents per share, outperforming the Zacks Consensus Estimate of a loss of 7 cents by 300%. The bottom line decreased 60% from the year-ago quarter’s 35 cents.
Murphy Oil’s revenues were $624.6 million, which beat the Zacks Consensus Estimate of $622 million by 0.4%. Revenues were down 6.9% year over year.
National Fuel Gas Company (NFG - Free Report) reported first-quarter fiscal 2026 adjusted operating earnings of $2.06 per share, which beat the Zacks Consensus Estimate of $1.91 by 7.85%. The bottom line also increased 24.1% from the year-ago quarter’s reported figure of $1.66.
NFG reported sales of $651.5 million, which surpassed the Zacks Consensus Estimate of $647 million by 0.7%. The top line also increased 18.6% from the prior-year recorded figure of $549.5 million.
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Plains All American Q4 Earnings Miss Estimates, Sales Decline Y/Y
Key Takeaways
Plains All American Pipeline, L.P. (PAA - Free Report) reported fourth-quarter 2025 adjusted earnings of 40 cents per unit, which lagged the Zacks Consensus Estimate of 47 cents by 14.9%. In the year-ago quarter, the firm reported earnings of 42 cents.
Full-year 2025 adjusted earnings were $1.54 per share, up 2% from the previous year’s reported figure of $1.51.
PAA’s Total Revenues
Net sales of $10.57 billion missed the Zacks Consensus Estimate of $11.55 billion by 8.5%. The top line also decreased 12.2% from the year-ago quarter’s figure of $12.04 billion.
Full-year 2025 revenues totaled $44.26 billion, down 9.5% from the previous year’s level of $48.89 billion.
Plains All American Pipeline, L.P. Price, Consensus and EPS Surprise
Plains All American Pipeline, L.P. price-consensus-eps-surprise-chart | Plains All American Pipeline, L.P. Quote
Highlights of PAA’s Q4 Earnings Release
Costs and expenses amounted to $10.21 billion, down 15.3% year over year. The decrease was due to lower purchases and related costs, and field operating costs.
Net interest expenses were $159 million, up 42% from the prior-year quarter’s level.
PAA’s Financial Update
As of Dec. 31, 2025, cash and cash equivalents totaled $328 million compared with $348 million as of Dec. 31, 2024.
As of Dec. 31, 2025, long-term debt was $10.7 billion compared with $7.21 billion as of Dec. 31, 2024.
As of Dec. 31, 2025, long-term debt-to-total book capitalization was 52% compared with 42% as of Dec. 31, 2024.
PAA’s 2026 Guidance
For 2026, Plains All American expects adjusted EBITDA to be $2.75 billion. Adjusted free cash flow is anticipated to be $1.8 billion (excluding changes in assets and liabilities).
PAA remains focused on disciplined capital investments, expecting full-year 2026 growth capital and maintenance capital of $350 million and $165 million, respectively.
PAA’s Zacks Rank
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Sector Releases
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2025 operating earnings of 68 cents per share, which beat the Zacks Consensus Estimate of 40 cents by 70.0%. The bottom line also increased 19.3% from 57 cents in the year-ago quarter.
The company reported revenues of $419 million, which topped the Zacks Consensus Estimate of $373 million by 12.3%. The top line also rose 8.6% from the prior-year quarter’s $386 million.
Murphy Oil Corporation (MUR - Free Report) delivered fourth-quarter 2025 adjusted net earnings of 14 cents per share, outperforming the Zacks Consensus Estimate of a loss of 7 cents by 300%. The bottom line decreased 60% from the year-ago quarter’s 35 cents.
Murphy Oil’s revenues were $624.6 million, which beat the Zacks Consensus Estimate of $622 million by 0.4%. Revenues were down 6.9% year over year.
National Fuel Gas Company (NFG - Free Report) reported first-quarter fiscal 2026 adjusted operating earnings of $2.06 per share, which beat the Zacks Consensus Estimate of $1.91 by 7.85%. The bottom line also increased 24.1% from the year-ago quarter’s reported figure of $1.66.
NFG reported sales of $651.5 million, which surpassed the Zacks Consensus Estimate of $647 million by 0.7%. The top line also increased 18.6% from the prior-year recorded figure of $549.5 million.