---
schema_version: "secwatch.filing_event.v1"
accession: "0001070423-26-000017"
form_type: "8-K"
ticker: "PAA"
cik: "0001070423"
company_name: "PLAINS ALL AMERICAN PIPELINE LP"
filed_at: "2026-05-08T23:59:59+00:00"
generated_at: "2026-05-14T19:41:31.088298+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Plains All American Q1 net income $152M; raises 2026 EBITDA midpoint by $130M

## Summary
- Q1 GAAP net income $152M ($0.14/unit) vs $443M YoY; adjusted net income $325M ($0.39/unit).
- Q1 Adjusted EBITDA attributable to PAA $730M ($852M total); declared $0.4175/unit distribution (10% increase).
- Raises FY 2026 Adj. EBITDA guidance midpoint to $2.880B (+$130M); growth capex $350M, maintenance $185M.
- Pro forma leverage 4.1x; targeting 3.25-3.75x after closing NGL divestiture to Keyera (expected May 2026).
- FY 2026 Adjusted Free Cash Flow guidance raised to ~$1.850B (excl. NGL proceeds and working capital changes).

## SEC filing metadata
- accession: 0001070423-26-000017
- form_type: 8-K
- ticker: PAA
- cik: 0001070423
- company_name: PLAINS ALL AMERICAN PIPELINE LP
- filed_at: 2026-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1070423/000107042326000017/0001070423-26-000017-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1070423/000107042326000017/paa-20260508.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001070423-26-000017
- JSON: https://secwatch.observer/filing/0001070423-26-000017.json
- Plain text: https://secwatch.observer/filing/0001070423-26-000017.txt

## Source-grounded claims
- claim_id: c4f6eae377520e85c0f3ac2201d0017b233d8803
  claim: PLAINS ALL AMERICAN PIPELINE LP reported first-quarter 2026 results: net income Net income attributable to PAA of $152 million, EPS $0.14. Guidance raised.
  evidence_excerpt: PAGP) today reported first-quarter 2026 results and raised full-year 2026 Adjusted EBITDA Guidance. First-Quarter 2026 Results • First-quarter Net income attributable to PAA of $152 million and Net cash provided by operating activities of $418 million • Delivered first-quarter Adjusted EBITDA attributable to PAA of $730 million • Pro forma leverage ratio of 4.1x at
  evidence_url: https://www.sec.gov/Archives/edgar/data/1070423/000107042326000017/0001070423-26-000017-index.htm

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