Q1 26 EPS
$0.39
MISS 7.45%
Est. $0.42
Q1 26 Revenue
$12.47B
BEAT +3.73%
Est. $12.02B
Did PAA Beat Earnings? Q1 2026 Results
Plains All American Pipeline delivered a mixed first quarter for 2026, posting adjusted diluted earnings of $0.39 per unit on revenue of $12.47 billion, with adjusted EPS holding flat year-over-year even as GAAP net income tumbled 66% to $152 million… Read more Plains All American Pipeline delivered a mixed first quarter for 2026, posting adjusted diluted earnings of $0.39 per unit on revenue of $12.47 billion, with adjusted EPS holding flat year-over-year even as GAAP net income tumbled 66% to $152 million, weighed down by a $103 million loss from discontinued operations tied to the pending sale of its Canadian NGL business to Keyera Corp. That divestiture, expected to close in May 2026, also triggered roughly $216 million in current income tax expense during the quarter, casting a shadow over reported results. Beneath those charges, the Crude Oil segment showed genuine underlying strength, with Adjusted EBITDA climbing 4% year-over-year to $582 million on higher pipeline volumes and contributions from the recently acquired Cactus III pipeline. Looking ahead, management raised its full-year 2026 Adjusted EBITDA guidance midpoint by $130 million to $2.88 billion, citing a constructive crude oil environment, while targeting adjusted free cash flow of approximately $1.85 billion and a leverage ratio that returns toward its 3.25 to 3.75 times target range following the NGL sale.
Key Takeaways
- • Crude Oil Adjusted EBITDA increased 4% YoY driven by contributions from bolt-on acquisitions including Cactus III pipeline and higher pipeline volumes
- • NGL Adjusted EBITDA decreased 23% YoY due to lower weighted average frac spreads and reduced sales volumes from warmer weather
- • Permian Basin crude oil pipeline tariff volumes increased to 7,774 thousand barrels per day from 6,869 in Q1 2025
- • Total crude oil pipeline tariff volumes grew to 10,039 thousand barrels per day from 9,086 in Q1 2025
- • Certain Permian long-haul pipeline contract rate resets partially offset crude oil segment gains
PAA Forward Guidance & Outlook
PAA raised its full-year 2026 Adjusted EBITDA guidance midpoint by $130 million to $2.880 billion (+/- $75 million), reflecting a strong oil macro environment and NGL contribution into May 2026. Full-year 2026 Adjusted Free Cash Flow guidance was increased to approximately $1.850 billion (excluding changes in assets & liabilities and anticipated cash proceeds from NGL divestiture). Growth capital remains at $350 million with maintenance capital increasing to $185 million reflecting ownership of NGL assets into May 2026. The company expects its pro forma leverage ratio to return toward the midpoint of the 3.25-3.75x target range following NGL divestiture closing and migrate toward the lower end by year-end. Management targets $100 million of contribution between Cactus III synergies and capturing efficiencies across the system.
PAA YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
PAA Revenue by Segment
With YoY comparisons, source: SEC Filings
“Global events this year illustrate the importance of reliable, secure and responsibly produced energy and have accelerated the timing of our view for a more constructive crude oil market. Our integrated business model and asset base connecting U.S. crude production to the global markets are critical to meeting global energy demand. As a result, we are increasing the midpoint of our 2026 Adjusted EBITDA guidance by $130 million to reflect a constructive oil macro environment and extended ownership of our Canadian NGL business into May. The closing of the NGL divestiture will mark a transition to a premier pure play crude oil midstream provider. We remain focused on executing key initiatives in 2026, including closing the pending NGL sale and realizing $100 million of contribution between Cactus III synergies and capturing efficiencies across our system. The combination of these internal initiatives coupled with a healthy oil macro backdrop positions Plains with momentum into 2027 and beyond. Finally, we remain committed to financial discipline and maintaining a strong balance sheet, while continuing to return capital to unit holders.”
— Willie Chiang, Q1 2026 Earnings Press Release
PAA Earnings Trends
PAA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PAA EPS Trend
Earnings per share: estimate vs actual
PAA Revenue Trend
Quarterly revenue: estimate vs actual
PAA Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.42 | $0.39 | -7.45% | $12.47B | +3.73% |
| Q4 25 MISS FY | $0.50 | $0.40 | -20.70% | $10.57B | -11.03% |
| FY Full Year | $1.74 | $1.54 | -11.39% | $44.26B | -4.01% |
| Q3 25 BEAT | $0.38 | $0.39 | +3.59% | $11.58B | -6.66% |
| Q2 25 BEAT | $0.33 | $0.36 | +8.73% | $10.64B | -17.25% |
| Q1 25 BEAT | $0.45 | $0.49 | +9.42% | $12.01B | -14.19% |