Filing Flows › Plains All American Pipeline LP (PAA) › Q1 2026
Plains All American Pipeline LP (PAA) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Plains All American Pipeline LP (PAA) reported revenue of $12.5B for the first quarter 2026 (Q1 2026), +9% from a year earlier and +18% from the quarter before. Operating margin was 3.2%, net earnings $152M (1.2% of revenue).
Plains All American Pipeline LP, Q1 2026: revenue $12.5B (+9% year over year), operating margin 3.2%, net earnings $152M, operating cash flow $418M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.5B | +18% | +9% |
| Operating profit | $405M | +14% | +14% |
| Net earnings | $152M | -56% | -66% |
| Operating cash flow | $418M | -47% | -35% |
| Free cash flow | $82.0M | — | — |
What changed
Revenue was $12.5B in Q1 2026, up 9% year over year and up 18% from the previous quarter. Product sales revenues was the largest line at 96% of revenue. Product sales revenues added $1.0B year over year (up 9%), 99% of the total change.
Operating profit was $0.41B, a 3.2% margin (up 0.1 points year over year). Of the extra revenue versus Q1 2025, 5% reached operating profit, above the 3% margin then. Total costs grew 8% against revenue growth of 9%. Net earnings were $0.15B, down 66% year over year. The effective tax rate was 0.4%.
Operating cash flow was $0.42B (down 35% year over year), 181% of net income including minority interests. Non-cash charges added back $0.24B of depreciation and amortization. Working capital and other items used $0.06B. After net cash used in investing activities ($0.23B) and cash distributions paid to noncontrolling interests ($0.10B), adjusted free cash flow as the company reports it was $0.08B.
Questions
What was Plains All American Pipeline LP's revenue in the first quarter 2026?
Plains All American Pipeline LP (PAA) reported revenue of $12.5B for the first quarter 2026 (Q1 2026), +9% from a year earlier and +18% from the quarter before.
Was Plains All American Pipeline LP profitable in the first quarter 2026?
Operating profit was $405M (3.2% of revenue) and net earnings $152M.