EL7.AI
StocksMedium•6 November 2026•
4 min read

Plains Revenue Jumps 31% to $15.173 Billion Despite $0.16-Per-Share Loss

Key Facts

1PAGP’s diluted loss was $0.16 per Class A share in the third quarter of 2026.
2Revenue rose to $15.173 billion, up 31% from the third quarter of 2025.
3Adjusted EBITDA attributable to PAA was about $711 million, up 6% year over year.
4The company maintained its 2026 adjusted EBITDA guidance at $2.880 billion, with a range of $50 million above or below.

Plains All American Pipeline and Plains GP Holdings reported third-quarter results on November 6, 2026, posting revenue of $15.173 billion and a diluted loss of $0.16 per PAGP Class A share. The company said net income attributable to PAA was $363 million, compared with $441 million a year earlier, a decline of 18%. By contrast, revenue rose from $11.578 billion in the corresponding quarter of 2025, an annual increase of 31%. Investing.com, in a report based on Reuters, put analysts’ consensus estimate for the per-share loss at $0.43, meaning the actual loss was $0.59 per share smaller. The report said revenue exceeded the consensus estimate of $14.16 billion. The results thus show a divergence between revenue growth and the decline in PAA net income, with the PAGP share loss distinct from PAA’s partnership-level results.

At the operating level, adjusted EBITDA attributable to PAA was about $711 million, up from $669 million in the third quarter of the previous year, an increase of 6%. But net cash provided by operating activities fell to $669 million from $817 million, a decline of 18%. The divergence between the two measures indicates that the improvement in adjusted EBITDA was not accompanied by a similar increase in operating cash flow during the period. PAA net income also declined in the same quarter despite revenue growth. These metrics relate to PAA, while the per-share loss reported in the results relates to PAGP Class A.

The company attributed the improvement in adjusted EBITDA to the contribution from the Cactus III acquisition, completed in the fourth quarter of 2025, and to higher pipeline volumes, driven largely by increased production in the Permian Basin. It also cited benefits from market opportunities and operating improvements. These factors were partially offset by the resetting of some contract rates and higher processing costs and property taxes, as well as the sale of its Canadian natural gas liquids business. Chief Executive Officer Willie Chiang said year-to-date operational performance had been "good" and that the company continued to advance key initiatives. These factors put EBITDA growth in the context of expanded activity, alongside cost pressures and changes to the business portfolio.

On earnings, an Investing.com report said the $100 million impact related to the repurchase of PAA Class A preferred units was the main reason earnings missed the estimate. The report placed this impact alongside PAGP’s loss of $0.16 per share and a consensus estimate for a profit of $0.43. In trading, the report showed PAGP down 2.35% and PAA down 1.92% on November 6. The evidence does not provide further details on when these moves were measured during the trading session. Revenue, meanwhile, rose above the consensus estimate cited in the report, while PAA net income remained below the level of the same period a year earlier.

The company said it remained on track to deliver adjusted EBITDA attributable to PAA of $2.880 billion for full-year 2026, with a range of $50 million above or below the target. It also expected its balance-sheet optimization to add about $60 million annually to distributable cash flow for common unitholders, or $0.09 per unit annually. These figures provide the company’s guidance for the current year and the expected impact of its financial optimization, alongside the quarterly results. Plains completed the acquisition of a gathering system and related assets in the Powder River Basin on October 1 for about $585 million in cash. The deal expands the company’s gathering asset base following its completion early in the fourth quarter.

Plains also announced an expansion of a joint gathering project in the Midland Basin that will add about 270,000 dedicated acres under 10-year agreements with a large integrated producer. The company estimates total volumes associated with the agreements at about 225,000 barrels per day, with service expected to begin in the fourth quarter of 2027. The timeline puts these future volumes more than a year after the current results were announced. The company had scheduled its joint conference call with investors and analysts for November 6, 2026, at 9:00 a.m. Central Time, after reporting results before the market opened. The company’s disclosures combine its financial outlook for the current year with a production expansion plan whose estimated impact begins in 2027.