Plains Gp Holdings LP (PAGP) · Nov 6, 2026 · Earnings

Plains earnings show cash growth despite PAGP’s GAAP loss

In line — PAA adjusted EBITDA attributable $711M, +6% YoY; FY guide $2.88B ±$75M

Plains earnings show stronger underlying cash generation, lower leverage and new growth projects despite a GAAP loss at the parent.

Plains is a large North American crude-oil midstream operator using its Permian, Rockies and Gulf Coast infrastructure to capture rising producer volumes while simplifying the portfolio after selling its Canadian NGL business. Its previously stated 2026 plan called for roughly $2.88 billion of adjusted EBITDA attributable to PAA, $1.75 billion of adjusted free cash flow excluding the NGL-sale proceeds, and a 3.25x–3.75x leverage range.

The underlying quarter was healthy, not a headline EPS beat. Adjusted EBITDA attributable to PAA rose 6% year over year to $711 million, while implied DCF per common unit increased 10% to $0.67 and distribution coverage held at a solid 1.61x. The filing says the improvement came from Cactus III, higher Permian volumes and optimization activity, partly offset by rate resets and higher operating costs. 〔0〕

Metric	Q3 2026	Q3 2025	FY 2026 guide
Adjusted EBITDA attributable to PAA (Financial Highlights)	$711M (+6%)	$669M	$2.805B–$2.955B
Implied DCF per common unit (DCF reconciliation)	$0.67 (+10%)	$0.61	—
Distribution coverage ratio (DCF reconciliation)	1.61x	1.61x	—
Net cash from operating activities (Cash Flow statement)	$669M (-18%)	$817M	—
Distribution per common unit (Financial Highlights)	$0.4175 (+10%)	$0.3800	—

The GAAP loss is mostly capital-structure accounting, not an operating collapse. PAGP reported a $0.16 diluted loss per Class A share versus $0.41 of earnings a year earlier, but the major drag was the $100 million parent-level impact from PAA’s Series A preferred-unit repurchase. At PAA, the same accounting issue produced a $358 million allocation against common unitholders; continuing operations also weakened modestly, while the prior Canadian NGL business was largely removed from the operating base.

Balance-sheet optimization advances the common-unit story, but it is financed with junior debt. The already-announced $1.5 billion junior subordinated-notes offering and preferred-unit redemptions reduced total debt from $11.3 billion at year-end to $9.9 billion at quarter-end and lowered total debt-to-book capitalization from 53% to 51%. Management now expects roughly $60 million, or $0.09 per unit annually, of distributable-cash-flow accretion. That is a meaningful improvement in the capital stack, though it replaces preferred capital with expensive subordinated debt rather than eliminating leverage.

Growth execution is increasingly visible, but most of the news was already telegraphed. Plains closed the roughly $585 million Silver Creek acquisition on October 1 and added a Permian Midland Basin expansion backed by 10-year agreements, with estimated gross volumes of about 225,000 barrels per day beginning in the fourth quarter of 2027. Those moves strengthen the company’s volume-growth pipeline and reinforce the 2027 story, but the Silver Creek closing and balance-sheet transactions were previously announced, making this more confirmation than surprise. 〔1〕

Bottom line: This was a solid operating update that keeps Plains on track for its 2026 plan and improves the capital structure, even though parent-level GAAP earnings look poor because of the preferred-unit redemption accounting. It matters modestly for the business story, but it does not rewrite it.

What to watch next

Q4 results and 2027 outlook

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

58% bullish

Bull 58%Neu 27%Bear 15%

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Plains earnings show cash growth despite PAGP’s GAAP loss

What to watch next

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