Filing Flows › Plains All American Pipeline LP (PAA) › Q2 2026
Plains All American Pipeline LP (PAA) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 10, 2026
Plains All American Pipeline LP (PAA) reported revenue of $17.7B for the second quarter 2026 (Q2 2026), +66% from a year earlier and +42% from the quarter before. Operating margin was 2.2%, net earnings $1.8B (10.3% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.7B | +42% | +66% |
| Operating profit | $398M | -2% | +67% |
| Net earnings | $1.8B | 12× | +771% |
| Operating cash flow | $955M | +128% | +38% |
| Free cash flow | $817M | +184% | +56% |
What changed
Revenue was $17.7B in Q2 2026, up 66% year over year and up 42% from the previous quarter. Product sales revenues was the largest line at 97% of revenue. Product sales revenues added $7.0B year over year (up 69%), 100% of the total change.
Operating profit was $0.40B, a 2.2% margin (unchanged year over year). Of the extra revenue versus Q2 2025, 2% reached operating profit, above the 2% margin then. Total costs grew 66% against revenue growth of 66%. The fastest-growing cost line was Cost of revenue (+70%). Net earnings were $1.8B, up 771% year over year. The effective tax rate was 4.9%. Non-operating items added $1.6B, 80% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.0B (up 38% year over year), 50% of net income including minority interests. Non-cash charges added back $0.24B of depreciation and amortization. Working capital and other items used $1.2B. Capital expenditures of $0.14B left free cash flow of $0.82B.
Questions
What was Plains All American Pipeline LP's revenue in the second quarter 2026?
Plains All American Pipeline LP (PAA) reported revenue of $17.7B for the second quarter 2026 (Q2 2026), +66% from a year earlier and +42% from the quarter before.
Was Plains All American Pipeline LP profitable in the second quarter 2026?
Operating profit was $398M (2.2% of revenue) and net earnings $1.8B.