PAGP earnings analysis
What we found in PAGP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- Large revenue beat
- Revenue exceeded the $13.369 billion consensus estimate by approximately $4.324 billion, or 32.3%.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.37
What they said about what is next.
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.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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