Equity Profile

PAA

Plains All American Pipeline, L.P.

EnergyOil & Gas Storage & Transportation$16.6B

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 the company's profitability and financial health.

N/A

Revenue Growth

Revenue growth will help investors gauge demand for PAA's services and overall market conditions.

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 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, PAA reported an EPS of $0.39, which was slightly below the expected $0.41, resulting in a -3.94% surprise. 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 cautious, especially following recent earnings misses. Investors are looking for signs of recovery in profitability and revenue growth.

Bull Case

If PAA can report better-than-expected EPS and show signs of revenue growth, it could signal a turnaround in performance, boosting investor confidence.

Bear Case

Conversely, another earnings miss or weak revenue guidance could lead to further declines in stock price, as investors may lose faith in the company's ability to navigate 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 the previous estimates?

Given the recent trend of earnings misses, the EPS figure will be crucial in determining investor confidence and market reaction.

What guidance will management provide regarding revenue growth for the upcoming quarters?

Clear guidance on revenue growth will help investors assess the company's ability to recover and perform in a challenging market.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating PAA's potential for a rebound in profitability, given the recent stabilization in oil prices and increased demand for transportation services.

Supporting Evidence

Options are pricing a 3.76% move, but the stock has averaged only 2.13% over the last 8 quarters.

The recent trend of earnings misses may not fully reflect the operational improvements PAA has implemented.

Key Risk

If EPS comes in above $0.45, it could significantly shift the market's perception of PAA's recovery potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around whether PAA can turn around its recent earnings performance and provide positive guidance.

Bull Confirmed If

An EPS of $0.45 or higher would confirm the bull case, indicating a strong recovery in profitability.

Bear Confirmed If

An EPS below $0.35 would confirm the bear case, suggesting ongoing struggles in the business.

Pre-Earnings Positioning

Options Market

Implied Move

±3.76%

Historical Avg

±2.1%

Pricing rich

The options market is pricing in a move of about 3.76%, indicating that traders expect some 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 rise by around 2.13%, confirming a positive outlook for the company.

In-Line / Cautious

If results are in line with expectations, the stock may see a muted reaction as investors await further clarity from management.

Miss

A miss could lead to a decline of about 2.75%, as seen in previous quarters, further eroding investor confidence.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational efficiencies that could impact margins.
2Management's commentary on demand trends for oil and gas transportation.
3Insights into cost management strategies in the current market environment.
4Details on any new contracts or partnerships that could drive revenue.
5Guidance on capital expenditures and their expected impact on future growth.

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 the company's profitability and financial health.

N/A

Revenue Growth

Revenue growth will help investors gauge demand for PAA's services and overall market conditions.

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, PAA reported an EPS of $0.39, which was slightly below the expected $0.41, resulting in a -3.94% surprise. 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 cautious, especially following recent earnings misses. Investors are looking for signs of recovery in profitability and revenue growth.

Bull Case

If PAA can report better-than-expected EPS and show signs of revenue growth, it could signal a turnaround in performance, boosting investor confidence.

Bear Case

Conversely, another earnings miss or weak revenue guidance could lead to further declines in stock price, as investors may lose faith in the company's ability to navigate 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 the previous estimates?

Given the recent trend of earnings misses, the EPS figure will be crucial in determining investor confidence and market reaction.

What guidance will management provide regarding revenue growth for the upcoming quarters?

Clear guidance on revenue growth will help investors assess the company's ability to recover and perform in a challenging market.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating PAA's potential for a rebound in profitability, given the recent stabilization in oil prices and increased demand for transportation services.

Supporting Evidence

Options are pricing a 3.76% move, but the stock has averaged only 2.13% over the last 8 quarters.

The recent trend of earnings misses may not fully reflect the operational improvements PAA has implemented.

Key Risk

If EPS comes in above $0.45, it could significantly shift the market's perception of PAA's recovery potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around whether PAA can turn around its recent earnings performance and provide positive guidance.

Bull Confirmed If

An EPS of $0.45 or higher would confirm the bull case, indicating a strong recovery in profitability.

Bear Confirmed If

An EPS below $0.35 would confirm the bear case, suggesting ongoing struggles in the business.

Pre-Earnings Positioning

Options Market

Implied Move

±3.76%

Historical Avg

±2.1%

Pricing rich

The options market is pricing in a move of about 3.76%, indicating that traders expect some 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 rise by around 2.13%, confirming a positive outlook for the company.

In-Line / Cautious

If results are in line with expectations, the stock may see a muted reaction as investors await further clarity from management.

Miss

A miss could lead to a decline of about 2.75%, as seen in previous quarters, further eroding investor confidence.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational efficiencies that could impact margins.
2Management's commentary on demand trends for oil and gas transportation.
3Insights into cost management strategies in the current market environment.
4Details on any new contracts or partnerships that could drive revenue.
5Guidance on capital expenditures and their expected impact on future growth.