--- title: "Plains GP Holdings LP | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 12.47 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/285775025.md" datetime: "2026-05-08T20:51:12.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285775025.md) - [en](https://longbridge.com/en/news/285775025.md) - [zh-HK](https://longbridge.com/zh-HK/news/285775025.md) --- # Plains GP Holdings LP | 10-Q: 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 0.1. EBIT: As of FY2026 Q1, the actual value is USD 547 M. #### Consolidated Financial Performance Net income for the three months ended March 31, 2026, was $222 million, a decrease from $492 million for the same period in 2025. Net income attributable to Plains GP Holdings, L.P. was $20 million for the first three months of 2026, compared to $84 million for the first three months of 2025. #### Revenue Overview Total revenues increased to $12,470 million for the three months ended March 31, 2026, from $11,477 million in the prior year period. Product sales revenues were $12,026 million for Q1 2026, up from $11,046 million in Q1 2025, an increase of $980 million (9%). Services revenues were $444 million for Q1 2026, up from $431 million in Q1 2025, an increase of $13 million (3%). #### Costs and Expenses Purchases and related costs were - $11,493 million for Q1 2026, compared to - $10,517 million for Q1 2025. Field operating costs were - $301 million for Q1 2026, relatively flat compared to - $300 million in Q1 2025. General and administrative expenses decreased to - $83 million in Q1 2026 from - $86 million in Q1 2025. Depreciation and amortization increased to - $243 million in Q1 2026 from - $232 million in Q1 2025. Gains on asset sales and other, net significantly increased to $53 million in Q1 2026 from $13 million in Q1 2025. #### Other Income and Expense Equity earnings in unconsolidated entities decreased to $89 million in Q1 2026 from $103 million in Q1 2025. Gain on investments in unconsolidated entities, net was $0 million in Q1 2026, down from $31 million in Q1 2025. Interest expense, net increased to - $144 million in Q1 2026 from - $107 million in Q1 2025. Other income/(expense), net was - $15 million in Q1 2026, compared to $6 million in Q1 2025. Income tax expense from continuing operations was - $8 million in Q1 2026, an improvement from - $32 million in Q1 2025. Income/(loss) from discontinued operations, net of tax was - $103 million in Q1 2026, a decrease from $136 million in Q1 2025. #### Segmented Performance (Continuing Operations) ##### Crude Oil Segment Segment Adjusted EBITDA increased to $582 million in Q1 2026 from $559 million in Q1 2025. Average daily crude oil pipeline tariff volumes increased by 10% to 10,039 thousand barrels per day in Q1 2026 from 9,086 thousand barrels per day in Q1 2025. Within this segment, Permian Basin volumes increased by 13% to 7,774 thousand barrels per day, South Texas / Eagle Ford volumes increased by 4% to 514 thousand barrels per day, and Mid-Continent volumes increased by 14% to 475 thousand barrels per day. Maintenance capital expenditures increased to $35 million in Q1 2026 from $31 million in Q1 2025. Investment and acquisition capital expenditures totaled $206 million in Q1 2026, significantly lower than $816 million in Q1 2025, with investment capital at $83 million and acquisition capital at $88 million in Q1 2026. ##### Natural Gas Liquids (NGL) Segment Segment Adjusted EBITDA was a loss of - $7 million in Q1 2026, compared to a loss of - $5 million in Q1 2025. Maintenance capital expenditures were $0 million in Q1 2026, down from $2 million in Q1 2025. Investment and acquisition capital expenditures were $0 million in Q1 2026, down from $2 million in Q1 2025. #### Cash Flow and Liquidity Net cash provided by operating activities from continuing operations was $400 million for Q1 2026, compared to $428 million for Q1 2025. Net cash provided by operating activities (consolidated) was $418 million for Q1 2026, compared to $638 million for Q1 2025. Net cash used in investing activities was - $233 million for Q1 2026, compared to - $819 million for Q1 2025. Net cash provided by/(used in) financing activities was - $339 million for Q1 2026, compared to $262 million for Q1 2025. Total liquidity available as of March 31, 2026, was approximately $1.8 billion, including $172 million in cash and cash equivalents, and available capacity under PAA’s credit facilities and commercial paper program. #### Outlook and Strategy Plains GP Holdings, L.P. expects to close the sale of its Canadian NGL Business in May 2026, anticipating net proceeds of approximately $3.3 billion after taxes and expenses. These proceeds are planned to reduce outstanding borrowings under PAA’s commercial paper program and term loan. The company projects total investment capital for 2026 to be approximately $440 million ($350 million net to its interest) and maintenance capital for 2026 to be approximately $205 million ($185 million net to its interest). ### Related Stocks - [PAGP.US](https://longbridge.com/en/quote/PAGP.US.md) ## Related News & Research - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [Hold these 3 high-yield pipeline stocks forever and let the income roll in](https://longbridge.com/en/news/286928450.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [Acenta Group delays Q1 interim report release to May 29, 2026](https://longbridge.com/en/news/287031560.md) - [Correction: NextNRG to Host First Quarter 2026 Financial Results Conference Call on May 18, 2026 at 9:00 a.m. ET | NXXT Stock News](https://longbridge.com/en/news/286673001.md)