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MARKETS / NASDAQ / Energy / Pipelines / 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

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

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
25.0B50.0B
201120142017202020232025
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 the five years to FY2025.

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%
201120182025
ROE

Not available in our data for this period.

Three returns, three denominators.
Return on equityNot available in our data for this period.
Gross margin8.7%
Operating margin3.2%
Net margin3.8%
EBITDAUSD 2.4B

Return on equity has no reading this year — return on capital employed, just below, still does: 6%.

Cash & shareholders

USD 8.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 2.3
1.0B2.0B-0.3B-0.6B
201120182025
Net buybacks $M Dividends $M
FY2025 · Dividends · · Net buybacks 8.0
3M6M
20242025
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—not applicable◌not available in our data
PAGP, 15-year financial record
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 % — not applicable: no dividend———————————————
ROE % — not available in our data◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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)
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XOM · SHEL · TTE · BP · CVX · MPC
Provenance

Company facts, as filed

How we verify · 0 failures in 45 reconciliationsAUDITED

Reconciled in 15 of the 15 fiscal years we could check. Eight checks were skipped: the balance sheet is not tagged before 2011. Six checks were skipped: cost of revenue is not tagged before 2013. Six checks were skipped: EPS is not tagged before 2013.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityPipe Lines (No Natural Gas)
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2011

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