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Financials · PAGP

Plains Group Holdings, L.P. (PAGP) financials

For the twelve months ended Jun 30, 2026, Plains Group Holdings, L.P. reported $52.31B of revenue and $554.00M of net income.

Revenue, TTM
$52.31B
Revenue growth, YoY
+12.2%
Net income, TTM
$554.00M
Net income growth, YoY
+307.4%
Net margin
1.1%
Free cash flow, TTM
$2.37B
Cash
$1.06B
Total debt
$8.44B
P/E
9.21
P/S
0.10
Market cap
$5.10B
Annual revenue$44.26B
FY2016FY2025
Annual net income$260.00M
FY2016FY2025
Annual free cash flow$2.29B
FY2016FY2025

PAGP revenue and earnings growth

PAGP revenueQ2 2026$17.69B

Quarter YoY
+66.3%
QoQ
+41.9%
FY YoY
-9.5%
5Y CAGR
+13.7%
10Y CAGR
+6.7%

PAGP revenue was $17.69B in fiscal Q2 2026 (ended Jun 30, 2026), up 66.3% from a year earlier and up 41.9% from the prior quarter. For the full fiscal 2025 it was $44.26B, down 9.5% from fiscal 2024. Compound annual growth was +13.7% over 5 years and +6.7% over 10 years. It rose in 5 of the last 10 fiscal years.

PAGP net incomeQ2 2026$389.00M

Quarter YoY
13x
QoQ
19x
FY YoY
+152.4%
10Y CAGR
+8.2%

PAGP net income was $389.00M in fiscal Q2 2026 (ended Jun 30, 2026), up about 13-fold from a year earlier and up about 19-fold from the prior quarter. For the full fiscal 2025 it was $260.00M, up 152.4% from fiscal 2024. Compound annual growth was +8.2% over 10 years. It rose in 3 of the last 4 fiscal years.

PAGP free cash flowQ2 2026$814.00M

Quarter YoY
+55.9%
QoQ
+182.6%
FY YoY
+12.4%
5Y CAGR
+24.3%

PAGP free cash flow was $814.00M in fiscal Q2 2026 (ended Jun 30, 2026), up 55.9% from a year earlier and up 182.6% from the prior quarter. For the full fiscal 2025 it was $2.29B, up 12.4% from fiscal 2024. Compound annual growth was +24.3% over 5 years. It rose in 5 of the last 8 fiscal years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$44.26B$48.89B$47.34B$57.34B$42.08B$23.29B$33.67B$34.05B$26.22B$20.18B
Cost of revenue$40.43B$45.16B$43.94B$53.18B$38.50B$20.43B$29.45B$29.79B$22.98B$17.23B
Gross profit$3.83B$3.73B$3.40B$4.17B$3.57B$2.86B$4.22B$4.26B$3.24B$2.95B
Selling, general and admin$348.00M$334.00M$305.00M$330.00M$298.00M$276.00M$302.00M$320.00M$280.00M$282.00M
Operating income$1.43B$862.00M$1.25B$1.28B$842.00M-$2.38B$1.98B$2.27B$1.15B$990.00M
Interest expense$467.00M$382.00M$386.00M$405.00M$425.00M$436.00M$425.00M$431.00M$510.00M$480.00M
Pre-tax income$1.40B$963.00M$1.36B$1.41B$712.00M-$2.61B$2.24B$2.41B$896.00M$738.00M
Income tax$92.00M$124.00M$129.00M$246.00M$112.00M-$167.00M$176.00M$302.00M$937.00M$78.00M
Net income$260.00M$103.00M$198.00M$168.00M$60.00M-$568.00M$331.00M$334.00M-$731.00M$94.00M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$329.00M$349.00M$453.00M$404.00M$456.00M$63.00M$84.00M$69.00M$40.00M$50.00M
Receivables$3.60B$3.68B$3.76B$3.91B$4.71B$2.55B$3.61B$2.45B$3.03B$2.28B
Inventory$211.00M$261.00M$548.00M$729.00M$783.00M$647.00M$604.00M$640.00M$713.00M$1.34B
Current assets$4.70B$4.78B$4.92B$5.36B$6.14B$3.67B$4.61B$3.54B$4.00B$4.28B
Goodwill-----$0$2.54B$2.52B$2.57B$2.34B
Total assets$31.28B$27.76B$28.60B$29.21B$29.98B$25.95B$29.97B$26.83B$26.75B$26.10B
Current liabilities$4.90B$4.92B$5.00B$5.89B$6.23B$4.25B$5.02B$3.46B$4.53B$4.67B
Short-term debt$563.00M$407.00M$446.00M$1.16B$822.00M$831.00M$504.00M$66.00M$737.00M$1.72B
Long-term debt$10.70B$7.21B$7.30B$7.29B$8.40B$9.38B$9.19B$9.14B$9.18B$10.12B
Total debt$11.26B$7.62B$7.75B$8.45B$9.22B$10.21B$9.69B$9.21B$9.92B$11.84B
Total liabilities---------$27.11B
Shareholders' equity----------$1.01B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$2.93B$2.48B$2.72B$2.40B$1.99B$1.51B$2.50B$2.60B$2.50B$718.00M
Capital expenditures$643.00M$448.00M$408.00M$455.00M$336.00M$738.00M$1.18B$1.63B$1.02B$1.33B
Free cash flow$2.29B$2.04B$2.31B$1.95B$1.66B$772.00M$1.32B$970.00M$1.47B-$616.00M
Investing cash flow-$3.44B-$875.00M-$702.00M-$526.00M$386.00M-$1.09B-$1.76B-$813.00M-$1.57B-$1.27B
Financing cash flow$474.00M-$1.70B-$1.97B-$1.93B-$1.98B-$430.00M-$717.00M-$1.75B-$940.00M$571.00M
Share repurchases$8.00M$0--------
Depreciation and amortization$953.00M$901.00M$912.00M$968.00M$777.00M$656.00M$604.00M$521.00M$519.00M$515.00M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-9.5%3.3%-17.4%36.3%80.7%-30.8%-1.1%29.9%29.9%-12.8%
Net income growth, YoY152.4%-48.0%17.9%180.0%---0.9%---20.3%
Gross margin8.7%7.6%7.2%7.3%8.5%12.3%12.5%12.5%12.3%14.6%
Operating margin3.2%1.8%2.6%2.2%2.0%-10.2%5.9%6.7%4.4%4.9%
Net margin0.6%0.2%0.4%0.3%0.1%-2.4%1.0%1.0%-2.8%0.5%
Free cash flow margin5.2%4.2%4.9%3.4%3.9%3.3%3.9%2.8%5.6%-3.1%
Return on assets0.8%0.4%0.7%0.6%0.2%-2.2%1.1%1.2%-2.7%0.4%
Current ratio0.960.970.980.910.980.860.921.020.880.92

Source: XBRL data Plains Group Holdings, L.P. files with the SEC, latest filing dated Aug 10, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

PAGP peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
PAGP$52.31B+12.2%$554.00M1.1%$5.10B
WMB$15.43B+10.1%$3.07B19.9%$162.73B
ENBC$89.93B+40.0%C$6.73B7.5%$102.40B
NGG£17.69B-3.8%£3.24B18.3%$87.30B
EPD$64.40B+21.5%$6.59B10.2%$79.86B
KMI$18.34B+11.7%$3.60B19.6%$66.73B
TRPC$15.24B+10.7%C$3.52B23.1%$61.92B
TRGP$18.19B+4.7%$2.45B13.5%$56.74B
MPLX$13.21B+3.1%$4.34B32.9%$56.64B

PAGP FAQ

8 questions
  • What is PAGP revenue?
    Plains Group Holdings, L.P. (PAGP) reported $52.31B of revenue for the twelve months ended Jun 30, 2026. That is up 12.2% from the year before. Revenue for fiscal 2025 was $44.26B.
  • Is PAGP profitable?
    Yes. Plains Group Holdings, L.P. earned $554.00M in net income for the twelve months ended Jun 30, 2026, a net margin of 1.1%.
  • How much cash and debt does PAGP have?
    Plains Group Holdings, L.P. reported $1.06B in cash and cash equivalents and $8.44B of debt on its most recent balance sheet in SEC filings.
  • How fast is PAGP revenue growing?
    Plains Group Holdings, L.P.'s revenue changed -9.5% in fiscal 2025, to $44.26B. Its compound annual growth rate was +13.7% over 5 years and +6.7% over 10 years.
  • What is PAGP gross margin?
    Plains Group Holdings, L.P.'s gross profit was $4.10B on $52.31B of revenue for the twelve months ended Jun 30, 2026, a gross margin of 7.8%.
  • What is PAGP free cash flow?
    Plains Group Holdings, L.P. generated $2.37B of free cash flow for the twelve months ended Jun 30, 2026, which is operating cash flow of $2.97B less capital expenditures.
  • When did PAGP last report financial results?
    The latest statements here come from Plains Group Holdings, L.P.'s 10-Q filed on Aug 10, 2026, covering the period ended Jun 30, 2026.
  • Where does this PAGP financial data come from?
    Quantisnow builds these statements from the structured XBRL data Plains Group Holdings, L.P. files with the SEC. It is provided for information only and is not investment advice.