Plains All American Pipeline LP (PAA) · Nov 6, 2026 · Earnings

PAA earnings keep 2026 guidance on track as new growth lands

Guidance reaffirmed — Q3 adjusted EBITDA attributable to PAA $711M; FY guide $2.88B ±$50M

Plains All American’s third-quarter earnings kept 2026 guidance intact while balance-sheet changes, Permian expansion and Silver Creek add future growth.

Plains is now a more focused crude-oil midstream operator after selling its Canadian NGL business, using the proceeds to reduce leverage while rebuilding growth around its Permian and Rockies systems. Its prior plan already called for roughly $2.88 billion of 2026 adjusted EBITDA and leverage inside a 3.25x–3.75x target range.

The quarter was operationally healthy, but not a guidance reset. Adjusted EBITDA attributable to PAA rose 6% year over year to $711 million, helped by Cactus III, higher Permian volumes and optimization, while the company said it remains on track for its full-year target. That is a solid execution update versus the standing plan, but because guidance was reaffirmed rather than raised, this is progress—not a major upside surprise. The filing says, “Third-quarter 2026 Adjusted EBITDA attributable to PAA increased 6% versus comparable 2025 results.” 〔0〕

Figure	Q3 2026	Q3 2025	FY 2026 guide
Adjusted EBITDA attributable to PAA (Financial Summary)	$711M (+6%)	$669M	$2.88B ±$50M
Implied DCF per common unit (DCF reconciliation)	$0.67 (+10%)	$0.61
Distribution coverage ratio (DCF reconciliation)	1.61x	1.61x
Distribution per common unit (Financial Summary)	$0.4175 (+10%)	$0.3800
Total debt (Debt table)	$9.92B (-11.9%)	$11.26B

The balance sheet is improving, although the financing mix changed. Total debt fell by about $1.34 billion from year-end, and the preferred-unit redemptions should improve cash flow available to common unitholders by roughly $60 million annually, according to management. The tradeoff is that the company replaced part of the preferred capital with $1.5 billion of junior subordinated notes, leaving pro forma leverage around 3.6x—still within the stated target range, but above the 3.3x reported after the second quarter.

The more important business change is future crude-oil growth. Plains closed the previously announced $585 million Silver Creek acquisition, adding Powder River gathering and storage assets that connect with its existing Rockies network. It also expanded its Permian joint-venture gathering footprint by about 270,000 dedicated acres under 10-year agreements, with estimated gross volumes of roughly 225,000 barrels per day beginning in the fourth quarter of 2027. Those developments were largely announced before this filing, so the filing confirms execution and extends the growth runway rather than introducing a surprise. The filing says, “Closed the previously announced acquisition of a Powder River Basin gathering system and related assets (“Silver Creek”) from subsidiaries of Tailwater Capital and The Energy & Minerals Group on October 1st, for aggregate cash consideration of approximately $585million.” The filing also says, “Expanding the Permian JV gathering system adding ~270,000 dedicated acres in the Midland Basin supported by 10-year agreements with a large integrated producer with estimated gross volumes of ~225mbbl/d commencing in the fourth quarter of 2027 with opportunity for future growth.”

Bottom line: This is a modestly constructive update: execution is holding up, leverage is moving lower and the crude-oil growth platform is expanding. It matters more as confirmation that the post-NGL-sale strategy is working than as a fresh earnings surprise, because full-year guidance stayed unchanged and the headline cash-flow surge includes divestiture proceeds.ں

What to watch next

Permian JV volumes begin in Q4 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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PAA earnings keep 2026 guidance on track as new growth lands

What to watch next

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