Plains GP Holdings LP (PAGP) financial statements
Plains GP Holdings LP reported revenue of $44.3B in fiscal 2025, up 9.1% a year over 9 years.
Net income was $260M and the operating margin 3.2%, against 4.9% in 2016.
Free cash flow was $2.3B, and the company returned $8M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Plains GP Holdings LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.2B | $26.2B | $34.1B | $33.7B | $23.3B | $42.1B | $57.3B | $47.3B | $48.9B | $44.3B |
| Cost of revenue | $17.2B | $23.0B | $29.8B | $29.5B | $20.4B | $38.5B | $53.2B | $43.9B | $45.2B | $40.4B |
| Gross profit | $2.9B | $3.2B | $4.3B | $4.2B | $2.9B | $3.6B | $4.2B | $3.4B | $3.7B | $3.8B |
| Selling, general and admin | $282M | $280M | $320M | $302M | $276M | $298M | $330M | $305M | $334M | $348M |
| 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 |
| Pre-tax income | $738M | $896M | $2.4B | $2.2B | -$2.6B | $712M | $1.4B | $1.4B | $963M | $1.4B |
| Income tax | $78M | $937M | $302M | $176M | -$167M | $112M | $246M | $129M | $124M | $92M |
| Net income | $94M | -$731M | $334M | $331M | -$568M | $60M | $168M | $198M | $103M | $260M |
| 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% |
| Net margin | 0.5% | -2.8% | 1.0% | 1.0% | -2.4% | 0.1% | 0.3% | 0.4% | 0.2% | 0.6% |
Balance sheet
Fiscal years, from Plains GP Holdings LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $50M | $40M | $69M | $47M | $25M | $452M | $404M | $453M | $349M | $329M |
| Receivables | $2.3B | $3.0B | $2.5B | $3.6B | $2.6B | $4.7B | $3.9B | $3.8B | $3.7B | $3.6B |
| Inventory | $1.3B | $713M | $640M | $604M | $647M | $783M | $729M | $548M | $261M | $211M |
| Total current assets | $4.3B | $4.0B | $3.5B | $4.6B | $3.7B | $6.1B | $5.4B | $4.9B | $4.8B | $4.7B |
| Property, plant and equipment | $13.9B | $14.1B | $14.8B | $15.4B | $14.6B | $14.9B | $15.3B | $15.8B | $13.4B | $16.9B |
| Goodwill | $2.3B | $2.6B | $2.5B | $2.5B | $0 | — | — | — | — | — |
| Total assets | $26.1B | $26.8B | $26.8B | $30.0B | $26.0B | $30.0B | $29.2B | $28.6B | $27.8B | $31.3B |
| Total current liabilities | $4.7B | $4.5B | $3.5B | $5.0B | $4.3B | $6.2B | $5.9B | $5.0B | $4.9B | $4.9B |
| Long-term debt | $10.1B | $9.2B | $9.1B | $9.2B | $9.4B | $8.4B | $7.3B | $7.3B | $7.2B | $10.7B |
| Total liabilities | $27.1B | — | — | — | — | — | — | — | — | — |
| Shareholders' equity | -$1.0B | — | — | — | — | — | — | — | — | — |
| Net debt | $11.8B | $9.9B | $9.1B | $9.6B | $10.2B | $8.8B | $8.0B | $7.3B | $7.3B | $10.9B |
Cash flow
Fiscal years, from Plains GP Holdings LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $718M | $2.5B | $2.6B | $2.5B | $1.5B | $2.0B | $2.4B | $2.7B | $2.5B | $2.9B |
| Capital spending | $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 |
| Stock-based compensation | $60M | $41M | $79M | $35M | $16M | $24M | $41M | $51M | $52M | $50M |
| Share buybacks (net) | — | — | — | — | — | — | — | — | $0 | -$8M |
| Net borrowing | -$564M | -$690M | -$123M | $93M | $456M | -$545M | — | $433M | -$40M | $577M |
| Free cash flow margin | -3.1% | 5.6% | 2.8% | 3.9% | 3.3% | 3.9% | 3.4% | 4.9% | 4.2% | 5.2% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for PAGP.
Open PAGP in InvestinglyQuestions
What was Plains GP Holdings LP's revenue in 2025?
$44.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Plains GP Holdings LP generate?
$2.3B in fiscal 2025 (operating cash flow minus capital spending).
From Plains GP Holdings LP's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.