The severe EPS miss likely pressures PAGP shares near term, but the guidance raise signals improving fundamentals into H2 2026. Traders should watch the NGL divestiture closing (expected May 2026) and subsequent deleveraging, which could unlock value. The 7.5% distribution yield provides a floor.
Price Chart
Executive Summary
Plains GP Holdings (PAGP) reported Q1 2026 GAAP EPS of $0.10, an 85% miss vs consensus of $0.67, and net income fell 71% YoY. However, revenue beat at $12.47B (+8.7% YoY) and the company raised full-year 2026 Adjusted EBITDA guidance by $130M to $2.880B, citing a constructive oil macro and extended NGL ownership. The sharp earnings decline overshadows the guidance raise, making this a bearish report.
Key Financial Metrics
Key Facts
- Q1 2026 GAAP EPS $0.10 vs consensus $0.67 (miss of 85%)
- GAAP net income attributable to PAGP $20M, down 76% YoY from $84M
- Revenue $12.47B, up 8.7% YoY, beating $11.99B consensus
- PAA adjusted EBITDA attributable to PAA $730M, down 3% YoY
- Full-year 2026 adjusted EBITDA guidance raised to $2.880B midpoint (from $2.75B), +$130M
- Distribution increased 10% YoY to $0.4175/unit ($1.67 annualized, 7.5% yield)
- Pro forma leverage 4.1x; expects to return to 3.25-3.75x range after NGL divestiture closing
Financial Impact
EPS miss of $0.57 (85% below consensus) and 71% YoY decline in EPS; revenue beat by $480M (4%); guidance raise of $130M in midpoint Adjusted EBITDA
Risk Factors
- Further earnings misses if commodity environment weakens
- Delay or failure of NGL divestiture to Keyera
- Higher leverage than target range (4.1x) until divestiture closes
- Permian production slowdown impacting crude oil volumes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001581990-26-000015 |
| Document: pagp-20260508.htm | 0001581990-26-000015 |
| Document: 0001581990-26-000015-index-headers.html | 0001581990-26-000015 |
| Document: 0001581990-26-000015-index.html | 0001581990-26-000015 |
| Document: 0001581990-26-000015.txt | 0001581990-26-000015 |
| 8-K Data (Synthetic) | 0001581990-26-000015 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $27.84 $26.87 | ▲ +3.48% | ▲ +5.60% | $26.06 (+6.39%) |
Aug 7, 2026 8w ago | 8-K | $24.74 $25.84 | ▲ +4.45% | ▲ +4.05% | $26.06 (+5.34%) |
Jun 17, 2026 15w ago | 8-K | $23.25 $23.53 | ▲ +1.20% | ▲ +2.87% | $26.06 (+12.09%) |
Jun 2, 2026 17w ago | 8-K | $24.90 $24.35 | ▼ −2.21% | ▲ +0.76% | $26.06 (+4.66%) |
May 20, 2026 19w ago | 3 | $25.12 $24.88 | ▼ −0.96% | ▼ −2.19% | $26.06 (+3.74%) |
May 13, 2026 20w ago | DEFA14A | $24.12 $25.51 | ▲ +5.76% | ▲ +6.48% | $26.06 (+8.04%) |
May 13, 2026 20w ago | 8-K | $24.12 $25.51 | ▲ +5.76% | ▲ +6.48% | $26.06 (+8.04%) |
May 12, 2026 20w ago | 8-K | $23.51 $25.33 | ▲ +7.74% | ▲ +8.90% | $26.06 (+10.85%) |
May 8, 2026 21w ago | 8-K | $23.19 $24.12 | ▼ −4.01% | ▼ −2.55% | $26.06 (−12.38%) |
Apr 10, 2026 25w ago | DEFA14A | $23.18 $22.69 | ▼ −2.10% | ▼ −6.60% | $26.06 (+12.44%) |
US Market Status
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