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 critical measure of profitability and will indicate how well the company is managing its costs and revenues.

N/A

Revenue Growth

Revenue growth will provide insight into the demand for oil and gas transportation services and the overall health of the energy market.

N/A

1 more metrics, 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's infrastructure is crucial for moving energy products efficiently, making it a key player in the energy supply chain.

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 expectations of $0.61, which led to a stock decline of 1.86% the next day. The company continues to face challenges in meeting earnings estimates.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall expectations for PAGP are cautious given the recent earnings misses and lack of guidance. Investors are looking for signs of recovery in profitability and revenue.

Bull Case

If PAGP can demonstrate improved operational efficiency and a rebound in demand for oil and gas transportation, it could lead to a significant recovery in earnings and stock price.

Bear Case

Continued earnings misses and weak revenue growth could further erode investor confidence, leading to additional stock price declines.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported EPS for Q2-2026?

A significant improvement in EPS could indicate a turnaround in profitability and boost investor confidence.

How is the company addressing operational challenges?

Management's commentary on operational improvements could provide insights into future performance and growth potential.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for a rebound in oil demand, which could positively impact PAGP's revenue and profitability.

Supporting Evidence

Options are pricing a 3.62% move, but the stock has averaged only 1.98% over the last 8 quarters, suggesting potential overreaction.

The recent trend in oil prices indicates a possible increase in demand for transportation services, which could benefit PAGP.

Key Risk

If oil prices rise significantly, it could lead to a sharp increase in revenue, 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 series of earnings misses, and the market is keen to see if PAGP can turn things around.

Bull Confirmed If

An EPS of $0.30 or higher would confirm the bull case, indicating a recovery in profitability.

Bear Confirmed If

An EPS below $0.10 would confirm the bear case, suggesting ongoing operational struggles.

Pre-Earnings Positioning

Options Market

Implied Move

±3.62%

Historical Avg

±2.0%

Pricing rich

The options market is pricing in a move of about 3.62%, suggesting 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 a potential stock increase of around 2% on the first day, confirming a positive trend.

In-Line / Cautious

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

Miss

If PAGP misses again, history suggests a potential decline of about 2% on the first day, which could further shake investor confidence.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational improvements and cost management strategies.
2Insights into demand trends for oil and gas transportation services.
3Management's outlook on future earnings and revenue growth.
4Responses to recent earnings misses and plans for recovery.
5Any changes in capital expenditure plans or investments in infrastructure.

See the full picture

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

No charge today · Auto-bills $8/mo after 7 days · Cancel anytime

More Earnings This Week

5 Reports

BP p.l.c.

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 critical measure of profitability and will indicate how well the company is managing its costs and revenues.

N/A

Revenue Growth

Revenue growth will provide insight into the demand for oil and gas transportation services and the overall health of the energy market.

N/A

1 more metrics, 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

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall expectations for PAGP are cautious given the recent earnings misses and lack of guidance. Investors are looking for signs of recovery in profitability and revenue.

Bull Case

If PAGP can demonstrate improved operational efficiency and a rebound in demand for oil and gas transportation, it could lead to a significant recovery in earnings and stock price.

Bear Case

Continued earnings misses and weak revenue growth could further erode investor confidence, leading to additional stock price declines.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported EPS for Q2-2026?

A significant improvement in EPS could indicate a turnaround in profitability and boost investor confidence.

How is the company addressing operational challenges?

Management's commentary on operational improvements could provide insights into future performance and growth potential.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for a rebound in oil demand, which could positively impact PAGP's revenue and profitability.

Supporting Evidence

Options are pricing a 3.62% move, but the stock has averaged only 1.98% over the last 8 quarters, suggesting potential overreaction.

The recent trend in oil prices indicates a possible increase in demand for transportation services, which could benefit PAGP.

Key Risk

If oil prices rise significantly, it could lead to a sharp increase in revenue, 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 series of earnings misses, and the market is keen to see if PAGP can turn things around.

Bull Confirmed If

An EPS of $0.30 or higher would confirm the bull case, indicating a recovery in profitability.

Bear Confirmed If

An EPS below $0.10 would confirm the bear case, suggesting ongoing operational struggles.

Pre-Earnings Positioning

Options Market

Implied Move

±3.62%

Historical Avg

±2.0%

Pricing rich

The options market is pricing in a move of about 3.62%, suggesting 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 a potential stock increase of around 2% on the first day, confirming a positive trend.

In-Line / Cautious

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

Miss

If PAGP misses again, history suggests a potential decline of about 2% on the first day, which could further shake investor confidence.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational improvements and cost management strategies.
2Insights into demand trends for oil and gas transportation services.
3Management's outlook on future earnings and revenue growth.
4Responses to recent earnings misses and plans for recovery.
5Any changes in capital expenditure plans or investments in infrastructure.