Plains Gp Hldgs L P Financials

PAGP

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Plains Gp Hldgs L P (PAGP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PAGP FY2025 2026-04-22

Thin-margin operations behave like a cash-conversion engine, with profitability improving even when reported revenue is not at its peak.

From FY2021 to FY2025, inventory intensity eased as inventory fell from $783M to $211M. At the same time, operating cash flow rose from $2.0B to $2.9B, and free cash flow above net income in every reported year suggests profit was not being trapped in stockpiles or heavy maintenance needs.

FY2025 posted the set’s best operating margin at 3.2% and net margin at 4.0%. Because that happened with revenue below FY2022 and FY2024 levels, the business appears to earn more from the quality of each sales dollar than from simply pushing for the highest top line.

The company keeps a tight liquidity posture: FY2025 cash was only $329M and the current ratio stayed near 1.0x. That thin cash cushion is offset by modest cash reinvestment, with FY2025 capex of $643M against operating cash flow of $2.9B, so the model leans on steady internal cash generation rather than a large idle balance.

Financial Health Signals

Financial Profile 18/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Plains Gp Hldgs L P's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Plains Gp Hldgs L P has an operating margin of 3.2%, meaning the company retains $3 of operating profit per $100 of revenue. This below-average margin results in a low score of 28/100, suggesting thin profitability after operating expenses. This is up from 1.8% the prior year.

Growth

Plains Gp Hldgs L P's revenue declined 9.5% year-over-year, from $48.9B to $44.3B. This contraction results in a growth score of 28/100.

Liquidity

Plains Gp Hldgs L P's current ratio of 0.96 is below the typical benchmark, resulting in a score of 14/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Plains Gp Hldgs L P has a free cash flow margin of 5.2%, earning a moderate score of 37/100. The company generates positive cash flow after capital investments, but with room for improvement.

Piotroski F-Score Neutral

6/9

Plains Gp Hldgs L P passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.66x

For every $1 of reported earnings, Plains Gp Hldgs L P generates $1.66 in operating cash flow ($2.9B OCF vs $1.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

3.1x

Plains Gp Hldgs L P earns $3.1 in operating income for every $1 of interest expense ($1.4B vs $467.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$44.3B

YoY-9.5%

5Y CAGR+13.7%

10Y CAGR+6.7%

Plains Gp Hldgs L P generated $44.3B in revenue in fiscal year 2025. This represents a decrease of 9.5% from the prior year.

EBITDA

$2.4B

YoY+35.1%

10Y CAGR+3.5%

Plains Gp Hldgs L P's EBITDA was $2.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 35.1% from the prior year.

Net Income

$1.8B

YoY+59.5%

10Y CAGR+31.1%

Plains Gp Hldgs L P reported $1.8B in net income in fiscal year 2025. This represents an increase of 59.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$2.3B

YoY+12.4%

5Y CAGR+24.3%

Plains Gp Hldgs L P generated $2.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 12.4% from the prior year.

Cash & Debt

$329.0M

YoY-5.7%

5Y CAGR+67.4%

10Y CAGR+27.1%

Plains Gp Hldgs L P held $329.0M in cash against $1.1B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

8.6%

YoY+1.0pp

5Y CAGR-3.6pp

10Y CAGR-6.2pp

Plains Gp Hldgs L P's gross margin was 8.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the prior year.

Operating Margin

3.2%

YoY+1.5pp

5Y CAGR+13.5pp

10Y CAGR-2.2pp

Plains Gp Hldgs L P's operating margin was 3.2% in fiscal year 2025, reflecting core business profitability. This is up 1.5 percentage points from the prior year.

Net Margin

4.0%

YoY+1.7pp

5Y CAGR+6.4pp

10Y CAGR+3.5pp

Plains Gp Hldgs L P's net profit margin was 4.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.7 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

$8.0M

Plains Gp Hldgs L P spent $8.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$643.0M

YoY+43.5%

5Y CAGR-2.7%

10Y CAGR-11.1%

Plains Gp Hldgs L P invested $643.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 43.5% from the prior year.

PAGP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$44.3B-9.5%	$48.9B+3.3%	$47.3B-17.4%	$57.3B+36.3%	$42.1B+80.7%	$23.3B
Cost of Revenue	$40.4B-10.5%	$45.2B+2.8%	$43.9B-17.4%	$53.2B+38.1%	$38.5B+88.5%	$20.4B
Gross Profit	$3.8B+2.7%	$3.7B+9.6%	$3.4B-18.4%	$4.2B+16.6%	$3.6B+25.0%	$2.9B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$348.0M+4.2%	$334.0M+9.5%	$305.0M-7.6%	$330.0M+10.7%	$298.0M+8.0%	$276.0M
Operating Income	$1.4B+65.7%	$862.0M-31.0%	$1.2B-2.7%	$1.3B+52.5%	$842.0M+135.3%	-$2.4B
Interest Expense	$467.0M+22.3%	$382.0M-1.0%	$386.0M-4.7%	$405.0M-4.7%	$425.0M-2.5%	$436.0M
Income Tax	$92.0M-25.8%	$124.0M-3.9%	$129.0M-47.6%	$246.0M+119.6%	$112.0M+167.1%	-$167.0M
Net Income	$1.8B+59.5%	$1.1B-26.0%	$1.5B+22.0%	$1.2B+89.8%	$648.0M+214.1%	-$568.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$10.6B-8.7%	$11.6B+8.8%	$10.6B-7.3%	$11.5B-4.6%	$12.0B-3.4%	$12.5B-2.4%	$12.8B+9.6%	$11.6B
Cost of Revenue	N/A	$10.6B+8.5%	$9.8B-9.3%	$10.8B	N/A	$11.5B-2.5%	$11.8B+8.4%	$10.9B
Gross Profit	N/A	$993.0M+12.3%	$884.0M+23.5%	$716.0M	N/A	$916.0M-0.3%	$919.0M+27.3%	$722.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$84.0M0.0%	$84.0M-16.8%	$101.0M	N/A	$87.0M+7.4%	$81.0M-16.5%	$97.0M
Operating Income	$354.0M-26.7%	$483.0M+103.8%	$237.0M-32.9%	$353.0M+2176.5%	-$17.0M-108.7%	$195.0M-40.9%	$330.0M-7.0%	$355.0M
Interest Expense	N/A	$112.0M+1.8%	$110.0M+2.8%	$107.0M	N/A	$97.0M+1.0%	$96.0M+1.1%	$95.0M
Income Tax	N/A	$30.0M+87.5%	$16.0M	N/A	N/A	$18.0M-71.9%	$64.0M+128.6%	$28.0M
Net Income	$62.0M-25.3%	$83.0M+176.7%	$30.0M-64.3%	$84.0M+863.6%	-$11.0M-133.3%	$33.0M-15.4%	$39.0M-7.1%	$42.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PAGP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$31.3B+12.7%	$27.8B-2.9%	$28.6B-2.1%	$29.2B-2.6%	$30.0B+15.5%	$26.0B
Current Assets	$4.7B-1.5%	$4.8B-2.8%	$4.9B-8.2%	$5.4B-12.7%	$6.1B+67.4%	$3.7B
Cash & Equivalents	$329.0M-5.7%	$349.0M-23.0%	$453.0M+12.1%	$404.0M-10.6%	$452.0M+1708.0%	$25.0M
Inventory	$211.0M-19.2%	$261.0M-52.4%	$548.0M-24.8%	$729.0M-6.9%	$783.0M+21.0%	$647.0M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	$0
Total Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Current Liabilities	$4.9B-0.4%	$4.9B-1.6%	$5.0B-15.1%	$5.9B-5.5%	$6.2B+46.5%	$4.3B
Long-Term Debt	$1.1B-84.8%	$7.2B-1.3%	$7.3B+0.2%	$7.3B-13.2%	$8.4B-10.5%	$9.4B
Total Equity	N/A	N/A	N/A	N/A	N/A	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$31.3B+6.9%	$29.3B+3.4%	$28.3B+0.2%	$28.3B+1.8%	$27.8B-2.1%	$28.4B-1.1%	$28.7B+0.3%	$28.6B
Current Assets	$4.7B-15.7%	$5.6B+19.7%	$4.7B-1.5%	$4.7B-1.0%	$4.8B-7.4%	$5.2B-4.1%	$5.4B+7.5%	$5.0B
Cash & Equivalents	$329.0M-72.1%	$1.2B+156.7%	$460.0M+7.2%	$429.0M+22.9%	$349.0M-45.6%	$641.0M+15.3%	$556.0M+66.5%	$334.0M
Inventory	$211.0M+14.7%	$184.0M+21.9%	$151.0M-54.9%	$335.0M+28.4%	$261.0M-40.1%	$436.0M-13.1%	$502.0M+10.8%	$453.0M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Liabilities	$4.9B-8.5%	$5.4B+15.3%	$4.6B-0.8%	$4.7B-4.9%	$4.9B-3.9%	$5.1B-5.0%	$5.4B+4.9%	$5.1B
Long-Term Debt	$1.1B-87.0%	$8.4B+2.9%	$8.2B0.0%	$8.2B+13.8%	$7.2B0.0%	$7.2B0.0%	$7.2B-1.3%	$7.3B
Total Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PAGP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.9B+18.0%	$2.5B-8.7%	$2.7B+13.2%	$2.4B+20.7%	$2.0B+31.9%	$1.5B
Capital Expenditures	$643.0M+43.5%	$448.0M+9.8%	$408.0M-10.3%	$455.0M+35.4%	$336.0M-54.5%	$738.0M
Free Cash Flow	$2.3B+12.4%	$2.0B-12.0%	$2.3B+18.7%	$1.9B+17.8%	$1.7B+114.4%	$772.0M
Investing Cash Flow	-$3.4B-293.0%	-$875.0M-24.6%	-$702.0M-33.5%	-$526.0M-236.3%	$386.0M+135.3%	-$1.1B
Financing Cash Flow	$474.0M+127.8%	-$1.7B+13.6%	-$2.0B-2.3%	-$1.9B+2.6%	-$2.0B-360.2%	-$430.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$8.0M	$0	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$784.0M-4.0%	$817.0M+18.1%	$692.0M+8.5%	$638.0M-12.1%	$726.0M+5.5%	$688.0M+5.5%	$652.0M+56.0%	$418.0M
Capital Expenditures	$148.0M-20.0%	$185.0M+55.5%	$119.0M-37.7%	$191.0M+80.2%	$106.0M-2.8%	$109.0M+43.4%	$76.0M-51.6%	$157.0M
Free Cash Flow	$636.0M+0.6%	$632.0M+10.3%	$573.0M+28.2%	$447.0M-27.9%	$620.0M+7.1%	$579.0M+0.5%	$576.0M+120.7%	$261.0M
Investing Cash Flow	-$1.9B-375.0%	-$408.0M-48.9%	-$274.0M+66.5%	-$819.0M-210.2%	-$264.0M-36.8%	-$193.0M-22.9%	-$157.0M+39.8%	-$261.0M
Financing Cash Flow	$301.0M-5.3%	$318.0M+178.1%	-$407.0M-255.3%	$262.0M+135.1%	-$746.0M-80.6%	-$413.0M-52.4%	-$271.0M+0.4%	-$272.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PAGP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	8.6%+1.0pp	7.6%+0.4pp	7.2%-0.1pp	7.3%-1.2pp	8.5%-3.8pp	12.3%
Operating Margin	3.2%+1.5pp	1.8%-0.9pp	2.6%+0.4pp	2.2%+0.2pp	2.0%+12.2pp	-10.2%
Net Margin	4.0%+1.7pp	2.3%-0.9pp	3.2%+1.0pp	2.1%+0.6pp	1.5%+4.0pp	-2.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	5.7%+1.7pp	4.0%-1.2pp	5.3%+1.0pp	4.2%+2.0pp	2.2%+4.3pp	-2.2%
Current Ratio	0.96-0.0	0.97-0.0	0.98+0.1	0.91-0.1	0.98+0.1	0.86
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A
FCF Margin	5.2%+1.0pp	4.2%-0.7pp	4.9%+1.5pp	3.4%-0.5pp	3.9%+0.6pp	3.3%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	8.6%+0.3pp	8.3%+2.1pp	6.2%	N/A	7.3%+0.2pp	7.2%+1.0pp	6.2%
Operating Margin	3.4%-0.8pp	4.2%+1.9pp	2.2%-0.9pp	3.1%+3.2pp	-0.1%-1.7pp	1.6%-1.0pp	2.6%-0.5pp	3.0%
Net Margin	0.6%-0.1pp	0.7%+0.4pp	0.3%-0.5pp	0.7%+0.8pp	-0.1%-0.3pp	0.3%-0.1pp	0.3%-0.1pp	0.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	0.2%-0.1pp	0.3%+0.2pp	0.1%-0.2pp	0.3%+0.3pp	-0.0%-0.2pp	0.1%-0.0pp	0.1%-0.0pp	0.1%
Current Ratio	0.96-0.1	1.04+0.0	1.000.0	1.01+0.0	0.97-0.0	1.010.0	1.00+0.0	0.97
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
FCF Margin	6.0%+0.6pp	5.5%+0.1pp	5.4%+1.5pp	3.9%-1.3pp	5.1%+0.5pp	4.7%+0.1pp	4.5%+2.3pp	2.2%

Note: The current ratio is below 1.0 (0.96), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Plains Gp Hldgs L P's annual revenue?

Plains Gp Hldgs L P (PAGP) reported $44.3B in total revenue for fiscal year 2025. This represents a -9.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Plains Gp Hldgs L P's revenue growing?

Plains Gp Hldgs L P (PAGP) revenue declined by 9.5% year-over-year, from $48.9B to $44.3B in fiscal year 2025.

Is Plains Gp Hldgs L P profitable?

Yes, Plains Gp Hldgs L P (PAGP) reported a net income of $1.8B in fiscal year 2025, with a net profit margin of 4.0%.

What is Plains Gp Hldgs L P's EBITDA?

Plains Gp Hldgs L P (PAGP) had EBITDA of $2.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Plains Gp Hldgs L P have?

As of fiscal year 2025, Plains Gp Hldgs L P (PAGP) had $329.0M in cash and equivalents against $1.1B in long-term debt.

What is Plains Gp Hldgs L P's gross margin?

Plains Gp Hldgs L P (PAGP) had a gross margin of 8.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Plains Gp Hldgs L P's operating margin?

Plains Gp Hldgs L P (PAGP) had an operating margin of 3.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Plains Gp Hldgs L P's net profit margin?

Plains Gp Hldgs L P (PAGP) had a net profit margin of 4.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Plains Gp Hldgs L P's free cash flow?

Plains Gp Hldgs L P (PAGP) generated $2.3B in free cash flow during fiscal year 2025. This represents a 12.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Plains Gp Hldgs L P's operating cash flow?

Plains Gp Hldgs L P (PAGP) generated $2.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Plains Gp Hldgs L P's total assets?

Plains Gp Hldgs L P (PAGP) had $31.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Plains Gp Hldgs L P's capital expenditures?

Plains Gp Hldgs L P (PAGP) invested $643.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Plains Gp Hldgs L P buy back shares?

Yes, Plains Gp Hldgs L P (PAGP) spent $8.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Plains Gp Hldgs L P's current ratio?

Plains Gp Hldgs L P (PAGP) had a current ratio of 0.96 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Plains Gp Hldgs L P's return on assets (ROA)?

Plains Gp Hldgs L P (PAGP) had a return on assets of 5.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Plains Gp Hldgs L P's Piotroski F-Score?

Plains Gp Hldgs L P (PAGP) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Plains Gp Hldgs L P's earnings high quality?

Plains Gp Hldgs L P (PAGP) has an earnings quality ratio of 1.66x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Plains Gp Hldgs L P cover its interest payments?

Plains Gp Hldgs L P (PAGP) has an interest coverage ratio of 3.1x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Plains Gp Hldgs L P?

Plains Gp Hldgs L P (PAGP) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.