Equity Profile

PAA

Plains All American Pipeline, L.P.

EnergyOil & Gas Storage & Transportation$16.5B

Aug7Fri

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Plains All American Pipeline, L.P. (PAA) operates in the energy sector, focusing on the storage and transportation of oil and gas....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will show how well the company is managing its costs and revenue.

N/A

Revenue Growth

Revenue growth is essential to assess the company's ability to expand its operations and market share.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

PAA Q2-2026 Earnings Preview

Context

Company Snapshot

Plains All American Pipeline, L.P. (PAA) operates in the energy sector, focusing on the storage and transportation of oil and gas. With a market cap of $17 billion, the company plays a crucial role in the energy supply chain, which is vital for both domestic and global energy markets.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

38%

Avg EPS Surprise

+0.49%

Avg Stock Reaction

-2.13%

Last Quarter Recap

In Q1-2026, Plains All American reported an EPS of $0.39, falling short of the expected $0.41. The stock reacted negatively, declining by 1.67% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall expectations for PAA's upcoming earnings are mixed, given the company's recent performance and the broader energy market conditions.

Bull Case

If PAA can demonstrate stronger-than-expected revenue growth and improved margins, it could signal a recovery in operational efficiency and market demand.

Bear Case

Conversely, if the company reports another earnings miss or weak guidance, it may raise concerns about its ability to navigate current market challenges.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be this quarter, and how does it compare to previous estimates?

Given the company's recent history of missing estimates, the EPS figure will be critical in shaping investor sentiment.

How is the company addressing operational efficiency and cost management?

With rising operational costs in the energy sector, insights into cost management strategies will be pivotal for future profitability.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for PAA to improve its margins through operational efficiencies, despite recent misses.

Supporting Evidence

The options market is pricing a move of 3.76%, indicating higher volatility than the historical average of 2.13%.

The recent trend of earnings misses may not fully account for potential cost-cutting measures that could improve profitability.

Key Risk

If the EPS comes in above $0.45, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around the company's ability to improve profitability amidst challenging market conditions.

Bull Confirmed If

A reported EPS of $0.45 or higher would confirm the bull case.

Bear Confirmed If

An EPS below $0.35 would support the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±3.76%

Historical Avg

±2.1%

Pricing rich

The options market is pricing in a potential move of about 3.76%, indicating some uncertainty around the earnings report.

Options are pricing ±3.8% while PAA has averaged ±2.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.2%

30d HV

25.7%

Calls (137K)P/C Ratio: 1.38Puts (69K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If PAA beats expectations, history suggests a potential stock increase of around 1.1%, confirming a positive outlook.

In-Line / Cautious

If results are in line but cautious, the stock may remain stable as investors assess management's commentary.

Miss

A miss could lead to a decline of about 2.75%, reflecting ongoing concerns about the company's performance.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on cost management initiatives and their expected impact on margins.
2Details on revenue growth drivers and any changes in demand for oil and gas transportation.
3Management's outlook on the energy market and how it plans to navigate potential challenges.
4Insights into capital expenditures and investment plans for future growth.
5Any commentary on regulatory changes affecting the energy sector.

See the full picture

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More Earnings This Week

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Company Snapshot

Plains All American Pipeline, L.P. (PAA) operates in the energy sector, focusing on the storage and transportation of oil and gas....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will show how well the company is managing its costs and revenue.

N/A

Revenue Growth

Revenue growth is essential to assess the company's ability to expand its operations and market share.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

PAA Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

38%

Avg EPS Surprise

+0.49%

Avg Stock Reaction

-2.13%

Last Quarter Recap

In Q1-2026, Plains All American reported an EPS of $0.39, falling short of the expected $0.41. The stock reacted negatively, declining by 1.67% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall expectations for PAA's upcoming earnings are mixed, given the company's recent performance and the broader energy market conditions.

Bull Case

If PAA can demonstrate stronger-than-expected revenue growth and improved margins, it could signal a recovery in operational efficiency and market demand.

Bear Case

Conversely, if the company reports another earnings miss or weak guidance, it may raise concerns about its ability to navigate current market challenges.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be this quarter, and how does it compare to previous estimates?

Given the company's recent history of missing estimates, the EPS figure will be critical in shaping investor sentiment.

How is the company addressing operational efficiency and cost management?

With rising operational costs in the energy sector, insights into cost management strategies will be pivotal for future profitability.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for PAA to improve its margins through operational efficiencies, despite recent misses.

Supporting Evidence

The options market is pricing a move of 3.76%, indicating higher volatility than the historical average of 2.13%.

The recent trend of earnings misses may not fully account for potential cost-cutting measures that could improve profitability.

Key Risk

If the EPS comes in above $0.45, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around the company's ability to improve profitability amidst challenging market conditions.

Bull Confirmed If

A reported EPS of $0.45 or higher would confirm the bull case.

Bear Confirmed If

An EPS below $0.35 would support the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±3.76%

Historical Avg

±2.1%

Pricing rich

The options market is pricing in a potential move of about 3.76%, indicating some uncertainty around the earnings report.

Options are pricing ±3.8% while PAA has averaged ±2.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.2%

30d HV

25.7%

Calls (137K)P/C Ratio: 1.38Puts (69K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If PAA beats expectations, history suggests a potential stock increase of around 1.1%, confirming a positive outlook.

In-Line / Cautious

If results are in line but cautious, the stock may remain stable as investors assess management's commentary.

Miss

A miss could lead to a decline of about 2.75%, reflecting ongoing concerns about the company's performance.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on cost management initiatives and their expected impact on margins.
2Details on revenue growth drivers and any changes in demand for oil and gas transportation.
3Management's outlook on the energy market and how it plans to navigate potential challenges.
4Insights into capital expenditures and investment plans for future growth.
5Any commentary on regulatory changes affecting the energy sector.