Filing Flows › Plains All American Pipeline LP (PAA) › Q3 2026
Plains All American Pipeline LP (PAA) Q3 2026 earnings results (third quarter 2026)
8-K filed Nov 6, 2026
Plains All American Pipeline LP (PAA) reported revenue of $15.2B for the third quarter 2026 (Q3 2026), +31% from a year earlier and -14% from the quarter before. Operating margin was 3.4%, net earnings $363M (2.4% of revenue).
Plains All American Pipeline LP, Q3 2026: revenue $15.2B (+31% year over year), operating margin 3.4%, net earnings $363M, operating cash flow $669M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $15.2B | -14% | +31% |
| Operating profit | $516M | +30% | +7% |
| Net earnings | $363M | -80% | -18% |
| Operating cash flow | $669M | -30% | -18% |
| Free cash flow | $458M | — | — |
What changed
Revenue was $15.2B in Q3 2026, up 31% year over year and down 14% from the previous quarter.
Operating profit was $0.52B, a 3.4% margin (down 0.8 points year over year). Of the extra revenue versus Q3 2025, 1% reached operating profit, below the 4% margin then. Total costs grew 32% against revenue growth of 31%. The fastest-growing cost line was Other operating costs (+3322%). Net earnings were $0.36B, down 18% year over year. The effective tax rate was 0.0%.
Operating cash flow was $0.67B (down 18% year over year), 148% of net income including minority interests. Working capital and other items added $0.22B. After cash distributions paid to noncontrolling interests ($0.11B) and net cash provided by/(used in) investing activities ($0.10B), adjusted free cash flow as the company reports it was $0.46B.
Questions
What was Plains All American Pipeline LP's revenue in the third quarter 2026?
Plains All American Pipeline LP (PAA) reported revenue of $15.2B for the third quarter 2026 (Q3 2026), +31% from a year earlier and -14% from the quarter before.
Was Plains All American Pipeline LP profitable in the third quarter 2026?
Operating profit was $516M (3.4% of revenue) and net earnings $363M.