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Plains GP Holdings LP (PAGP) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

ENERGY · OIL & GAS MIDSTREAM · DATA UPDATED 2026-08-16

Plains GP Holdings LP (PAGP) operates in the OIL & GAS MIDSTREAM industry and is headquartered in Houston, United States. Its market capitalization is roughly $6 billion. In the fiscal year ended 2025-12-31, PAGP reported $44.3B in revenue and $260M in net income.

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates through Crude Oil and Natural Gas Liquids (NGLs) segments.

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PAGP Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Total Revenue	$52.3B	$44.3B	$50.1B	$48.7B	$57.3B	$42.1B	$23.3B	$33.7B	$34.1B	$26.2B	$20.2B	$23.2B	$43.5B	$42.2B	$37.8B	$34.3B	$25.9B
Gross Profit	$2.7B	$2.7B	$3.5B	$3.1B	$3.2B	$2.8B	$2.2B	$3.6B	$3.7B	$2.6B	$2.5B	$3.0B	$3.6B	$3.4B	$2.9B	$2.5B	$1.7B
Gross Margin %	5.1%	6.0%	7.0%	6.4%	5.6%	6.7%	9.5%	10.7%	11.0%	10.0%	12.2%	12.9%	8.2%	8.1%	7.8%	7.2%	6.6%
Operating Income (EBIT)	$1.6B	$1.4B	$1.2B	$1.5B	$1.3B	$842M	($2.4B)	$2.0B	$2.3B	$1.1B	$990M	$1.3B	$1.8B	$1.7B	$1.4B	$1.3B	$766M
Operating Margin %	3.0%	3.2%	2.3%	3.1%	2.2%	2.0%	-10.2%	5.9%	6.7%	4.4%	4.9%	5.4%	4.1%	4.1%	3.8%	3.8%	3.0%
Net Income	$554M	$260M	$103M	$198M	$168M	$60M	($568M)	$331M	$334M	($731M)	$94M	$118M	$70M	$15M	$40M	$2M	$2M
Net Margin %	1.1%	0.6%	0.2%	0.4%	0.3%	0.1%	-2.4%	1.0%	1.0%	-2.8%	0.5%	0.5%	0.2%	0.0%	0.1%	0.0%	0.0%
EBITDA	$2.7B	$2.8B	$2.7B	$3.1B	$2.8B	$1.9B	($1.5B)	$3.3B	$3.4B	$1.9B	$1.7B	$1.9B	$2.3B	$2.2B	$1.9B	$1.5B	$1.0B
Earnings Per Share (EPS)	$2.80	$1.31	$0.52	$1.02	$0.87	$0.31	$-2.31	$1.95	$1.18	$-5.04	$0.95	$1.42	$1.30	$0.30	$0.83	$0.04	$0.04
Shares Outstanding (M)	198M	198M	197M	195M	194M	194M	246M	170M	282M	145M	99M	83M	54M	50M	48M	48M	48M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PAGP Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$17.7B	$12.5B	$10.6B	$11.6B	$10.6B	$12.0B	$12.4B	$12.7B
Gross Profit	$809M	$433M	$713M	$705M	$649M	$988M	$598M	$12.3B
Gross Margin %	4.6%	3.5%	6.8%	6.1%	6.1%	8.2%	4.8%	96.2%
Operating Income (EBIT)	$397M	$350M	$354M	$483M	$237M	$532M	$87M	$346M
Operating Margin %	2.2%	2.8%	3.4%	4.2%	2.2%	4.4%	0.7%	2.7%
Net Income	$389M	$20M	$62M	$83M	$30M	$84M	($11M)	$33M
Net Margin %	2.2%	0.2%	0.6%	0.7%	0.3%	0.7%	-0.1%	0.3%
EBITDA	$752M	$409M	$716M	$774M	$543M	$934M	$516M	$711M
Earnings Per Share (EPS)	$1.96	$0.10	$0.31	$0.42	$0.15	$0.42	$-0.06	$0.17
Shares Outstanding (M)	198M	198M	198M	198M	198M	198M	176M	197M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PAGP Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Cash from Operations (CFO)	$3.0B	$2.9B	$2.5B	$2.7B	$2.4B	$2.0B	$1.5B	$2.5B	$2.6B	$2.5B	$711M	$1.3B	$2.0B	$1.9B	$1.2B	$2.4B	$248M
Capital Expenditures (CapEx)	$610M	$643M	$640M	$582M	$455M	$336M	$738M	$1.2B	$1.6B	$1.0B	$1.3B	$2.1B	$1.9B	$1.6B	$1.2B	$635M	$451M
Free Cash Flow (FCF)	$2.4B	$2.3B	$1.8B	$2.1B	$1.9B	$1.7B	$772M	$1.3B	$970M	$1.5B	($623M)	($746M)	$56M	$335M	$28M	$1.7B	($203M)
FCF Margin %	4.5%	5.2%	3.7%	4.4%	3.4%	3.9%	3.3%	3.9%	2.9%	5.6%	-3.1%	-3.2%	0.1%	0.8%	0.1%	5.0%	-0.8%
Dividends Paid	$317M	$301M	$251M	$209M	$162M	$140M	$166M	$231M	$189M	$271M	$234M	$195M	$91M	$2.8B	$3M	$2M	$2M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PAGP Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$955M	$418M	$785M	$817M	$692M	$638M	$726M	$688M
Capital Expenditures (CapEx)	$130M	$130M	$148M	$202M	$112M	$198M	$166M	$178M
Free Cash Flow (FCF)	$825M	$288M	$637M	$615M	$580M	$440M	$560M	$510M
FCF Margin %	4.7%	2.3%	6.0%	5.3%	5.5%	3.7%	4.5%	4.0%
Dividends Paid	$83M	$83M	$76M	$75M	$75M	$75M	$63M	$63M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PAGP Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31
Total Assets	$30.2B	$31.3B	$27.8B	$28.6B	$29.2B	$28.6B	$24.5B	$28.7B	$25.5B	$26.8B	$26.1B	$24.1B	$24.0B	$21.5B	$19.3B	$15.4B
Cash & Cash Equivalents	$1.1B	$329M	$349M	$453M	$404M	$452M	$25M	$47M	$69M	$40M	$50M	$30M	$404M	$43M	$25M	$27M
Total Liabilities	$14.9B	$17.1B	$13.4B	$13.6B	$14.6B	$15.8B	$14.8B	$15.5B	$13.5B	$14.4B	$15.4B	$14.9B	$14.6B	$13.2B	$12.3B	$9.6B
Total Debt (Short + Long-Term)	$9M	$11.3B	$7.6B	$7.8B	$8.4B	$9.2B	$10.2B	$9.7B	$9.2B	$9.9B	$11.8B	$11.9B	$10.6B	$8.3B	$7.6B	$5.4B
Total Shareholders' Equity	$1.6B	$1.3B	$1.4B	$15.0B	$14.6B	$12.8B	$9.7B	$13.2B	$12.0B	$12.4B	$10.7B	$9.2B	$9.4B	$8.3B	$7.0B	$5.8B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive PAGP viewer.

Other Companies in OIL & GAS MIDSTREAM

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HESM · Hess Midstream Partners LP — $8 billion
SOBO · South Bow Corporation — $7 billion
CMBT · CMB.TECH NV — $6 billion
INSW · International Seaways Inc — $6 billion
GLNG · Golar LNG Limited — $5 billion
STNG · Scorpio Tankers Inc — $4 billion

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