$PAA · PLAINS ALL AMERICAN PIPELINE LP
PAA filed its 10-Q for the quarter ended September 30, 2026. Revenue rose 31.1% YoY to $15.173B, but net income attributable to PAA fell 18% to $363M (from $441M), driven by a $68M impairment on unconsolidated investments and a swing in asset-sale gains. Basic/diluted EPS was -$0.06 versus $0.55 a year ago, with continuing-operations EPS of -$0.12. The company completed the repurchase of all Series A preferred units ($1.687B) and recorded $1.588B of income from discontinued operations (Canadian NGL divestiture) for the nine months.
- Revenue rose 31.1% YoY to $15.173B in Q3 FY2026.
- Net income attributable to PAA fell 18% YoY to $363M.
- Basic/diluted EPS was -$0.06 versus $0.55 a year ago.
- A $68M impairment on unconsolidated investments hit Q3 results.
- All Series A preferred units were repurchased for $1.687B during the nine months.
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A 31% revenue surge that still produced an 18% earnings decline and negative EPS highlights how non-cash items and capital-structure moves are reshaping PAA's income statement.
Midstream peers are benefiting from higher volumes and commodity price differentials, but PAA's merchant-heavy model exposes it to impairment and margin volatility that pure-play fee-based operators avoid.
The $68M impairment on unconsolidated investments and swing from a $92M gain to an $8M loss on asset sales show earnings sensitivity to non-cash items. Merchant activities remain exposed to commodity price differentials and time spreads.