---
schema_version: "secwatch.filing_event.v1"
accession: "0001070423-26-000011"
form_type: "8-K"
ticker: "PAA"
cik: "0001070423"
company_name: "PLAINS ALL AMERICAN PIPELINE LP"
filed_at: "2026-02-06T23:59:59+00:00"
generated_at: "2026-05-16T04:01:45.381098+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Plains All American Q4 net income jumps to $342M; raises distribution 10%, guides 2026 EBITDA $2.75B

## Summary
- Q4 net income attributable to PAA $342M vs $36M a year ago; full-year $1.435B, up 86% YoY.
- Adjusted EBITDA attributable to PAA 2025: $2.833B; 2026 guidance midpoint $2.75B (assumes one quarter of NGL contribution).
- Annualized distribution raised $0.15 to $1.67/unit (10% increase); coverage threshold lowered from 160% to 150%.
- Pro forma leverage 3.9x; targeting 3.25x-3.75x after NGL divestiture close expected Q1 2026.
- Expect ~$1.80B adjusted free cash flow in 2026; $100M cost savings initiatives through 2027.

## SEC filing metadata
- accession: 0001070423-26-000011
- form_type: 8-K
- ticker: PAA
- cik: 0001070423
- company_name: PLAINS ALL AMERICAN PIPELINE LP
- filed_at: 2026-02-06T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1070423/000107042326000011/0001070423-26-000011-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1070423/000107042326000011/paa-20260206.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001070423-26-000011
- JSON: https://secwatch.observer/filing/0001070423-26-000011.json
- Plain text: https://secwatch.observer/filing/0001070423-26-000011.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.