Plains GP Holdings, L.P. (PAGP) Income Statement
PAGP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPAGP revenue and net income
Where PAGP's revenue goes
2025Each bar shows an amount and its share of revenue. PAGP kept 0.6% of revenue as net income.
PAGP profit margins
PAGP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −11.6% | −8.3% | +13.7% | +6.7% |
| Gross profit | −23.3% | −5.8% | +4.0% | −1.1% |
| Operating income | +21.8% | +3.6% | — | +1.3% |
| Net income | +152.4% | +15.7% | — | +8.2% |
| EPS (diluted) | −15.5% | +26.3% | +5.3% | −0.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PAGP quarterly EPS vs estimates
Plains GP beat the analyst EPS estimate in 1 of the last 8 quarters. Next report: November 6, 2026 (estimate $1.10).
PAGP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.26B | $50.07B | $48.71B | $57.34B | $42.08B | $23.29B | $33.67B | $34.05B | $26.22B | $20.18B |
| Cost of revenue | $41.59B | $46.59B | $45.58B | $54.14B | $39.28B | $21.09B | $30.06B | $30.31B | $23.61B | $17.73B |
| Gross profit | $2.67B | $3.49B | $3.13B | $3.20B | $2.80B | $2.20B | $3.61B | $3.74B | $2.61B | $2.45B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $342.0M | $387.0M | $362.0M | $330.0M | $298.0M | $276.0M | $302.0M | $320.0M | $280.0M | $282.0M |
| Total operating expenses | $1.25B | $2.31B | $1.63B | $1.91B | $1.96B | $4.59B | $1.63B | $1.58B | $1.46B | $1.46B |
| Operating income | $1.43B | $1.17B | $1.50B | $1.28B | $842.0M | −$2.38B | $1.98B | $2.27B | $1.15B | $990.0M |
| Interest income | $21.0M | $22.0M | $27.0M | — | — | — | $35.0M | $70.0M | $207.0M | $285.0M |
| Interest expense | $467.0M | $382.0M | $386.0M | $405.0M | $425.0M | $436.0M | $425.0M | $431.0M | $510.0M | $480.0M |
| Income before taxes | $1.40B | $1.27B | $1.61B | $1.41B | $712.0M | −$2.61B | $2.24B | $2.41B | $896.0M | $738.0M |
| Income taxes | $92.0M | $204.0M | $189.0M | $246.0M | $112.0M | −$167.0M | $176.0M | $302.0M | $937.0M | $78.0M |
| Net income | $260.0M | $103.0M | $198.0M | $168.0M | $60.0M | −$568.0M | $331.0M | $334.0M | −$731.0M | $94.0M |
| EBITDA | $2.81B | $2.68B | $3.05B | $2.78B | $1.91B | −$1.51B | $3.27B | $3.36B | $1.91B | $1.72B |
| EPS (diluted) | $1.31 | $1.55 | $1.37 | $0.65 | $0.95 | $1.01 | $1.99 | $2.10 | $0.68 | $0.93 |
| Gross margin | 6.0% | 7.0% | 6.4% | 5.6% | 6.6% | 9.5% | 10.7% | 11.0% | 10.0% | 12.2% |
| Operating margin | 3.2% | 2.3% | 3.1% | 2.2% | 2.0% | −10.2% | 5.9% | 6.7% | 4.4% | 4.9% |
| Net margin | 0.6% | 0.2% | 0.4% | 0.3% | 0.1% | −2.4% | 1.0% | 1.0% | −2.8% | 0.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.69B | $12.47B | $10.56B | $11.58B | $10.64B | $12.01B | $12.40B | $12.74B | $12.76B | $11.99B | $12.70B | $12.07B |
| Cost of revenue | $16.88B | $12.04B | $9.85B | $10.87B | $9.99B | $11.02B | $11.80B | $483.0M | $12.06B | $11.17B | $11.83B | $11.37B |
| Gross profit | $809.0M | $433.0M | $713.0M | $705.0M | $649.0M | $988.0M | $598.0M | $12.26B | $693.0M | $824.0M | $866.0M | $704.0M |
| Sales, general & admin | $111.0M | $81.0M | $93.0M | $84.0M | $84.0M | $101.0M | $97.0M | $99.0M | $83.0M | $98.0M | $89.0M | $93.0M |
| Total operating expenses | $412.0M | $83.0M | $359.0M | $222.0M | $412.0M | $456.0M | $511.0M | $11.91B | $363.0M | $455.0M | $443.0M | $472.0M |
| Operating income | $397.0M | $350.0M | $354.0M | $483.0M | $237.0M | $532.0M | $87.0M | $346.0M | $330.0M | $369.0M | $423.0M | $232.0M |
| Interest income | — | — | — | — | — | $5.0M | $6.0M | $7.0M | $4.0M | $5.0M | — | $10.0M |
| Interest expense | $135.0M | $167.0M | $137.0M | $112.0M | $110.0M | $107.0M | $95.0M | $97.0M | $96.0M | $95.0M | $99.0M | $97.0M |
| Income before taxes | $375.0M | $333.0M | $322.0M | $458.0M | $229.0M | $565.0M | $164.0M | $356.0M | $348.0M | $364.0M | $436.0M | $263.0M |
| Income taxes | $209.0M | $8.0M | $16.0M | $30.0M | $16.0M | $73.0M | $47.0M | $55.0M | $64.0M | $28.0M | $55.0M | −$5.0M |
| Net income | $389.0M | $20.0M | $62.0M | $83.0M | $30.0M | $84.0M | −$11.0M | $33.0M | $39.0M | $42.0M | $52.0M | $29.0M |
| EBITDA | $753.0M | $409.0M | $716.0M | $800.0M | $543.0M | $934.0M | $516.0M | $711.0M | $639.0M | $713.0M | $805.0M | $621.0M |
| EPS (diluted) | −$0.37 | $0.24 | $0.36 | $0.31 | $0.41 | $0.23 | $0.46 | $0.37 | $0.31 | $0.41 | $0.42 | $0.35 |
| Gross margin | 4.6% | 3.5% | 6.7% | 6.1% | 6.1% | 8.2% | 4.8% | 96.2% | 5.4% | 6.9% | 6.8% | 5.8% |
| Operating margin | 2.2% | 2.8% | 3.4% | 4.2% | 2.2% | 4.4% | 0.7% | 2.7% | 2.6% | 3.1% | 3.3% | 1.9% |
| Net margin | 2.2% | 0.2% | 0.6% | 0.7% | 0.3% | 0.7% | −0.1% | 0.3% | 0.3% | 0.4% | 0.4% | 0.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PAGP's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PAGP financial results
In fiscal year 2025 (ended December 31, 2025), Plains GP reported revenue of $44.3 billion, down 11.6% from the year before. It had net income of $260.0 million (up 152.4%), a net profit margin of 0.6%. Diluted earnings per share came to $1.31. Over five years revenue grew at an average rate of 13.7% a year.
See the PAGP stock overview for the latest quote and news, or the PAGP chart for price history and technical indicators.
PAGP income statement FAQ
What is Plains GP's annual revenue?
Plains GP reported total revenue of $44.3 billion for fiscal year 2025, which ended on December 31, 2025. That was down 11.6% from $50.1 billion the previous year.
Is Plains GP profitable?
Yes. Plains GP reported net income of $260.0 million in fiscal 2025, a net profit margin of 0.6%; its operating margin was 3.2%.
What is Plains GP's gross margin?
Plains GP's gross margin was 6.0% in fiscal 2025: for every $100 of revenue, Plains GP kept $6 after the direct cost of its products and services.
How fast is Plains GP growing?
Revenue grew 13.7% a year on average over the last five fiscal years, from $23.3 billion to $44.3 billion.
What are Plains GP's earnings per share?
Plains GP earned $1.31 per diluted share in fiscal 2025, compared with $1.55 a year earlier.
When will Plains GP report its next earnings?
Plains GP is expected to report results for the quarter ending September 30, 2026 on November 6, 2026 before the market opens.
When does Plains GP's fiscal year end?
Plains GP's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.