Plains All American Q1 net income $152M, down 66% YoY; raises 2026 EBITDA midpoint by $130M to $2.88B

PLAINS GP HOLDINGS LP

Net income attributable to PAA of $152M, down 66% from $443M in Q1 2025; diluted EPS $0.14 vs $0.49.
Adjusted EBITDA attributable to PAA $730M, down 3% YoY; Q1 cash from operations $418M.
Raising 2026 Adjusted EBITDA guidance midpoint by $130M to $2.88B; growth capex $350M, maintenance $185M.
Pro forma leverage 4.1x; expects to return to 3.25-3.75x after closing NGL divestiture (expected May 2026).
NGL sale to Keyera Corp announced June 2025 expected to close May 2026; results include discontinued ops.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PLAINS GP HOLDINGS LP reported First-Quarter 2026 results: net income $152 million, EPS $0.14. Guidance raised.

Period: First-Quarter 2026
Net income: $152 million
EPS: $0.14
Guidance: raised
Result: reported results

Exact text from the filing

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

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Source: SEC EDGAR

accession 0001581990-26-000015

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