Plains All American Pipeline Q3 2026 10-Q

Plains All American Pipeline, L.P. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the SEC on November 9, 2026, reporting results for both the three and nine months ended on that date.

Key Highlights

  • Total revenues of $15.173 billion for the three months ended September 30, 2026, compared to $11.578 billion in the same period of 2025, according to the filing.
  • Net income attributable to PAA of $363 million for Q3 2026, versus $441 million in Q3 2025, as reported in the condensed consolidated statements of operations.
  • Basic and diluted net loss per common unit of $(0.06) for Q3 2026, compared to earnings of $0.55 per common unit in Q3 2025.
  • Income from discontinued operations of $1.588 billion for the nine months ended September 30, 2026, related to the Canadian NGL Business Divestiture disclosed in Note 2.
  • Series A preferred units fully redeemed: 0 units outstanding as of September 30, 2026, compared to 58,411,908 units outstanding as of December 31, 2025.
  • Cash and cash equivalents of $879 million as of September 30, 2026, up from $328 million as of December 31, 2025.
  • 707,937,400 common units outstanding as of October 30, 2026, per the cover page of the filing.

Plains All American Pipeline Q3 2026: Revenue Growth, Divestiture Gains, and Unit Economics

Plains All American Pipeline, L.P. (NASDAQ:PAA), a Delaware limited partnership headquartered in Houston, Texas, reported total revenues of $15.173 billion for the three months ended September 30, 2026, according to its Form 10-Q filed November 9, 2026. Product sales revenues accounted for $14.700 billion of that total, with services revenues contributing $473 million. For the nine months ended September 30, 2026, total revenues reached $45.334 billion, compared to $33.698 billion in the corresponding prior-year period.

Operating income from continuing operations was $516 million for Q3 2026, up from $484 million in Q3 2025. However, net income attributable to PAA for the three-month period declined to $363 million from $441 million a year earlier, as the filing indicates. The basic and diluted net loss per common unit from continuing operations was $(0.12) for Q3 2026, compared to earnings of $0.44 per common unit in Q3 2025. The filing attributes a significant portion of the nine-month income results to discontinued operations, which generated $1.588 billion net of tax for the nine months ended September 30, 2026, connected to the Canadian NGL Business Divestiture described in Note 2.

On the balance sheet, total assets stood at $29.474 billion as of September 30, 2026, compared to $30.169 billion at December 31, 2025. Long-term debt declined to $9.911 billion from $10.696 billion at year-end 2025. The filing notes that assets and liabilities of discontinued operations, which were present on the December 31, 2025 balance sheet, were reduced to zero by September 30, 2026, consistent with the completion of the Canadian NGL divestiture. Total partners' capital was $12.652 billion as of September 30, 2026, versus $13.080 billion at December 31, 2025.

What Was Disclosed

Plains All American Pipeline filed its Q3 2026 Form 10-Q covering the period ended September 30, 2026, disclosing revenue, earnings, balance sheet data, unit counts, and details on the Canadian NGL Business Divestiture, which generated substantial income from discontinued operations during the nine-month period.