Plains Gp Holdings Lp
PAGP Nasdaq Pipe Lines (No Natural Gas) Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$44.3B
9.5%
vs prior year
Operating margin
Operating income as a share of revenue.
3.2%
1.5 pts
Net income
Profit after all expenses, interest and tax.
$260M
152.4%
Free cash flow
Cash from operations minus capital spending.
$2.3B
12.4%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
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What Plains Gp Holdings Lp does
No business description yet.
- Legal name
- PLAINS GP HOLDINGS LP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001581990-26-000012
0001581990
Revenue and margins
Plains Gp Holdings Lp had $44.3B of revenue in fiscal 2025, down 9.5% on the year before.
FY16
Revenue $20.2B
FY17
Revenue $26.2B
FY18
Revenue $34.1B
FY19
Revenue $33.7B
FY20
Revenue $23.3B
FY21
Revenue $42.1B
FY22
Revenue $57.3B
FY23
Revenue $47.3B
FY24
Revenue $48.9B
FY25
Revenue $44.3B
Q3 '23
Revenue $12.1B
Q4 '23
Revenue $11.3B
Q1 '24
Revenue $11.6B
Q2 '24
Revenue $12.8B
Q3 '24
Revenue $12.5B
Q4 '24
Revenue $12.0B
Q1 '25
Revenue $11.5B
Q2 '25
Revenue $10.6B
Q3 '25
Revenue $11.6B
Q4 '25
Revenue $10.6B
Q1 '26
Revenue $12.5B
Q2 '26
Revenue $17.7B
FY16
Gross 14.6%
Operating 4.9%
Net 0.5%
FCF −3.1%
FY17
Gross 12.3%
Operating 4.4%
Net −2.8%
FCF 5.6%
FY18
Gross 12.5%
Operating 6.7%
Net 1.0%
FCF 2.8%
FY19
Gross 12.5%
Operating 5.9%
Net 1.0%
FCF 3.9%
FY20
Gross 12.3%
Operating −10.2%
Net −2.4%
FCF 3.3%
FY21
Gross 8.5%
Operating 2.0%
Net 0.1%
FCF 3.9%
FY22
Gross 7.3%
Operating 2.2%
Net 0.3%
FCF 3.4%
FY23
Gross 7.2%
Operating 2.6%
Net 0.4%
FCF 4.9%
FY24
Gross 7.6%
Operating 1.8%
Net 0.2%
FCF 4.2%
FY25
Gross 8.7%
Operating 3.2%
Net 0.6%
FCF 5.2%
Gross
Operating
Net
FCF
Q3 '23
Gross 8.0%
Operating 1.9%
Net 0.2%
FCF −0.4%
Q4 '23
Gross 3.2%
Operating 1.5%
Net 0.5%
FCF 8.9%
Q1 '24
Gross 6.2%
Operating 3.1%
Net 0.4%
FCF 2.2%
Q2 '24
Gross 7.2%
Operating 2.6%
Net 0.3%
FCF 4.5%
Q3 '24
Gross 7.4%
Operating 1.6%
Net 0.3%
FCF 4.6%
Q4 '24
Gross 8.0%
Operating −0.1%
Net −0.1%
FCF 5.2%
Q1 '25
Gross 8.4%
Operating 3.1%
Net 0.7%
FCF 4.3%
Q2 '25
Gross 8.3%
Operating 2.2%
Net 0.3%
FCF 4.9%
Q3 '25
Gross 8.6%
Operating 4.2%
Net 0.7%
FCF 5.5%
Q4 '25
Gross 9.4%
Operating 3.4%
Net 0.6%
FCF 6.0%
Q1 '26
Gross 7.8%
Operating 3.2%
Net 0.2%
FCF 2.3%
Q2 '26
Gross 6.4%
Operating 2.2%
Net 2.2%
FCF 4.6%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $94.0M
FY17
Net income −$731M
FY18
Net income $334M
FY19
Net income $331M
FY20
Net income −$568M
FY21
Net income $60.0M
FY22
Net income $168M
FY23
Net income $198M
FY24
Net income $103M
FY25
Net income $260M
Q3 '23
Net income $29.0M
Q4 '23
Net income $52.0M
Q1 '24
Net income $42.0M
Q2 '24
Net income $39.0M
Q3 '24
Net income $33.0M
Q4 '24
Net income −$11.0M
Q1 '25
Net income $84.0M
Q2 '25
Net income $30.0M
Q3 '25
Net income $83.0M
Q4 '25
Net income $62.0M
Q1 '26
Net income $20.0M
Q2 '26
Net income $389M
FY16
Diluted EPS —
FY17
Diluted EPS —
FY18
Diluted EPS —
FY19
Diluted EPS —
FY20
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 8.2%
Return on equity —
Return on assets 0.4%
FY17
Return on capital —
Return on equity —
Return on assets −2.8%
FY18
Return on capital —
Return on equity —
Return on assets 1.2%
FY19
Return on capital —
Return on equity —
Return on assets 1.2%
FY20
Return on capital —
Return on equity —
Return on assets −2.0%
FY21
Return on capital —
Return on equity —
Return on assets 0.2%
FY22
Return on capital —
Return on equity —
Return on assets 0.6%
FY23
Return on capital —
Return on equity —
Return on assets 0.7%
FY24
Return on capital —
Return on equity —
Return on assets 0.4%
FY25
Return on capital —
Return on equity —
Return on assets 0.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $2.3B in fiscal 2025, 5.2% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$616M
FY17
Free cash flow $1.5B
FY18
Free cash flow $970M
FY19
Free cash flow $1.3B
FY20
Free cash flow $772M
FY21
Free cash flow $1.7B
FY22
Free cash flow $1.9B
FY23
Free cash flow $2.3B
FY24
Free cash flow $2.0B
FY25
Free cash flow $2.3B
Q3 '23
Free cash flow −$54.0M
Q4 '23
Free cash flow $1.0B
Q1 '24
Free cash flow $261M
Q2 '24
Free cash flow $576M
Q3 '24
Free cash flow $579M
Q4 '24
Free cash flow $620M
Q1 '25
Free cash flow $498M
Q2 '25
Free cash flow $522M
Q3 '25
Free cash flow $632M
Q4 '25
Free cash flow $636M
Q1 '26
Free cash flow $288M
Q2 '26
Free cash flow $814M
FY16
Cash from operations $718M
Capital spending $1.3B
FY17
Cash from operations $2.5B
Capital spending $1.0B
FY18
Cash from operations $2.6B
Capital spending $1.6B
FY19
Cash from operations $2.5B
Capital spending $1.2B
FY20
Cash from operations $1.5B
Capital spending $738M
FY21
Cash from operations $2.0B
Capital spending $336M
FY22
Cash from operations $2.4B
Capital spending $455M
FY23
Cash from operations $2.7B
Capital spending $408M
FY24
Cash from operations $2.5B
Capital spending $448M
FY25
Cash from operations $2.9B
Capital spending $643M
Cash from operations
Capital spending
Q3 '23
Cash from operations $83.0M
Capital spending $137M
Q4 '23
Cash from operations $1.0B
Capital spending $4.0M
Q1 '24
Cash from operations $418M
Capital spending $157M
Q2 '24
Cash from operations $652M
Capital spending $76.0M
Q3 '24
Cash from operations $688M
Capital spending $109M
Q4 '24
Cash from operations $726M
Capital spending $106M
Q1 '25
Cash from operations $638M
Capital spending $140M
Q2 '25
Cash from operations $692M
Capital spending $170M
Q3 '25
Cash from operations $817M
Capital spending $185M
Q4 '25
Cash from operations $784M
Capital spending $148M
Q1 '26
Cash from operations $418M
Capital spending $130M
Q2 '26
Cash from operations $952M
Capital spending $138M
Cash from operations
Capital spending
Dividends, buybacks and share count
Plains Gp Holdings Lp returned $8.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.0%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $8.0M
Dividends
Buybacks
FY16
Diluted shares —
FY17
Diluted shares —
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Plains Gp Holdings Lp can carry it.
FY16
Cash $50.0M
Debt $11.8B
FY17
Cash $40.0M
Debt $9.9B
FY18
Cash $69.0M
Debt $9.2B
FY19
Cash $47.0M
Debt $9.8B
FY20
Cash $25.0M
Debt $10.3B
FY21
Cash $452M
Debt $9.3B
FY22
Cash $404M
Debt $8.5B
FY23
Cash $453M
Debt $7.8B
FY24
Cash $349M
Debt $7.7B
FY25
Cash $329M
Debt $1.7B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $452M | $404M | $453M | $349M | $329M |
| Debt incl. finance leases | $9.3B | $8.5B | $7.8B | $7.7B | $1.7B |
| Net debt / EBITDA | 5.5x | 3.6x | 3.4x | 4.2x | 0.6x |
| Interest coverage | 2.0x | 3.2x | 3.2x | 2.3x | 3.1x |
| Current ratio | 1.0x | 0.9x | 1.0x | 1.0x | 1.0x |
| Quick ratio | 0.9x | 0.8x | 0.9x | 0.9x | 0.9x |
| Total assets | $30.0B | $29.2B | $28.6B | $27.8B | $31.3B |
| Net debt (− = net cash) | $8.8B | $8.1B | $7.4B | $7.4B | $1.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Current ratio rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | — | — | — | — | — | — | — | — | — |
| Gross margin rose | — | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ |
| F-score | — / 3 | 4 / 8 | 8 / 8 | 5 / 8 | 2 / 8 | 7 / 8 | 6 / 8 | 6 / 8 | 5 / 8 | 6 / 8 |
| Accruals ratio | −2.4% | −12.2% | −8.5% | −7.6% | −7.4% | −6.9% | −7.6% | −8.7% | −8.5% | −9.0% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $20.2B | $26.2B | $34.1B | $33.7B | $23.3B | $42.1B | $57.3B | $47.3B | $48.9B | $44.3B |
| Gross profit | $2.9B | $3.2B | $4.3B | $4.2B | $2.9B | $3.6B | $4.2B | $3.4B | $3.7B | $3.8B |
| Operating income | $990M | $1.1B | $2.3B | $2.0B | −$2.4B | $842M | $1.3B | $1.2B | $862M | $1.4B |
| Interest expense | $480M | $510M | $431M | $425M | $436M | $425M | $405M | $386M | $382M | $467M |
| Pretax income | $738M | $896M | $2.4B | $2.2B | −$2.6B | $712M | $1.4B | $1.4B | $963M | $1.4B |
| Income tax | $78.0M | $937M | $302M | $176M | −$167M | $112M | $246M | $129M | $124M | $92.0M |
| Net income | $94.0M | −$731M | $334M | $331M | −$568M | $60.0M | $168M | $198M | $103M | $260M |
| Cash flow | ||||||||||
| Cash from operations | $718M | $2.5B | $2.6B | $2.5B | $1.5B | $2.0B | $2.4B | $2.7B | $2.5B | $2.9B |
| Capital expenditure | $1.3B | $1.0B | $1.6B | $1.2B | $738M | $336M | $455M | $408M | $448M | $643M |
| Free cash flow | −$616M | $1.5B | $970M | $1.3B | $772M | $1.7B | $1.9B | $2.3B | $2.0B | $2.3B |
| Depreciation and amortization | $515M | $519M | $521M | $604M | $656M | $777M | $968M | $912M | $901M | $953M |
| Stock-based compensation | $60.0M | $41.0M | $79.0M | $35.0M | $16.0M | $24.0M | $41.0M | $51.0M | $52.0M | $50.0M |
| Share buybacks | — | — | — | — | — | — | — | — | $0.0M | $8.0M |
| Dividends and buybacks | — | — | — | — | — | — | — | — | $0.0M | $8.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $50.0M | $40.0M | $69.0M | $47.0M | $25.0M | $452M | $404M | $453M | $349M | $329M |
| Total debt | $11.8B | $9.9B | $9.2B | $9.7B | $10.2B | $9.2B | $8.4B | $7.8B | $7.6B | $1.7B |
| Finance lease liabilities | — | — | — | $67.0M | $81.0M | $71.0M | $60.0M | $76.0M | $84.0M | $72.0M |
| Current assets | $4.3B | $4.0B | $3.5B | $4.6B | $3.7B | $6.1B | $5.4B | $4.9B | $4.8B | $4.7B |
| Current liabilities | $4.7B | $4.5B | $3.5B | $5.0B | $4.3B | $6.2B | $5.9B | $5.0B | $4.9B | $4.9B |
| Inventory | $1.3B | $713M | $640M | $604M | $647M | $783M | $729M | $548M | $261M | $211M |
| Property and equipment, net | $13.9B | $14.1B | $14.8B | $15.4B | $14.6B | — | — | — | — | — |
| Goodwill | $2.3B | $2.6B | $2.5B | $2.5B | $0.0M | — | — | — | — | — |
| Intangible assets | $242M | $844M | $772M | $707M | $805M | $2.0B | $2.1B | $1.9B | $1.7B | $1.8B |
| Total assets | $26.1B | $26.8B | $26.8B | $30.0B | $26.0B | $30.0B | $29.2B | $28.6B | $27.8B | $31.3B |
| Total liabilities | $27.1B | — | — | — | — | — | — | — | — | — |
| Shareholders' equity | −$1.0B | — | — | — | — | — | — | — | — | — |
| Margins | ||||||||||
| Gross margin | 14.6% | 12.3% | 12.5% | 12.5% | 12.3% | 8.5% | 7.3% | 7.2% | 7.6% | 8.7% |
| Operating margin | 4.9% | 4.4% | 6.7% | 5.9% | −10.2% | 2.0% | 2.2% | 2.6% | 1.8% | 3.2% |
| EBITDA margin | 7.5% | 6.4% | 8.2% | 7.7% | −7.4% | 3.8% | 3.9% | 4.6% | 3.6% | 5.4% |
| Net margin | 0.5% | −2.8% | 1.0% | 1.0% | −2.4% | 0.1% | 0.3% | 0.4% | 0.2% | 0.6% |
| FCF margin | −3.1% | 5.6% | 2.8% | 3.9% | 3.3% | 3.9% | 3.4% | 4.9% | 4.2% | 5.2% |
| Returns | ||||||||||
| Return on capital | 8.2% | — | — | — | — | — | — | — | — | — |
| Return on capital employed | 4.6% | 5.2% | 9.7% | 7.9% | −11.0% | 3.5% | 5.5% | 5.3% | 3.8% | 5.4% |
| Return on assets | 0.4% | −2.8% | 1.2% | 1.2% | −2.0% | 0.2% | 0.6% | 0.7% | 0.4% | 0.9% |
| Growth | ||||||||||
| Revenue growth | — | 29.9% | 29.9% | −1.1% | −30.8% | 80.7% | 36.3% | −17.4% | 3.3% | −9.5% |
| Net income growth | — | −877.7% | — | −0.9% | −271.6% | — | 180.0% | 17.9% | −48.0% | 152.4% |
| FCF growth | — | — | −34.1% | 36.0% | −41.5% | 114.4% | 17.8% | 18.7% | −12.0% | 12.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 7.8x | 5.9x | 3.3x | 3.8x | — | 5.5x | 3.6x | 3.4x | 4.2x | 0.6x |
| Interest coverage | 2.1x | 2.2x | 5.3x | 4.7x | −5.5x | 2.0x | 3.2x | 3.2x | 2.3x | 3.1x |
| Current ratio | 0.9x | 0.9x | 1.0x | 0.9x | 0.9x | 1.0x | 0.9x | 1.0x | 1.0x | 1.0x |
| Quick ratio | 0.6x | 0.7x | 0.8x | 0.8x | 0.7x | 0.9x | 0.8x | 0.9x | 0.9x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 6.6% | 3.9% | 4.8% | 3.5% | 3.2% | 0.8% | 0.8% | 0.9% | 0.9% | 1.5% |
| Stock comp / revenue | 0.3% | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Payouts / FCF | — | — | — | — | — | — | — | — | 0.0% | 0.3% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 4.0 | 8.0 | 5.0 | 2.0 | 7.0 | 6.0 | 6.0 | 5.0 | 6.0 |
| Accruals ratio | −2.4% | −12.2% | −8.5% | −7.6% | −7.4% | −6.9% | −7.6% | −8.7% | −8.5% | −9.0% |
Source: SEC EDGAR XBRL filings (CIK 0001581990). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.