--- title: "Plains GP Holdings LP | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 12.47 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/285728032.md" datetime: "2026-05-08T12:51:53.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285728032.md) - [en](https://longbridge.com/en/news/285728032.md) - [zh-HK](https://longbridge.com/zh-HK/news/285728032.md) --- # Plains GP Holdings LP | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 12.47 B Revenue: As of FY2026 Q1, the actual value is USD 12.47 B, beating the estimate of USD 11.99 B. EPS: As of FY2026 Q1, the actual value is USD 0.14. EBIT: As of FY2026 Q1, the actual value is USD 472 M. ### First-Quarter 2026 Financial Highlights (Plains All American Pipeline, L.P.) #### Net Income and Adjusted EBITDA - Net income attributable to PAA for the first quarter of 2026 was $152 million, a decrease of 66% compared to $443 million in the first quarter of 2025. - Adjusted net income attributable to PAA was $325 million in Q1 2026, down 13% from $375 million in Q1 2025. - Adjusted EBITDA attributable to PAA was $730 million in Q1 2026, a 3% decrease from $754 million in Q1 2025. - Total Adjusted EBITDA was $852 million in Q1 2026, compared to $881 million in Q1 2025, representing a 3% decrease. #### Revenue and Operating Costs - Total Revenues were $12,470 million in Q1 2026, an increase from $11,477 million in Q1 2025. - Purchases and related costs increased to $11,493 million in Q1 2026 from $10,517 million in Q1 2025. - Field operating costs were $301 million in Q1 2026, slightly up from $300 million in Q1 2025. - General and administrative expenses decreased to $81 million in Q1 2026 from $85 million in Q1 2025. - Total costs and expenses were $12,065 million in Q1 2026, up from $11,121 million in Q1 2025. - Operating Income increased to $405 million in Q1 2026 from $356 million in Q1 2025. #### Cash Flow - Net cash provided by operating activities was $418 million in Q1 2026, a 35% decrease from $639 million in Q1 2025. - Adjusted Free Cash Flow was $82 million in Q1 2026, a significant improvement from - $308 million in Q1 2025. - Adjusted Free Cash Flow after Distributions was - $266 million in Q1 2026, compared to - $639 million in Q1 2025. - Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) was $185 million in Q1 2026, compared to - $169 million in Q1 2025. - Net cash used in investing activities was - $233 million in Q1 2026, a decrease from - $1,149 million in Q1 2025. #### Per Unit Data and Distributions - Diluted net income per common unit was $0.14 in Q1 2026, down from $0.49 in Q1 2025. - Diluted adjusted net income per common unit remained flat at $0.39 in both Q1 2026 and Q1 2025. - Implied DCF per common unit and common unit equivalent was $0.61 in Q1 2026, a decrease of 8% from $0.66 in Q1 2025. - A quarterly cash distribution of $0.4175 per unit ($1.67 per unit annualized) was paid, representing a 10% increase from $0.3800 in Q1 2025 and a current distribution yield of approximately 7.5%. - The Common Unit Distribution Coverage Ratio was 1.46x in Q1 2026, down from 1.73x in Q1 2025. #### Leverage and Capital Expenditures - The pro forma leverage ratio was 4.1x at quarter-end. - Total Investment capital expenditures (Net to PAA) were $61 million in Q1 2026, down from $130 million in Q1 2025. - Total Maintenance capital expenditures (Net to PAA) were $41 million in Q1 2026, up from $38 million in Q1 2025. ### Segment Performance (Adjusted EBITDA) - Adjusted EBITDA from Crude Oil increased by 4% to $582 million in Q1 2026, compared to $559 million in Q1 2025. - Adjusted EBITDA from NGL decreased by 23% to $145 million in Q1 2026, compared to $189 million in Q1 2025. ### Operational Metrics (Volumes in thousands of barrels per day) - Total crude oil pipeline tariff volumes increased to 10,039 in Q1 2026 from 9,086 in Q1 2025. - NGL fractionation volumes increased to 166 in Q1 2026 from 157 in Q1 2025. - NGL pipeline tariff volumes increased to 250 in Q1 2026 from 234 in Q1 2025. - Propane and butane sales decreased to 135 in Q1 2026 from 147 in Q1 2025. ### Outlook / Guidance Plains GP Holdings, L.P. increased the midpoint of its full-year 2026 Adjusted EBITDA guidance attributable to PAA by $130 million, now projecting $2.880 billion +/- $75 million, driven by a strong oil macro environment and NGL contribution. Growth capital is expected to remain at $350 million, while maintenance capital is increasing to $185 million due to the extended ownership of NGL assets. The full-year 2026 Adjusted Free Cash Flow guidance was also raised to approximately $1.850 billion, excluding changes in assets and liabilities and anticipated cash proceeds from the NGL divestiture. ### Related Stocks - [PAGP.US](https://longbridge.com/en/quote/PAGP.US.md) ## Related News & Research - [UBS Group AG Has $65.23 Million Stock Holdings in Plains GP Holdings, L.P. $PAGP](https://longbridge.com/en/news/285205400.md) - [Plains GP Holdings (PAGP): Solid 2025 Earning, Strategic Shift to Pure-Play Crude Midstream](https://longbridge.com/en/news/277196918.md) - [Plains GP Holdings (PAGP) Gets a Sell from Goldman Sachs](https://longbridge.com/en/news/268619555.md) - [Plains All American Pipeline and Plains GP Holdings Provide Update on the NGL Sale Process | PAA Stock News](https://longbridge.com/en/news/285264013.md) - [Callodine Capital Management LP Boosts Stock Holdings in Plains GP Holdings, L.P. $PAGP](https://longbridge.com/en/news/279114378.md)