Equity Profile

PAGP

Plains GP Holdings, L.P.

EnergyOil & Gas Storage & Transportation$5.0B

Aug7Fri

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Plains GP Holdings, L.P. (PAGP) operates in the energy sector, focusing on oil and gas storage and transportation....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will help gauge the company's financial health this quarter.

N/A

Revenue

Revenue figures will provide insight into the company's operational performance and market demand for its services.

N/A

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

PAGP Q2-2026 Earnings Preview

Context

Company Snapshot

Plains GP Holdings, L.P. (PAGP) operates in the energy sector, focusing on oil and gas storage and transportation. The company plays a crucial role in the energy supply chain, facilitating the movement of crude oil and natural gas across North America.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

25%

Avg EPS Surprise

-38.13%

Avg Stock Reaction

-1.98%

Last Quarter Recap

In Q1-2026, PAGP reported an EPS of $0.10, significantly missing estimates by 83.74%. The stock reacted negatively, declining 1.86% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautious ahead of the upcoming earnings report, especially after the significant misses in the last two quarters. There is uncertainty about whether the company can recover and meet expectations this time.

Bull Case

If PAGP can demonstrate improved operational efficiency and better market conditions, it could surprise investors with a positive earnings report, leading to a rebound in stock price.

Bear Case

Continued poor performance or another earnings miss could further erode investor confidence, leading to a decline in stock value.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for Q2-2026?

Given the significant misses in the previous quarters, the EPS figure will be crucial in determining if the company is on a recovery path.

What revenue figures can we expect this quarter?

Revenue will provide insights into the demand for PAGP's services and its ability to generate income in a challenging market.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for a recovery in operational performance, as recent market conditions have improved.

Supporting Evidence

Options are pricing a 3.62% move, but the stock has only averaged 1.98% in historical moves, suggesting a potential overreaction.

The put/call ratio indicates a significant amount of hedging, which may not align with the optimistic outlook some investors have.

The historical trend shows that even with misses, the stock has not moved drastically, indicating potential stability.

Key Risk

If EPS comes in above $0.30, it could challenge the current bearish sentiment and shift investor expectations.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around whether PAGP can turn around its recent performance and meet or exceed expectations.

Bull Confirmed If

An EPS of $0.30 or higher would indicate a strong recovery and improved operational performance.

Bear Confirmed If

An EPS below $0.10 would confirm ongoing struggles and could lead to further declines in stock price.

Pre-Earnings Positioning

Options Market

Implied Move

±3.62%

Historical Avg

±2.0%

Pricing rich

The options market is pricing in a potential move of about 3.62%, indicating that traders expect some volatility around the earnings announcement.

Options are pricing ±3.6% while PAGP has averaged ±2.0% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.2%

30d HV

24.6%

Calls (71K)P/C Ratio: 11.82Puts (237K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If PAGP beats expectations, history suggests the stock could see a positive reaction, averaging a 1-day move of around -2.04%.

In-Line / Cautious

If results are in line with expectations, the stock may react cautiously, reflecting ongoing uncertainty in the market.

Miss

Should the company miss again, history suggests a potential average decline of 1.95% in the stock price.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational improvements or cost-cutting measures.
2Details on market demand for oil and gas transportation services.
3Management's outlook on future earnings and revenue growth.
4Responses to questions about the impact of recent market conditions on performance.
5Any commentary on strategic initiatives or partnerships that could enhance growth.

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Company Snapshot

Plains GP Holdings, L.P. (PAGP) operates in the energy sector, focusing on oil and gas storage and transportation....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will help gauge the company's financial health this quarter.

N/A

Revenue

Revenue figures will provide insight into the company's operational performance and market demand for its services.

N/A

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

PAGP Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

25%

Avg EPS Surprise

-38.13%

Avg Stock Reaction

-1.98%

Last Quarter Recap

In Q1-2026, PAGP reported an EPS of $0.10, significantly missing estimates by 83.74%. The stock reacted negatively, declining 1.86% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If PAGP can demonstrate improved operational efficiency and better market conditions, it could surprise investors with a positive earnings report, leading to a rebound in stock price.

Bear Case

Continued poor performance or another earnings miss could further erode investor confidence, leading to a decline in stock value.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for Q2-2026?

Given the significant misses in the previous quarters, the EPS figure will be crucial in determining if the company is on a recovery path.

What revenue figures can we expect this quarter?

Revenue will provide insights into the demand for PAGP's services and its ability to generate income in a challenging market.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for a recovery in operational performance, as recent market conditions have improved.

Supporting Evidence

Options are pricing a 3.62% move, but the stock has only averaged 1.98% in historical moves, suggesting a potential overreaction.

The put/call ratio indicates a significant amount of hedging, which may not align with the optimistic outlook some investors have.

The historical trend shows that even with misses, the stock has not moved drastically, indicating potential stability.

Key Risk

If EPS comes in above $0.30, it could challenge the current bearish sentiment and shift investor expectations.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around whether PAGP can turn around its recent performance and meet or exceed expectations.

Bull Confirmed If

An EPS of $0.30 or higher would indicate a strong recovery and improved operational performance.

Bear Confirmed If

An EPS below $0.10 would confirm ongoing struggles and could lead to further declines in stock price.

Pre-Earnings Positioning

Options Market

Implied Move

±3.62%

Historical Avg

±2.0%

Pricing rich

The options market is pricing in a potential move of about 3.62%, indicating that traders expect some volatility around the earnings announcement.

Options are pricing ±3.6% while PAGP has averaged ±2.0% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.2%

30d HV

24.6%

Calls (71K)P/C Ratio: 11.82Puts (237K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If PAGP beats expectations, history suggests the stock could see a positive reaction, averaging a 1-day move of around -2.04%.

In-Line / Cautious

If results are in line with expectations, the stock may react cautiously, reflecting ongoing uncertainty in the market.

Miss

Should the company miss again, history suggests a potential average decline of 1.95% in the stock price.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational improvements or cost-cutting measures.
2Details on market demand for oil and gas transportation services.
3Management's outlook on future earnings and revenue growth.
4Responses to questions about the impact of recent market conditions on performance.
5Any commentary on strategic initiatives or partnerships that could enhance growth.