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Plains GP Holdings (PAGP)
NASDAQ:PAGP
Earnings Data
Report Date
May 01, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.41Last Year’s EPS
0.42Same Quarter Last Year
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a constructive and execution-focused outlook: strong recent results and clear 2026 guidance, active portfolio simplification (NGL divestiture), accretive bolt-ons (Cactus III synergies and Wild Horse storage), targeted $100M of cost savings, sustained distribution growth with a modest coverage reset, and sizable projected free cash flow support a positive near-to-medium-term outlook. Near-term headwinds include macro volatility, recontracting pressure on long-haul margins, weather-driven production disruptions, and a slight headline EBITDA drag from the NGL divestiture and elevated near-term leverage until proceeds are deployed to pay down debt.Company Guidance
Strong Quarterly and Annual Adjusted EBITDA
Reported Q4 2025 adjusted EBITDA attributable to Plains of $738 million and full-year adjusted EBITDA of $2.833 billion, demonstrating solid underlying profitability.
2026 Adjusted EBITDA Guidance and Crude Segment Growth
Provided 2026 adjusted EBITDA guidance of $2.75 billion at the midpoint (±$75M) with an oil segment EBITDA midpoint of $2.64 billion, implying ~13% year-over-year growth in the crude segment.
Distribution Increase and Yield
Announced a 10% increase in the quarterly distribution (annualized +$0.15 per unit) to $1.67 per unit, representing an ~8.5% yield on recent PAA equity price and targeted ongoing annualized distribution growth of $0.15 per unit.
Cost Savings and Efficiency Targets
Targeting $100 million of annual identified savings by end of 2027, with ~50% (~$50M) expected to be realized in 2026 through G&A and OpEx reductions, consolidation and exiting lower-margin businesses.
Cactus III Acquisition and Synergies
Acquired EPIC pipeline (renamed Cactus III); disclosed $50 million of synergies with roughly half already on run-rate and management expects to reach the $50M run-rate during the year to improve EBITDA and cash flow durability.
Free Cash Flow and Distribution Coverage Improvements
Forecasted approximately $1.8 billion of adjusted free cash flow for 2026 (excluding changes in working capital and NGL sale proceeds) and expect distributable cash flow to increase ~1% despite a slight headline EBITDA decline; lowered distribution coverage threshold from 160% to 150% to support multiyear distribution growth.
Strategic Bolt-Ons and Low-Cost Storage Acquisition
Completed bolt-on Wild Horse Terminal acquisition in Cushing for a net cash consideration of ~$10 million, adding ~4 million barrels of storage adjacent to existing terminals and expected to generate returns above internal thresholds.
Balance Sheet Actions and Deleveraging Plan
Issued $750 million of senior unsecured notes (2031 at 4.7% and 2036 at 5.6%), refinanced EPIC loan, and intend to use majority of NGL sale proceeds to reduce debt with leverage expected to trend toward the middle of the 3.25x–3.75x target range post-closing.
Safety Milestone
Achieved best-ever safety performance, recording the best TRIR safety rate and lowest severity of injuries measured by total lost workdays.
PAGP 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
PAGP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 06, 2026 | $21.19 | $20.71 | -2.27% |
Nov 05, 2025 | $16.99 | $16.84 | -0.87% |
Aug 08, 2025 | $18.50 | $18.45 | -0.26% |
May 09, 2025 | $17.15 | $16.68 | -2.74% |
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 GP Holdings (PAGP) report earnings?
Plains GP Holdings (PAGP) is schdueled to report earning on May 01, 2026, After Close (Confirmed).
What is Plains GP Holdings (PAGP) earnings time?
Plains GP Holdings (PAGP) 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 PAGP EPS forecast?
PAGP EPS forecast for the fiscal quarter 2026 (Q1) is 0.41.