PLAINS GP HOLDINGS LP PAGP

Energy SIC 4610 - Pipe Lines (No Natural Gas) NAICS Transportation and Warehousing › Pipeline Transportation › Other Pipeline Transportation derived Nasdaq

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. PAGP's Class A shares are listed on the Nasdaq Global Select Market ("Nasdaq") under the ticker symbol "PAGP." PAGP does not directly own any operating assets; as of December 31, 2025, its sole source of cash flow is derived from an indirect investment in Plains All American Pipeline, L.P. ("PAA"), a publicly traded Delaware limited partnership, through its limited partner interest in Plains AAP, L.P. ("AAP"). We also own a 100% managing member interest in Plains All American GP LLC ("GP LLC"), a Delaware limited liability company that holds the non-economic general partner interest in AAP.

Last close 28.61 2026-10-23
Market cap $5.66B 2026-06-30 share count
52-week range 16.89 - 28.73

Valuation FY2025 figures against the last close

P/S0.1x
P/E—
P/FCF2.5x
EV/EBITDA2.9x
Dividend yield—
Diluted EPS—

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Canada
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 39.8B (89.8%) 90% United States Canada, FY2025: 4.5B (10.2%) 10% Canada FY2024 United States, FY2024: 43.5B (89.0%) 89% Canada, FY2024: 5.4B (11.0%) 11% FY2023 United States, FY2023: 41.7B (88.2%) 88% Canada, FY2023: 5.6B (11.8%) 12%
Region FY2025FY2024FY2023
United States $39.76B $43.53B $41.74B
Canada $4.50B $5.35B $5.60B

As the company reported it, from the “Segment Information - Geographical Data (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $44.26B$48.89B$47.34B$57.34B$42.08B$23.29B$33.67B$34.05B$26.22B$20.18B
Cost of revenue $40.43B$45.16B$43.94B$53.18B$38.50B$20.43B$29.45B$29.79B$22.98B$17.23B
Gross profit $3.83B$3.73B$3.40B$4.17B$3.57B$2.86B$4.22B$4.26B$3.24B$2.95B
SG&A $348.0M$334.0M$305.0M$330.0M$298.0M$276.0M$302.0M$320.0M$280.0M$282.0M
Total operating expenses $42.83B$48.03B$46.09B$56.06B$41.24B$25.67B$31.69B$31.78B$25.08B$19.19B
Operating income $1.43B$862.0M$1.25B$1.28B$842.0M-$2.38B$1.98B$2.27B$1.15B$990.0M
Interest expense $467.0M$382.0M$386.0M$405.0M$425.0M$436.0M$425.0M$431.0M$510.0M$480.0M
Pre-tax income $1.40B$963.0M$1.36B$1.41B$712.0M-$2.61B$2.24B$2.41B$896.0M$738.0M
Income tax $92.0M$124.0M$129.0M$246.0M$112.0M$167.0M$176.0M$302.0M$937.0M$78.0M
Net income $1.77B$1.11B$1.50B$1.23B$648.0M-$568.0M$331.0M$334.0M-$731.0M$94.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $329.0M$349.0M$453.0M$404.0M$456.0M$63.0M$84.0M$69.0M$40.0M$50.0M
Receivables $3.60B$3.68B$3.76B$3.91B$4.71B$2.55B$3.61B$2.45B$3.03B$2.28B
Inventory $211.0M$261.0M$548.0M$729.0M$783.0M$647.0M$604.0M$640.0M$713.0M$1.34B
Total current assets $4.70B$4.78B$4.92B$5.36B$6.14B$3.67B$4.61B$3.54B$4.00B$4.28B
Property, plant and equipment —————$14.62B$15.37B$14.80B$14.11B$13.89B
Goodwill —————$0$2.54B$2.52B$2.57B$2.34B
Other intangibles $1.75B$1.68B$1.88B$2.15B$1.96B$805.0M$707.0M$772.0M$844.0M$242.0M
Total assets $31.28B$27.76B$28.60B$29.21B$29.98B$25.95B$29.97B$26.83B$26.75B$26.10B
Accounts payable ————————$3.46B$2.59B
Short-term debt $563.0M$407.0M$446.0M$1.16B$822.0M$831.0M$504.0M$66.0M$737.0M$1.72B
Total current liabilities $4.90B$4.92B$5.00B$5.89B$6.23B$4.25B$5.02B$3.46B$4.53B$4.67B
Long-term debt $1.10B—————————

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $2.93B$2.48B$2.72B$2.40B$1.99B$1.51B$2.50B$2.60B$2.50B$718.0M
Depreciation and amortisation $953.0M$901.0M$912.0M$968.0M$777.0M$656.0M$604.0M$521.0M$519.0M$515.0M
Capital expenditure $643.0M$448.0M$408.0M$455.0M$336.0M$738.0M$1.18B$1.63B$1.02B$1.33B
Investing cash flow -$3.44B-$875.0M-$702.0M-$526.0M$386.0M-$1.09B-$1.76B-$813.0M-$1.57B-$1.27B
Financing cash flow $474.0M-$1.70B-$1.97B-$1.93B-$1.98B-$430.0M-$717.0M-$1.75B-$940.0M$571.0M
Buybacks $8.0M$0————————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-041724.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -20B 0 20B 40B 60B Revenue, FY2016: 20.2B Gross profit, FY2016: 2.9B Net income, FY2016: 94M Revenue, FY2017: 26.2B Gross profit, FY2017: 3.2B Net income, FY2017: -731M Revenue, FY2018: 34.1B Gross profit, FY2018: 4.3B Net income, FY2018: 334M Revenue, FY2019: 33.7B Gross profit, FY2019: 4.2B Net income, FY2019: 331M Revenue, FY2020: 23.3B Gross profit, FY2020: 2.9B Net income, FY2020: -568M Revenue, FY2021: 42.1B Gross profit, FY2021: 3.6B Net income, FY2021: 648M Revenue, FY2022: 57.3B Gross profit, FY2022: 4.2B Net income, FY2022: 1.2B Revenue, FY2023: 47.3B Gross profit, FY2023: 3.4B Net income, FY2023: 1.5B Revenue, FY2024: 48.9B Gross profit, FY2024: 3.7B Net income, FY2024: 1.1B Revenue, FY2025: 44.3B Gross profit, FY2025: 3.8B Net income, FY2025: 1.8B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $20.18B $26.22B $34.05B $33.67B $23.29B $42.08B $57.34B $47.34B $48.89B $44.26B
Gross profit $2.95B $3.24B $4.26B $4.22B $2.86B $3.57B $4.17B $3.40B $3.73B $3.83B
Net income $94.0M -$731.0M $334.0M $331.0M -$568.0M $648.0M $1.23B $1.50B $1.11B $1.77B

Recent filings and events

  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01
  • Material agreement terminated Item 1.02
  • Acquisition or disposal completed Item 2.01
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 4610

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PAA PLAINS ALL AMERICAN PIPELINE LP $18.79B — -9.5%
DKL Delek Logistics Partners, LP $3.05B — 7.7%
GEL GENESIS ENERGY LP $1.72B — -1.8%
SOBO South Bow Corp — — -6.3%