Plains All American Pipeline (NASDAQ:PAA) Issues Quarterly Earnings Results

Posted by Joseph Casey on Aug 8th, 2026

Plains All American Pipeline (NASDAQ:PAA – Get Free Report) issued its quarterly earnings results on Friday. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.09), Briefing.com reports. Plains All American Pipeline had a return on equity of 12.17% and a net margin of 2.53%.The firm had revenue of $17.69 billion during the quarter. During the same quarter in the prior year, the business earned $0.36 EPS. The business’s revenue for the quarter was up 66.3% on a year-over-year basis.

Here are the key takeaways from Plains All American Pipeline’s conference call:

Second-quarter adjusted EBITDA was $738 million, and management said the company remains on track to meet its 2026 guidance of $2.88 billion, plus or minus $75 million. Crude segment EBITDA rose to $690 million, supported by Cactus III synergies, efficiencies and market-based opportunities.
Plains raised 2026 growth capital spending to $400 million-$450 million for producer-backed Permian and Canadian gathering expansions and a 75,000-barrel-per-day Cactus III expansion. The projects are expected to contribute primarily to 2027 EBITDA and generate returns above the company’s hurdle rate.
The sale of the Canadian NGL business reduced debt by approximately $2.9 billion and lowered pro forma leverage to 3.3 times. Management expects about $1.75 billion of 2026 free cash flow and reiterated its plan to return capital to unit holders while retaining balance-sheet flexibility.
Management increased its forecast for Permian production growth to 100,000-200,000 barrels per day exit-to-exit in 2026, citing earlier-than-expected natural-gas egress. Executives characterized this as a source of momentum heading into 2027, with additional upside possible from improving producer productivity and activity.
Despite stronger production expectations and a solid second quarter, Plains left its 2026 EBITDA guidance unchanged, saying a strong second-half forecast already incorporates the expected volume ramp. Management also emphasized continued uncertainty from Middle East developments, oil-price volatility and changing export flows.

Plains All American Pipeline Stock Down 3.0%

PAA traded down $0.71 during midday trading on Friday, hitting $22.81. The company had a trading volume of 4,416,561 shares, compared to its average volume of 2,406,036. The stock’s 50 day moving average price is $22.99 and its 200 day moving average price is $21.94. Plains All American Pipeline has a 52 week low of $15.69 and a 52 week high of $25.03. The company has a market capitalization of $16.09 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 7.90 and a beta of 0.50. The company has a quick ratio of 0.88, a current ratio of 0.94 and a debt-to-equity ratio of 1.02.

Plains All American Pipeline Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 7.3%. The ex-dividend date of this dividend is Friday, July 31st. Plains All American Pipeline’s payout ratio is 127.48%.

Institutional Trading of Plains All American Pipeline

Large investors have recently made changes to their positions in the company. Kovack Advisors Inc. acquired a new stake in shares of Plains All American Pipeline in the 4th quarter worth about $227,000. Commerce Bank boosted its stake in Plains All American Pipeline by 41.3% during the 4th quarter. Commerce Bank now owns 14,790 shares of the company’s stock valued at $266,000 after purchasing an additional 4,325 shares during the last quarter. Bank of Montreal Can increased its holdings in Plains All American Pipeline by 7.7% during the 4th quarter. Bank of Montreal Can now owns 14,068 shares of the company’s stock worth $253,000 after purchasing an additional 1,000 shares in the last quarter. Lido Advisors LLC bought a new stake in Plains All American Pipeline during the 3rd quarter worth approximately $277,000. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in shares of Plains All American Pipeline in the second quarter worth approximately $227,000. 41.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on PAA. Citigroup lifted their target price on shares of Plains All American Pipeline from $20.00 to $22.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Plains All American Pipeline in a research report on Wednesday, July 15th. Truist Financial increased their price target on Plains All American Pipeline from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $23.00 price objective on shares of Plains All American Pipeline in a research report on Tuesday, July 21st. Finally, UBS Group restated a “buy” rating on shares of Plains All American Pipeline in a research report on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $23.23.

Get Our Latest Stock Report on PAA

Key Stories Impacting Plains All American Pipeline

Here are the key news stories impacting Plains All American Pipeline this week:

Positive Sentiment: Higher crude-oil volumes helped support second-quarter results, while revenue increased 66.3% year over year to $17.69 billion. The company also maintained its 2026 adjusted EBITDA outlook, signaling confidence in its operating performance. Plains All American Q2 Earnings Beat Estimates, Sales Increase Year over Year
Positive Sentiment: Plains plans $400 million to $450 million of 2026 growth capital spending and expects to add 75,000 barrels per day of capacity at Cactus III. The expansion could improve future transportation capacity and long-term cash-flow potential. Plains Targets 400 Million to 450 Million Dollars of 2026 Growth Capital Spending
Neutral Sentiment: Management’s earnings call focused on volume growth, infrastructure expansion and the company’s full-year outlook. Investors will likely weigh the benefits of additional capacity against the capital required to build it. Plains All American Pipeline Q2 2026 Earnings Call Transcript
Negative Sentiment: Reported EPS was $0.41, below the $0.50 consensus estimate, although it improved from $0.36 in the year-earlier quarter. The earnings miss may be weighing on investor sentiment despite the revenue growth and operational improvements. Plains All American Pipeline Second-Quarter Earnings Report

Plains All American Pipeline Company Profile

(Get Free Report)

Plains All American Pipeline (NASDAQ: PAA) is a publicly traded energy infrastructure company that provides midstream services for crude oil and natural gas liquids (NGLs). The company’s core activities include gathering, transporting, storing and marketing hydrocarbons, using an integrated network of pipelines, storage terminals, rail and truck transloading facilities. Plains also offers logistics and marketing services that connect upstream producers with refiners, traders and export markets.

Plains owns and operates a portfolio of pipeline and terminal assets concentrated in major U.S.