---
schema_version: "secwatch.filing_event.v1"
accession: "0001581990-26-000015"
form_type: "8-K"
ticker: "PAGP"
cik: "0001581990"
company_name: "PLAINS GP HOLDINGS LP"
filed_at: "2026-05-08T23:59:59+00:00"
generated_at: "2026-05-14T21:05:48.046241+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001581990-26-000015
- form_type: 8-K
- ticker: PAGP
- cik: 0001581990
- company_name: PLAINS GP HOLDINGS LP
- filed_at: 2026-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/0001581990-26-000015-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1581990/000158199026000015/pagp-20260508.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001581990-26-000015
- JSON: https://secwatch.observer/filing/0001581990-26-000015.json
- Plain text: https://secwatch.observer/filing/0001581990-26-000015.txt

## Source-grounded claims
- claim_id: e2aec54986f6d7c3348fff482752d724dc75fda6
  claim: PLAINS GP HOLDINGS LP reported First-Quarter 2026 results: net income $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/1581990/000158199026000015/0001581990-26-000015-index.htm

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