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Plains All American Pipeline, L.P. Common Units (PAA) Q3 2026 Earnings Call TranscriptPlains All American Pipeline, L.P. Common Units (PAA) Q3 2026 Earnings Call Transcript
Plains All American's Q2 2026 results show a dramatic balance sheet improvement, with total debt falling from $11.6B to $8.6B and D/E dropping to 0.60, while a $1.8B net income quarter (EPS $2.51) boosted equity to $11.1B.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue surged 66.3% sequentially to $17.7B in Q2 2026, but gross margin remained thin at 4.6% and operating margin at 2.2%, reflecting the high-volume, low-margin merchant model.
Plains All American Pipeline is transforming into a pure-play crude oil company, which could streamline operations and enhance profitability.
The Wall Street consensus price target suggests an 11.4% upside potential, indicating bullish sentiment among analysts.
The company's premier integrated midstream infrastructure connects crude oil supply to key demand centers, ensuring operational efficiency and market relevance.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Nov 6, 2026 | -$0.04-109.7% vs $0.41 | $15.2B-0.2% vs $15.2B |
Q3 2026 Aug 7, 2026 | $0.41+7.4% vs $0.38 | $17.7B+39.1% vs $12.7B |
Q2 2026 May 8, 2026 | $0.39+6.2% vs $0.37 | $12.5B+3.7% vs $12.0B |
Q1 2026 Feb 6, 2026 | $0.40-14.9% vs $0.47 | $10.6B-17.8% vs $12.9B |
Plains All American Pipeline, L.P. Common Units (PAA) Q3 2026 Earnings Call Transcript
Plains All American Pipeline NASDAQ: PAA reported third-quarter adjusted EBITDA attributable to Plains of $711 million and narrowed its full-year outlook, as executives pointed to operating efficiencies, tariff increases and growth opportunities in its crude oil pipeline network.
PAA Q3 results lag estimates despite a 31.1% sales increase, while higher pipeline volumes and the Cactus III acquisition boost EBITDA.
HOUSTON, Nov. 06, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported third-quarter 2026 results and provided the following highlights:
Benchmark PAA against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Plains All American Pipeline, L.P. (PAA)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $23.92 | $16.88B | 6.29 | -11.61% | 4.81% | 20.34% | 6.35% | |
| $37.03 | $80.12B | 12.25 | -6.44% | 10.24% | 21.41% | 5.77% | |
| $20.16 | $69.37B | 11.74 | -0.05% | 4.9% | 11.91% | 6.42% | |
| $55.91 | $56.73B | 13.01 | 8.37% | 33.83% | 30.37% | 7.05% | |
| $39.85 | $16.46B | 13.07 | 6.61% | 27.66% | 30.82% | 8.92% | |
| $25.78 | $5.1B | 9.47 | -11.61% | 0.96% | 3.77% | 5.9% |
Plains All American Pipeline, L.P. (PAA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Plains All American Pipeline, L.P. (PAA) SEC filings — annual & quarterly reports (10-K, 10-Q)
Aug 7, 2026·SEC
Jun 17, 2026·SEC
Jun 2, 2026·SEC
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Plains All American Pipeline, L.P. (PAA) stock FAQ — growth, dividends, profitability & financials explained
Plains All American Pipeline, L.P. (PAA) reported $55.81B in revenue over the trailing twelve months. Revenue was $44.26B in fiscal year 2025. That is 5782% more than the $752.5M of fiscal year 1997.
Plains All American Pipeline, L.P. (PAA) grew revenue by 19.7% over the trailing twelve months, compared with the twelve months before.
Yes. Plains All American Pipeline, L.P. (PAA) earned $2.69B in net income over the trailing twelve months (a 4.8% net margin).
Yes. Plains All American Pipeline, L.P. (PAA) pays a dividend that yields 6.35% at the current price, a high yield.
Plains All American Pipeline, L.P. (PAA) had a return on equity (ROE) of 20.3% over the trailing twelve months. That is well above the market's typical 10-15%.
Plains All American Pipeline, L.P. (PAA) generated $2.52B in free cash flow over the trailing twelve months.
