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MARKETS / NASDAQ / PAGP
NASDAQ · PIPE LINES (NO NATURAL GAS) · LARGE CAP

Plains GP Holdings LP PAGP

15 fiscal years on record · USD · FY2025 reported · SEC filings only
$44.3B
▼ 9.5% YoY
$260.0M
▲ 152.4% YoY
$2.3B
▲ 12.4% YoY
In brief

What this company does

The group's operating business, PAA, owns a network of pipeline transportation, terminalling, storage and gathering assets in crude oil and NGL producing basins, including the Permian Basin, in transportation corridors and at major market hubs in the United States and Canada. PAA’s business model joins large-scale supply aggregation to the ownership and operation of midstream infrastructure systems that connect producing regions to demand centers and export terminals. Segment analysis, presentation and discussion follow those of PAA, which conducts its operations through two segments, Crude Oil and NGL. The Crude Oil segment gathers and transports crude oil using pipelines, trucks and, at times, barges or railcars, and provides terminalling, storage and other related services across the United States and Canada. As of December 31, 2025, the assets used in the Crude Oil segment included 20,405 miles of active crude oil transportation pipelines and gathering systems and 76 million barrels of commercial crude oil storage capacity. The NGL segment carries out NGL storage and terminalling from assets located primarily in the Southwestern United States, drawing revenues from storage and terminalling services and from the transport, storage and sale of specification NGL products. PAGP does not directly own any operating assets, and as of December 31, 2025 its sole source of cash flow came from an indirect investment in Plains All American Pipeline, L.P. held through its limited partner interest in Plains AAP, L.P. Plains GP Holdings, L.P. is a publicly traded Delaware limited partnership that has elected to be taxed as a corporation for United States federal income tax purposes, and its Class A shares are listed on the Nasdaq Global Select Market under the ticker symbol PAGP.

Written from the business description in PLAINS GP HOLDINGS LP's annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.

Growth
USD 44.3B
Revenue, FY2025 · full 15-year series below
Revenue $B Net income $B
FY2025 · Revenue 44.3 · Net income 0.3
20B40B20112013201520172019202120232025
Compound annual growth
−8.3%
+13.7%
+6.7%
+15.7%
+8.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +13.7% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
4 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 3.2% · Net 3.8%
2%4%6%-5%-10%20112013201520172019202120232025
ROE

Not available in our data for this period.

Gross margin8.7%
Operating margin3.2%
Net margin3.8%
Return on assets5.7%
EBITDAUSD 2.4B

Cash & shareholders
USD 8.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 2.3
0.80B1.60B-0.25B-0.50B20112013201520172019202120232025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 8.0
4M20242025
Dividends paid—
Net buybacksUSD 8.0M
Share of profit3.1%
Consecutive raises—

USD 8.0M in buybacks — 3% of the year's profit went back to shareholders.

Total assetsUSD 31.3B
CashUSD 329.0M
Gross debtUSD 1.7B
Net debtUSD 1.3B
Current ratio0.96×

Not available: we don't have the shareholders' equity figure for this period.

The 15-year record
15 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020201920182017201620152014201320122011
Revenue $B44.348.947.357.342.123.333.734.126.220.223.243.542.237.834.3
Operating income $B1.40.91.21.30.8−2.42.02.31.11.01.31.81.71.41.3
EBITDA $B2.41.82.22.31.6−1.72.62.81.71.51.72.22.11.61.5
Income tax $B0.10.10.10.20.1−0.20.20.30.90.10.20.20.10.10.0
Net income $B0.30.10.20.20.1−0.60.30.3−0.70.10.10.10.00.00.0
Free cash flow $B2.32.02.31.91.70.81.31.01.5−0.6−0.70.10.30.01.7
EPS, diluted $···········0.470.10··
Dividend / sh $···············
Payout %···············
ROE %···············

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Plains GP Holdings LPvsPlains ALL American Pipeline LPSame industry: Pipe Lines (No Natural Gas)Plains GP Holdings LPvsHF Sinclair Corp.Same industry: Pipe Lines (No Natural Gas)Plains GP Holdings LPvsMplx LPSame industry: Pipe Lines (No Natural Gas)Plains GP Holdings LPvsGenesis Energy LPSame industry: Pipe Lines (No Natural Gas)Plains GP Holdings LPvsDelek Logistics Partners, LPSame industry: Pipe Lines (No Natural Gas)Plains GP Holdings LPvsSouth Bow Corp.Same industry: Pipe Lines (No Natural Gas)
Provenance
Company facts, as filed
How we verify · 0 failures in 45 reconciliationsAUDITED

Reconciled in 15 of 19 fiscal years. 37 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityPipe Lines (No Natural Gas)
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2011

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