10-Q · May 8, 2026
Plains All American Pipeline (PAA) reported Q1 2026 revenue of $12.47 billion, exceeding estimates of $12.13 billion, while EPS came in at $0.39, missing the consensus estimate of $0.42. The company raised its full-year…
Earnings analysis · 10-Q
PAA earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Q2 2026 results showed strong top-line and earnings improvement: revenue increased to $17.693 billion from $12.47 billion sequentially and $10.64 billion year over year, while EPS rose to $0.41 from $0.14 and $0.21,…
Read full summary
Q2 2026 results showed strong top-line and earnings improvement: revenue increased to $17.693 billion from $12.47 billion sequentially and $10.64 billion year over year, while EPS rose to $0.41 from $0.14 and $0.21, respectively. Free cash flow recovered to $575 million from $288 million in Q1. The supplied filing text does not include the financial statements, MD&A, segment disclosures, or balance-sheet data, so those areas cannot be fully assessed; current guidance is also not provided in the excerpt.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.41
What stood out
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Revenue Accelerated Sharply
Revenue was $17.693 billion in Q2 2026, up from $12.47 billion in Q1 2026 and $10.64 billion in Q2 2025. The increase was approximately 41.9% sequentially and 66.3% year over year.
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EPS Rebounded
Diluted EPS was $0.41, compared with $0.14 in Q1 2026 and $0.21 in Q2 2025, an increase of $0.27 sequentially and $0.20 year over year.
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Sequential Cash Flow Recovery
Free cash flow was $575 million, versus $288 million in Q1 2026 and $575 million in Q2 2025. Cash generation therefore more than doubled sequentially and was flat year over year.
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Debt Rate Exposure Limited
The company reported no variable-rate debt outstanding at June 30, 2026, and stated that all senior notes are fixed-rate notes. This limits direct exposure to short-term interest-rate movements on debt.
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Controls Remained Effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls.
What to watch
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Commodity Derivative Volatility
Commodity derivative fair value was negative $43 million at June 30, 2026. A 10% crude-oil price increase or decrease was estimated to change derivative fair value by approximately $2 million or negative $2 million, respectively; the sensitivity excludes the underlying hedged commodity.
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Preferred Distribution Rate Risk
Series B preferred-unit distributions are tied to three-month SOFR and related adjustments. Based on the units outstanding at June 30, 2026, a 100-basis-point interest-rate change would increase or decrease annual distributions by approximately $8 million.
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Future Interest-Rate Exposure
Although the company had no variable-rate debt outstanding at June 30, 2026, variable-rate debt averaged approximately 4.4% during the six months ended June 30, 2026. Future variable-rate borrowings or fixed-rate debt issuances could therefore increase interest-rate exposure.
Management's outlook
The supplied 10-Q text does not provide quantitative revenue, EPS, or EBITDA guidance, nor an updated outlook. The prior analysis reported adjusted EBITDA guidance of approximately $2.88 billion, but the current filing excerpt does not reaffirm or change it.
Earlier filings 4
10-K · February 27, 2026
Plains All American (PAA) is executing a strategic shift to a crude-oil pure play via a June 2025 SPA to sell its Canadian NGL Business for approximately $5.15 billion CAD (~$3.75 billion USD), classifying that business…
10-Q · November 8, 2024
Plains All American reported Q3 revenues of $12,743 million, up $672 million (+5.6%) versus Q3 2023, with operating income rising to $347 million (from $234 million). Net income attributable to PAA was $220 million and…
10-Q · August 9, 2024
Plains All American reported Q2 revenue of $12,933 million, up from $11,602 million a year earlier, driven by higher Crude Oil and NGL segment contract sales. Despite revenue growth, operating income was roughly flat at…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.