Plains All American Pipeline, L.P. (NASDAQ:PAA) reported mixed first-quarter 2026 results on Friday, as revenue topped Wall Street expectations while earnings came in slightly below estimates.

The midstream energy company posted revenue of $12.47 billion, ahead of analyst estimates of $11.49 billion. Adjusted earnings came in at 39 cents per unit, missing consensus estimates of 41 cents.

Profitability And Cash Flow Decline Year Over Year

Net income attributable to PAA declined to $152 million from $443 million in the prior-year quarter.

Operating cash flow fell to $418 million from $639 million a year earlier, while adjusted EBITDA attributable to PAA slipped to $730 million from $754 million in the same period last year.

Distribution Yield Remains Attractive

The company paid a quarterly distribution of $0.4175 per unit, or $1.67 on an annualized basis, implying a yield of about 7.5%.

Plains All American Raises 2026 EBITDA Outlook

For 2026, Plains All American raised the midpoint of its adjusted EBITDA guidance attributable to PAA by $130 million to $2.88 billion, plus or minus $75 million, citing a stronger oil market backdrop and continued NGL contributions through May 2026.

Growth capital spending remained unchanged at $350 million, while maintenance capital spending was increased to $185 million due to continued ownership of NGL assets through May.

The company also increased its 2026 adjusted free cash flow outlook to about $1.85 billion, excluding changes in assets and liabilities and expected proceeds from the planned NGL divestiture.

Management Focuses On NGL Sale And Cost Efficiencies

"We remain focused on executing key initiatives in 2026, including closing the pending NGL sale and realizing $100 million of contribution between Cactus III synergies and capturing efficiencies across our system," Chairman, President and CEO Willie Chiang said in a statement.

Plains All American Stock Performance

PAA Price Action: Plains All American shares were down 0.25% at $22.03 at the time of publication on Friday, according to Benzinga Pro data.

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