10-Q · May 8, 2026
Plains All American Pipeline's Q1 2026 earnings report showed a revenue increase to $12.47 billion, up 9% year-over-year, better than expectations, but reported EPS of $0.24 fell significantly short of the estimated EPS…
Earnings analysis · 10-Q
PAGP earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
Plains GP Holdings delivered exceptionally strong revenue of $17.693 billion, beating consensus by 32.3%, but diluted EPS fell to negative $0.37 from positive $0.10 in the prior quarter and positive $0.15 year over…
Read full summary
Plains GP Holdings delivered exceptionally strong revenue of $17.693 billion, beating consensus by 32.3%, but diluted EPS fell to negative $0.37 from positive $0.10 in the prior quarter and positive $0.15 year over year. The filing excerpt does not provide current margin, cash-flow, balance-sheet, segment, or quantitative guidance detail, limiting assessment of the quality and durability of the revenue increase. Commodity derivatives had negative fair value of $43 million, while a 100-basis-point rate move could change annual Series B preferred distributions by approximately $8 million.
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.
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
- $-0.37
What stood out
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Revenue surged
Revenue was $17.693 billion, up approximately 41.9% from $12.47 billion in Q1 2026 and 66.3% from $10.64 billion in Q2 2025.
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Large revenue beat
Revenue exceeded the $13.369 billion consensus estimate by approximately $4.324 billion, or 32.3%.
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Controls remained effective
Management reported effective disclosure controls as of June 30, 2026, and stated there were no changes in internal control that materially affected, or were reasonably likely to materially affect, reporting.
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Limited floating-rate debt exposure
PAA reported no variable-rate debt outstanding as of June 30, 2026; all senior notes were fixed rate, limiting direct exposure to floating-rate debt.
What to watch
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Earnings swung to a loss
Diluted EPS was negative $0.37, versus positive $0.10 in Q1 2026 and positive $0.15 in Q2 2025, indicating a substantial deterioration in quarterly earnings.
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Commodity derivative exposure
Commodity derivative fair value was negative $43 million at June 30, 2026; the filing estimates a $2 million fair-value effect from a 10% crude-oil price increase and a negative $2 million effect from a 10% decrease.
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Preferred distribution rate risk
A 100-basis-point change in interest rates would increase or decrease annual distributions on Series B preferred units by approximately $8 million; distributions are based on three-month SOFR plus adjustments.
Management's outlook
The provided 10-Q text does not include quantitative revenue, EPS, or Adjusted EBITDA guidance. The prior outlook was Adjusted EBITDA of $2.880 billion plus or minus $75 million, but no current-quarter change is disclosed.
Earlier filings 4
10-K · February 27, 2026
The 2025 Form 10-K frames PAGP as a non‑operating GP whose cash flows depend on its indirect interest in PAA and highlights a strategic transition to a crude‑oil pure play pending the sale of the Canadian NGL Business…
10-Q · November 7, 2025
Plains GP Holdings reported Q3 2025 revenues of $11,578 million and diluted net income per Class A share of $0.41. Operating income improved to $483 million (from $195 million a year ago) and cash and cash equivalents…
10-Q · August 8, 2025
Plains GP Holdings reported Q2 2025 revenues of $10,642 million and diluted net income per Class A share of $0.15. Revenue and operating income declined versus Q2 2024, while management executed a major strategic…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.