PLAINS GP HOLDINGS LP PAGP
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 4610
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ENB | ENBRIDGE INC | $109.40B | — | — |
| MPLX | MPLX LP | $60.50B | — | 5.8% |
| DINO | HF Sinclair Corp | $18.74B | 34.2x | -6.0% |
| PAA | PLAINS ALL AMERICAN PIPELINE LP | $18.13B | — | -9.5% |
| DKL | Delek Logistics Partners, LP | $2.96B | — | 7.7% |
| GEL | GENESIS ENERGY LP | $1.94B | — | -1.8% |
| SOBO | South Bow Corp | — | — | -6.3% |