SHARPE
Reported results
- Third-quarter 2026 GAAP Net income attributable to PAA was $363 million, compared to $441 million for the third quarter of 2025.
- Third-quarter 2026 GAAP Net cash provided by operating activities was $669 million, compared to $817 million for the third quarter of 2025.
- Third-quarter 2026 non-GAAP Adjusted EBITDA attributable to PAA was $711 million, compared to $669 million for the third quarter of 2025.
- Third-quarter 2026 GAAP Diluted net income/(loss) per common unit was $(0.06), compared to $0.55 for the third quarter of 2025.
- Third-quarter 2026 non-GAAP Diluted adjusted net income/(loss) per common unit was $(0.04), compared to $0.39 for the third quarter of 2025.
Guidance
- On track to deliver full-year 2026 Adjusted EBITDA guidance attributable to PAA of $2.880 billion +/- $50 million.
- Crude Oil growth estimated ~$370 million in 2026 versus 2025, or ~16% (includes full year contribution from Cactus III acquisition).
Notes
On May 12, 2026, PAA completed the sale of its Canadian NGL Business, which met the criteria for classification as held for sale and discontinued operations reporting. Additionally, during the third quarter of 2026, PAA reorganized its Crude Oil and NGL operating and reportable segments into one consolidated segment.
Price and volatility reaction
The stock moved -2.5% on the print. No front-expiry chain was on file, so there is no straddle expected move.
| Measure | Value | Basis |
|---|---|---|
| Close before release | 24.53 | 2026-11-05 |
| Close after release | 23.92 | 2026-11-06 |
| Realised move | -2.5% | close to close |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-11-06 (8-K, Item 2.02). Read the original filing on sec.gov.