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Plains All American (PAA)
NASDAQ:PAA
Earnings Data
Report Date
May 01, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.42Last Year’s EPS
0.39Same Quarter Last Year
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strategic progress toward a pure-play crude business, highlighted strong cash flow generation, a meaningful distribution increase, targeted cost savings ($100 million by 2027), and immediate synergies from the Cactus III acquisition. Management provided constructive 2026 guidance (adjusted EBITDA midpoint $2.75B) and signaled disciplined capital allocation (normalized growth CapEx $300–$400M). Key near-term challenges include macro headwinds (geopolitical and OPEC supply), modest headline EBITDA pressure from the NGL divestiture, recontracting impacts on long-haul margins, and weather-related short-term production disruptions. Overall, positives (cash flow, distribution increase, synergies, cost-savings program, balance-sheet actions) materially outweigh the manageable lowlights.Company Guidance
Strong Quarterly and Annual Adjusted EBITDA
Reported Q4 adjusted EBITDA attributable to Plains of $738 million and full-year adjusted EBITDA of $2.833 billion, demonstrating solid underlying earnings going into 2026.
2026 Adjusted EBITDA Guidance and Oil Segment Growth
Provided 2026 adjusted EBITDA guidance of $2.75 billion (midpoint ± $75 million). Oil-segment EBITDA midpoint of $2.64 billion implies ~13% year-over-year growth in the crude segment.
Material Free Cash Flow and DCF Outlook
Expect approximately $1.8 billion of adjusted free cash flow in 2026 (excluding changes in working capital and NGL sale proceeds). Distributable cash flow is expected to increase ~1% despite a slight headline EBITDA decline from the NGL divestiture.
Distribution Increase and Yield
Announced a 10% increase in the quarterly distribution (payable Feb 13) equating to a $0.15 per unit annual increase, bringing the annual distribution to $1.67 per unit and representing an ~8.5% yield on the recent PAA equity price.
NGL Divestiture and Capital Deployment
Accelerating transition to a pure-play crude company via pending NGL divestiture (expected near end of Q1 pending Canadian approval) and the acquisition of EPIC/Cactus III; expect majority of NGL sale proceeds to be used to reduce debt after closing.
Cactus III Acquisition Synergies
Disclosed $50 million of expected annual synergies from the Cactus III acquisition; ~50% of those synergies were realized in Q4 (primarily G&A/OpEx reductions) with management expecting run-rate achievement during Q1 and full realization this year.
Efficiency Targets and Cost Savings
Targeting $100 million of identified annual savings through 2027 with ~50% (~$50 million) expected to be realized in 2026 via G&A/OpEx reductions, consolidations, and exiting/optimizing lower-margin businesses.
Capital Allocation and Reduced CapEx
Guidance for 2026 capital: ~$350 million growth CapEx and ~$165 million maintenance CapEx net to PAA (bringing growth CapEx into a normalized $300–$400 million run rate). Management expects meaningful reduction in gross spending versus 2025.
Balance Sheet Actions and Debt Management
Completed issuance of $750 million senior unsecured notes ($300M 2031 at 4.7%, $450M 2036 at 5.6%) and refinanced the $1.1 billion EPIC term loan; invested $2.9 billion to acquire Cactus III and expect leverage to trend toward mid-point of target 3.25–3.75x after NGL sale proceeds are applied to debt.
Operational and Safety Performance
Achieved the company's best-ever safety performance measured by the lowest TRIR safety rate and lowest severity of injuries measured by total lost workdays.
PAA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
PAA Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 06, 2026 | $19.97 | $19.40 | -2.85% |
Nov 05, 2025 | $16.08 | $16.01 | -0.42% |
Aug 08, 2025 | $17.10 | $17.09 | -0.06% |
May 09, 2025 | $15.88 | $15.41 | -2.95% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Plains All American (PAA) report earnings?
Plains All American (PAA) is schdueled to report earning on May 01, 2026, After Close (Confirmed).
What is Plains All American (PAA) earnings time?
Plains All American (PAA) earnings time is at May 01, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PAA EPS forecast?
PAA EPS forecast for the fiscal quarter 2026 (Q1) is 0.42.