Aims. We present a kinematic study of a sample of 298 planetary nebulas (PNs) in the outer halo of the central Virgo galaxy M87 (NGC 4486). The line-of-sight velocities of these PNs are used to identify sub-components, to measure the angular momentum content of the main M87 halo, and to constrain the orbital distribution of the stars at these large radii. Methods. We use Gaussian mixture modelling to statistically separate distinct velocity components and identify the M87 smooth halo component, its unrelaxed substructures, and the intra-cluster (IC) PNs. We compute probability weighted velocity and velocity dispersion maps for the smooth halo, and its specific angular momentum profile (λ R ) and velocity dispersion profile. Results. The classification of the PNs into smooth halo and ICPNs is supported by their different PN luminosity functions. Based on a K-S test, we conclude that the ICPN line-of-sight velocity distribution (LOSVD) is consistent with the LOSVD of the galaxies in Virgo subcluster A. The surface density profile of the ICPNS at 100 kpc radii has a shallow logarithmic slope, −α ICL ≃ −0.8, dominating the light at the largest radii. Previous B-V colour and resolved star metallicity data indicate masses for the ICPN progenitor galaxies of a few ×10 8 M ⊙ . The angular momentum-related λ R profile for the smooth halo remains below 0.1, in the slow rotator regime, out to 135 kpc average ellipse radius (170 kpc major axis distance). Combining the PN velocity dispersion measurements for the M87 halo with literature data in the central 15 kpc, we obtain a complete velocity dispersion profile out to R avg = 135 kpc. The σ halo profile decreases from the central 400 kms −1 to about 270 kms −1 at 2-10 kpc, then rises again to ≃ 300 ± 50 kms −1 at 50-70 kpc to finally decrease sharply to σ halo ∼ 100 kms −1 at R avg = 135 kpc. The steeply decreasing outer σ halo profile and the surface density profile of the smooth halo can be reconciled with the circular velocity curve inferred from assuming hydrostatic equilibrium for the hot X-ray gas. Because this rises to v c,X ∼ 700 kms −1 at 200 kpc, the orbit distribution of the smooth M87 halo is required to change strongly from approximately isotropic within R avg ∼ 60 kpc to very radially anisotropic at the largest distances probed. Conclusions. The extended LOSVD of the PNs in the M87 halo allows the identification of several subcomponents: the ICPNs, the "crown" accretion event, and the smooth M87 halo. In galaxies like M87, the presence of these sub-components needs to be taken into account to avoid systematic biases in estimating the total enclosed mass. The dynamical structure inferred from the velocity dispersion profile indicates that the smooth halo of M87 steepens beyond R avg = 60 kpc and becomes strongly radially anisotropic, and that the velocity dispersion profile is consistent with the X-ray circular velocity curve at these radii without non-thermal pressure effects.