Equity Profile

PAA

Plains All American Pipeline, L.P.

EnergyOil & Gas Storage & Transportation$15.9B

May8Fri

Post-Earnings Recap

ReportedQ1-2026Pre-Market7:30 AM EDT

Plains All American Pipeline Misses on EPS, Stock Down 0.25%

Metric	Actual	Expected	Surprise
EPS	$0.39	$0.42	-3.94%
Revenue	—	$11.6B	—

management commentary, guidance changes, and full analysis available with Pro.

Plains All American Pipeline Misses on EPS, Stock Down 0.25%

Key Numbers

Metric	Actual	Expected	Surprise
EPS	$0.39	$0.42	-3.94%
Revenue	—	$11.6B	—

Management Commentary

Tone: Unknown

No transcript is on record, and the analysis is based on numerical results only.

What It Means

Plains All American Pipeline reported lower-than-expected earnings per share for Q1-2026, which contributed to a slight decline in its stock price by 0.25%. The revenue figure was not disclosed, making it difficult to assess overall performance. Investors may be cautious as the company did not provide any guidance for future quarters.

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

EPS

Earnings per share is a critical indicator of profitability and is closely watched by investors.

0.42

Revenue

Total revenue reflects the company's ability to generate sales and is essential for assessing overall performance.

11.6B

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

Original Pre-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 be influenced by fluctuations in oil prices and demand for energy infrastructure.

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 Q4-2025, Plains All American reported an EPS of $0.40, missing expectations of $0.47. The stock reacted negatively, dropping 2.85% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect PAA to report an EPS of $0.42 and revenue of $11.6 billion for Q1-2026. The stock has shown mixed reactions to earnings reports in the past.

Bull Case

If PAA beats EPS estimates and shows strong revenue growth, it could signal improved operational efficiency and increased demand for its services, potentially boosting investor confidence.

Bear Case

Conversely, if the company misses expectations again, it may raise concerns about its profitability and operational challenges, leading to further stock price declines.

Key Metrics to Watch

EPS

0.42

Earnings per share is a critical indicator of profitability and is closely watched by investors.

Revenue

11.6B

Total revenue reflects the company's ability to generate sales and is essential for assessing overall performance.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will the EPS exceed $0.42, indicating a turnaround in profitability?

A beat on EPS could signal improved operational performance and investor confidence, especially after recent misses.

What is the revenue outlook for the upcoming quarters?

Understanding revenue trends will help gauge demand for PAA's services and its ability to navigate market volatility.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the potential for PAA to recover from recent earnings misses, as operational improvements could lead to better-than-expected results.

Supporting Evidence

The stock has shown resilience in the past, bouncing back from earnings misses.

Options pricing suggests a moderate move, indicating that the market may not fully account for potential upside.

Recent trends in oil prices could positively impact revenue, which the consensus might not fully reflect.

Key Risk

If PAA reports an EPS above $0.45, it could significantly challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as PAA has struggled with earnings misses in recent quarters, and the market is watching closely for signs of recovery.

Bull Confirmed If

An EPS of $0.45 or higher would confirm a bullish outlook and indicate strong operational performance.

Bear Confirmed If

An EPS below $0.25 would reinforce concerns about profitability and operational challenges.

Pre-Earnings Positioning

Options Market

Implied Move

±2.25%

Historical Avg

±2.1%

In line with history

The options market is pricing in a move of approximately 2.25%, indicating some uncertainty around the earnings report.

Options are pricing ±2.2% while PAA has averaged ±2.1% over the last 8 prints — setup is roughly in line with history.

Detail

ATM IV

0.5%

30d HV

22.4%

Calls (203K)P/C Ratio: 0.40Puts (52K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If PAA beats expectations, history suggests the stock could rise by around 1% on the first day, confirming a positive turnaround.

In-Line / Cautious

If results are in line with expectations, the stock may experience minimal movement as investors await further guidance.

Miss

Should PAA miss expectations again, the stock could drop by about 3% based on historical reactions to earnings misses.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational efficiency improvements.
2Insights into demand trends for oil and gas transportation.
3Management's outlook on future revenue growth.
4Comments on cost management strategies.
5Any changes in market conditions affecting the energy sector.

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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

EPS

Earnings per share is a critical indicator of profitability and is closely watched by investors.

0.42

Revenue

Total revenue reflects the company's ability to generate sales and is essential for assessing overall performance.

11.6B

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

Original Pre-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 Q4-2025, Plains All American reported an EPS of $0.40, missing expectations of $0.47. The stock reacted negatively, dropping 2.85% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect PAA to report an EPS of $0.42 and revenue of $11.6 billion for Q1-2026. The stock has shown mixed reactions to earnings reports in the past.

Bull Case

If PAA beats EPS estimates and shows strong revenue growth, it could signal improved operational efficiency and increased demand for its services, potentially boosting investor confidence.

Bear Case

Conversely, if the company misses expectations again, it may raise concerns about its profitability and operational challenges, leading to further stock price declines.

Key Metrics to Watch

EPS

0.42

Earnings per share is a critical indicator of profitability and is closely watched by investors.

Revenue

11.6B

Total revenue reflects the company's ability to generate sales and is essential for assessing overall performance.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will the EPS exceed $0.42, indicating a turnaround in profitability?

A beat on EPS could signal improved operational performance and investor confidence, especially after recent misses.

What is the revenue outlook for the upcoming quarters?

Understanding revenue trends will help gauge demand for PAA's services and its ability to navigate market volatility.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the potential for PAA to recover from recent earnings misses, as operational improvements could lead to better-than-expected results.

Supporting Evidence

The stock has shown resilience in the past, bouncing back from earnings misses.

Options pricing suggests a moderate move, indicating that the market may not fully account for potential upside.

Recent trends in oil prices could positively impact revenue, which the consensus might not fully reflect.

Key Risk

If PAA reports an EPS above $0.45, it could significantly challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as PAA has struggled with earnings misses in recent quarters, and the market is watching closely for signs of recovery.

Bull Confirmed If

An EPS of $0.45 or higher would confirm a bullish outlook and indicate strong operational performance.

Bear Confirmed If

An EPS below $0.25 would reinforce concerns about profitability and operational challenges.

Pre-Earnings Positioning

Options Market

Implied Move

±2.25%

Historical Avg

±2.1%

In line with history

The options market is pricing in a move of approximately 2.25%, indicating some uncertainty around the earnings report.

Options are pricing ±2.2% while PAA has averaged ±2.1% over the last 8 prints — setup is roughly in line with history.

Detail

ATM IV

0.5%

30d HV

22.4%

Calls (203K)P/C Ratio: 0.40Puts (52K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If PAA beats expectations, history suggests the stock could rise by around 1% on the first day, confirming a positive turnaround.

In-Line / Cautious

If results are in line with expectations, the stock may experience minimal movement as investors await further guidance.

Miss

Should PAA miss expectations again, the stock could drop by about 3% based on historical reactions to earnings misses.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational efficiency improvements.
2Insights into demand trends for oil and gas transportation.
3Management's outlook on future revenue growth.
4Comments on cost management strategies.
5Any changes in market conditions affecting the energy sector.