Filing Flows › Plains All American Pipeline LP (PAA) › Q2 2026 › vs Q1 2026
Plains All American Pipeline LP (PAA) Q2 2026 vs Q1 2026 (quarter over quarter)
Plains All American Pipeline LP's revenue rose $5.2B (+42%) from $12.5B in Q1 2026 to $17.7B in Q2 2026. The biggest changes: Product sales revenues +$5.2B (+43%); Services revenues +$28.0M (+6%). Operating margin 2.2% against 3.2% (-1.0 pts).
Plains All American Pipeline LP, Q2 2026: revenue $17.7B (+66% year over year), operating margin 2.2%, net earnings $1.8B, operating cash flow $955M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 2.2% | 3.2% | -1.0 pts |
| Net margin | 10.3% | 1.2% | +9.1 pts |
| Free cash flow margin | 4.6% | 2.3% | +2.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Product sales revenues | $17.2B | $12.0B | $5.2B | +43% |
| Services revenues | $472M | $444M | $28.0M | +6% |
| Revenue | $17.7B | $12.5B | $5.2B | +42% |
| Other income, net | $1.6B | −$173M | $1.8B | — |
| Operating profit | $398M | $405M | −$7.0M | -2% |
| Costs & expenses | $17.3B | $12.1B | $5.2B | +43% |
| Pre-tax earnings | $2.0B | $232M | $1.8B | +772% |
| Cost of revenue | $16.6B | $11.5B | $5.1B | +44% |
| General & admin | $110M | $81.0M | $29.0M | +36% |
| Other operating costs | $629M | $491M | $138M | +28% |
| Net earnings | $1.8B | $152M | $1.7B | 12× |
| Minority interests | $95.0M | $79.0M | $16.0M | +20% |
| Income tax | $99.0M | $1.0M | $98.0M | 99× |
| Depreciation & amortization | $242M | $243M | −$1.0M | -0.4% |
| Working capital & other | $1.1B | −$23.0M | $1.1B | — |
| Operating cash flow | $955M | $418M | $537M | +128% |
| Free cash flow (OCF − capex) | $817M | $288M | $529M | +184% |
| Capital expenditures | $138M | $130M | $8.0M | +6% |
Questions
How much did Plains All American Pipeline LP's revenue grow quarter over quarter in Q2 2026?
Plains All American Pipeline LP's revenue rose $5.2B (+42%) from $12.5B in Q1 2026 to $17.7B in Q2 2026.
What drove Plains All American Pipeline LP's revenue change in Q2 2026?
Product sales revenues +$5.2B (+43%); Services revenues +$28.0M (+6%).