Plains All American Pipeline

Q2 FY2026 EarningsQ2 FY26 delivered a substantial top-line and cash flow beat, primarily driven by the completion of the $3.88B Canadian NGL business divestiture. Revenue reached $17.69B (+39.1% vs. consensus), while total GAAP Net Income of $1.93B was heavily inflated by a $1.6B gain from discontinued operations. While continuing operations EPS of $0.17 missed the $0.55 consensus mean due to restructuring-related tax impacts, Cash from Operations of $1.37B exceeded the $596M consensus by over 130%. Strong Permian volume growth (+11% YoY) continues to underpin the core Crude Oil segment's performance.