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 key indicator of profitability, and investors will look for signs of growth or decline compared to previous quarters.

N/A

Revenue Growth

Revenue is essential for assessing the company's operational performance and market demand for its services.

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 $16 billion, the company plays a crucial role in the energy supply chain, especially as global energy demand continues to evolve.

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 3.94%. The stock reacted negatively, dropping 1.67% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall expectations for PAA's upcoming earnings are cautious, given recent earnings misses and market volatility in the energy sector.

Bull Case

If PAA can show improved operational efficiency and better-than-expected revenue growth, it may regain investor confidence and see a positive stock reaction.

Bear Case

Conversely, if the company continues to miss earnings estimates and fails to provide clear guidance, it could face further declines in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q2-2026, and how does it compare to previous quarters?

Given the recent trend of missing estimates, the EPS figure will be crucial for assessing the company's recovery potential.

What insights can management provide on revenue growth and operating margins?

Understanding revenue trends and cost management will help investors gauge the company's overall health and future prospects.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for a rebound in PAA's operational efficiency, especially given the recent volatility in energy prices.

Supporting Evidence

Options are pricing a 3.76% move, indicating expectations for volatility that may not align with actual performance.

PAA has historically shown resilience after earnings misses, with potential for recovery in subsequent quarters.

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.

This quarter's results are critical as they will indicate whether PAA can stabilize its earnings after recent misses.

Bull Confirmed If

An EPS of $0.45 or higher would confirm a positive outlook and suggest improved operational performance.

Bear Confirmed If

An EPS below $0.35 would reinforce concerns about the company's profitability and market position.

Pre-Earnings Positioning

Options Market

Implied Move

±3.76%

Historical Avg

±2.1%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect volatility 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)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich setup in Energy

n=30

Fade rate: 17 of 29 (59%)

This setup has occurred 30 times across Energy in the last 2 years. 17 of 29 faded and 12 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 3.5%, with a raw directional average of +0.1% (roughly flat historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If PAA beats expectations, history suggests the stock could see a modest increase, confirming a turnaround in performance.

In-Line / Cautious

If results are in line with expectations, the stock may remain stable, but cautious commentary could lead to volatility.

Miss

If PAA 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 cost management strategies and their impact on operating margins.
2Insights into demand trends for oil and gas transportation services.
3Management's outlook on future capital expenditures and growth initiatives.
4Details on how recent market conditions are affecting revenue streams.
5Any commentary on regulatory changes that could impact operations.

See the full picture

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 key indicator of profitability, and investors will look for signs of growth or decline compared to previous quarters.

N/A

Revenue Growth

Revenue is essential for assessing the company's operational performance and market demand for its services.

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, missing estimates by 3.94%. The stock reacted negatively, dropping 1.67% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall expectations for PAA's upcoming earnings are cautious, given recent earnings misses and market volatility in the energy sector.

Bull Case

If PAA can show improved operational efficiency and better-than-expected revenue growth, it may regain investor confidence and see a positive stock reaction.

Bear Case

Conversely, if the company continues to miss earnings estimates and fails to provide clear guidance, it could face further declines in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q2-2026, and how does it compare to previous quarters?

Given the recent trend of missing estimates, the EPS figure will be crucial for assessing the company's recovery potential.

What insights can management provide on revenue growth and operating margins?

Understanding revenue trends and cost management will help investors gauge the company's overall health and future prospects.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for a rebound in PAA's operational efficiency, especially given the recent volatility in energy prices.

Supporting Evidence

Options are pricing a 3.76% move, indicating expectations for volatility that may not align with actual performance.

PAA has historically shown resilience after earnings misses, with potential for recovery in subsequent quarters.

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.

This quarter's results are critical as they will indicate whether PAA can stabilize its earnings after recent misses.

Bull Confirmed If

An EPS of $0.45 or higher would confirm a positive outlook and suggest improved operational performance.

Bear Confirmed If

An EPS below $0.35 would reinforce concerns about the company's profitability and market position.

Pre-Earnings Positioning

Options Market

Implied Move

±3.76%

Historical Avg

±2.1%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect volatility 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)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich setup in Energy

n=30

Fade rate: 17 of 29 (59%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If PAA beats expectations, history suggests the stock could see a modest increase, confirming a turnaround in performance.

In-Line / Cautious

If results are in line with expectations, the stock may remain stable, but cautious commentary could lead to volatility.

Miss

If PAA 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 cost management strategies and their impact on operating margins.
2Insights into demand trends for oil and gas transportation services.
3Management's outlook on future capital expenditures and growth initiatives.
4Details on how recent market conditions are affecting revenue streams.
5Any commentary on regulatory changes that could impact operations.