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Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

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Stock to Watch: Plains All American Pipeline (PAA - Free Report) Founded in 1998, Houston, TX-based Plains All American Pipeline, L.P., a master limited partnership (MLP), is involved in the transportation, storage, terminalling and marketing of crude oil, natural gas, natural gas liquids (NGL) and refined products in the U.S. and Canada. The partnership has operations in the Permian Basin, South Texas/Eagle Ford area, Rocky Mountain and Gulf Coast in the U.S., and Manito, South Saskatchewan, Rainbow in Canada.

PAA is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 13.17; value investors should take notice.

Three analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.14 to $1.68 per share. PAA also boasts an average earnings surprise of +1.6%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, PAA should be on investors' short list.

HOUSTON, May 08, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2026 results and raised full-year 2026 Adjusted EBITDA Guidance.

First-Quarter 2026 Results

First-quarter Net income attributable to PAA of $152 million and Net cash provided by operating activities of $418 millionDelivered first-quarter Adjusted EBITDA attributable to PAA of $730 millionPro forma leverage ratio of 4.1x at quarter-end; expect to return toward the midpoint of the target range of 3.25 to 3.75x following closing of the NGL divestiture and migrating toward lower-end of the range by year-endPaid a quarterly cash distribution of $0.4175 per unit ($1.67 per unit annualized), representing a current distribution yield of ~7.5% 2026 Updated Outlook

Increasing midpoint of full-year 2026 Adjusted EBITDA guidance attributable to PAA by $130 million to $2.880 billion +/- $75 million (reflecting a strong oil macro environment and NGL contribution into May 2026)Growth capital remains $350 million with maintenance capital increasing to $185 million, reflecting ownership of NGL assets into May 2026Full-year 2026 Adjusted Free Cash Flow guidance increased to approximately $1.850 billion (excluding changes in Assets & Liabilities and anticipated cash proceeds from the NGL divestiture) “Global events this year illustrate the importance of reliable, secure and responsibly produced energy and have accelerated the timing of our view for a more constructive crude oil market. Our integrated business model and asset base connecting U.S. crude production to the global markets are critical to meeting global energy demand. As a result, we are increasing the midpoint of our 2026 Adjusted EBITDA guidance by $130 million to reflect a constructive oil macro environment and extended ownership of our Canadian NGL business into May. The closing of the NGL divestiture will mark a transition to a premier pure play crude oil midstream provider. We remain focused on executing key initiatives in 2026, including closing the pending NGL sale and realizing $100 million of contribution between Cactus III synergies and capturing efficiencies across our system. The combination of these internal initiatives coupled with a healthy oil macro backdrop positions Plains with momentum into 2027 and beyond. Finally, we remain committed to financial discipline and maintaining a strong balance sheet, while continuing to return capital to unit holders,” said Willie Chiang, Chairman, CEO and President.

Financial Reporting Considerations for Pending Sale of Canadian NGL Business

On June 17, 2025, we entered into a definitive agreement to sell substantially all of our NGL business in Canada (the “Canadian NGL Business”) to Keyera Corp. This transaction is expected to close in May 2026. As part of the sale, we will divest the Canadian NGL Business, which includes substantially all of our NGL assets; the NGL assets that we will retain are located in the United States.

We have determined that the operations of the Canadian NGL Business meet the criteria for classification as held for sale and for discontinued operations reporting and have applied these changes retrospectively to all periods presented. Results throughout this release specify if they are presented from continuing operations (which exclude the results of the Canadian NGL Business) and/or discontinued operations.

Plains All American Pipeline
Summary Financial Information (unaudited)
(in millions, except per unit data)

  Three Months Ended
March 31, 2026 %GAAP Results(1)  2026  2025 ChangeNet income attributable to PAA(2) $152 $443 (66)%Diluted net income per common unit $0.14 $0.49 (71)%Diluted weighted average common units outstanding  706  704 —%Net cash provided by operating activities $418 $639 (35)%Distribution per common unit declared for the period $0.4175 $0.3800 10%   Three Months Ended
March 31, 2026 %Non-GAAP Results(1) (3)  2026   2025  ChangeAdjusted net income attributable to PAA(2) $325  $375  (13)%Diluted adjusted net income per common unit $0.39  $0.39  —%Adjusted EBITDA $852  $881  (3)%Adjusted EBITDA attributable to PAA(2) $730  $754  (3)%Implied DCF per common unit and common unit equivalent $0.61  $0.66  (8)%Adjusted Free Cash Flow(4) $82  $(308) **Adjusted Free Cash Flow after Distributions(4) $(266) $(639) **Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities)(4) (5) $185  $(169) **Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities)(4) (5) $(163) $(500) ** ________________________________
** Indicates that variance as a percentage is not meaningful.
(1) Includes results from continuing operations and discontinued operations for all periods presented. See the tables attached hereto for additional information.
(2) Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC (the “Permian JV”), Cactus II Pipeline LLC and Red River Pipeline LLC joint ventures.
(3) See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.
(4) For the three months ended March 31, 2025, includes the impact of a net cash outflow of $624 million for bolt-on acquisitions.
(5) For the three months ended March 31, 2026, amount excludes approximately $216 million of current income tax expense associated with certain planning and restructuring activities within our organizational structure in connection with the pending Canadian NGL Business divestiture that had income tax consequences that required recognition during the first quarter of 2026. 

Disaggregation of Adjusted EBITDA by Product (1) (2) (unaudited)
(in millions)

 Adjusted EBITDA
from Crude Oil Adjusted EBITDA
from NGL Three Months Ended March 31, 2026$582  $145 Three Months Ended March 31, 2025$559  $189 Percentage change versus 2025 period 4%  (23)%
________________________________
(1) Includes results from continuing operations and discontinued operations for all periods presented.
(2) See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.

First-quarter 2026 Adjusted EBITDA from Crude Oil increased 4% versus comparable 2025 results. Favorable results in the 2026 period from (i) contributions from recently completed bolt-on acquisitions, including our Cactus III pipeline acquisition, and (ii) higher volumes on our pipelines were partially offset by the impact of (iii) certain Permian long-haul pipeline contract rate resets.

First-quarter 2026 Adjusted EBITDA from NGL decreased 23% versus comparable 2025 results primarily due to lower weighted average frac spreads and reduced sales volumes from warmer weather.

Plains GP Holdings

PAGP owns an indirect non-economic controlling interest in PAA’s general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA’s results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables attached hereto.

Conference Call and Webcast Instructions

PAA and PAGP will hold a joint conference call at 9:00 a.m. CT on Friday, May 8, 2026 to discuss first-quarter performance and related items.

To access the internet webcast, please go to https://edge.media-server.com/mmc/p/3u4m5omt/lan/en/.

Alternatively, the webcast can be accessed on our website at https://ir.plains.com/news-events/events-presentations. Following the live webcast, an audio replay will be available on our website and will be accessible for a period of 365 days. Slides will be posted prior to the call at the above referenced website.

Non-GAAP Financial Measures and Selected Items Impacting Comparability

To supplement our financial information presented in accordance with GAAP, management uses additional measures known as “non-GAAP financial measures” in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow (“DCF”), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions.

Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income, and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Consolidated Financial Statements and accompanying notes. In addition, we encourage you to visit the Investor Relations section of our website at www.plains.com (navigate to the “Financials” tab, then click on “Quarterly Results”), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.

Non-GAAP Financial Performance Measures

Adjusted EBITDA is defined as earnings from continuing operations and discontinued operations before (i) interest expense, (ii) income tax (expense)/benefit from continuing operations and discontinued operations, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities) from continuing operations and discontinued operations, (iv) gains and losses on asset sales, asset impairments and other, net from continuing operations and discontinued operations, (v) gains on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests. Adjusted EBITDA disaggregated by product (e.g., Adjusted EBITDA from Crude Oil and Adjusted EBITDA from NGL) excludes amounts related to Other income/(expense).

Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our operating results and/or (v) other items that we believe should be excluded in understanding our operating performance. These measures may be further adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in “Other current liabilities” in our Consolidated Financial Statements. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as “selected items impacting comparability.” Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.

Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Quarterly Report on Form 10-Q.

Non-GAAP Financial Liquidity Measures

Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/(Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and related party notes and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests and proceeds from the issuance of related party notes. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions.

We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of “Changes in assets and liabilities, net of acquisitions” on our Condensed Consolidated Statements of Cash Flows. In addition, we exclude impacts related to the pending Canadian NGL Business divestiture. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities).

Non-GAAP Financial Measures and Discontinued Operations

Management believes that the presentation of certain Non-GAAP financial performance measures, such as Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF, Adjusted Net Income attributable to PAA, Adjusted Net Income per Common Unit, Adjusted EBITDA from Crude Oil and Adjusted EBITDA from NGL, and certain Non-GAAP financial liquidity measures, such as Adjusted Free Cash Flow and Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities), on a consolidated basis (e.g., the aggregate of continuing operations and discontinued operations) provides more relevant and useful information regarding our performance and results of operations than presenting such metrics only on a continuing operations or discontinued operations basis. In addition, as the potential sale of the Canadian NGL Business is not anticipated to close until May 2026, management continues to view the Canadian NGL Business as a component of our overall company performance and ability to fund distributions to our unitholders in the near term.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per unit data)

  Three Months Ended
March 31,   2026   2025 REVENUES $12,470  $11,477      COSTS AND EXPENSES    Purchases and related costs  11,493   10,517 Field operating costs  301   300 General and administrative expenses  81   85 Depreciation and amortization  243   232 Gains on asset sales and other, net  (53)  (13)Total costs and expenses  12,065   11,121      OPERATING INCOME  405   356      OTHER INCOME/(EXPENSE)    Equity earnings in unconsolidated entities  89   103 Gain on investments in unconsolidated entities, net  —   31 Interest expense, net(1)  (167)  (127)Other income, net(1)  8   26      INCOME FROM CONTINUING OPERATIONS BEFORE TAX  335   389 Current income tax expense from continuing operations  (216)  (7)Deferred income tax benefit/(expense) from continuing operations  215   (2)INCOME FROM CONTINUING OPERATIONS, NET OF TAX  334   380      INCOME/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX  (103)  136      NET INCOME  231   516 Net income attributable to noncontrolling interests  (79)  (73)NET INCOME ATTRIBUTABLE TO PAA $152  $443      NET INCOME/(LOSS) PER COMMON UNIT:    Net income/(loss) allocated to common unitholders — Basic and Diluted    Continuing operations $203  $207 Discontinued operations  (103)  136 Net income allocated to common unitholders — Basic and Diluted $100  $343      Basic and diluted weighted average common units outstanding  706   704      Basic and diluted net income/(loss) per common unit:    Continuing operations $0.29  $0.30 Discontinued operations  (0.15)  0.19 Basic and diluted net income per common unit $0.14  $0.49  ________________________________
(1) Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. For the three months ended March 31, 2026 and 2025, “Interest expense, net” and “Other income, net” each include $23 million and $20 million, respectively, related to interest on such related party promissory notes. These amounts offset and do not impact Net Income or Non-GAAP metrics such as Adjusted EBITDA, Implied DCF and Adjusted Free Cash Flow. 

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in millions)

 March 31,
2026 December 31,
2025ASSETS   Current assets (including Cash and cash equivalents of $171 and $328, respectively)(1)$6,164 $4,733Property and equipment, net 16,873  16,860Investments in unconsolidated entities 2,838  2,846Intangible assets, net 1,686  1,754Linefill 876  900Long-term operating lease right-of-use assets, net 197  198Long-term inventory 315  214Long-term assets of discontinued operations 2,537  2,557Other long-term assets, net 150  107Total assets$31,636 $30,169    LIABILITIES AND PARTNERS’ CAPITAL   Current liabilities(2)$6,544 $4,931Senior notes, net 9,120  9,118Other long-term debt, net 1,836  1,578Long-term operating lease liabilities 202  202Long-term liabilities of discontinued operations 665  606Other long-term liabilities and deferred credits 449  654Total liabilities 18,816  17,089    Partners’ capital excluding noncontrolling interests 9,601  9,836Noncontrolling interests 3,219  3,244Total partners’ capital 12,820  13,080Total liabilities and partners’ capital$31,636 $30,169 ________________________________
(1) Includes current assets of discontinued operations of $602 million and $479 million as of March 31, 2026 and December 31, 2025, respectively.
(2) Includes current liabilities of discontinued operations of $561 million and $382 million as of March 31, 2026 and December 31, 2025, respectively.

DEBT CAPITALIZATION RATIOS (1)

(in millions, except percentages)

  March 31,
2026 December 31,
2025Short-term debt $421  $564 Long-term debt  10,957   10,698 Total debt $11,378  $11,262      Long-term debt $10,957  $10,698 Partners’ capital excluding noncontrolling interests  9,601   9,836 Total book capitalization excluding noncontrolling interests (“Total book capitalization”) $20,558  $20,534 Total book capitalization, including short-term debt $20,979  $21,098      Long-term debt-to-total book capitalization  53%  52%Total debt-to-total book capitalization, including short-term debt  54%  53% ________________________________
(1) Includes results from continuing operations and discontinued operations for all periods presented.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

COMPUTATION OF BASIC AND DILUTED NET INCOME PER COMMON UNIT
(in millions, except per unit data)

  Three Months Ended
March 31,   2026   2025 Basic and Diluted Net Income/(Loss) per Common Unit         Continuing Operations:    Income from continuing operations, net of tax $334  $380 Net income attributable to noncontrolling interests  (79)  (73)Net income from continuing operations attributable to PAA $255  $307 Distributions to Series A preferred unitholders  (36) $(39)Distributions to Series B preferred unitholders  (16)  (18)Amounts allocated to participating securities  (1)  (1)Impact from repurchase of Series A preferred units  —   (43)Other  1   1 Net income from continuing operations allocated to common unitholders - Basic and Diluted(1) $203  $207      Discontinued Operations:    Net income/(loss) from discontinued operations allocated to common unitholders - Basic and Diluted(2) $(103) $136      Net income allocated to common unitholders - Basic and Diluted $100  $343      Basic and diluted weighted average common units outstanding(3) (4)  706   704      Basic and diluted net income/(loss) per common unit    Continuing operations $0.29  $0.30 Discontinued operations $(0.15) $0.19 Basic and diluted net income per common unit $0.14  $0.49  ________________________________
(1) We calculate net income from continuing operations allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
(2) Net income/(loss) from discontinued operations allocated to common unitholders is “Income/(loss) from discontinued operations, net of tax” as presented on our Condensed Consolidated Statements of Operations.
(3) The possible conversion of our Series A preferred units was excluded from the calculation of diluted net income per common unit from continuing operations for each of the three months ended March 31, 2026 and 2025 as the effect was antidilutive.
(4) Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATED CASH FLOW DATA
(in millions)

  Three Months Ended
March 31,   2026   2025 CASH FLOWS FROM OPERATING ACTIVITIES    Net income $231  $516 Reconciliation of net income to net cash provided by operating activities:    (Income)/loss from discontinued operations, net of tax  103   (136)Depreciation and amortization  243   232 Gains on asset sales and other, net  (53)  (13)Deferred income tax (benefit)/expense  (215)  2 Equity earnings in unconsolidated entities  (89)  (103)Distributions on earnings from unconsolidated entities  97   125 Gain on investments in unconsolidated entities, net  —   (31)Other  29   19 Changes in assets and liabilities, net of acquisitions  54   (182)Cash provided by operating activities - continuing operations  400   429 Cash provided by operating activities - discontinued operations  18   210 Net cash provided by operating activities  418   639      CASH FLOWS FROM INVESTING ACTIVITIES    Cash used in investing activities - continuing operations  (217)  (1,097)Cash used in investing activities - discontinued operations  (16)  (52)Net cash used in investing activities(1) (2)  (233)  (1,149)     CASH FLOWS FROM FINANCING ACTIVITIES    Net cash provided by/(used in) financing activities(1)  (339)  590      Effect of translation adjustment - continuing operations  (3)  (1)     Net increase/(decrease) in cash and cash equivalents and restricted cash  (157)  79      Cash and cash equivalents and restricted cash, beginning of period  328   348 Cash and cash equivalents and restricted cash, end of period $171  $427  ________________________________
(1) Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. For the three months ended March 31, 2025, “Net cash used in investing activities” includes a cash outflow of approximately $330 million associated with our investment in related party notes. An equal and offsetting cash inflow associated with our issuance of related party notes is included in “Net cash used in financing activities.”
(2) For the three months ended March 31, 2025, includes a net cash outflow of $624 million for bolt-on acquisitions.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CAPITAL EXPENDITURES (1)
(in millions)

  Net to PAA(2) Consolidated  Three Months Ended
March 31, Three Months Ended
March 31,   2026  2025  2026  2025Investment capital expenditures:        Crude Oil $58 $89 $83 $120NGL(3)  3  41  3  41Total Investment capital expenditures  61  130  86  161Total Maintenance capital expenditures(4)  41  38  46  41Total Investment and Maintenance capital expenditures $102 $168 $132 $202 ________________________________
(1) Includes results from continuing operations and discontinued operations for all periods presented.
(2) Excludes expenditures attributable to noncontrolling interests.
(3) See the “Discontinued Operations Detail” section for amounts attributable to discontinued operations.
(4) See the “Selected Financial Data by NGL” section for amounts attributable to discontinued operations. 

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

NON-GAAP RECONCILIATIONS
(in millions, except per unit and ratio data)

Computation of Basic and Diluted Adjusted Net Income Per Common Unit (1) (2):

  Three Months Ended
March 31,   2026   2025 Basic and Diluted Adjusted Net Income per Common Unit    Net income attributable to PAA $152  $443 Selected items impacting comparability - Adjusted net income attributable to PAA(3)  173   (68)Adjusted net income attributable to PAA $325  $375 Distributions to Series A preferred unitholders  (36)  (39)Distributions to Series B preferred unitholders  (16)  (18)Amounts allocated to participating securities  (1)  (1)Impact from repurchase of Series A preferred units  —   (43)Other  1   1 Adjusted net income allocated to common unitholders $273  $275      Basic and diluted weighted average common units outstanding(4) (5)  706   704      Basic and diluted adjusted net income per common unit $0.39  $0.39  ________________________________
(1) We calculate adjusted net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
(2) Includes results from continuing operations and discontinued operations for all periods presented.
(3) See the “Selected Items Impacting Comparability” table for additional information.
(4) The possible conversion of our Series A preferred units was excluded from the calculation of diluted adjusted net income per common unit for each of the three months ended March 31, 2026 and 2025 as the effect was antidilutive.
(5) Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation (1):

  Three Months Ended
March 31,   2026   2025 Basic and diluted net income per common unit $0.14  $0.49 Selected items impacting comparability per common unit(2)  0.25   (0.10)Basic and diluted adjusted net income per common unit $0.39  $0.39  ________________________________
(1) Includes results from continuing operations and discontinued operations for all periods presented.
(2) See the “Selected Items Impacting Comparability” and the “Computation of Basic and Diluted Net Income Per Common Unit” tables for additional information. 

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation:

  Three Months Ended
March 31,   2026   2025 Net Income(1) $231  $516 Interest expense, net of certain items(2)  144   107 Income tax expense from continuing operations  1   9 Income tax expense from discontinued operations  75   41 Depreciation and amortization from continuing operations  243   232 Depreciation and amortization from discontinued operations  —   30 Gains on asset sales and other, net from continuing operations  (53)  (13)Losses on asset sales and other, net from discontinued operations  32   — Gain on investments in unconsolidated entities, net  —   (31)Depreciation and amortization of unconsolidated entities(3)  20   20 Selected items impacting comparability - Adjusted EBITDA(1) (4)  159   (30)Adjusted EBITDA(1) $852  $881 Adjusted EBITDA attributable to noncontrolling interests  (122)  (127)Adjusted EBITDA attributable to PAA(1) $730  $754      Adjusted EBITDA(1) $852  $881 Interest expense, net of certain non-cash and other items(5)  (140)  (104)Maintenance capital from continuing operations  (35)  (33)Maintenance capital from discontinued operations  (11)  (8)Investment capital of noncontrolling interests(6)  (24)  (30)Current income tax expense from continuing operations, net of certain tax effects related to the pending Canadian NGL Business divestiture(7)  —   (7)Current income tax expense from discontinued operations  (44)  (39)Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings(8)  (11)  (2)Distributions to noncontrolling interests(9)  (103)  (132)Implied DCF(1) $484  $526 Preferred unit cash distributions paid(9)  (53)  (64)Implied DCF Available to Common Unitholders(1) $431  $462 Weighted Average Common Units Outstanding  706   704 Weighted Average Common Units and Common Unit Equivalents  764   767 Implied DCF per Common Unit(1) (10) $0.61  $0.66 Implied DCF per Common Unit and Common Unit Equivalent(1) (11) $0.61  $0.66 Cash Distribution Paid per Common Unit $0.4175  $0.3800 Common Unit Cash Distributions(9) $295  $267 Common Unit Distribution Coverage Ratio(1) 1.46x 1.73xImplied DCF Excess(1) $136  $195  ________________________________
(1) Includes results from continuing operations and discontinued operations for all periods presented.
(2) Represents “Interest expense, net” as reported on our Condensed Consolidated Statements of Operations, net of interest income associated with promissory notes by and among certain Plains entities.
(3) Adjustment to exclude our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities.
(4) See the “Selected Items Impacting Comparability” table for additional information.
(5) Amount excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps and is net of interest income associated with promissory notes by and among certain Plains entities.
(6) Investment capital expenditures attributable to noncontrolling interests that reduce Implied DCF available to PAA common unitholders.
(7) For the three months ended March 31, 2026, excludes approximately $216 million of current income tax expense associated with the tax impact of certain planning and restructuring activities within our organizational structure in connection with the pending Canadian NGL Business divestiture that had income tax consequences that were recorded during the first quarter of 2026.
(8) Comprised of cash distributions received from unconsolidated entities less equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, and selected items impacting comparability of unconsolidated entities)
(9) Cash distributions paid during the period presented.
(10) Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period.
(11) Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, in whole or in part, subject to certain minimum conversion amounts.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

Net Income Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation (1):

  Three Months Ended
March 31,   2026  2025Basic net income per common unit $0.14 $0.49Reconciling items per common unit(2) (3)  0.47  0.17Implied DCF per common unit $0.61 $0.66     Basic net income per common unit $0.14 $0.49Reconciling items per common unit and common unit equivalent(2) (4)  0.47  0.17Implied DCF per common unit and common unit equivalent $0.61 $0.66 ________________________________
(1) Includes results from continuing operations and discontinued operations for all periods presented.
(2) Represents adjustments to Net Income to calculate Implied DCF Available to Common Unitholders. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for additional information.
(3) Based on weighted average common units outstanding for the three months ended March 31, 2026 and 2025 of 706 million and 704 million, respectively.
(4) Based on weighted average common units outstanding for the periods, as well as weighted average Series A preferred units outstanding for three months ended March 31, 2026 and 2025 of 58 million and 63 million, respectively.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation (1):

  Three Months Ended
March 31,   2026   2025 Net cash provided by operating activities $418  $639 Adjustments to reconcile Net cash provided by operating activities to Adjusted Free Cash Flow:    Net cash used in investing activities(2) (3)  (233)  (1,149)Cash contributions from noncontrolling interests  —   4 Cash distributions paid to noncontrolling interests(4)  (103)  (132)Proceeds from the issuance of related party notes(2)  —   330 Adjusted Free Cash Flow(5) $82  $(308)Cash distributions(6)  (348)  (331)Adjusted Free Cash Flow after Distributions(5) (7) $(266) $(639)       Three Months Ended
March 31,   2026   2025 Adjusted Free Cash Flow(5) $82  $(308)Changes in assets and liabilities, net of acquisitions(8)  103   139 Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities)(9) $185  $(169)Cash distributions(6)  (348)  (331)Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities)(9) $(163) $(500) ________________________________
(1) Includes results from continuing operations and discontinued operations for all periods presented.
(2) Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Proceeds from the issuance of related party notes” has an equal and offsetting cash outflow associated with our investment in related party notes, which is included as a component of “Net cash used in investing activities.”
(3) For the three months ended March 31, 2025, includes a net cash outflow of $624 million for bolt-on acquisitions.
(4) Cash distributions paid during the period presented.
(5) Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow after Distributions shortages, if any, may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
(6) Cash distributions paid to preferred and common unitholders during the period.
(7) Excess Adjusted Free Cash Flow after Distributions is retained to establish reserves for future distributions, capital expenditures, debt reduction and other partnership purposes. Adjusted Free Cash Flow after Distributions shortages may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
(8) Excludes the income tax impacts related to the pending Canadian NGL Business divestiture. See the “Condensed Consolidated Cash Flow Data” table for information regarding changes in assets and liabilities.
(9) Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) and Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) to assess the underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SELECTED ITEMS IMPACTING COMPARABILITY
(in millions)

  Three Months Ended
March 31,   2026   2025 Selected Items Impacting Comparability:(1) (2)    Derivative activities and inventory valuation adjustments(3) $(289) $34 Long-term inventory costing adjustments(4)  114   3 Deficiencies under minimum volume commitments, net(5)  32   7 Rail fleet amortization expense related to discontinued operations(6)  7   — Equity-indexed compensation expense(7)  (10)  (9)Foreign currency revaluation(8)  (7)  — Contingent consideration fair value adjustment(9)  (6)  — Transaction-related expenses(10)  —   (5)Selected items impacting comparability - Adjusted EBITDA $(159) $30 Gain on investments in unconsolidated entities, net  —   31 Gains on asset sales and other, net  21   13 Current income tax expense related to pending Canadian NGL Business divestiture(11)  (216)  — Deferred income tax benefit related to pending Canadian NGL Business divestiture(11)  140   — Tax effect on selected items impacting comparability  44   (3)Aggregate selected items impacting noncontrolling interests  (3)  (3)Selected items impacting comparability - Adjusted net income attributable to PAA $(173) $68  ________________________________
(1) Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” and “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional details on how these selected items impacting comparability affect such measures.
(2) Includes results from continuing operations and discontinued operations for all periods presented.
(3) We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results, we identify differences in the timing of earnings from the derivative instruments and the underlying transactions and exclude the related gains and losses in determining adjusted results such that the earnings from the derivative instruments and the underlying transactions impact adjusted results in the same period. In addition, we exclude gains and losses on derivatives that are related to (i) investing activities, such as the purchase of linefill, and (ii) purchases of long-term inventory. We also exclude the impact of corresponding inventory valuation adjustments, as applicable.
(4) We carry crude oil and NGL inventory that is comprised of minimum working inventory requirements in third-party assets and other working inventory that is needed for our commercial operations. We consider this inventory necessary to conduct our operations and we intend to carry this inventory for the foreseeable future. Therefore, we classify this inventory as long-term on our balance sheet and do not hedge the inventory with derivative instruments (similar to linefill in our own assets). We treat the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and write-downs of such inventory that result from price declines as a selected item impacting comparability.
(5) We, and certain of our equity method investees, have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty’s make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty’s ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue or equity earnings, as a selected item impacting comparability. We believe the inclusion of the contractually committed revenues associated with that period is meaningful to investors as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results.
(6) Depreciation and amortization on the long-lived assets of the Canadian NGL Business disposal group ceased upon meeting the criteria to be classified as assets held for sale. Management believes that the presentation of Adjusted EBITDA and Implied DCF on a consolidated basis (e.g., the aggregate of continuing operations and discontinued operations) provides more relevant and useful information regarding our performance and results of operations than presenting such metrics only on a continuing operations or discontinued operations basis. We therefore include an adjustment for the impact of amortization of the rail fleet associated with the Canadian NGL Business.
(7) Our total equity-indexed compensation expense includes expense associated with awards that will be settled in units and awards that will be settled in cash. The awards that will be settled in units are included in our diluted net income per unit calculation when the applicable performance criteria have been met. We consider the compensation expense associated with these awards as a selected item impacting comparability as the dilutive impact of the outstanding awards is included in our diluted net income per unit calculation, as applicable. The portion of compensation expense associated with awards that will be settled in cash is not considered a selected item impacting comparability.
(8) During the periods presented, there were fluctuations in the value of the Canadian dollar to the U.S. dollar, resulting in the realization of foreign exchange gains and losses on the settlement of foreign currency transactions as well as the revaluation of monetary assets and liabilities denominated in a foreign currency. The associated gains and losses are not integral to our results and were thus classified as a selected item impacting comparability.
(9) We agreed to potential earnout payments associated with recently completed acquisitions, primarily our Cactus III acquisition. We consider the non-cash change in the estimated fair value of such earnout payments as a selected item impacting comparability.
(10) Primarily related to deal-specific costs incurred during the period.
(11) In connection with the pending Canadian NGL Business divestiture, we have continued to progress certain planning and restructuring activities within our organizational structure. Certain of these activities had income tax consequences that required recognition during the first quarter of 2026. We consider the impacts related to the pending Canadian NGL Business divestiture as a selected item impacting comparability. 

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SELECTED FINANCIAL DATA BY CRUDE OIL
(in millions)

  Three Months Ended
March 31,   2026   2025 Revenues(1) $12,548  $11,439 Purchases and related costs(1)  (11,579)  (10,488)Field operating costs(2)  (291)  (292)Segment general and administrative expenses(2) (3)  (76)  (79)Equity earnings in unconsolidated entities  89   103      Adjustments:(4)    Depreciation and amortization of unconsolidated entities  20   20 Derivative activities and inventory valuation adjustments  130   (24)Long-term inventory costing adjustments  (112)  — Deficiencies under minimum volume commitments, net  (32)  (7)Equity-indexed compensation expense  10   9 Foreign currency revaluation  (4)  — Transaction-related expenses  —   5 Segment amounts attributable to noncontrolling interests(5)  (121)  (127)Crude Oil Segment Adjusted EBITDA / Adjusted EBITDA from Crude Oil $582  $559      Crude Oil maintenance capital expenditures $35  $31  ________________________________
(1) Includes intersegment amounts.
(2) Field operating costs and Segment general and administrative expenses include equity-indexed compensation expense.
(3) Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period.
(4) Represents adjustments utilized by our CODM in the evaluation of segment results. Many of these adjustments are also considered selected items impacting comparability when calculating consolidated non-GAAP financial measures such as Adjusted EBITDA. See the “Selected Items Impacting Comparability” table for additional discussion.
(5) Reflects amounts attributable to noncontrolling interests in the Permian JV, Cactus II Pipeline LLC and Red River Pipeline LLC. 

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SELECTED FINANCIAL DATA BY NGL
(in millions)

  Three Months Ended
March 31,   2026   2025 Revenues(1) $41  $41 Purchases and related costs(1)  (33)  (32)Field operating costs(2)  (10)  (8)Segment general and administrative expenses(2) (3)  (5)  (6)NGL Segment Adjusted EBITDA(4) $(7) $(5)Adjusted EBITDA from NGL Discontinued Operations(5)  152   194 Adjusted EBITDA from NGL $145  $189      Maintenance capital expenditures from NGL continuing operations $—  $2 Maintenance capital expenditures from NGL discontinued operations  11   8 NGL maintenance capital expenditures $11  $10  ________________________________
(1) Includes intersegment amounts.
(2) Field operating costs and Segment general and administrative expenses include certain costs that are part of the overhead of continuing operations, including information technology, insurance and other shared services costs.
(3) Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period.
(4) Includes results from continuing operations and excludes amounts related to discontinued operations for all periods presented.
(5) See the “Reconciliation of Adjusted EBITDA from NGL Discontinued Operations” table for a reconciliation to the most directly comparable measure as reported in accordance with GAAP.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

DISCONTINUED OPERATIONS DETAIL
(in millions)

Components of Income/(Loss) from Discontinued Operations, Net of Tax:

  Three Months Ended
March 31,   2026   2025 Revenues $294  $534 Cost and Expenses:    Purchases and related costs  205   244 Field operating costs  71   68 General and administrative expenses  14   15 Depreciation and amortization  —   30 Losses on asset sales and other, net  32   — Total costs and expenses  322   357 Income/(loss) from discontinued operations before tax  (28)  177 Current income tax expense  (44)  (39)Deferred income tax expense  (31)  (2)Income/(loss) from discontinued operations, net of tax $(103) $136 
Reconciliation of Adjusted EBITDA from NGL Discontinued Operations:

  Three Months Ended
March 31,   2026   2025 Income/(loss) from discontinued operations, net of tax $(103) $136 Income tax expense from discontinued operations  75   41 Depreciation and amortization from discontinued operations  —   30 Losses on asset sales and other, net from discontinued operations  32   — Adjustments attributable to discontinued operations(1):    Derivative activities and inventory valuation adjustments  159   (10)Long-term inventory costing adjustments  (2)  (3)Rail fleet amortization expense related to discontinued operations  (7)  — Foreign currency revaluation  (2)  — Adjusted EBITDA from NGL Discontinued Operations $152  $194  ________________________________
(1) See the “Selected Items Impacting Comparability” table for additional information.

Investment Capital from NGL Discontinued Operations:

  Three Months Ended
March 31,   2026  2025NGL investment capital expenditures from discontinued operations $3 $41
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

OPERATING DATA (1)

  Three Months Ended
March 31,  2026 2025Crude Oil Volumes    Crude oil pipeline tariff (by region)    Permian Basin(2) 7,774 6,869South Texas / Eagle Ford(2) 514 492Mid-Continent(2) 475 415Gulf Coast(2) 207 214Rocky Mountain(2) 434 495Western 276 247Canada 359 354Total crude oil pipeline tariff(2) 10,039 9,086     NGL Volumes(3)    NGL fractionation 166 157NGL pipeline tariff 250 234Propane and butane sales 135 147 ________________________________
(1) Average volumes in thousands of barrels per day calculated as the total volumes (attributable to our interest for assets owned by unconsolidated entities or through undivided joint interests) for the period divided by the number of days in the period. Volumes associated with assets acquired during the period represent total volumes for the number of days we actually owned the assets divided by the number of days in the period.
(2) Includes volumes (attributable to our interest) from assets owned by unconsolidated entities.
(3) Includes volumes from assets associated with continuing operations and discontinued operations. 

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SUPPLEMENTAL NON-GAAP RECONCILIATIONS
(in millions)

Supplemental Adjusted EBITDA attributable to PAA Reconciliation:

  Three Months Ended
March 31,   2026   2025 Crude Oil Segment Adjusted EBITDA $582  $559 NGL Segment Adjusted EBITDA  (7)  (5)Adjusted EBITDA from NGL Discontinued Operations(1)  152   194 Adjusted other income, net(2)  3   6 Adjusted EBITDA attributable to PAA(3) $730  $754  ________________________________
(1) See the “Reconciliation of Adjusted EBITDA from NGL Discontinued Operations” table for a reconciliation to the most directly comparable measure as reported in accordance with GAAP.
(2) Represents “Other income, net” as reported on our Condensed Consolidated Statements of Operations, excluding interest income on promissory notes by and among certain Plains entities, as well as other income, net attributable to noncontrolling interests, adjusted for selected items impacting comparability. See the “Selected Items Impacting Comparability” table for additional information.
(3) See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for reconciliation to Net Income. 

PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(in millions, except per share data)

 Three Months Ended
March 31, 2026  Three Months Ended
March 31, 2025   Consolidating      Consolidating   PAA Adjustments(1) PAGP  PAA Adjustments(1) PAGPREVENUES$12,470  $—  $12,470   $11,477  $—  $11,477 COSTS AND EXPENSES            Purchases and related costs 11,493   —   11,493    10,517   —   10,517 Field operating costs 301   —   301    300   —   300 General and administrative expenses 81   2   83    85   1   86 Depreciation and amortization 243   —   243    232   —   232 Gains on asset sales and other, net (53)  —   (53)   (13)  —   (13)Total costs and expenses 12,065   2   12,067    11,121   1   11,122              OPERATING INCOME 405   (2)  403    356   (1)  355              OTHER INCOME/(EXPENSE)            Equity earnings in unconsolidated entities 89   —   89    103   —   103 Gain on investments in unconsolidated entities, net —   —   —    31   —   31 Interest expense, net (167)  23   (144)   (127)  20   (107)Other income/(expense), net 8   (23)  (15)   26   (20)  6 INCOME FROM CONTINUING OPERATIONS BEFORE TAX 335   (2)  333    389   (1)  388 Current income tax expense from continuing operations (216)  —   (216)   (7)  —   (7)Deferred income tax benefit/(expense) from continuing operations 215   (7)  208    (2)  (23)  (25)INCOME FROM CONTINUING OPERATIONS, NET OF TAX 334   (9)  325    380   (24)  356 INCOME/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX (103)  —   (103)   136   —   136 NET INCOME 231   (9)  222    516   (24)  492 Net income attributable to noncontrolling interests (79)  (123)  (202)   (73)  (335)  (408)NET INCOME ATTRIBUTABLE TO PAGP$152  $(132) $20   $443  $(359) $84              Basic and diluted net income/(loss) per Class A share(2):           Continuing operations    $0.24       $0.23 Discontinued operations     (0.14)       0.19 Basic net income per Class A share $0.10       $0.42  ________________________________
(1) Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.
(2) See the “Computation of Basic and Diluted Net Income Per Class A Share” table for additional information.

PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATING BALANCE SHEET DATA
(in millions)

 March 31, 2026  December 31, 2025   Consolidating      Consolidating   PAA Adjustments(1) PAGP  PAA Adjustments(1) PAGPASSETS            Current assets(2)$6,164 $(6) $6,158  $4,733 $(29) $4,704Property and equipment, net 16,873  —   16,873   16,860  —   16,860Investments in unconsolidated entities 2,838  —   2,838   2,846  —   2,846Intangible assets, net 1,686  —   1,686   1,754  —   1,754Deferred tax asset —  1,176   1,176   —  1,136   1,136Linefill 876  —   876   900  —   900Long-term operating lease right-of-use assets, net 197  —   197   198  —   198Long-term inventory 315  —   315   214  —   214Long-term assets of discontinued operations 2,537  —   2,537   2,557  —   2,557Other long-term assets, net 150  (46)  104   107  —   107Total assets$31,636 $1,124  $32,760  $30,169 $1,107  $31,276             LIABILITIES AND PARTNERS’ CAPITAL            Current liabilities(3)$6,544 $(8) $6,536  $4,931 $(29) $4,902Senior notes, net 9,120  —   9,120   9,118  —   9,118Other long-term debt, net 1,836  —   1,836   1,578  —   1,578Long-term operating lease liabilities 202  —   202   202  —   202Long-term liabilities of discontinued operations 665  —   665   606  —   606Other long-term liabilities and deferred credits 449  —   449   654  —   654Total liabilities 18,816  (8)  18,808   17,089  (29)  17,060             Partners’ capital excluding noncontrolling interests 9,601  (8,327)  1,274   9,836  (8,491)  1,345Noncontrolling interests 3,219  9,459   12,678   3,244  9,627   12,871Total partners’ capital 12,820  1,132   13,952   13,080  1,136   14,216Total liabilities and partners’ capital$31,636 $1,124  $32,760  $30,169 $1,107  $31,276 ________________________________
(1) Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.
(2) Includes current assets of discontinued operations of $602 million and $479 million as of March 31, 2026 and December 31, 2025, respectively.
(3) Includes current liabilities of discontinued operations of $561 million and $382 million as of March 31, 2026 and December 31, 2025, respectively.

PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

COMPUTATION OF BASIC AND DILUTED NET INCOME PER CLASS A SHARE
(in millions, except per share data)

  Three Months Ended
March 31,   2026   2025 Basic and Diluted Net Income/(Loss) per Class A Share     Net income attributable to PAGP from continuing operations $48  $46       Net income/(loss) attributable to PAGP from discontinued operations $(28) $38       Basic and diluted weighted average Class A shares outstanding  198   198       Basic and Diluted Net Income/(Loss) per Class A Share:     Continuing operations $0.24  $0.23 Discontinued operations  (0.14)  0.19 Basic and diluted net income per Class A share $0.10  $0.42 
Forward-Looking Statements 

Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, the following:

risks related to the Canadian NGL Business divestiture (as defined herein), including the risk that the Canadian NGL Business divestiture is not consummated on the terms expected or on the anticipated schedule, or at all, and the effect of the announcement or pendency of the Canadian NGL Business divestiture on our business relationships, operating results, employees, stakeholders and business generally;general economic, market or business conditions in the United States and elsewhere (including the potential for a recession or significant slowdown in economic activity levels, the risk of persistently high inflation and supply chain issues, the impact of global public health events, such as pandemics, on demand and growth, and the timing, pace and extent of economic recovery) that impact (i) demand for crude oil, drilling and production activities and therefore the demand for the midstream services we provide and (ii) commercial opportunities available to us;declines in global crude oil demand and/or crude oil prices or other factors that correspondingly lead to a significant reduction of North American crude oil and NGL production (whether due to reduced producer cash flow to fund drilling activities or the inability of producers to access capital, or both, the unavailability of pipeline and/or storage capacity, the shutting-in of production by producers, government-mandated pro-ration orders, or other factors), which in turn could result in significant declines in the actual or expected volume of crude oil and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets and/or the reduction of the margins we can earn or the commercial opportunities that might otherwise be available to us;impacts of global geopolitical events, including conflicts in the Middle East and elsewhere, on commodity price volatility and crude oil supply and demand, as well as broader impacts on financial markets and the global macroeconomic environment;fluctuations in refinery capacity and other factors affecting demand for various grades of crude oil and NGL and resulting changes in pricing conditions or transportation throughput requirements;unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof);the effects of competition and capacity overbuild in areas where we operate, including downward pressure on rates, volumes and margins, contract renewal risk and the risk of loss of business to other midstream operators who are willing or under pressure to aggressively reduce transportation rates in order to capture or preserve customers;the availability of, and our ability to consummate, acquisitions, divestitures, joint ventures or other strategic opportunities and realize benefits therefrom, including the Canadian NGL Business divestiture (as defined herein);the successful operation of joint ventures and joint operating arrangements we enter into from time to time, whether relating to assets operated by us or by third parties, and the successful integration and future performance of acquired assets or businesses;environmental liabilities, litigation or other events that are not covered by an indemnity, insurance or existing reserves;negative societal sentiment regarding the hydrocarbon energy industry and the continued development and consumption of hydrocarbons, which could influence consumer preferences and governmental or regulatory actions that adversely impact our business;the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event that materially impacts our operations, including cyber or other attacks on our or our service providers’ electronic and computer systems;weather interference with business operations or project construction, including the impact of extreme weather events or conditions (including hurricanes, floods, wildfires and drought);the impact of current and future laws, rulings, legislation, governmental regulations, executive orders, trade policies, trade tariffs, accounting standards and statements, and related interpretations that (i) prohibit, restrict or regulate the development of oil and gas resources and the related infrastructure on lands dedicated to or served by our pipelines or (ii) negatively impact our ability to develop, operate or repair midstream assets, or (iii) otherwise negatively impact our business or increase our exposure to risk;negative impacts on production levels in the Permian Basin or elsewhere due to issues associated with (or laws, rules or regulations relating to) hydraulic fracturing and related activities (including wastewater injection or disposal), including earthquakes, subsidence, expansion or other issues;the pace of development of natural gas or other infrastructure and its impact on expected crude oil production growth in the Permian Basin;the refusal or inability of our customers or counterparties to perform their obligations under their contracts with us (including commercial contracts, asset sale agreements and other agreements), whether justified or not and whether due to financial constraints (such as reduced creditworthiness, liquidity issues or insolvency), market constraints, legal constraints (including governmental orders or guidance), the exercise of contractual or common law rights that allegedly excuse their performance (such as force majeure or similar claims) or other factors;loss of key personnel and inability to attract and retain new talent;disruptions to futures markets for crude oil, NGL and other petroleum products, which may impair our ability to execute our commercial or hedging strategies;the effectiveness of our risk management activities;shortages or cost increases of supplies, materials or labor;maintenance of our credit ratings and ability to receive open credit from our suppliers and trade counterparties;our inability to perform our obligations under our contracts, whether due to non-performance by third parties, including our customers or counterparties, market constraints, third-party constraints, supply chain issues, legal constraints (including governmental orders or guidance), or other factors or events;the incurrence of costs and expenses related to unexpected or unplanned capital or maintenance expenditures, third-party claims or other factors;failure to implement or capitalize, or delays in implementing or capitalizing, on investment capital projects, whether due to permitting delays, permitting withdrawals or other factors;failure to implement or realize anticipated benefits from operational and organizational streamlining and efficiency efforts and initiatives;tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, investment capital projects, working capital requirements and the repayment or refinancing of indebtedness;the amplification of other risks caused by volatile or closed financial markets, capital constraints, liquidity concerns and inflation;the use or availability of third-party assets upon which our operations depend and over which we have little or no control;the currency exchange rate of the Canadian dollar to the United States dollar;the deferral of current revenue recognition attributable to deficiency payments received from customers who fail to ship or move their minimum contracted volumes;significant under-utilization of our assets and facilities;increased costs, or lack of availability, of insurance;fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans;risks related to the development and operation of our assets; andother factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, as well as in the processing, transportation, fractionation, storage and marketing of NGL as discussed in the Partnerships’ filings with the Securities and Exchange Commission. About Plains:

PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (“NGL”). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles over 9 million barrels per day of crude oil and NGL.

PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

PAA and PAGP are headquartered in Houston, Texas. For more information, please visit www.plains.com.

Contacts:

Blake FernandezVice President, Investor Relations(866) 809-1291 Ross HovdeDirector, Investor Relations(866) 809-1291

Key Takeaways Plains All American posted Q1 adjusted earnings of 39 cents per unit, missing estimates by 4.88%. PAA's revenues rose 8.65% year over year, driven partly by Cactus III pipeline acquisition synergies. PAA expects 2026 adjusted EBITDA of $2.88B and adjusted free cash flow of $1.85B. Plains All American Pipeline, L.P. (PAA - Free Report) reported first-quarter 2026 adjusted earnings of 39 cents per unit, which missed the Zacks Consensus Estimate of 41 cents by 4.88%. In the year-ago quarter, earnings were in line with the company’s reported figure.

The company reported GAAP earnings of 14 cents per unit compared with 49 cents in the year-ago period.

PAA’s Total RevenuesNet sales of $12.47 billion missed the Zacks Consensus Estimate of $12.54 billion by 0.54%. However, the top line increased 8.65% from the year-ago quarter’s figure of $11.5 billion.

Highlights of PAA’s Earnings ReleaseTotal costs and expenses were $12.1 billion, up 8.49% year over year. The increase was primarily due to a rise in purchases and related costs.

Operating income in the first quarter of 2026 was $405 million, up 13.76% from $356 million in the year-ago quarter.

Net interest expenses totaled $167 million, up 31.5% from the prior-year quarter’s level.

PAA’s Segmental PerformanceThe Crude Oil segment’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $582 million, up 4% from the year-ago quarter’s figure. This increase was primarily driven by synergies from the recently completed Cactus III pipeline acquisition and bolt-on acquisitions.

Adjusted EBITDA for the NGL segment was $145 million, down 23% from the prior-year period’s figure. This decrease was due to lower weighted average frac spreads and NGL sales volumes in the first quarter of 2026.

PAA’s Financial UpdateAs of March 31, 2026, cash and cash equivalents were $171 million compared with $328 million as of Dec. 31, 2025.

As of March 31, 2026, long-term debt was $10.96 billion compared with $10.7 billion as of Dec. 31, 2025.

As of March 31, 2026, long-term debt-to-total book capitalization was 53% compared with 52% as of Dec. 31, 2025.

PAA’s net cash provided by operating activities in the first three months of 2026 was $418.0 million compared with $639.0 million in the year-ago period.

PAA’s 2026 GuidanceFor 2026, Plains All American expects adjusted EBITDA to be $2.88 billion. Adjusted free cash flow is anticipated to be $1.85 billion (excluding changes in assets and liabilities).

PAA remains focused on disciplined capital investments, expecting full-year 2026 growth capital and maintenance capital of $350 million and $185 million, respectively.

PAA’s Zacks RankThe company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Recent ReleasesCNX Resources Corporation (CNX - Free Report) reported first-quarter 2026 operating earnings of $1.21 per share, which beat the Zacks Consensus Estimate of 93 cents by 30.11%.

CNX’s long-term (three to five years) earnings growth rate is 34.74%. The Zacks Consensus Estimate for 2026 earnings is pinned at $2.95 per share, which implies a year-over-year increase of 16.14%

Murphy Oil Corporation (MUR - Free Report) delivered first-quarter 2026 adjusted net earnings of 32 cents per share, surpassing the Zacks Consensus Estimate of 29 cents by 10.3%

MUR has a dividend yield of 3.66%. The Zacks Consensus Estimate for 2026 earnings is pinned at $3.38 per share, which implies a year-over-year increase of 146.72%

ONEOK Inc. (OKE - Free Report) reported first-quarter 2026 operating earnings per share of $1.30, which beat the Zacks Consensus Estimate of $1.26 by 3.2%.

OKE’s long-term earnings growth rate is 2.39%. The Zacks Consensus Estimate for 2026 earnings is pinned at $5.57 per share, which implies a year-over-year increase of 2.77%.

© departmentofenergy / Flickr

If you own the InfraCap MLP ETF (NYSEARCA:AMZA) for income, the question is simple: can the fund keep cutting those $0.34 monthly checks? AMZA pays a roughly 7.5% to 8% distribution yield from a concentrated, leveraged basket of energy midstream Master Limited Partnerships, and management just raised the monthly payout from $0.29 in 2025 to $0.34 in 2026. The next 12 to 24 months look well covered, but the structure carries real long-term risk that holders should understand before relying on AMZA as a retirement paycheck.

How AMZA generates its yield AMZA is an actively managed fund holding 25 to 50 MLPs tied to U.S. pipelines and energy infrastructure. Income comes from three layers. First, the underlying MLPs (Energy Transfer, MPLX, Enterprise Products Partners, Plains All American, Kinder Morgan) pay distributions funded by long-term, fee-based “toll collector” contracts on moving and storing hydrocarbons. Second, InfraCap applies 1.25x leverage, borrowing to buy more units and amplify cash flowing back to shareholders. Third, a covered-call overlay sells options on holdings to harvest premium income.

That stack is why the yield exceeds AMLP’s, but distributions are more sensitive to oil prices, interest rates, and volatility. The fund issues a 1099 instead of a K-1, which is why many retirees pick it over individual MLPs.

The cash flow picture Conditions for the underlying MLPs are strong. WTI crude is almost $110 a barrel, in the 98th percentile of the past year, after recovering from a December low near $55. High prices alone do not guarantee MLP cash flow (these are volume businesses), but they keep producers drilling and pipelines full. Surging power demand from AI data centers and LNG exports means toll collectors are running at strong utilization.

Monthly payouts have stepped up every year since 2022: $0.22, then $0.24, $0.26, $0.29, and now $0.34. Coverage looks credible enough that InfraCap raised the rate by roughly 17% heading into 2026, and four consecutive months at $0.34 have already been declared and paid.

Where the risk lives Three issues deserve weight. The expense ratio is 2.75%, more than three times the 0.85% charged by the Alerian MLP ETF (NYSEARCA:AMLP). On a six-figure position, that gap compounds into thousands of dollars a year of lost yield.

Leverage cuts both ways. The same 1.25x that boosts distributions makes AMZA’s NAV swing harder when energy rolls over, and borrowing costs rise with the 10-year Treasury. The fund’s tax accounting is lumpy: in April 2026 InfraCap booked a $6.6 million deferred tax liability reduction worth about $0.68 per share, after an August 2025 accrual of roughly $0.14 per share. Those revisions move NAV unpredictably because they rely on delayed MLP reporting.

Total return reality Yield without price context can mislead. AMZA shares are at about $46, up 22% over one year and 158% over five years. AMLP, the unleveraged peer, is up 20% over one year and 131% over five. AMZA has earned its higher fee in this cycle. Over ten years, AMZA is up 77% versus AMLP’s 106%, a reminder that leverage and decay erode total return when the cycle turns.

The verdict The $0.34 monthly payout looks safe through the next handful of quarters. Underlying MLP cash flows are healthy, oil is firm, AI-driven energy demand keeps hydrocarbon volumes elevated, and management is raising rather than trimming. The danger is structural: a sustained drop below $70 oil, a spike in financing costs, or another tax adjustment can pressure NAV faster than distributions. AMZA fits an income investor who wants 1099 simplicity and accepts leverage and a 2.75% fee. Cost-conscious holders who want the same midstream thesis with less drag should weigh AMLP instead.

HOUSTON, May 12, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) (collectively, “Plains”) completed the previously announced sale of all of the issued and outstanding shares of Plains Midstream Canada ULC, the PAA subsidiary that owns substantially all of PAA’s natural gas liquids (NGL) business (the “Canadian NGL Business”) to Keyera Corp., an Alberta Corporation (“Keyera”), pursuant to the terms of a definitive Share Purchase Agreement dated as of June 17, 2025 (the “SPA”).

Net cash proceeds from the sale were approximately $3.3 billion (net of purchase price adjustments, taxes and other related costs) and will be used to repay certain outstanding indebtedness and for other general partnership purposes. Post closing, Plains expects its leverage ratio to trend toward the middle of its targeted range of 3.25 to 3.75x. As previously disclosed, Plains does not anticipate paying a special distribution following the closing as the tax liability to unitholders resulting from the NGL divestiture is expected to be mitigated by bonus depreciation from the Cactus III acquisition.

“We are excited to finalize this transaction which completes our transformation to a premier pure play crude oil midstream company. Moving forward, our business should be more durable with less commodity price volatility, and our free cash flow will be supported by reduced maintenance capital and lower corporate taxes. Our remaining crude footprint is highly competitive with integrated assets spanning from Canada to the U.S. Gulf Coast. Our asset portfolio offers customers optionality to reach multiple destinations, including Corpus Christi, which serves as the primary U.S. oil export market. We believe recent geopolitical events enhance the value of existing infrastructure in North America and Plains is well positioned to capture this value and deliver on our commitment of driving efficient growth through capital discipline, maintaining a strong balance sheet and returning capital to unitholders,” said Willie Chiang, Chairman, CEO and President.

Forward-Looking Statements 
Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements including, but not limited to, statements regarding the anticipated operational, financial and strategic benefits resulting from the sale of Plains’ NGL business to Keyera Corp. There are a number of risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things: changes in or disruptions to economic, market or business conditions; substantial declines in commodity prices or demand for crude oil; third-party constraints; legal constraints (including the impact of governmental regulations, orders or policies); and other factors and uncertainties inherent in transactions of the type discussed herein or in our business as discussed in PAA’s and PAGP’s filings with the Securities and Exchange Commission. 

About Plains
PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil. PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada.

PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. 

PAA and PAGP are headquartered in Houston, Texas. More information is available at www.plains.com.

Investor Relations Contacts:
Blake Fernandez
Ross Hovde
[email protected]
(866) 809-1291

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

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Stock to Watch: Plains All American Pipeline (PAA - Free Report) Founded in 1998, Houston, TX-based Plains All American Pipeline, L.P., a master limited partnership (MLP), is involved in the transportation, storage, terminalling and marketing of crude oil, natural gas, natural gas liquids (NGL) and refined products in the U.S. and Canada. The partnership has operations in the Permian Basin, South Texas/Eagle Ford area, Rocky Mountain and Gulf Coast in the U.S., and Manitoba, South Saskatchewan and Rainbow in Canada.

PAA is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 15.15; value investors should take notice.

Two analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.05 to $1.59 per share. PAA boasts an average earnings surprise of +3.7%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, PAA should be on investors' short list.

Posted by Defense World Staff on Mar 29th, 2026

Representative Julia Letlow (Republican-Louisiana) recently bought shares of Apple Inc. (NASDAQ:AAPL). In a filing disclosed on March 12th, the Representative disclosed that they had bought between $1,001 and $15,000 in Apple stock on February 2nd. The trade occurred in the Representative’s “MERRILL LYNCH INVESTMENT ACCOUNT #025” account.

Representative Julia Letlow also recently made the following trade(s):

Sold $1,001 – $15,000 in shares of HF Sinclair (NYSE:DINO) on 2/20/2026. Sold $1,001 – $15,000 in shares of BXP (NYSE:BXP) on 2/20/2026. Purchased $1,001 – $15,000 in shares of Travelers Companies (NYSE:TRV) on 2/20/2026. Sold $1,001 – $15,000 in shares of Expand Energy (NASDAQ:EXE) on 2/17/2026. Sold $1,001 – $15,000 in shares of Public Service Enterprise Group (NYSE:PEG) on 2/17/2026. Purchased $1,001 – $15,000 in shares of Vistra (NYSE:VST) on 2/17/2026. Sold $1,001 – $15,000 in shares of AT&T (NYSE:T) on 2/12/2026. Purchased $1,001 – $15,000 in shares of Extra Space Storage (NYSE:EXR) on 2/12/2026. Sold $1,001 – $15,000 in shares of Icon (NASDAQ:ICLR) on 2/12/2026. Purchased $1,001 – $15,000 in shares of Regeneron Pharmaceuticals (NASDAQ:REGN) on 2/12/2026. Apple Trading Down 1.6% Shares of AAPL stock opened at $248.80 on Friday. The business has a 50-day moving average of $260.24 and a 200 day moving average of $262.67. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.97 and a quick ratio of 0.94. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $288.62. The stock has a market capitalization of $3.65 trillion, a PE ratio of 31.45, a P/E/G ratio of 2.36 and a beta of 1.10.

Apple (NASDAQ:AAPL – Get Free Report) last announced its quarterly earnings results on Thursday, January 29th. The iPhone maker reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.67 by $0.17. Apple had a return on equity of 159.94% and a net margin of 27.04%.The business had revenue of $143.76 billion for the quarter, compared to analysts’ expectations of $138.25 billion. During the same period in the previous year, the firm earned $2.40 EPS. The business’s quarterly revenue was up 15.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Thursday, February 12th. Stockholders of record on Monday, February 9th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, February 9th. Apple’s payout ratio is 13.15%.

Institutional Trading of Apple A number of institutional investors and hedge funds have recently added to or reduced their stakes in AAPL. Vanguard Group Inc. increased its position in shares of Apple by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker’s stock valued at $387,749,545,000 after buying an additional 26,856,752 shares during the period. State Street Corp lifted its holdings in Apple by 1.1% in the fourth quarter. State Street Corp now owns 604,056,505 shares of the iPhone maker’s stock worth $164,218,801,000 after buying an additional 6,555,392 shares during the period. Geode Capital Management LLC boosted its position in Apple by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 358,032,517 shares of the iPhone maker’s stock valued at $97,031,587,000 after acquiring an additional 1,866,103 shares in the last quarter. Morgan Stanley boosted its position in Apple by 0.6% during the 4th quarter. Morgan Stanley now owns 230,483,035 shares of the iPhone maker’s stock valued at $62,659,118,000 after acquiring an additional 1,379,651 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Apple during the 4th quarter worth approximately $52,266,468,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades Several brokerages have recently issued reports on AAPL. Morgan Stanley restated an “overweight” rating and issued a $315.00 target price on shares of Apple in a report on Monday, March 23rd. CLSA upped their price target on shares of Apple from $265.00 to $330.00 and gave the company an “outperform” rating in a report on Friday, December 5th. KGI Securities raised shares of Apple to an “outperform” rating and set a $306.00 price target for the company in a research report on Friday, January 30th. Weiss Ratings reissued a “buy (b-)” rating on shares of Apple in a report on Monday, December 29th. Finally, Moffett Nathanson boosted their price objective on shares of Apple from $241.00 to $270.00 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $297.58.

Check Out Our Latest Research Report on AAPL

Key Headlines Impacting Apple Here are the key news stories impacting Apple this week:

Positive Sentiment: Wedbush says 2026 could be a significant product year and raises upside potential (they reiterate Outperform and a $350 target), framing WWDC and AI-driven hardware as major catalysts. Apple in focus as Wedbush calls 2026 a ‘significant’ product launch year ahead of WWDC Positive Sentiment: Apple hired ex-Google executive Lilian Rincon as VP of product marketing for AI — a concrete senior hire to accelerate Siri/AI positioning and marketing. Apple hires ex-Google executive to head AI marketing amid push to improve Siri Positive Sentiment: Multiple reports say Apple will open Siri to rival AI assistants (Gemini, Claude, etc.) in iOS 27 — this pivot can broaden iPhone AI capabilities without Apple building everything in‑house. Apple Plans to Open Up Siri to Rival AI Assistants in iOS 27 Update Positive Sentiment: Services continue to grow (reported ~14% y/y, Apple TV and gaming aiding strength) — recurring high‑margin revenue supports earnings upside even if hardware cycles lag. Strong Streaming & Game Content Aids Apple’s Services: What’s Ahead? Positive Sentiment: Apple expands U.S. manufacturing program, adding Bosch, Cirrus Logic, TDK and Qnity and committing $400M — reduces supply‑chain risk and supports domestic sourcing narrative. Apple adds Bosch, Cirrus Logic, others to US manufacturing program, to invest $400 million Positive Sentiment: Apple is granting rare large stock bonuses to iPhone designers to curb talent departures to AI firms — a retention step to protect future product execution. Apple Drops Six Figure Bonuses To Stop iPhone Talent Exodus Neutral Sentiment: An analyst tweak: Erste trimmed FY2027 EPS slightly — minimal change to consensus, but worth watching for estimate revisions. Apple Inc. analyst note (Erste Group) via MarketBeat Neutral Sentiment: Steve Wozniak publicly criticizes AI and says he hardly uses it — a reputational/PR datapoint but unlikely to move fundamentals. Apple cofounder Steve Wozniak admits he’s ‘disappointed a lot’ by AI and hardly uses it Negative Sentiment: Broader tech sector weakness — Nasdaq slide, Meta legal losses and geopolitical worries are pressuring tech stocks, which is dragging AAPL despite company‑specific positives. Tech stocks suffer worst week in nearly a year, driven down by war worries, Meta legal woes Negative Sentiment: Reports that Apple has discontinued the Mac Pro and abandoned future updates could concern pro users and niche revenue, though impact on total revenue is limited. Apple reportedly discontinues Mac Pro, abandons plans for future updates About Representative Letlow Julia Letlow (Republican Party) is a member of the U.S. House, representing Louisiana’s 5th Congressional District. She assumed office on April 14, 2021. Her current term ends on January 3, 2027.

Letlow (Republican Party) is running for re-election to the U.S. House to represent Louisiana’s 5th Congressional District. She declared candidacy for the primary scheduled on November 3, 2026.

Julia Letlow earned a doctorate. Letlow’s career experience includes working as a senior administrator with the University of Louisiana at Monroe.

Apple Company Profile (Get Free Report)

Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.

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Key Takeaways Oil and equities have decoupled for the first time since "Operation Epic Fury" began.OPEC has committed to increasing oil production.Tech valuations have reached historically attractive levels. Early Monday, stock futures rose amid chatter on Wall Street about a potential ceasefire between the United States and Iran. Although such chatter has been hard to trust recently, oil data, fundamentals, and market internals point to a market that is poised to rally:

Oil Relief is on the HorizonCrude Oil & Equities Finally DecoupleSince the launch of “Operation Epic Fury” on February 28th, oil and equities have experienced an extreme negative correlation. For instance, when crude oil prices spiked by more than 10% on March 6th, the Nasdaq plunged by ~1.5%. Similarly, on March 12th, crude oil jumped ~10%, and the Nasdaq dumped ~1.7%. Although the negative correlation has been strong throughout the war, savvy investors understand the importance of monitoring changes to the correlation because, eventually, correlations become too obvious to the masses and begin to get priced in. Thursday, oil and equities finally decoupled dramatically. Crude oil bolted more than 11%. That said, this time, instead of falling, the Nasdaq finished the trading session slightly green.

Oil Supply Relief & Strait of Hormuz ProgressOver the holiday-extended weekend, positive signs of oil supply relief emerged. OPEC+ released a statement saying, “As part of our commitment to supporting the stability of the oil market, 8 countries have decided to increase production by 206 thousand barrels daily.” With increased supply, the market will likely shift from discounting scarcity to expecting a balanced supply.

Meanwhile, the Strait of Hormuz, which has been the largest chokepoint for oil and gas shipments, shows signs of progress. Over the weekend, the Strait of Hormuz saw the largest flows of vessels passing through it since March 1st.

Image Source: Bloomberg

Fundamental StrengthEarnings Expectations are Strong Despite the WarAccording to FactSet data, 59 S&P 500 companies have issued positive EPS guidance for Q1 2026, the highest total in five years.

Image Source: FactSet

Earnings season will kick off mid-month, with earnings from banking giants such as Bank of America ((BAC - Free Report) ), JPMorgan Chase ((JPM - Free Report) ), Citigroup ((C - Free Report) ), and Morgan Stanley ((MS - Free Report) ).

Tech Valuations are Extremely AttractiveOne benefit of the recent correction in tech stocks is that they are now far more attractive on valuation grounds. For instance, NVDIA ((NVDA - Free Report) ), the AI leader, has its lowest price-to-earnings growth (PEG) ratio in more than a decade.

Image Source: Zacks Investment Research

In other words, with growth still accelerating, tech stocks are becoming extremely attractive from a growth AND valuation perspective.

Sentiment Reaches ExtremesBreadth Washout?The S&P 500 Index may have just witnessed a breadth washout. Market breadth (the # of stocks rising) recently reached a 50-day low. However, 70% of NYSE issues rose in 3 out of 4 sessions, signaling renewed strength. Historically, when 50-day breadth lows were followed by 70% advancers in ¾ days, S&P 500 returns have been very strong. In such instances, the S&P 500 has gained 6.8% on average over the next three months. (Research via Seth Golden @SethCL).

Image Source: NYSE, Seth Golden

Bottom Line

While geopolitical “chatter” is often met with skepticism, the hard data underlying the market paints an increasingly optimistic picture. Between the stabilization of critical trade routes and the highest positive earnings guidance in five years, the market’s internals are bullish.

PSE&G highlights opportunity to deliver continued progress and measurable value to customers and communities including:

Lower energy use, and collective savings of nearly $900 million annually to date Carbon emissions avoided, delivering environmental impact to communities across New Jersey Driving local jobs and economic activity through more than 32,000 energy efficiency upgrades delivered to businesses statewide by a network of trade allies, contractors and union labor , /PRNewswire/ -- PSE&G looks forward to continuing to work with the Board of Public Utilities (BPU) and stakeholders in the next phase of the New Jersey's second energy efficiency triennium (Triennium 2.5), which would extend current programs through June 2028.

More than 480,000 customers have participated in PSE&G's energy efficiency programs, taking steps to improve how they use and manage energy in their homes and businesses and manage utility costs. Energy efficiency programs deliver value beyond individual participation, providing benefits that extend to communities across New Jersey.

The programs have supported more than 20,000 businesses, from small businesses to municipalities, schools, and hospital systems, helping implement more than 32,000 energy efficiency upgrades that help manage energy use and costs over time and allow reinvestment of these savings into their operations and the communities they serve. Together, these efforts are delivering measurable results, including nearly $900 million in collective annual energy savings1 and the avoidance of carbon emissions, equivalent to removing more than 500,000 gasoline-powered cars from the road for one year2.

"As a hospital that has participated in some of the State's earliest energy efficiency programs and continues to participate today, we've seen firsthand the value these programs bring through our partnerships with our utility providers," said Kyle Tafuri, Vice President of Sustainability, Hackensack Meridian Health. "They help us manage energy use and costs, while allowing us to reinvest these savings in our operations, our facilities and the services we provide to the communities we serve. Without robust, utility-run programs, organizations like ours would face greater challenges in continuing to invest in the infrastructure our patients rely on."

In addition to supporting customers, these programs also play an important role in the state's economy. PSE&G works with thousands of local trade allies and contractors, including union-affiliated labor, engaged to implement energy-saving projects that support local jobs and economic activity. Collectively, these efforts help reduce overall energy use, manage demand, keep bills as low as possible and contribute to a safe and reliable energy system over time.

"Energy efficiency remains one of the most practical tools we have to help customers manage their energy use," said Lauren Thomas, vice-president, Clean Energy Solutions – Customer Solutions at PSE&G. "These programs help customers keep their energy costs as low as possible while delivering real value for communities across New Jersey, and we're focused on continuing that progress."

PSE&G will continue to work with the Board and the administration in this next phase of the program to maintain a stable and consistent energy efficiency program framework that supports sustained progress, workforce continuity, and continued investment, while supporting our shared goal of keeping customer energy bills as low as possible.

An executive summary related to Triennium 2.5 is available here.

PSE&G
Public Service Electric & Gas Co. is New Jersey's oldest and largest gas and electric delivery public utility, as well as one of the nation's largest utilities. PSE&G has won the ReliabilityOne® Award for superior electric system reliability in the Mid-Atlantic region for 24 consecutive years. In 2025, for the fourth consecutive year, J.D. Power named PSE&G number one in customer satisfaction for residential electric service in the East among large utilities. PSE&G is a subsidiary of Public Service Enterprise Group Inc., (PSEG) (NYSE:PEG), a predominantly regulated infrastructure company named to the Dow Jones Sustainability Index for North America for 17 consecutive years (www.pseg.com).

Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn

CONTACT:
Media Relations
Anide Eustache
862-370-5500
[email protected]

1 Retail bill savings are based on rate class averages for residential and small commercial customers.
2 Vehicle equivalency is based on EPA conversion factors.

SOURCE Public Service Electric & Gas Company (PSE&G)

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- In honor of National Lineworker Appreciation Day on April 18, PSEG Long Island is taking the time to recognize the diligent effort its field workforce puts in to keep the power on.

Lineworkers and PSEG Long Island field personnel work in shifts around the clock and must be ready to answer an emergency call in challenging conditions to help provide safe, reliable electric service to 1.2 million customers on Long Island and in the Rockaways.

PSEG Long Island has approximately 700 in-house and contractor lineworkers who work hard to maintain and repair the electric system. (Credit: PSEG Long Island) "PSEG Long Island could not be the most reliable overhead electric service provider in the state without our lineworkers and other field personnel," said Michael Sullivan, PSEG Long Island's vice president of Electric Operations. "Whether it's replacing equipment on a blue sky day or working 16-hour shifts when storms, blizzards or other natural disasters strike, we are grateful for their 24/7 dedication and hard work."

PSEG Long Island has approximately 700 in-house and contracted lineworkers, all of whom play a vital role in ensuring that customers have the best-in-class service that they expect and deserve.

PSEG Long Island
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a long-term contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), a publicly traded diversified energy company.

Visit PSEG Long Island at:
psegliny.com
PSEG Long Island on Facebook
PSEG Long Island on Instagram
PSEG Long Island on X (formerly Twitter)
PSEG Long Island on LinkedIn
PSEG Long Island on YouTube
PSEG Long Island on Flickr

CONTACT: Media Relations Pager
516.229.7248
[email protected]

SOURCE PSEG Long Island

Also from this source

, /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a $0.67 per share dividend on the outstanding common stock of the company for the second quarter of 2026.

All dividends for the second quarter are payable on or before June 30, 2026, to shareholders of record on June 9, 2026. 

About PSEG
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating New Jersey's largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers.  PSEG also owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in NJ and PA. PSEG aims to power a future where people use energy more efficiently, and it's safer and delivered more reliably than ever. PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Sustainability North America Index for 17 consecutive years. PSEG's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).

Forward-Looking Statements
The statements contained in this press release that are not purely historical are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. Factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on our website: https://investor.pseg.com. All of the forward-looking statements made in this press release are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this press release apply only as of the date hereof. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings.  You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage here. 

SOURCE PSEG

PSEG (PEG - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 5. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis parent company of PSEG Power and Public Service Electric & Gas Co. is expected to post quarterly earnings of $1.49 per share in its upcoming report, which represents a year-over-year change of +4.2%.

Revenues are expected to be $3.29 billion, up 2.1% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.97% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for PSEG?For PSEG, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -3.36%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that PSEG will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that PSEG would post earnings of $0.71 per share when it actually produced earnings of $0.72, delivering a surprise of +1.41%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

PSEG doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAmong the stocks in the Zacks Utility - Electric Power industry, Dominion Energy (D - Free Report) , is soon expected to post earnings of $0.89 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of -4.3%. This quarter's revenue is expected to be $4.25 billion, up 4.3% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Dominion Energy has been revised 5.6% down to the current level. Nevertheless, the company now has an Earnings ESP of +1.31%, reflecting a higher Most Accurate Estimate.

When combined with a Zacks Rank of #3 (Hold), this Earnings ESP indicates that Dominion Energy will most likely beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Public Service Enterprise Group beat Wall Street estimates for first-quarter profit on Tuesday, as the U.S. electric and ​gas utility benefited from extreme winter weather that ‌drove demand across its electric and gas businesses.

Public Service Enterprise Group Incorporated (PEG) Q1 2026 Earnings Call Transcript

I am reiterating SanDisk Corporation (SNDK) as a Strong Buy with a $2,380 price target, reflecting a 40.5% upside potential. My main growth drivers are AI data center storage demand, enterprise SSD strength, the coming QLC Stargate ramp and long-term customer agreement that should this NAND cycle less fragile. These growth drivers support an estimated $37.75 billion in annualized revenue and estimated $119 FWD EPS.

The largest U.S. utility is about to buy Dominion Energy, a big peer with data-center exposure. What's not to like?

LANGHORNE, Pa.--(BUSINESS WIRE)--Savara Inc. (Nasdaq: SVRA) (the Company), a clinical stage biopharmaceutical company focused on rare respiratory diseases, today announced that the MHRA has accepted the submission of the MOLBREEVI MAA for the treatment of autoimmune PAP in the U.K. The MAA was accepted under Accelerated Review and qualifies for a 150-day assessment duration. A decision on the application is expected in Q4 2026. In the U.S., the FDA is reviewing the MOLBREEVI BLA under Priority.

Posted by Defense World Staff on Apr 13th, 2026

Massachusetts Financial Services Co. MA reduced its holdings in Mid-America Apartment Communities, Inc. (NYSE:MAA – Free Report) by 11.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,834,157 shares of the real estate investment trust’s stock after selling 233,695 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.57% of Mid-America Apartment Communities worth $254,783,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in MAA. Viking Global Investors LP purchased a new position in shares of Mid-America Apartment Communities in the 3rd quarter worth $369,597,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Mid-America Apartment Communities by 621.0% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,208,081 shares of the real estate investment trust’s stock worth $168,805,000 after buying an additional 1,040,525 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Mid-America Apartment Communities in the 2nd quarter worth $54,314,000. UBS Group AG boosted its stake in shares of Mid-America Apartment Communities by 65.7% during the 3rd quarter. UBS Group AG now owns 712,167 shares of the real estate investment trust’s stock worth $99,511,000 after purchasing an additional 282,278 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of Mid-America Apartment Communities by 10.0% during the 3rd quarter. Invesco Ltd. now owns 2,019,861 shares of the real estate investment trust’s stock worth $282,235,000 after purchasing an additional 184,453 shares during the period. 93.60% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets In related news, EVP Amber Fairbanks sold 711 shares of Mid-America Apartment Communities stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $124.73, for a total transaction of $88,683.03. Following the completion of the sale, the executive vice president owned 4,471 shares in the company, valued at $557,667.83. This trade represents a 13.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 1,039 shares of company stock worth $129,594. Company insiders own 1.30% of the company’s stock.

Analyst Ratings Changes A number of equities analysts recently commented on MAA shares. Scotiabank dropped their price target on shares of Mid-America Apartment Communities from $140.00 to $138.00 and set a “sector perform” rating for the company in a research note on Monday, March 23rd. Morgan Stanley dropped their price target on shares of Mid-America Apartment Communities from $164.00 to $156.00 and set an “overweight” rating for the company in a research note on Monday, March 16th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Mid-America Apartment Communities in a research note on Friday, March 27th. Royal Bank Of Canada dropped their price target on shares of Mid-America Apartment Communities from $138.00 to $136.00 and set a “sector perform” rating for the company in a research note on Friday, February 6th. Finally, Colliers Securities cut shares of Mid-America Apartment Communities from a “moderate buy” rating to a “hold” rating in a research note on Monday, February 9th. Eight analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $149.74.

View Our Latest Report on Mid-America Apartment Communities

Mid-America Apartment Communities Trading Down 0.0% Shares of MAA opened at $126.34 on Monday. Mid-America Apartment Communities, Inc. has a 1-year low of $120.30 and a 1-year high of $169.00. The company has a 50-day moving average of $129.48 and a 200 day moving average of $132.53. The firm has a market capitalization of $14.77 billion, a price-to-earnings ratio of 33.42 and a beta of 0.80. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.10 and a quick ratio of 0.10.

Mid-America Apartment Communities (NYSE:MAA – Get Free Report) last announced its quarterly earnings data on Wednesday, February 4th. The real estate investment trust reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($1.74). Mid-America Apartment Communities had a net margin of 20.23% and a return on equity of 7.44%. The company had revenue of $555.56 million for the quarter, compared to the consensus estimate of $556.80 million. During the same quarter in the previous year, the business earned $2.23 EPS. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. Mid-America Apartment Communities has set its Q1 2026 guidance at 2.050-2.170 EPS and its FY 2026 guidance at 8.350-8.710 EPS. On average, research analysts expect that Mid-America Apartment Communities, Inc. will post 8.84 EPS for the current year.

Mid-America Apartment Communities Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Wednesday, April 15th will be issued a dividend of $1.53 per share. The ex-dividend date is Wednesday, April 15th. This represents a $6.12 dividend on an annualized basis and a yield of 4.8%. Mid-America Apartment Communities’s dividend payout ratio (DPR) is presently 161.90%.

Mid-America Apartment Communities Company Profile (Free Report)

Mid-America Apartment Communities, Inc (NYSE: MAA) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development, redevelopment and operation of multifamily residential properties. The company focuses on high-barrier-to-entry apartment communities, offering a mix of one-, two- and three-bedroom homes designed to meet the needs of diverse renter demographics. Its integrated business model encompasses property management, leasing, maintenance and customer service, providing residents with a comprehensive living experience under one ownership platform.

MAA’s portfolio comprises more than 100 communities and over 40,000 apartment homes across key Sun Belt markets.

Recommended Stories Five stocks we like better than Mid-America Apartment Communities

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Key Takeaways Mid-America Apartment Communities reports Q1 2026 results on April 29, after market close.Mid-America Apartment Communities cites renewal lease growth above 5% and stable occupancy near 95.6%.New lease pricing stayed weak, but the REIT expects spring pickup as deliveries fall and concessions ease. Mid-America Apartment Communities (MAA - Free Report) — commonly known as MAA — is a real estate investment trust (REIT) that focuses on owning, operating and acquiring apartment communities throughout the Southeast, Southwest and Mid-Atlantic regions of the United States. The company is slated to report first-quarter 2026 results on April 29, after market close.

In the last reported quarter, this Germantown, TN-based residential REIT reported core FFO per share of $2.23, delivering a positive surprise of 0.45%. Results reflected higher occupancy and same-store effective blended lease rate growth year over year.

Over the trailing four quarters, MAA surpassed the Zacks Consensus Estimate on three occasions and missed on the other, the average beat being 0.58%. This is depicted in the chart below:

Let’s see how things have shaped up before this announcement.

US Apartment Market in Q1The U.S. apartment market entered 2026 in better shape than many investors feared, though not yet in a clean pricing recovery. RealPage reported that first-quarter demand rebounded, with absorption of nearly 93,300 units, making it one of the strongest first quarters of the past decade. The snapback helped reverse the late-2025 move-out weakness, but annual demand still ran only a little above 303,000 units, below the roughly 340,000-unit decade average.

The good news is that the new supply is finally rolling over. Roughly 367,000 units were completed in the year-ending first quarter of 2026, including about 75,200 units in the quarter itself. This is still elevated in absolute terms, but it is a major comedown from the late-2024 peak of more than 589,000-unit annual deliveries and now sits near the 10-year average annual completion volume.

National occupancy stood at 94.9% in first-quarter 2026, up 10 basis points sequentially but 20 basis points below the prior year. Rents rose 0.4% in the quarter after two consecutive quarterly declines but remained down 0.5% year over year. Concessions continue to do much of the heavy lifting: 25.5% of apartments were offering concessions, with the average incentive at 7.2%.

The weakest rent trends remain in high-supply Sun Belt markets. Austin, Denver and Phoenix posted some of the deepest annual rent cuts, while San Antonio, Tampa, FL, Nashville, TN, and Las Vegas also lost momentum. In contrast, San Francisco, San Jose, CA, and New York showed rent growth, helped by easing supply pressure and better demand. Several Midwest markets, including Chicago, St. Louis, MO, and Cleveland, OH, also posted steady gains because new supply has been more limited.

Factors to Consider Ahead of MAA’s Upcoming ResultsMAA’s management pointed to improving blended pricing, steady occupancy and lower supply pressure, while its March presentation framed this as a period of building momentum as deliveries slow across Sunbelt markets.

For the quarter, renewals should do most of the work. In the company’s March presentation, MAA said that renewal lease growth accepted for January through March is running above 5%, better than the 4.5% seen in first-quarter 2025. Occupancy also looks stable, with January physical occupancy at 95.6%, close to the full-year 2026 midpoint shown in the company’s outlook.

New lease pricing remains the weak spot, especially early in the year. Even so, management expects a normal spring pickup, with less pressure later in 2026 as new deliveries keep falling and concessions start to ease.

Market trends are also becoming a bit more balanced. Atlanta and Dallas are improving, while Virginia and South Carolina markets remain solid, though Austin is still lagging. Collections are expected to have remained strong, which should help keep near-term revenue trends steady.

Overall, first-quarter 2026 is expected to be stable, with renewals and occupancy carrying results, while new lease pricing slowly recovers. It is not likely to be a breakout quarter, but lower starts, healthy demand and better market occupancy suggest the company is moving into an improving setup for the rest of 2026.

Projections for MAAThe Zacks Consensus Estimate for quarterly revenues is pegged at $555.97 million. This suggests a 1.22% rise from the year-ago quarter’s reported figure.

For the first quarter, we project an average physical occupancy of 95.7%, the same as in the prior quarter. However, we expect same-store property net operating income to fall 1.1% year over year. Our estimate indicates an increase in the company’s interest expenses.

MAA projected first-quarter 2026 core FFO per share in the band of $2.05-$2.17, with $2.11 at the midpoint.

Before the first-quarter earnings release, the company’s activities were not adequate to gain analysts’ confidence. The Zacks Consensus Estimate for the quarterly core FFO per share has been revised a cent south to $2.12 in the past month. This also suggests a year-over-year decline of 3.64%.

Here Is What Our Quantitative Model Predicts for MAAOur proven model does not conclusively predict a surprise in terms of FFO per share for MAA this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is not the case here.

MAA currently carries a Zacks Rank of 3 and has an Earnings ESP of -0.32%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Stocks That Warrant a LookHere are two stocks from the broader REIT sector — Ventas, Inc. (VTR - Free Report) and Host Hotels & Resorts, Inc. (HST - Free Report) — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter.

Ventas, scheduled to report quarterly numbers on April 27, has an Earnings ESP of +0.62% and carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Host Hotels is slated to report quarterly numbers around May 6. It has an Earnings ESP of +2.41 % and carries a Zacks Rank of 3 at present.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

Mid-America Apartment Communities (MAA - Free Report) came out with quarterly funds from operations (FFO) of $2.13 per share, beating the Zacks Consensus Estimate of $2.12 per share. This compares to FFO of $2.2 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +0.41%. A quarter ago, it was expected that this real estate investment trust would post FFO of $2.22 per share when it actually produced FFO of $2.23, delivering a surprise of +0.45%.

Over the last four quarters, the company has surpassed consensus FFO estimates three times.

Mid-America Apartment Communities, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $553.73 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 0.4%. This compares to year-ago revenues of $549.29 million. The company has not been able to beat consensus revenue estimates over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

Mid-America Apartment Communities shares have lost about 6.1% since the beginning of the year versus the S&P 500's gain of 4.3%.

What's Next for Mid-America Apartment Communities?While Mid-America Apartment Communities has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Mid-America Apartment Communities was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $2.10 on $558.1 million in revenues for the coming quarter and $8.53 on $2.24 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the bottom 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Camden (CPT - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on April 30.

This real estate investment trust is expected to post quarterly earnings of $1.67 per share in its upcoming report, which represents a year-over-year change of -2.9%. The consensus EPS estimate for the quarter has been revised 1% lower over the last 30 days to the current level.

Camden's revenues are expected to be $390.66 million, up 0% from the year-ago quarter.

Mid-America Apartment Communities, Inc. (MAA) Q1 2026 Earnings Call Transcript

, /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced that its board of directors approved a quarterly dividend payment of $1.53 per share of common stock to be paid on July 31, 2026, to shareholders of record on July 15, 2026.

This announcement represents the 130th consecutive quarterly cash dividend declared by the company. MAA has never reduced or suspended its quarterly common dividend payment in its over 30-year history as a public company.

As established in prior quarters, the board of directors declared the quarterly common dividend in advance of MAA's earnings announcement that is expected to be made on July 29, 2026.

About MAA
MAA is a self-administered real estate investment trust (REIT) and member of the S&P 500. MAA owns or has ownership interest in apartment communities primarily throughout the Southeast, Southwest and Mid-Atlantic regions of the U.S. focused on delivering strong, full-cycle investment performance. For further details, please refer to www.maac.com or contact Investor Relations at [email protected].

Certain matters in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended with respect to our expectations for future periods. Such statements include statements made about the payment of common dividends. The ability to meet the payment of common dividends in or contemplated by the forward-looking statements could differ materially from the projection due to a number of factors, including a downturn in general economic conditions or the capital markets, changes in interest rates and other items that are difficult to control such as increases in real estate taxes in many of our markets, as well as the other general risks inherent in the apartment and real estate businesses. Reference is hereby made to the filings of Mid-America Apartment Communities, Inc. with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K, and its annual report on Form 10-K, particularly including the risk factors contained in the latter filing.

SOURCE MAA

It has been about a month since the last earnings report for Mid-America Apartment Communities (MAA - Free Report) . Shares have added about 1.3% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Mid-America Apartment Communities due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.

MAA Q1 FFO Tops Estimates, Revenues Dip, Occupancy DeclinesMid-America Apartment Communities, Inc. reported first-quarter 2026 core FFO per share of $2.13, edging past the Zacks Consensus Estimate of $2.12. The metric declined 3.2% from a year ago.

Results reflected the same-store effective blended lease rate growth year over year, though lower occupancy marred the performance to an extent.

Rental and other property revenues rose marginally year over year to $553.73 million but missed the consensus mark of $555.97 million.

MAA’s Same-Store Math Shows Pressure on NOI & Improved LeasingSame-store trends were mixed in the quarter. Same-store revenues declined 0.4% from the year-ago period, while expenses increased 1.3%, resulting in a 1.3% drop in same-store NOI. Average effective rent per unit slipped 0.3% to $1,685.

Leasing indicators suggested stabilization, though not a full rebound. In the first quarter of 2026, MAA’s same-store effective blended lease rate growth was -0.3%, improving 20 basis points year over year and 140 basis points sequentially. The sequential lift was driven by a 110-basis-point improvement in effective new-lease pricing and a 70-basis-point improvement in renewal pricing from the fourth quarter of 2025. The 7% decline in effective new-lease rates was partly offset by 5.4% growth in renewal pricing.

The average physical occupancy for the same-store portfolio in the first quarter was 95.5%, a decline of 10 basis points over the prior-year period. Our estimate was pegged at 95.7%.

As of March 31, 2026, resident turnover in the same-store portfolio remained historically low at 39.9%. This stemmed from low levels of move-outs related to buying single-family homes (11.1/%). 

MAA’s Advanced Development and Lease-Up ActivityOn the investment side, MAA completed two developments during the quarter: MAA Breakwater in Tampa, FL, and MAA Liberty Row in Charlotte, NC. As of March 31, 2026, the company had six active development projects totaling 1,788 units, with expected total costs of $622.5 million and $388.3 million spent to date.

Lease-up remained a meaningful swing factor. MAA ended the quarter with five lease-up communities totaling 1,843 units at 68.3% physical occupancy, with $633.2 million of costs incurred. The company also expanded its land pipeline, adding parcels in Northern Virginia and Kansas City through its pre-purchase development program and another parcel in Nashville, TN, in April 2026.

Mid-America Apartment Keeps Liquidity and Leverage SteadyMAA exited the quarter with $839.2 million of combined cash and available capacity under its unsecured revolving credit facility.

In February 2026, MAA disposed of a 316-unit apartment community in Houston, TX, generating net proceeds of about $41 million.

Balance sheet metrics remained steady. Total debt stood at $5.7 billion as of March 31, 2026, with net debt to adjusted EBITDAre at 4.5X. The average effective interest rate was 3.9%, fixed-rate debt represented 87.1% of the total, and the average years to maturity was 6.1.

MAA Returns Capital and Maintains 2026 OutlookCapital returns continued alongside portfolio investment. During the first quarter, MAA repurchased 0.6 million shares at a weighted average price of $130.46 for a total consideration of about $73 million.

For the second quarter of 2026, MAA guided core FFO per share in the band of $2.00-$2.12, implying a $2.06 midpoint and reflecting expected headwinds from same-store NOI and interest expense, partly offset by lower overhead and share repurchases.

Management maintained its 2026 core FFO per share at $8.53 (range: $8.37-$8.69).

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in estimates review.

VGM ScoresAt this time, Mid-America Apartment Communities has a poor Growth Score of F, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock has a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Mid-America Apartment Communities has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerMid-America Apartment Communities is part of the Zacks REIT and Equity Trust - Residential industry. Over the past month, Essex Property Trust (ESS - Free Report) , a stock from the same industry, has gained 5%. The company reported its results for the quarter ended March 2026 more than a month ago.

Essex Property Trust reported revenues of $484.76 million in the last reported quarter, representing a year-over-year change of +4.3%. EPS of $1.65 for the same period compares with $3.97 a year ago.

Essex Property Trust is expected to post earnings of $4.04 per share for the current quarter, representing a year-over-year change of +0.3%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.1%.

Essex Property Trust has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.

, /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced a full quarterly dividend of $1.0625 per outstanding share of its 8.50% Series I Cumulative Redeemable Preferred Stock. The dividend is payable on June 30, 2026, to shareholders of record on June 15, 2026.

About MAA
MAA is a self-administered real estate investment trust (REIT) and member of the S&P 500. MAA owns or has ownership interest in apartment communities primarily throughout the Southeast, Southwest and Mid-Atlantic regions of the U.S. focused on delivering strong, full-cycle investment performance. For further details, please refer to the "For Investors" page at www.maac.com or contact Investor Relations at [email protected].

Forward-Looking Statements
Certain matters in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended with respect to our expectations for future periods. Such statements include statements made about the payment of preferred dividends. The ability to meet the payment of preferred dividends in or contemplated by the forward-looking statements could differ materially from the projection due to a number of factors, including a downturn in general economic conditions or the capital markets, changes in interest rates and other items that are difficult to control such as increases in real estate taxes in many of our markets, as well as the other general risks inherent in the apartment and real estate businesses. Reference is hereby made to the filings of Mid-America Apartment Communities, Inc. with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K, and its annual report on Form 10-K, particularly including the risk factors contained in the latter filing.

SOURCE MAA

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