Plains GP Holdings, L.P. (PAGP) Balance Sheet
PAGP balance sheet, 2025
December 31, 2025 · U.S. dollars$31.28B assets = $17.06B liabilities + $14.22B equity
Both columns are drawn to the same scale: what PAGP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PAGP financial health
Descriptive bands, not a rating. Fiscal 2025.
PAGP balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $26.10B2016 | $31.28B2025 | +2.0%/yr | |
| Total liabilities | $15.40B2016 | $17.06B2025 | +1.1%/yr | |
| Shareholders’ equity | $10.71B2016 | $1.34B2025 | −20.6%/yr | |
| Cash & short-term investments | $50.0M2016 | $329.0M2025 | +23.3%/yr | |
| Total debt | $11.84B2016 | $11.49B2025 | −0.3%/yr | |
| Net cash (debt) | −$11.79B2016 | −$11.16B2025 | +$630.0M | |
| Working capital | −$391.0M2016 | −$198.0M2025 | +$193.0M | |
| Book value per share | $108.152016 | $6.792025 | −26.5%/yr | |
| Current ratio | 0.922016 | 0.962025 | +0.04 | |
| Debt / equity | 1.112016 | 8.542025 | +7.44 | |
| Shares outstanding | 99.0M2016 | 198.0M2025 | +8.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PAGP assets
PAGP liabilities and equity
PAGP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PAGP balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $329.0M | $349.0M | $453.0M | $404.0M | $452.0M | $25.0M | $47.0M | $69.0M | $40.0M | $50.0M |
| Cash & equivalents | $329.0M | $349.0M | $453.0M | $404.0M | $452.0M | $25.0M | $47.0M | $69.0M | $40.0M | $50.0M |
| Short-term investments | — | — | $51.0M | $75.0M | $3.81B | $3.76B | — | — | $0 | $0 |
| Receivables | $3.60B | $3.90B | $3.76B | $3.91B | $4.71B | $2.55B | $3.61B | $2.45B | $3.03B | $2.28B |
| Inventory | $211.0M | $439.0M | $548.0M | $729.0M | $783.0M | $647.0M | $604.0M | $640.0M | $713.0M | $1.34B |
| Other current assets | $566.0M | $87.0M | $155.0M | $318.0M | $197.0M | $440.0M | $347.0M | $370.0M | $221.0M | $603.0M |
| Total current assets | $4.70B | $4.78B | $4.92B | $5.36B | $6.14B | $3.67B | $4.61B | $3.53B | $4.00B | $4.28B |
| Property, plant & equipment (net) | $17.06B | $15.76B | $16.09B | $15.60B | $15.30B | $14.99B | $15.82B | $14.79B | $14.11B | $13.89B |
| Goodwill & intangible assets | $1.75B | $1.68B | $1.88B | $2.15B | $1.96B | $805.0M | $3.25B | $3.29B | $3.41B | $2.59B |
| Long-term investments | $2.85B | $2.81B | $2.82B | $3.08B | $3.81B | $3.76B | $3.68B | $2.70B | $2.76B | $2.34B |
| Other non-current assets | $4.91B | $2.74B | $2.89B | $3.02B | $1.41B | $1.27B | $1.31B | $1.20B | $2.48B | $3.01B |
| Total assets | $31.28B | $27.76B | $28.60B | $29.21B | $28.61B | $24.50B | $28.68B | $25.51B | $26.75B | $26.10B |
| Liabilities | ||||||||||
| Accounts payable | $3.46B | $3.88B | $3.85B | $4.04B | $4.81B | $2.42B | $3.69B | $2.71B | $3.37B | $2.50B |
| Short-term debt | $590.0M | $408.0M | $446.0M | $1.16B | $822.0M | $831.0M | $504.0M | $66.0M | $737.0M | $1.72B |
| Deferred revenue | — | — | −$4.29B | — | −$2.0M | −$2.0M | −$2.0M | −$2.0M | −$3.37B | −$2.50B |
| 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 | $10.70B | $7.21B | $7.30B | $7.29B | $8.40B | $9.38B | $9.19B | $9.14B | $9.18B | $10.12B |
| Lease obligations | $202.0M | $313.0M | $274.0M | $308.0M | $339.0M | $317.0M | $387.0M | — | — | — |
| Other long-term liabilities | $1.46B | $1.30B | $1.31B | $1.39B | $1.17B | $1.12B | $1.28B | $910.0M | $679.0M | $606.0M |
| Total liabilities | $17.06B | $13.44B | $13.62B | $14.57B | $15.80B | $14.76B | $15.48B | $13.51B | $14.39B | $15.40B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.34B | $1.35B | $1.55B | $1.52B | $1.53B | $1.46B | $2.15B | $1.85B | $1.70B | $1.74B |
| Retained earnings (deficit) | — | — | — | $1.10B | $60.0M | — | — | −$844.0M | −$1.72B | −$1.77B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | — | — | — | — | −$3.62B | −$3.10B | −$2.80B | −$2.37B |
| Minority interest | $12.87B | $12.96B | $13.42B | $13.11B | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.34B | $1.35B | $14.97B | $14.64B | $12.81B | $9.74B | $13.20B | $12.00B | $12.36B | $10.71B |
| Key figures | ||||||||||
| Total debt | $11.49B | $7.93B | $8.03B | $8.75B | $9.22B | $10.21B | $9.69B | $9.21B | $9.92B | $11.84B |
| Net cash (debt) | −$11.16B | −$7.58B | −$7.57B | −$8.35B | −$8.77B | −$10.19B | −$9.64B | −$9.14B | −$9.88B | −$11.79B |
| Working capital | −$198.0M | −$148.0M | −$89.0M | −$535.0M | −$95.0M | −$588.0M | −$405.0M | $77.0M | −$530.0M | −$391.0M |
| Tangible book value | −$409.0M | −$326.0M | $13.10B | $12.49B | $10.85B | $8.93B | $9.95B | $8.71B | $8.95B | $8.12B |
| Book value per share | $6.79 | $6.86 | $76.78 | $75.45 | $66.03 | $39.59 | $77.62 | $42.56 | $85.23 | $108.15 |
| Shares outstanding | 198.0M | 197.0M | 195.0M | 194.0M | 194.0M | 246.0M | 170.0M | 282.0M | 145.0M | 99.0M |
| Current ratio | 0.96 | 0.97 | 0.98 | 0.91 | 0.98 | 0.86 | 0.92 | 1.02 | 0.88 | 0.92 |
| Quick ratio | 0.80 | 0.86 | 0.84 | 0.73 | 0.83 | 0.61 | 0.73 | 0.73 | 0.68 | 0.50 |
| Debt / equity | 8.54 | 5.87 | 0.54 | 0.60 | 0.72 | 1.05 | 0.73 | 0.77 | 0.80 | 1.11 |
| Equity / assets | 4.3% | 4.9% | 52.4% | 50.1% | 44.8% | 39.8% | 46.0% | 47.0% | 46.2% | 41.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.06B | $172.0M | $329.0M | $1.18B | $460.0M | $430.0M | $4.80B | $641.0M | $556.0M | $334.0M | $453.0M | $262.0M |
| Cash & equivalents | $1.06B | $172.0M | $329.0M | $1.18B | $460.0M | $429.0M | $4.80B | $641.0M | $556.0M | $334.0M | $453.0M | $262.0M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $55.0M | $51.0M | $57.0M |
| Receivables | $5.27B | $4.82B | $3.60B | $3.62B | $3.56B | $3.82B | $3.90B | $3.95B | $4.21B | $4.04B | $3.76B | $4.25B |
| Inventory | $84.0M | $380.0M | $211.0M | $184.0M | $151.0M | $335.0M | $280.0M | $436.0M | $502.0M | $453.0M | $548.0M | $617.0M |
| Other current assets | $119.0M | $785.0M | $566.0M | $589.0M | $485.0M | $144.0M | $0 | $131.0M | $114.0M | $177.0M | $155.0M | $201.0M |
| Total current assets | $6.53B | $6.16B | $4.70B | $5.58B | $4.66B | $4.73B | $5.08B | $5.16B | $5.38B | $5.00B | $4.92B | $5.33B |
| Property, plant & equipment (net) | $16.78B | $17.07B | $17.06B | $14.33B | $14.36B | $16.38B | $15.76B | $15.95B | $15.93B | $15.97B | $16.09B | $15.90B |
| Goodwill & intangible assets | $1.61B | $1.69B | $1.75B | $1.57B | $1.64B | $1.68B | $1.68B | $1.67B | $1.74B | $1.81B | $1.88B | $1.97B |
| Long-term investments | $2.82B | $2.84B | $2.85B | $2.87B | $2.71B | $2.75B | $2.81B | $2.85B | $2.86B | $2.88B | $2.82B | $2.83B |
| Other non-current assets | $2.50B | $5.01B | $4.91B | $4.91B | $4.94B | $2.72B | $1.24B | $2.73B | $2.76B | $2.93B | $2.89B | $2.96B |
| Total assets | $30.23B | $32.76B | $31.28B | $29.25B | $28.30B | $28.25B | $26.56B | $28.36B | $28.67B | $28.59B | $28.60B | $29.00B |
| Liabilities | ||||||||||||
| Accounts payable | $4.94B | $4.93B | $3.46B | $3.58B | $3.36B | $3.73B | $3.88B | $3.67B | $4.02B | $3.99B | $3.85B | $4.15B |
| Short-term debt | $9.0M | $420.0M | $590.0M | $1.01B | $475.0M | $478.0M | $313.0M | $765.0M | $765.0M | $554.0M | $446.0M | $710.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$4.78B | −$4.55B | −$4.29B | −$4.86B |
| Total current liabilities | $5.85B | $6.54B | $4.90B | $5.36B | $4.65B | $4.68B | $4.92B | $5.13B | $5.40B | $5.15B | $5.00B | $5.61B |
| Long-term debt | $8.43B | $10.96B | $10.70B | $8.44B | $8.20B | $8.20B | $7.21B | $7.21B | $7.21B | $7.31B | $7.30B | $7.30B |
| Lease obligations | $194.0M | $202.0M | $202.0M | $188.0M | $190.0M | $301.0M | $313.0M | $269.0M | $279.0M | $261.0M | $274.0M | $280.0M |
| Other long-term liabilities | $636.0M | $1.32B | $1.46B | $1.31B | $1.32B | $1.30B | $1.30B | $1.27B | $1.26B | $1.26B | $1.31B | $1.28B |
| Total liabilities | $14.92B | $18.81B | $17.06B | $15.11B | $14.18B | $14.19B | $13.44B | $13.61B | $13.87B | $13.71B | $13.62B | $14.19B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.58B | $1.27B | $1.34B | $1.34B | $1.35B | $1.36B | $1.35B | $1.46B | $1.49B | $1.52B | $1.55B | $1.53B |
| Minority interest | $13.73B | $12.68B | $12.87B | $12.80B | $12.77B | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.58B | $1.27B | $1.34B | $1.34B | $1.35B | $1.36B | $13.10B | $14.74B | $1.49B | $1.52B | $1.55B | $1.53B |
| Key figures | ||||||||||||
| Total debt | $8.63B | $11.58B | $11.49B | $9.64B | $8.87B | $8.98B | $313.0M | $8.25B | $8.26B | $8.12B | $8.03B | $8.29B |
| Net cash (debt) | −$7.58B | −$11.41B | −$11.16B | −$8.46B | −$8.41B | −$8.55B | $4.49B | −$7.61B | −$7.70B | −$7.79B | −$7.57B | −$8.02B |
| Working capital | $679.0M | −$378.0M | −$198.0M | $218.0M | $10.0M | $45.0M | $158.0M | $34.0M | −$18.0M | −$142.0M | −$89.0M | −$275.0M |
| Tangible book value | −$30.0M | −$412.0M | −$409.0M | −$225.0M | −$282.0M | −$319.0M | $11.42B | $13.07B | −$251.0M | −$289.0M | −$327.0M | −$438.0M |
| Book value per share | $7.98 | $6.43 | $6.79 | $6.79 | $6.84 | $6.85 | $74.41 | $74.84 | $7.56 | $7.71 | $7.92 | $7.81 |
| Shares outstanding | 198.0M | 198.0M | 198.0M | 198.0M | 198.0M | 198.0M | 176.0M | 197.0M | 197.0M | 197.0M | 195.5M | 196.0M |
| Current ratio | 1.12 | 0.94 | 0.96 | 1.04 | 1.00 | 1.01 | 1.03 | 1.01 | 1.00 | 0.97 | 0.98 | 0.95 |
| Quick ratio | 1.08 | 0.76 | 0.80 | 0.90 | 0.87 | 0.91 | 1.77 | 0.90 | 0.88 | 0.85 | 0.84 | 0.81 |
| Debt / equity | 5.47 | 9.09 | 8.54 | 7.17 | 6.55 | 6.62 | 0.02 | 0.56 | 5.54 | 5.35 | 5.18 | 5.41 |
| Equity / assets | 5.2% | 3.9% | 4.3% | 4.6% | 4.8% | 4.8% | 49.3% | 52.0% | 5.2% | 5.3% | 5.4% | 5.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
PAGP financial position
At the end of fiscal 2025 (December 31, 2025), Plains GP had total assets of $31.3 billion (up 12.7% from a year earlier), total liabilities of $17.1 billion and shareholders' equity of $1.3 billion. It held $329.0 million in cash and short-term investments against $11.5 billion of debt, net debt of $11.2 billion. Its current ratio was 0.96. In the latest quarter (ended June 30, 2026) total assets were $30.2 billion and equity $1.6 billion.
Related: PAGP income statement, PAGP cash flow statement, PAGP key metrics. See the PAGP stock overview for the latest quote and news.
PAGP balance sheet FAQ
What are Plains GP's total assets?
Plains GP reported total assets of $31.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $27.8 billion a year earlier.
How much debt does Plains GP have?
Plains GP had $11.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 8.54.
How much cash does Plains GP have?
Plains GP held $329.0 million in cash and short-term investments at the end of fiscal 2025; with $11.5 billion of debt that is net debt of $11.2 billion.
What is Plains GP's book value?
Plains GP's shareholders' equity (book value) was $1.3 billion at the end of fiscal 2025, or $6.79 per share.
What is Plains GP's current ratio?
Plains GP had current assets of $4.7 billion and current liabilities of $4.9 billion, a current ratio of 0.96 (current liabilities exceed current assets).
How much goodwill does Plains GP have?
Plains GP carried $1.8 billion of goodwill and intangible assets, 5.6% of total assets, at the end of fiscal 2025.