Plains ALL American Pipeline (PAA) Q3 FY2026 earnings: revenue $15.2 billion, up 31.1% on the year

Plains ALL American Pipeline LP (PAA) announced its results for Q3 FY2026, the quarter ended 30 September 2026, on 6 November 2026. Revenue was $15.2 billion, up 31.1% on the same quarter a year earlier. Net income was $363 million, down 17.7% on the year. The figures are from the company's earnings press release; the 10-Q with the full statements is not filed yet, and this page fills in when it is.

Revenue

$15.2 billion

+31.1% on the year · -14.2% on the quarter

Q4 FY2024Q3 FY2026

Net income

$363 million

-17.7% on the year · -80.2% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

n/a

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Adjusted EBITDA attributable to PAA up 6%: Third-quarter Adjusted EBITDA attributable to PAA was $711 million, up from $669 million. The nine-month figure was $2,179 million, up 4% from $2,095 million.
Net income and operating cash flow declined: Net income attributable to PAA was $363 million versus $441 million. Diluted net loss per unit was $(0.06) versus earnings of $0.55. Operating cash flow was $669 million versus $817 million.
Cactus III and Permian volumes drove gains: Management cited the Cactus III contribution, pipeline volume growth from Permian production, and market and optimization initiatives as favorable factors, partly offset by other items.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Revenue	15,173	17,693	11,578	+31.1%
Net income	363	1,830	441	-17.7%

$ million except per share.

Q3 FY2026 is from the company's press release of 6 November 2026; the other columns are from its 10-Q and 10-K filings. A release figure is shown when the release's own figure for an earlier quarter matches the filed one, so the line and its units are read right; diluted EPS will come with the 10-Q.

Quarterly results, the last 20 quarters filed

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	10,776	12,989	13,694	16,359	14,336	12,953	12,341	11,602	12,071	12,698	11,639	12,757	12,456	12,035	11,477	10,642	11,578	10,565	12,470	17,693
Cost of revenue	10,074	11,761	12,785	15,324	13,071	11,996	11,323	10,544	11,106	11,558	10,917	11,858	11,557	11,228	10,517	9,758	10,585	9,329	11,493	16,556
Gross profit	702	1,228	909	1,035	1,265	957	1,018	1,058	965	1,140	722	899	899	807	960	884	993	1,236	977	1,137
Gross margin	7%	9%	7%	6%	9%	7%	8%	9%	8%	9%	6%	7%	7%	7%	8%	8%	9%	12%	8%	6%
Operating income	-38.0	599	293	411	626	-38.0	473	378	234	425	356	332	196	-16.0	356	239	484	355	405	398
Operating margin	-0%	5%	2%	3%	4%	-0%	4%	3%	2%	3%	3%	3%	2%	-0%	3%	2%	4%	3%	3%	2%
Interest expense	106	105	107	99.0	99.0	100	98.0	95.0	97.0	96.0	95.0	111	113	111	127	133	135	159	167	153
Pre-tax income	-85.0	585	246	298	551	322	528	392	265	438	365	350	206	166	389	231	459	n/a	335	376
Tax rate	n/a	15%	9%	16%	20%	4%	10%	11%	-5%	9%	4%	15%	4%	28%	2%	2%	1%	n/a	0%	27%
Net income	-59.0	450	187	203	384	263	422	293	203	312	266	250	220	36.0	443	210	441	342	152	1,830
Net margin	-1%	3%	1%	1%	3%	2%	3%	3%	2%	2%	2%	2%	2%	0%	4%	2%	4%	3%	1%	10%
Diluted EPS	n/a	$0.56	n/a	n/a	n/a	$210.00	n/a	n/a	n/a	$248.00	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating cash flow	335	635	340	792	942	334	743	888	85.0	1,011	419	653	691	727	639	694	817	786	418	955
Capital expenditure	75.0	79.0	101	89.0	122	143	122	145	137	155	157	139	157	166	140	119	185	n/a	130	138
Free cash flow	260	556	239	703	820	191	621	743	-52.0	856	262	514	534	561	499	575	632	n/a	288	817
Buybacks	64.0	61.0	25.0	49.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a
Shares outstanding	711m	705m	703m	698m	698m	698m	698m	698m	701m	701m	701m	701m	704m	706m	703m	703m	705m	706m	706m	706m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Earnings press release for the quarter ended 30 September 2026, filed with the SEC on 6 November 2026 with a Form 8-K: the release.