Plains All American Pipeline, L.P. (NASDAQ:PAA) reported mixed first-quarter 2026 results on Friday, as revenue topped Wall Street expectations while earnings came in slightly below estimates.

The midstream energy company posted revenue of $12.47 billion, ahead of analyst estimates of $11.49 billion. Adjusted earnings came in at 39 cents per unit, missing consensus estimates of 41 cents.

Profitability And Cash Flow Decline Year Over Year

Net income attributable to PAA declined to $152 million from $443 million in the prior-year quarter.

Operating cash flow fell to $418 million from $639 million a year earlier, while adjusted EBITDA attributable to PAA slipped to $730 million from $754 million in the ...