Plains GP Holdings, L.P. Class A Shares (PAGP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.44	$0.41	-6.8%	—	$17.7B	—
Q1 26	$0.67	$1.12	+67.2%	—	$12.5B	—
Q4 25	$0.46	$0.36	-21.7%	—	$10.6B	—
Q3 25	$0.18	$0.38	+111.1%	—	$11.6B	—
Q2 25	$0.41	$0.41	0.0%	—	$10.6B	—
Q1 25	$0.48	$0.23	-52.1%	—	$12B	—
Q4 24	$0.48	$0.46	-4.2%	—	$12.4B	—
Q3 24	$0.37	$0.37	0.0%	—	$12.7B	—
Q2 24	$0.4	$0.31	-22.5%	—	$12.9B	—
Q1 24	$0.28	$0.21	-25.0%	—	$12B	—
Q4 23	$0.46	$0.42	-8.7%	—	$12.7B	—
Q3 23	$0.32	$0.35	+9.4%	—	$12.1B	—
Q2 23	$0.25	$0.25	0.0%	—	$11.6B	—
Q1 23	$0.27	$0.35	+29.6%	—	$12.3B	—
Q4 22	$0.61	$0.23	-62.3%	—	$13B	—
Q3 22	$0.39	$0.33	-15.4%	—	$14.3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.66	—	—	$44.3B	—
FY24	—	$0.73	—	—	$50.1B	—
FY23	—	$1.01	—	—	$48.7B	—
FY22	—	$0.86	—	—	$57.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$20.2B	$26.2B	$34.1B	$33.7B	$23.3B	$42.1B	$57.3B	$48.7B	$50.1B	$44.3B
YoY change	-12.8%	+29.9%	+29.9%	-1.13%	-30.8%	+80.7%	+36.3%	-15.1%	+2.79%	-11.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	20.2B	26.2B	34.1B	33.7B	23.3B	42.1B	57.3B	48.7B	50.1B	44.3B
Cost of revenue	17.7B	23.5B	30.3B	30.1B	21.1B	39.3B	54.1B	45.6B	46.6B	41.4B
Gross profit	2.4B	2.7B	3.7B	3.6B	2.2B	2.8B	3.2B	3.1B	3.5B	2.9B
Gross margin	12.1%	10.4%	11%	10.7%	9.46%	6.65%	5.58%	6.43%	6.96%	6.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	282M	280M	320M	302M	276M	298M	330M	356M	387M	348M
Operating expenses	1.5B	1.5B	1.6B	1.6B	1.4B	1.4B	1.6B	1.8B	2.2B	1.5B
Operating income	970M	1.3B	2.2B	2B	851M	1.4B	1.6B	1.3B	1.3B	1.4B
Operating margin	4.81%	4.79%	6.34%	5.96%	3.65%	3.41%	2.71%	2.77%	2.66%	3.1%
Non-operating income, net	248M	150M	682M	655M	-3B	-297M	261M	651M	302M	467M
Pretax income	738M	896M	2.4B	2.2B	-2.6B	712M	1.4B	1.6B	1.3B	1.4B
Income tax	78M	937M	302M	176M	-167M	112M	246M	189M	204M	92M
Net income	660M	-41M	2.1B	2.1B	-2.4B	600M	1.2B	1.4B	1.1B	1.7B
Net margin	3.27%	-0.16%	6.19%	6.12%	-10.5%	1.43%	2.03%	2.93%	2.14%	3.81%
EBITDA	1.7B	2B	3.1B	3.3B	1.7B	2.5B	3.3B	2.8B	2.9B	2.8B
EPS	0.94	-5.03	2.12	1.97	-3.06	0.31	0.86	1.01	0.73	1.66
Diluted EPS	0.94	-5.03	2.11	1.96	-3.07	0.31	0.86	1.01	0.73	1.66

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	12.1B	12.7B	12B	12.9B	12.7B	12.4B	12B	10.6B	11.6B	10.6B	12.5B	17.7B
Cost of revenue	11.4B	11.8B	11.2B	12.1B	11.8B	11.5B	11B	10B	10.8B	9.8B	11.7B	16.8B
Gross profit	704M	866M	824M	818M	929M	918M	988M	649M	763M	736M	734M	895M
Gross margin	5.83%	6.82%	6.87%	6.32%	7.29%	7.4%	8.23%	6.1%	6.59%	6.97%	5.89%	5.06%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	93M	88M	97M	95M	99M	95M	101M	84M	84M	93M	83M	111M
Operating expenses	465M	451M	455M	445M	582M	672M	469M	370M	372M	374M	384M	439M
Operating income	239M	415M	369M	373M	347M	246M	519M	279M	391M	362M	350M	456M
Operating margin	1.98%	3.27%	3.08%	2.88%	2.72%	1.98%	4.32%	2.62%	3.38%	3.43%	2.81%	2.58%
Non-operating income, net	111M	117M	90M	109M	99M	7M	148M	60M	179M	75M	127M	54M
Pretax income	263M	436M	364M	390M	356M	164M	565M	229M	458M	321M	333M	375M
Income tax	-5M	55M	28M	74M	55M	47M	73M	16M	30M	16M	8M	209M
Net income	268M	381M	336M	316M	301M	117M	492M	283M	504M	407M	222M	1.8B
Net margin	2.22%	3%	2.8%	2.44%	2.36%	0.94%	4.1%	2.66%	4.35%	3.85%	1.78%	10.3%
EBITDA	609M	786M	725M	740M	773M	679M	921M	615M	708M	726M	685M	797M
EPS	0.15	—	0.21	0.26	0.17	-0.04	0.42	0.15	0.42	0.41	0.14	1.97
Diluted EPS	0.15	—	0.21	0.26	0.17	-0.04	0.42	0.15	0.41	0.41	0.14	1.97

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	3.2B	3.2B	—	2B	2.4B	3.1B	3.6B	—	6.2B
Enterprise value	—	—	12.3B	13.2B	—	11.1B	10.8B	10.7B	11.2B	—	26.6B
Shares outstanding	99M	145M	158M	168M	186M	194M	194M	195M	197M	704M	704M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	1.51	1.54	—	3.28	2.08	2.18	3.38	—	75.9
P/S	—	—	0.09	0.09	—	0.05	0.04	0.06	0.07	—	0.12
P/B	—	—	0.24	0.22	—	0.14	0.16	0.21	0.25	—	3.33
EV/EBITDA	—	—	4.03	4.03	—	4.42	3.29	3.78	3.93	—	10.3
EV/Sales	—	—	0.36	0.39	—	0.26	0.19	0.22	0.22	—	0.51
Earnings yield	—	—	66.3%	64.8%	—	30.5%	48.2%	45.8%	29.6%	—	1.32%
FCF yield	—	—	30.5%	41.4%	—	84.1%	80.8%	69.5%	50.9%	—	23.2%
PEG	—	—	—	—	—	—	—	—	—	—	0.06

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	12.1%	10.4%	11%	10.7%	9.46%	6.65%	5.58%	6.43%	6.96%	6.5%	5.06%
Operating margin	4.81%	4.79%	6.34%	5.96%	3.65%	3.41%	2.71%	2.77%	2.66%	3.1%	2.77%
Net margin	3.27%	-0.16%	6.19%	6.12%	-10.5%	1.43%	2.03%	2.93%	2.14%	3.81%	1.06%
ROE	6.16%	-0.33%	15.8%	14.2%	-21.8%	4.23%	7.95%	9.52%	7.47%	11.9%	8.31%
ROA	2.53%	-0.15%	7.85%	6.88%	-9.4%	2%	3.98%	4.98%	3.86%	5.39%	3.42%
ROIC	3.86%	0%	8.4%	7.55%	3.92%	5.19%	5.58%	5.28%	5.11%	5.06%	5.61%
Return on tangible assets	3.15%	-0.21%	10.4%	8.78%	-10%	2.3%	4.67%	5.74%	4.38%	6.07%	10.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.92	0.88	1.02	0.92	0.86	0.98	0.91	0.98	0.97	0.96	1.12
Quick ratio	0.63	0.73	0.84	0.8	0.71	0.86	0.79	0.87	0.88	0.92	1.1
Debt / equity	1.11	0.8	0.69	0.7	0.94	0.67	0.6	0.54	0.55	0.81	0.56
Debt / assets	0.45	0.37	0.34	0.34	0.41	0.32	0.3	0.28	0.29	0.37	0.29
Net debt / EBITDA	6.88	4.86	2.99	3.06	6.11	3.63	2.55	2.68	2.66	4.03	2.6
Interest coverage	2.54	2.76	6.59	6.27	-4.98	2.68	4.48	5.18	4.34	3.99	3.82
Effective tax rate	10.6%	100%	12.5%	7.86%	0%	15.7%	17.5%	11.7%	16%	6.59%	17.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	203.9	180.8	215.5	200.4	125.2	216.9	295.6	249.8	254.2	62.9	264.2
EPS (basic)	0.94	-5.03	2.12	1.97	-3.06	0.31	0.86	1.01	0.73	1.66	1.66
EPS (diluted)	0.94	-5.03	2.11	1.96	-3.07	0.31	0.86	1.01	0.73	1.66	0.35
Book value per share	108.2	85.2	84.3	86.2	60.2	73.1	75.5	76.8	72.7	20.2	7.98
FCF per share	-6.22	10.2	6.14	7.85	4.15	8.53	10	11.1	9.36	3.21	11.9
Cash per share	0.51	0.28	0.44	0.28	0.13	2.33	2.08	2.32	1.77	0.47	5.36
Capex per share	13.5	7.06	10.3	7.03	3.97	1.73	2.35	2.87	3.25	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.61%	3.9%	4.8%	3.51%	3.17%	0.8%	0.79%	1.15%	1.28%	—	—
Capex / operating cash flow	171.9%	42.6%	57.2%	42.4%	-37.1%	26.6%	21.1%	18.5%	27.2%	—	—
Payout ratio	35.5%	-661%	8.97%	11.2%	-6.8%	23.3%	13.9%	14.7%	23.5%	17.9%	455.7%
Dividend yield	—	—	5.95%	7.26%	—	7.12%	6.71%	6.72%	6.93%	—	6.28%

Yield

6.28%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.4175

ex-dividend Jul 31, 2026

Payout ratio

456%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 31, 2026	$0.4175
May 1, 2026	$0.4175
Jan 30, 2026	$0.4175
Oct 31, 2025	$0.38
Jul 31, 2025	$0.38

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$12.1B	$12.7B	$12B	$12.9B	$12.7B	$12.4B	$12B	$10.6B	$11.6B	$10.6B	$12.5B	$17.7B
YoY change	-15.8%	-1.96%	-2.8%	+11.5%	+5.57%	-2.33%	+0.13%	-17.7%	-9.14%	-14.8%	+3.82%	+66.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	50M	40M	69M	47M	25M	452M	404M	453M	349M	329M
Receivables	2.3B	3B	2.5B	3.6B	2.6B	4.7B	3.9B	3.8B	3.9B	3.6B
Inventory	1.3B	713M	640M	604M	647M	783M	729M	548M	439M	211M
Total current assets	4.3B	4B	3.5B	4.6B	3.7B	6.1B	5.4B	4.9B	4.8B	4.7B
Property, plant & equipment	13.9B	14.1B	14.8B	15.8B	15B	15.3B	15.6B	16.1B	15.8B	17.1B
Goodwill & intangibles	5.2B	6.8B	6.6B	6.5B	1.6B	3.9B	4.3B	3.8B	3.4B	3.5B
Total assets	26.1B	26.8B	26.8B	30B	26B	30B	29.2B	28.6B	27.8B	31.3B
Accounts payable	—	3.3B	2.7B	3.7B	2.4B	4.8B	4B	3.8B	3.9B	3.5B
Short-term debt	1.7B	737M	66M	504M	831M	822M	1.2B	446M	408M	563M
Total current liabilities	4.7B	4.5B	3.5B	5B	4.3B	6.2B	5.9B	5B	4.9B	4.9B
Long-term debt	10.1B	9.2B	9.1B	9.6B	9.7B	8.7B	7.6B	7.6B	7.5B	10.9B
Total liabilities	15.4B	14.4B	13.5B	15.5B	14.8B	15.8B	14.6B	13.6B	13.4B	17.1B
Shareholders' equity	10.7B	12.4B	13.3B	14.5B	11.2B	14.2B	14.6B	15B	14.3B	14.2B
Total debt	11.8B	9.9B	9.2B	10.1B	10.5B	9.6B	8.8B	8B	7.9B	11.5B
Net debt	11.8B	9.9B	9.1B	10B	10.5B	9.1B	8.3B	7.6B	7.6B	11.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	262M	453M	334M	556M	641M	349M	429M	460M	1.2B	329M	172M	1.1B
Receivables	4.3B	3.8B	4B	4.2B	4B	3.9B	3.8B	3.6B	3.6B	3.6B	4.8B	5.3B
Inventory	617M	548M	453M	502M	436M	439M	335M	151M	184M	211M	380M	84M
Total current assets	5.3B	4.9B	5B	5.4B	5.2B	4.8B	4.7B	4.7B	5.6B	4.7B	6.2B	6.5B
Property, plant & equipment	15.9B	16.1B	16B	15.9B	15.9B	15.8B	16.4B	14.4B	14.3B	17.1B	17.1B	17B
Goodwill & intangibles	3.9B	3.8B	1.8B	3.5B	3.3B	3.4B	3.4B	3.3B	3.1B	3.5B	3.4B	3.2B
Total assets	29B	28.6B	28.6B	28.7B	28.4B	27.8B	28.3B	28.3B	29.3B	31.3B	32.8B	30.2B
Accounts payable	4.1B	3.8B	4B	4B	3.7B	3.9B	3.7B	3.4B	3.6B	3.5B	4.9B	4.9B
Short-term debt	710M	446M	554M	765M	765M	408M	478M	475M	1B	563M	420M	9M
Total current liabilities	5.6B	5B	5.1B	5.4B	5.1B	4.9B	4.7B	4.6B	5.4B	4.9B	6.5B	5.9B
Long-term debt	7.6B	7.6B	7.6B	7.5B	7.5B	7.5B	8.5B	8.4B	8.6B	10.9B	11.2B	8.6B
Total liabilities	14.2B	13.6B	13.7B	13.9B	13.6B	13.4B	14.2B	14.2B	15.1B	17.1B	18.8B	14.9B
Shareholders' equity	14.8B	15B	14.9B	14.8B	14.7B	14.3B	14.1B	14.1B	14.1B	14.2B	14B	15.3B
Total debt	8.3B	8B	8.1B	8.3B	8.2B	7.9B	9B	8.9B	9.6B	11.5B	11.6B	8.6B
Net debt	8B	7.6B	7.8B	7.7B	7.6B	7.6B	8.6B	8.4B	8.5B	11.1B	11.4B	7.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	660M	-41M	2.1B	2.1B	-2.4B	600M	1.2B	1.4B	1.1B	1.7B
Depreciation & amortization	515M	519M	521M	604M	656M	777M	968M	1.1B	1B	953M
Stock-based compensation	60M	41M	79M	35M	16M	24M	41M	51M	52M	50M
Change in working capital	-480M	942M	-133M	-12M	-158M	-227M	-191M	436M	182M	303M
Operating cash flow	776M	2.4B	2.9B	2.8B	-2B	1.3B	2.2B	3B	2.4B	2.9B
Capital expenditure	-1.3B	-1B	-1.6B	-1.2B	-738M	-336M	-455M	-559M	-640M	—
Investing cash flow	-1.3B	-1.6B	-813M	-1.8B	-1.1B	386M	-526M	-702M	-875M	-2.6B
Dividends paid	-234M	-271M	-189M	-231M	-166M	-140M	-162M	-209M	-251M	-301M
Share repurchases	—	—	0	0	-50M	-178M	-74M	0	0	-341M
Financing cash flow	454M	-1.6B	-2.5B	-717M	-590M	-2.5B	-1.9B	-2B	-1.7B	474M
Net change in cash	-43M	-798M	-487M	303M	-3.7B	-873M	-294M	354M	-261M	833M
Free cash flow	-616M	1.5B	970M	1.3B	772M	1.7B	1.9B	2.2B	1.8B	2.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	268M	381M	336M	317M	300M	117M	492M	283M	504M	407M	222M	1.8B
Depreciation & amortization	261M	273M	254M	257M	320M	257M	262M	234M	230M	257M	243M	243M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	520M	632M	573M	665M	671M	276M	800M	692M	817M	784M	418M	952M
Capital expenditure	-156M	-155M	-170M	-126M	-241M	-166M	-198M	—	—	—	—	—
Investing cash flow	-438M	-258M	-261M	-157M	-254M	-264M	-819M	-56M	-161M	-1.7B	-85M	4M
Dividends paid	-52M	-53M	-63M	-62M	-63M	-63M	-75M	-75M	-75M	-76M	-83M	-82M
Share repurchases	0	0	—	—	—	—	-333M	-8M	0	0	0	0
Financing cash flow	-307M	-998M	-272M	-704M	-413M	-353M	262M	-407M	-75M	694M	-339M	-1.5B
Net change in cash	-225M	-624M	40M	-196M	4M	-341M	243M	229M	581M	-256M	-6M	-580M
Free cash flow	-73M	855M	248M	526M	447M	560M	440M	528M	615M	626M	286M	816M

Plains GP Holdings, L.P. Class A Shares Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history