Equity Profile

PAA

Plains All American Pipeline, L.P.

EnergyOil & Gas Storage & Transportation$15.9B

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 critical indicator of the company's profitability and financial health, which investors closely monitor.

N/A

Revenue Growth

Revenue growth reflects the company's ability to increase sales and manage operational efficiency, which is vital in the competitive energy sector.

N/A

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. As a key player in the energy supply chain, its performance can significantly impact energy prices and availability.

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, missing estimates by nearly 4%. The stock declined by 1.67% the following day, indicating investor disappointment.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, Wall Street is cautious about Plains All American's upcoming earnings, especially given its recent history of missing EPS estimates.

Bull Case

If the company can exceed expectations and show strong revenue growth, it could signal a recovery and boost investor confidence.

Bear Case

Conversely, if the company continues to miss expectations, it could lead to further declines in stock price and investor sentiment.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be this quarter, and will it meet or exceed expectations?

Given the company's recent history of missing EPS estimates, this will be a key indicator of its financial health and market confidence.

How is revenue growth trending compared to previous quarters?

Revenue growth is crucial for assessing the company's operational efficiency and ability to adapt to market conditions.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating Plains All American's potential for recovery, as recent operational improvements could lead to better-than-expected results.

Supporting Evidence

The options market is pricing a 3.76% move, suggesting that traders expect volatility, which could indicate a surprise.

The company's historical EPS performance shows a pattern of rebounds following missed estimates, indicating potential for recovery.

Key Risk

If the EPS comes in above $0.45, it could shift sentiment dramatically, contradicting the current cautious outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as it follows a pattern of missed expectations, and investors are looking for signs of recovery.

Bull Confirmed If

An EPS of $0.45 or higher would confirm the bull case and suggest a turnaround in performance.

Bear Confirmed If

An EPS below $0.35 would confirm the bear case and raise concerns about the company's profitability.

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 Plains All American beats expectations, history suggests the stock could see a modest increase, confirming a positive turnaround.

In-Line / Cautious

An in-line report may lead to a muted reaction, as investors remain cautious about the company's future outlook.

Miss

If the company misses again, history suggests a potential decline of around 2.75%, further eroding investor confidence.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational improvements or cost management strategies.
2Details on revenue growth trends and specific segments driving performance.
3Management's outlook on market conditions and how they plan to navigate challenges.
4Insights into customer demand and any changes in contracts or partnerships.
5Any commentary on future capital expenditures and investment plans.

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AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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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 critical indicator of the company's profitability and financial health, which investors closely monitor.

N/A

Revenue Growth

Revenue growth reflects the company's ability to increase sales and manage operational efficiency, which is vital in the competitive energy sector.

N/A

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, missing estimates by nearly 4%. The stock declined by 1.67% the following day, indicating investor disappointment.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, Wall Street is cautious about Plains All American's upcoming earnings, especially given its recent history of missing EPS estimates.

Bull Case

If the company can exceed expectations and show strong revenue growth, it could signal a recovery and boost investor confidence.

Bear Case

Conversely, if the company continues to miss expectations, it could lead to further declines in stock price and investor sentiment.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be this quarter, and will it meet or exceed expectations?

Given the company's recent history of missing EPS estimates, this will be a key indicator of its financial health and market confidence.

How is revenue growth trending compared to previous quarters?

Revenue growth is crucial for assessing the company's operational efficiency and ability to adapt to market conditions.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating Plains All American's potential for recovery, as recent operational improvements could lead to better-than-expected results.

Supporting Evidence

The options market is pricing a 3.76% move, suggesting that traders expect volatility, which could indicate a surprise.

The company's historical EPS performance shows a pattern of rebounds following missed estimates, indicating potential for recovery.

Key Risk

If the EPS comes in above $0.45, it could shift sentiment dramatically, contradicting the current cautious outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as it follows a pattern of missed expectations, and investors are looking for signs of recovery.

Bull Confirmed If

An EPS of $0.45 or higher would confirm the bull case and suggest a turnaround in performance.

Bear Confirmed If

An EPS below $0.35 would confirm the bear case and raise concerns about the company's profitability.

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 Plains All American beats expectations, history suggests the stock could see a modest increase, confirming a positive turnaround.

In-Line / Cautious

An in-line report may lead to a muted reaction, as investors remain cautious about the company's future outlook.

Miss

If the company misses again, history suggests a potential decline of around 2.75%, further eroding investor confidence.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational improvements or cost management strategies.
2Details on revenue growth trends and specific segments driving performance.
3Management's outlook on market conditions and how they plan to navigate challenges.
4Insights into customer demand and any changes in contracts or partnerships.
5Any commentary on future capital expenditures and investment plans.