Plains GP (PAGP) Financials

$18.09 -0.06 (-0.33%)

As of 05/20/2025 04:00 PM Eastern

Annual Income Statements for Plains GP

This table shows Plains GP's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	103	198	168	60	-568	331	334	-731	94	118
Consolidated Net Income / (Loss)	1,070	1,425	1,163	600	-2,440	2,062	2,107	-41	660	809
Net Income / (Loss) Continuing Operations	1,070	1,425	1,163	600	-2,440	2,062	2,107	-41	660	809
Total Pre-Tax Income	1,274	1,614	1,409	712	-2,607	2,238	2,409	896	738	991
Total Operating Income	1,172	1,501	1,284	842	-2,383	1,980	2,272	1,147	990	1,258
Total Gross Profit	4,513	4,181	4,166	3,574	2,859	4,217	4,262	3,238	2,949	3,426
Total Revenue	50,073	48,712	57,342	42,078	23,290	33,669	34,055	26,223	20,182	23,152
Operating Revenue	50,073	48,712	57,342	42,078	23,290	33,669	34,055	26,223	20,182	23,152
Total Cost of Revenue	45,560	44,531	53,176	38,504	20,431	29,452	29,793	22,985	17,233	19,726
Operating Cost of Revenue	45,560	44,531	53,176	38,504	20,431	29,452	29,793	22,985	17,233	19,726
Total Operating Expenses	3,341	2,680	2,882	2,732	5,242	2,237	1,990	2,091	1,959	2,168
Selling, General & Admin Expense	2,155	1,781	1,645	1,363	1,352	1,605	1,583	1,463	1,464	1,735
Depreciation Expense	1,026	1,051	968	777	656	604	521	519	515	433
Impairment Charge	160	-152	269	592	3,234	28	-114	109	-20	-
Total Other Income / (Expense), net	102	113	125	-130	-224	258	137	-251	-252	-267
Interest Expense	382	386	405	425	436	425	431	510	480	443
Interest & Investment Income	467	397	749	276	173	659	575	290	195	183
Other Income / (Expense), net	17	102	-219	19	39	24	-7.00	-31	33	-7.00
Income Tax Expense	204	189	246	112	-167	176	302	937	78	182
Net Income / (Loss) Attributable to Noncontrolling Interest	967	1,227	995	540	-1,872	1,731	1,773	690	566	691
Basic Earnings per Share	$0.52	$1.01	$0.86	$0.31	($3.06)	$1.97	$2.12	($5.03)	-	-
Weighted Average Basic Shares Outstanding	197M	195M	194M	194M	186M	168M	158M	145M	99M	83M
Diluted Earnings per Share	$0.52	$1.01	$0.86	$0.31	($3.07)	$1.96	$2.11	($5.03)	-	-
Weighted Average Diluted Shares Outstanding	197M	195M	194M	194M	246M	170M	282M	145M	99M	83M
Weighted Average Basic & Diluted Shares Outstanding	197.74M	197.12M	194.41M	194.19M	194.10M	182.14M	158M	145M	99M	83M

This table shows Plains GP's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-11	33	39	42	52	29	48	69	44	71
Consolidated Net Income / (Loss)	117	301	316	336	381	268	333	443	295	420
Net Income / (Loss) Continuing Operations	117	301	316	336	381	268	333	443	295	420
Total Pre-Tax Income	164	356	390	364	436	263	389	526	321	549
Total Operating Income	85	346	372	369	423	232	375	471	-39	624
Total Gross Profit	1,174	1,186	1,075	1,078	1,140	965	1,058	1,018	957	1,265
Total Revenue	12,402	12,743	12,933	11,995	12,698	12,071	11,602	12,341	12,953	14,336
Operating Revenue	12,402	12,743	12,933	11,995	12,698	12,071	11,602	12,341	12,953	14,336
Total Cost of Revenue	11,228	11,557	11,858	10,917	11,558	11,106	10,544	11,323	11,996	13,071
Operating Cost of Revenue	11,228	11,557	11,858	10,917	11,558	11,106	10,544	11,323	11,996	13,071
Total Operating Expenses	1,089	840	703	709	717	733	683	547	996	641
Selling, General & Admin Expense	673	582	445	455	452	465	420	444	427	402
Depreciation Expense	258	257	257	254	273	261	260	257	255	239
Impairment Charge	158	1.00	1.00	0.00	-8.00	7.00	3.00	-154	314	0.00
Total Other Income / (Expense), net	79	10	18	-5.00	13	31	14	55	361	-76
Interest Expense	94	97	96	95	96	97	95	98	100	99
Interest & Investment Income	169	97	106	95	91	128	89	89	443	105
Other Income / (Expense), net	4.00	10	8.00	-5.00	18	0.00	20	64	18	-82
Income Tax Expense	47	55	74	28	55	-5.00	56	83	26	129
Net Income / (Loss) Attributable to Noncontrolling Interest	128	268	277	294	329	239	285	374	251	349
Basic Earnings per Share	($0.06)	$0.17	$0.20	$0.21	$0.26	$0.15	$0.25	$0.35	$0.23	$0.36
Weighted Average Basic Shares Outstanding	197M	197M	197M	197M	195M	196M	195M	194M	194M	194M
Diluted Earnings per Share	($0.06)	$0.17	$0.20	$0.21	$0.26	$0.15	$0.25	$0.35	$0.23	$0.36
Weighted Average Diluted Shares Outstanding	197M	197M	197M	197M	195M	196M	195M	194M	194M	194M
Weighted Average Basic & Diluted Shares Outstanding	197.74M	197.47M	197.26M	197.25M	197.12M	196.42M	195.96M	194.41M	194.41M	194.29M

This table details how cash moves in and out of Plains GP's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-104	49	-52	393	-21	15	38	-10	20	-374
Net Cash From Operating Activities	2,484	2,722	2,404	1,991	1,510	2,500	2,604	2,496	718	1,347
Net Cash From Continuing Operating Activities	2,484	2,722	2,404	1,993	1,510	2,500	2,604	2,496	718	1,347
Net Income / (Loss) Continuing Operations	1,070	1,425	1,163	600	-2,440	2,062	2,107	-41	660	809
Consolidated Net Income / (Loss)	1,070	1,425	1,163	600	-2,440	2,062	2,107	-41	660	809
Depreciation Expense	1,026	1,051	968	777	656	604	521	519	515	433
Non-Cash Adjustments To Reconcile Net Income	307	8.00	302	781	3,670	-218	-127	167	30	107
Changes in Operating Assets and Liabilities, net	81	238	-29	-165	-376	52	103	1,851	-487	-2.00
Net Cash From Investing Activities	-875	-702	-526	386	-1,093	-1,765	-813	-1,570	-1,273	-2,530
Net Cash From Continuing Investing Activities	-875	-702	-526	386	-1,093	-1,765	-813	-1,570	-1,273	-2,530
Purchase of Property, Plant & Equipment	-619	-559	-455	-336	-738	-1,181	-1,634	-1,024	-1,334	-2,079
Acquisitions	-248	-425	-149	-32	-310	-50	0.00	-1,280	-282	-105
Sale of Property, Plant & Equipment	13	328	60	881	429	77	1,334	1,083	654	5.00
Other Investing Activities, net	-21	-46	18	-127	-474	-611	-513	-370	-311	-351
Net Cash From Financing Activities	-1,702	-1,971	-1,927	-1,979	-430	-717	-1,753	-940	571	813
Net Cash From Continuing Financing Activities	-1,702	-1,971	-1,927	-1,979	-430	-717	-1,753	-940	571	813
Repayment of Debt	-839	-755	-799	-906	-117	-960	-143	-2,040	-1,336	-605
Payment of Dividends	-1,570	-1,322	-1,154	-907	-913	-1,208	-1,032	-1,393	-1,653	-1,660
Issuance of Debt	650	0.00	0.00	-	748	998	200	5.00	748	1,679
Issuance of Common Equity	57	106	26	1.00	-	128	0.00	1,664	796	1,099
Other Net Changes in Cash	-11	0.00	-3.00	-5.00	-8.00	-3.00	-	4.00	-	-
Cash Interest Paid	351	377	393	401	428	397	400	486	462	405
Cash Income Taxes Paid	269	69	112	76	111	136	21	50	98	50

This table details how cash moves in and out of Plains GP's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-292	85	222	-119	191	-674	407	125	-221	355
Net Cash From Operating Activities	726	688	652	418	1,010	83	887	742	334	941
Net Cash From Continuing Operating Activities	726	688	652	418	1,010	83	887	742	334	941
Net Income / (Loss) Continuing Operations	117	300	317	336	381	268	333	443	295	420
Consolidated Net Income / (Loss)	117	300	317	336	381	268	333	443	295	420
Depreciation Expense	257	258	257	254	273	261	260	257	255	238
Non-Cash Adjustments To Reconcile Net Income	127	52	83	45	34	25	127	-178	24	147
Changes in Operating Assets and Liabilities, net	225	78	-5.00	-217	322	-471	167	220	-240	136
Net Cash From Investing Activities	-264	-193	-157	-261	-258	-438	-164	158	-235	-168
Net Cash From Continuing Investing Activities	-264	-193	-157	-261	-258	-438	-164	158	-235	-168
Purchase of Property, Plant & Equipment	-166	-157	-139	-157	-155	-137	-145	-122	-143	-122
Acquisitions	-104	-33	-20	-91	-136	-289	-	0.00	-81	-
Sale of Property, Plant & Equipment	5.00	2.00	3.00	3.00	42	2.00	-	284	2.00	1.00
Other Investing Activities, net	1.00	-5.00	-1.00	-16	-9.00	-14	-19	-4.00	-13	21
Net Cash From Financing Activities	-746	-413	-271	-272	-565	-307	-324	-775	-322	-412
Net Cash From Continuing Financing Activities	-746	-413	-271	-272	-565	-307	-324	-775	-322	-412
Repayment of Debt	-361	-31	-443	-4.00	-271	-25	-4.00	-455	-5.00	-60
Payment of Dividends	-402	-398	-383	-387	-347	-335	-320	-320	-317	-263
Issuance of Common Equity	17	16	12	12	53	53	-	0.00	-	-
Other Net Changes in Cash	-8.00	3.00	-2.00	-4.00	4.00	-12	8.00	0.00	2.00	-6.00
Cash Interest Paid	112	59	116	64	130	59	123	65	125	67
Cash Income Taxes Paid	33	43	107	86	41	20	26	-18	27	46

This table presents Plains GP's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	27,756	28,597	29,207	29,978	25,951	29,969	26,830	26,753	26,103	24,142
Total Current Assets	4,776	4,916	5,358	6,140	3,668	4,614	3,536	4,003	4,275	2,972
Cash & Equivalents	349	453	404	452	25	47	69	40	50	30
Accounts Receivable	3,901	3,760	3,907	4,705	2,553	3,614	2,454	3,029	2,279	1,785
Inventories, net	439	548	729	783	647	604	640	713	1,343	916
Other Current Assets	87	155	318	200	405	312	373	221	603	241
Plant, Property, & Equipment, net	15,424	15,782	15,253	14,909	14,620	15,367	14,802	14,105	13,890	13,493
Plant, Property & Equipment, gross	21,300	21,143	20,055	19,292	18,620	18,983	17,905	16,901	16,261	15,695
Accumulated Depreciation	5,876	5,361	4,802	4,383	4,000	3,616	3,103	2,796	2,371	2,202
Total Noncurrent Assets	7,556	7,899	8,596	23,838	7,663	9,988	7,188	8,645	7,938	7,677
Long-Term Investments	2,811	2,820	3,084	3,805	3,764	3,683	2,702	2,756	2,343	2,027
Intangible Assets	1,677	1,875	2,145	1,960	805	-	-	-	-	-
Noncurrent Deferred & Refundable Income Taxes	1,220	1,239	1,309	1,362	1,444	1,280	-	1,386	1,876	1,835
Other Noncurrent Operating Assets	1,848	1,965	2,058	16,711	1,650	2,485	1,965	1,937	1,375	1,410
Total Liabilities & Shareholders' Equity	27,756	28,597	29,207	29,978	25,951	29,969	26,830	26,753	26,103	24,142
Total Liabilities	13,440	13,625	14,569	15,801	14,761	15,484	23,564	14,395	15,396	14,908
Total Current Liabilities	4,924	5,005	5,893	6,234	4,255	5,019	3,458	4,533	4,666	3,409
Short-Term Debt	408	446	1,159	822	831	504	66	737	1,715	999
Accounts Payable	3,881	3,845	4,045	4,811	2,425	3,687	2,705	3,324	2,590	2,040
Other Current Liabilities	635	714	689	601	999	828	687	472	361	370
Total Noncurrent Liabilities	8,516	8,620	8,676	9,567	10,506	10,465	20,106	9,862	10,730	11,499
Long-Term Debt	7,213	7,305	7,287	8,398	9,382	9,187	10,053	9,862	10,730	11,499
Other Noncurrent Operating Liabilities	1,303	1,315	1,389	1,169	1,124	1,278	10,053	-	-	-
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	14,316	14,972	14,638	14,177	11,190	14,485	11,473	12,358	10,707	9,234
Total Preferred & Common Equity	1,351	1,548	1,524	1,533	1,464	2,155	0.00	0.00	0.00	0.00
Total Common Equity	1,351	1,548	1,524	1,533	1,464	2,155	0.00	0.00	0.00	0.00
Common Stock	1,351	1,548	1,524	1,533	1,464	2,155	-	-	-	-
Noncontrolling Interest	12,965	13,424	13,114	12,644	9,726	12,330	11,473	12,358	10,707	9,234

This table presents Plains GP's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	28,357	28,667	28,590	28,997	28,167	28,739	28,788
Total Current Assets	5,160	5,380	5,004	5,333	4,660	5,125	5,576
Cash & Equivalents	641	556	334	262	936	529	625
Accounts Receivable	3,952	4,208	4,040	4,253	3,220	3,968	4,101
Inventories, net	436	502	453	617	367	463	603
Other Current Assets	131	114	177	201	137	165	247
Plant, Property, & Equipment, net	15,651	15,616	15,671	15,590	15,222	15,197	14,569
Plant, Property & Equipment, gross	21,464	21,254	21,162	20,888	20,397	20,173	19,345
Accumulated Depreciation	5,813	5,638	5,491	5,298	5,175	4,976	4,776
Total Noncurrent Assets	7,546	7,671	7,915	8,074	8,285	23,614	8,643
Long-Term Investments	2,846	2,862	2,878	2,830	3,062	3,070	3,684
Intangible Assets	1,674	1,741	1,807	1,969	1,999	2,073	1,785
Noncurrent Deferred & Refundable Income Taxes	1,211	1,221	1,231	1,259	1,263	1,278	1,325
Other Noncurrent Operating Assets	1,815	1,847	1,999	2,016	1,961	17,193	1,849
Total Liabilities & Shareholders' Equity	28,357	28,667	28,590	28,997	28,167	28,739	28,788
Total Liabilities	13,613	13,867	13,712	14,186	13,300	13,975	14,716
Total Current Liabilities	5,126	5,398	5,146	5,608	4,654	5,368	5,335
Short-Term Debt	765	765	554	710	709	708	459
Accounts Payable	3,675	4,016	3,992	4,146	3,296	4,010	3,997
Other Current Liabilities	686	617	600	752	649	650	879
Total Noncurrent Liabilities	8,487	8,469	8,566	8,578	8,646	8,607	9,381
Long-Term Debt	7,212	7,211	7,308	7,296	7,288	7,288	7,986
Other Noncurrent Operating Liabilities	1,275	1,258	1,258	1,282	1,358	1,319	1,395
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	14,744	14,800	14,878	14,811	14,867	14,764	14,072
Total Preferred & Common Equity	1,462	1,490	1,518	1,531	1,568	1,544	1,509
Total Common Equity	1,462	1,490	1,518	1,531	1,568	1,544	1,509
Common Stock	1,462	1,490	1,518	1,531	1,568	1,544	1,509
Noncontrolling Interest	13,282	13,310	13,360	13,280	13,299	13,220	12,563

This table displays calculated financial ratios and metrics derived from Plains GP's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.79%	-15.05%	36.28%	80.67%	-30.83%	-1.13%	29.87%	29.93%	-12.83%	-46.73%
EBITDA Growth	-16.54%	30.55%	24.11%	197.04%	-164.72%	-6.39%	70.40%	6.31%	-8.67%	-22.57%
EBIT Growth	-25.83%	50.52%	23.69%	136.73%	-216.97%	-11.52%	102.96%	9.09%	-18.23%	-30.07%
NOPAT Growth	-25.72%	25.04%	49.37%	142.54%	-191.44%	-8.20%	3,886.14%	-105.93%	-13.79%	-33.51%
Net Income Growth	-24.91%	22.53%	93.83%	124.59%	-218.33%	-2.14%	5,239.02%	-106.21%	-18.42%	-39.08%
EPS Growth	-48.51%	17.44%	177.42%	110.10%	-256.63%	-7.11%	141.95%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-8.74%	13.23%	20.74%	31.85%	-39.60%	-3.99%	4.33%	247.63%	-46.70%	-32.24%
Free Cash Flow Firm Growth	12.65%	-90.52%	198.41%	-1,453.20%	112.56%	-172.24%	2,253.41%	374.63%	40.36%	-128.81%
Invested Capital Growth	-3.46%	-0.75%	-42.45%	93.72%	-13.88%	119.22%	-53.82%	-2.88%	5.51%	7.43%
Revenue Q/Q Growth	-0.59%	-0.52%	-0.06%	20.04%	-12.05%	1.11%	3.59%	6.73%	4.97%	-16.16%
EBITDA Q/Q Growth	-14.25%	22.08%	-22.55%	71.88%	-26.16%	-26.58%	63.88%	-0.97%	-5.64%	-9.02%
EBIT Q/Q Growth	-22.84%	40.49%	-36.91%	260.25%	-17.43%	-32.66%	89.07%	2.86%	-12.19%	-13.06%
NOPAT Q/Q Growth	-24.45%	42.79%	-31.06%	189.57%	-19.87%	-30.76%	447.44%	-105.40%	-7.36%	-13.12%
Net Income Q/Q Growth	-19.79%	6.42%	-13.08%	466.04%	-14.82%	-27.22%	430.73%	-105.62%	-12.47%	-15.99%
EPS Q/Q Growth	-38.10%	3.06%	-18.10%	272.22%	-10.83%	-28.73%	152.10%	-1,389.74%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-10.26%	33.04%	-11.06%	23.28%	-23.70%	-18.99%	39.03%	24.99%	-6.75%	-30.39%
Free Cash Flow Firm Q/Q Growth	-7.61%	349.83%	2,462.52%	-926.16%	-49.99%	-637.39%	622.46%	217.31%	0.81%	19.15%
Invested Capital Q/Q Growth	-2.38%	-1.39%	7.62%	112.62%	-0.57%	-4.62%	-54.56%	-7.95%	1.43%	1.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	9.01%	8.58%	7.27%	8.49%	12.28%	12.52%	12.52%	12.35%	14.61%	14.80%
EBITDA Margin	4.42%	5.45%	3.55%	3.89%	-7.25%	7.75%	8.18%	6.24%	7.62%	7.27%
Operating Margin	2.34%	3.08%	2.24%	2.00%	-10.23%	5.88%	6.67%	4.37%	4.91%	5.43%
EBIT Margin	2.37%	3.29%	1.86%	2.05%	-10.06%	5.95%	6.65%	4.26%	5.07%	5.40%
Profit (Net Income) Margin	2.14%	2.93%	2.03%	1.43%	-10.48%	6.12%	6.19%	-0.16%	3.27%	3.49%
Tax Burden Percent	83.99%	88.29%	82.54%	84.27%	93.59%	92.14%	87.46%	-4.58%	89.43%	81.63%
Interest Burden Percent	107.15%	100.69%	132.30%	82.69%	111.22%	111.68%	106.36%	80.29%	72.14%	79.22%
Effective Tax Rate	16.01%	11.71%	17.46%	15.73%	0.00%	7.86%	12.54%	104.58%	10.57%	18.37%
Return on Invested Capital (ROIC)	5.15%	6.79%	3.95%	2.75%	-8.78%	12.28%	13.49%	-0.26%	4.38%	5.41%
ROIC Less NNEP Spread (ROIC-NNEP)	7.07%	8.90%	4.78%	1.91%	-21.32%	24.92%	17.73%	-0.13%	2.18%	3.16%
Return on Net Nonoperating Assets (RNNOA)	2.16%	2.84%	4.12%	1.98%	-10.22%	3.61%	4.20%	-0.10%	2.24%	3.29%
Return on Equity (ROE)	7.31%	9.63%	8.07%	4.73%	-19.01%	15.89%	17.68%	-0.36%	6.62%	8.69%
Cash Return on Invested Capital (CROIC)	8.67%	7.54%	57.84%	-61.07%	6.13%	-62.42%	87.12%	2.67%	-0.98%	-1.75%
Operating Return on Assets (OROA)	4.22%	5.55%	3.60%	3.08%	-8.38%	7.06%	8.45%	4.22%	4.07%	5.21%
Return on Assets (ROA)	3.80%	4.93%	3.93%	2.15%	-8.73%	7.26%	7.86%	-0.16%	2.63%	3.37%
Return on Common Equity (ROCE)	0.72%	1.00%	0.86%	0.56%	-2.68%	1.32%	0.00%	0.00%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	79.20%	92.05%	76.31%	39.14%	-166.67%	95.68%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	984	1,325	1,060	710	-1,668	1,824	1,987	-52	885	1,027
NOPAT Margin	1.97%	2.72%	1.85%	1.69%	-7.16%	5.42%	5.84%	-0.20%	4.39%	4.44%
Net Nonoperating Expense Percent (NNEP)	-1.92%	-2.11%	-0.83%	0.83%	12.54%	-12.64%	-4.25%	-0.13%	2.20%	2.25%
Return On Investment Capital (ROIC_SIMPLE)	4.49%	5.83%	4.59%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	90.99%	91.42%	92.73%	91.51%	87.72%	87.48%	87.49%	87.65%	85.39%	85.20%
SG&A Expenses to Revenue	4.30%	3.66%	2.87%	3.24%	5.81%	4.77%	4.65%	5.58%	7.25%	7.49%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	6.67%	5.50%	5.03%	6.49%	22.51%	6.64%	5.84%	7.97%	9.71%	9.36%
Earnings before Interest and Taxes (EBIT)	1,189	1,603	1,065	861	-2,344	2,004	2,265	1,116	1,023	1,251
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,215	2,654	2,033	1,638	-1,688	2,608	2,786	1,635	1,538	1,684
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.64	1.85	1.35	1.05	0.83	1.12	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	1.84	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.07	0.06	0.04	0.04	0.05	0.07	0.06	0.08	0.10	0.05
Price to Earnings (P/E)	34.63	14.49	12.24	26.92	0.00	7.26	6.28	0.00	21.55	9.65
Dividend Yield	7.03%	7.32%	7.87%	8.66%	13.95%	10.45%	9.11%	14.29%	0.00%	17.62%
Earnings Yield	2.89%	6.90%	8.17%	3.72%	0.00%	13.77%	15.93%	0.00%	4.64%	10.36%
Enterprise Value to Invested Capital (EV/IC)	1.12	1.07	1.03	0.56	0.99	1.01	2.25	1.10	1.10	1.06
Enterprise Value to Revenue (EV/Rev)	0.42	0.43	0.35	0.46	0.74	0.61	0.61	0.85	1.13	0.90
Enterprise Value to EBITDA (EV/EBITDA)	9.48	7.83	9.90	11.74	0.00	7.92	7.51	13.62	14.81	12.36
Enterprise Value to EBIT (EV/EBIT)	17.66	12.96	18.90	22.33	0.00	10.31	9.24	19.96	22.27	16.64
Enterprise Value to NOPAT (EV/NOPAT)	21.33	15.67	18.99	27.09	0.00	11.32	10.53	0.00	25.73	20.27
Enterprise Value to Operating Cash Flow (EV/OCF)	8.45	7.63	8.37	9.65	11.47	8.26	8.03	8.92	31.73	15.45
Enterprise Value to Free Cash Flow (EV/FCFF)	12.67	14.12	1.30	0.00	14.87	0.00	1.63	40.83	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.53	0.52	0.58	0.65	0.91	0.67	0.88	0.86	1.16	1.35
Long-Term Debt to Equity	0.50	0.49	0.50	0.59	0.84	0.63	0.88	0.80	1.00	1.25
Financial Leverage	0.31	0.32	0.86	1.04	0.48	0.14	0.24	0.77	1.03	1.04
Leverage Ratio	1.92	1.95	2.05	2.20	2.18	2.19	2.25	2.29	2.52	2.58
Compound Leverage Factor	2.06	1.97	2.72	1.82	2.42	2.44	2.39	1.84	1.82	2.05
Debt to Total Capital	34.74%	34.11%	36.59%	39.41%	47.72%	40.09%	46.86%	46.17%	53.75%	57.51%
Short-Term Debt to Total Capital	1.86%	1.96%	5.02%	3.51%	3.88%	2.08%	0.31%	3.21%	7.41%	4.60%
Long-Term Debt to Total Capital	32.88%	32.15%	31.57%	35.89%	43.84%	38.00%	46.56%	42.96%	46.35%	52.91%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	59.10%	59.08%	56.81%	54.04%	45.44%	51.00%	53.14%	53.83%	46.25%	42.49%
Common Equity to Total Capital	6.16%	6.81%	6.60%	6.55%	6.84%	8.91%	0.00%	0.00%	0.00%	0.00%
Debt to EBITDA	3.44	2.92	4.15	5.63	-6.05	3.72	3.63	6.48	8.09	7.42
Net Debt to EBITDA	2.01	1.69	2.44	3.03	-3.78	2.27	2.64	4.77	6.54	6.20
Long-Term Debt to EBITDA	3.26	2.75	3.58	5.13	-5.56	3.52	3.61	6.03	6.98	6.83
Debt to NOPAT	7.74	5.85	7.97	12.99	-6.12	5.31	5.09	-201.94	14.06	12.17
Net Debt to NOPAT	4.53	3.38	4.68	6.99	-3.83	3.25	3.70	-148.67	11.35	10.17
Long-Term Debt to NOPAT	7.33	5.51	6.88	11.84	-5.62	5.04	5.06	-187.90	12.12	11.20
Altman Z-Score	2.10	2.01	2.15	1.56	0.62	1.42	1.60	1.18	0.96	1.15
Noncontrolling Interest Sharing Ratio	90.10%	89.63%	89.39%	88.19%	85.90%	91.70%	100.00%	100.00%	100.00%	100.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.97	0.98	0.91	0.98	0.86	0.92	1.02	0.88	0.92	0.87
Quick Ratio	0.86	0.84	0.73	0.83	0.61	0.73	0.73	0.68	0.50	0.53
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,657	1,471	15,513	-15,763	1,165	-9,275	12,838	546	-199	-333
Operating Cash Flow to CapEx	409.90%	1,178.36%	608.61%	0.00%	488.67%	226.45%	868.00%	0.00%	105.59%	64.95%
Free Cash Flow to Firm to Interest Expense	4.34	3.81	38.30	-37.09	2.67	-21.82	29.79	1.07	-0.41	-0.75
Operating Cash Flow to Interest Expense	6.50	7.05	5.94	4.68	3.46	5.88	6.04	4.89	1.50	3.04
Operating Cash Flow Less CapEx to Interest Expense	4.92	6.45	4.96	5.97	2.75	3.28	5.35	5.01	0.08	-1.64
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.78	1.69	1.94	1.50	0.83	1.19	1.27	0.99	0.80	0.96
Accounts Receivable Turnover	13.07	12.71	13.32	11.59	7.55	11.10	12.42	9.88	9.93	10.52
Inventory Turnover	92.32	69.74	70.34	53.85	32.66	47.35	44.04	22.36	15.26	21.83
Fixed Asset Turnover	3.21	3.14	3.80	2.85	1.55	2.23	2.36	1.87	1.47	1.80
Accounts Payable Turnover	11.79	11.29	12.01	10.64	6.69	9.22	9.88	7.77	7.44	7.85
Days Sales Outstanding (DSO)	27.92	28.72	27.41	31.48	48.32	32.89	29.38	36.94	36.75	34.68
Days Inventory Outstanding (DIO)	3.95	5.23	5.19	6.78	11.17	7.71	8.29	16.32	23.92	16.72
Days Payable Outstanding (DPO)	30.95	32.34	30.39	34.30	54.60	39.61	36.93	46.96	49.03	46.51
Cash Conversion Cycle (CCC)	0.93	1.62	2.20	3.96	4.90	0.99	0.74	6.31	11.64	4.89
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,777	19,450	19,596	34,049	17,576	20,409	9,310	20,161	20,759	19,675
Invested Capital Turnover	2.62	2.50	2.14	1.63	1.23	2.27	2.31	1.28	1.00	1.22
Increase / (Decrease) in Invested Capital	-673	-146	-14,453	16,473	-2,833	11,099	-10,851	-598	1,084	1,360
Enterprise Value (EV)	20,993	20,772	20,128	19,222	17,323	20,658	20,917	22,274	22,785	20,814
Market Capitalization	3,567	2,870	2,056	1,615	1,211	2,404	2,096	2,113	2,026	1,139
Book Value per Share	$6.84	$7.88	$7.84	$7.90	$7.80	$11.84	$0.00	$0.00	$0.00	$0.00
Tangible Book Value per Share	($1.65)	($1.66)	($3.20)	($2.20)	$3.51	($2.12)	($15.84)	($16.57)	($8.73)	($10.59)
Total Capital	21,937	22,723	23,084	23,397	21,403	24,176	21,592	22,957	23,152	21,732
Total Debt	7,621	7,751	8,446	9,220	10,213	9,691	10,119	10,599	12,445	12,498
Total Long-Term Debt	7,213	7,305	7,287	8,398	9,382	9,187	10,053	9,862	10,730	11,499
Net Debt	4,461	4,478	4,958	4,963	6,386	5,924	7,348	7,803	10,052	10,441
Capital Expenditures (CapEx)	606	231	395	-545	309	1,104	300	-59	680	2,074
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-89	-96	220	276	181	15	75	167	1,274	532
Debt-free Net Working Capital (DFNWC)	260	357	624	728	244	99	144	207	1,324	562
Net Working Capital (NWC)	-148	-89	-535	-94	-587	-405	78	-530	-391	-437
Net Nonoperating Expense (NNE)	-86	-100	-103	110	772	-238	-120	-11	225	218
Net Nonoperating Obligations (NNO)	4,461	4,478	4,958	19,872	6,386	5,924	-2,163	7,803	10,052	10,441
Total Depreciation and Amortization (D&A)	1,026	1,051	968	777	656	604	521	519	515	433
Debt-free, Cash-free Net Working Capital to Revenue	-0.18%	-0.20%	0.38%	0.66%	0.78%	0.04%	0.22%	0.64%	6.31%	2.30%
Debt-free Net Working Capital to Revenue	0.52%	0.73%	1.09%	1.73%	1.05%	0.29%	0.42%	0.79%	6.56%	2.43%
Net Working Capital to Revenue	-0.30%	-0.18%	-0.93%	-0.22%	-2.52%	-1.20%	0.23%	-2.02%	-1.94%	-1.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.52	$1.01	$0.86	$0.31	($3.06)	$1.97	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	197M	195M	194M	194M	186M	168M	159.49M	157.01M	103.27M	91.70M
Adjusted Diluted Earnings per Share	$0.52	$1.01	$0.86	$0.31	($3.07)	$1.96	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	197M	195M	194M	194M	246M	170M	159.49M	157.01M	103.27M	91.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	197.74M	197.12M	194.41M	194.19M	194.10M	182.14M	159.49M	157.01M	103.27M	91.70M
Normalized Net Operating Profit after Tax (NOPAT)	1,119	1,191	1,282	1,208	596	1,850	1,887	879	867	1,027
Normalized NOPAT Margin	2.23%	2.45%	2.24%	2.87%	2.56%	5.49%	5.54%	3.35%	4.30%	4.44%
Pre Tax Income Margin	2.54%	3.31%	2.46%	1.69%	-11.19%	6.65%	7.07%	3.42%	3.66%	4.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.11	4.15	2.63	2.03	-5.38	4.72	5.26	2.19	2.13	2.82
NOPAT to Interest Expense	2.58	3.43	2.62	1.67	-3.83	4.29	4.61	-0.10	1.84	2.32
EBIT Less CapEx to Interest Expense	1.53	3.55	1.65	3.31	-6.08	2.12	4.56	2.30	0.71	-1.86
NOPAT Less CapEx to Interest Expense	0.99	2.83	1.64	2.95	-4.53	1.69	3.91	0.01	0.43	-2.36
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	146.73%	92.77%	99.23%	151.17%	-37.42%	58.58%	48.98%	-3,397.56%	250.45%	205.19%
Augmented Payout Ratio	146.73%	92.77%	99.23%	151.17%	-37.42%	58.58%	48.98%	-3,397.56%	250.45%	205.19%

This table displays calculated financial ratios and metrics derived from Plains GP's official financial filings.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.33%	5.57%	11.47%	-2.80%	-1.97%	-15.80%	-29.08%	-9.88%	-0.28%	33.04%
EBITDA Growth	-51.54%	24.54%	-2.75%	-21.97%	205.13%	-36.79%	22.66%	63.30%	-71.67%	509.38%
EBIT Growth	-79.82%	53.45%	-3.80%	-31.96%	2,200.00%	-57.20%	36.21%	110.63%	-103.49%	1,184.00%
NOPAT Growth	-83.59%	23.74%	-6.11%	-14.13%	1,131.33%	-50.48%	-2.88%	59.14%	-107.45%	1,804.92%
Net Income Growth	-69.29%	12.31%	-5.11%	-24.15%	29.15%	-36.19%	39.33%	111.96%	-37.23%	940.00%
EPS Growth	-123.08%	13.33%	-20.00%	-40.00%	13.04%	-58.33%	56.25%	218.18%	-45.24%	400.00%
Operating Cash Flow Growth	-28.12%	728.92%	-26.49%	-43.67%	202.40%	-91.18%	12.28%	118.88%	-47.24%	180.90%
Free Cash Flow Firm Growth	42.28%	161.19%	-319.02%	202.52%	-96.42%	25.40%	107.42%	-792.68%	190.15%	-204.99%
Invested Capital Growth	-3.46%	-2.49%	2.61%	-43.16%	-0.75%	8.33%	1.26%	79.29%	-42.45%	13.70%
Revenue Q/Q Growth	-2.68%	-1.47%	7.82%	-5.54%	5.19%	4.04%	-5.99%	-4.72%	-9.65%	-12.37%
EBITDA Q/Q Growth	-43.65%	-3.61%	3.07%	-13.45%	44.83%	-24.73%	-17.30%	238.46%	-70.00%	46.07%
EBIT Q/Q Growth	-75.00%	-6.32%	4.40%	-17.46%	90.09%	-41.27%	-26.17%	2,647.62%	-103.87%	86.90%
NOPAT Q/Q Growth	-79.27%	-2.94%	-11.51%	-7.85%	56.36%	-26.36%	-19.07%	1,206.77%	-107.51%	44.42%
Net Income Q/Q Growth	-61.13%	-4.75%	-5.95%	-11.81%	42.16%	-19.52%	-24.83%	50.17%	-29.76%	75.73%
EPS Q/Q Growth	-135.29%	-15.00%	-4.76%	-19.23%	73.33%	-40.00%	-28.57%	52.17%	-36.11%	125.00%
Operating Cash Flow Q/Q Growth	5.52%	5.52%	55.98%	-58.61%	1,116.87%	-90.64%	19.54%	122.16%	-64.51%	19.11%
Free Cash Flow Firm Q/Q Growth	-6.37%	511.13%	-101.26%	2,842.09%	140.27%	-1,571.68%	100.59%	-202.64%	939.86%	-46.29%
Invested Capital Q/Q Growth	-2.38%	-0.64%	-0.87%	0.40%	-1.39%	4.55%	-45.09%	75.33%	7.62%	-2.28%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	9.47%	9.31%	8.31%	8.99%	8.98%	7.99%	9.12%	8.25%	7.39%	8.82%
EBITDA Margin	2.79%	4.82%	4.93%	5.15%	5.62%	4.08%	5.65%	6.42%	1.81%	5.44%
Operating Margin	0.69%	2.72%	2.88%	3.08%	3.33%	1.92%	3.23%	3.82%	-0.30%	4.35%
EBIT Margin	0.72%	2.79%	2.94%	3.03%	3.47%	1.92%	3.40%	4.34%	-0.16%	3.78%
Profit (Net Income) Margin	0.94%	2.36%	2.44%	2.80%	3.00%	2.22%	2.87%	3.59%	2.28%	2.93%
Tax Burden Percent	71.34%	84.55%	81.03%	92.31%	87.39%	101.90%	85.60%	84.22%	91.90%	76.50%
Interest Burden Percent	184.27%	100.00%	102.63%	100.00%	98.87%	113.36%	98.48%	98.32%	-1,528.57%	101.29%
Effective Tax Rate	28.66%	15.45%	18.97%	7.69%	12.61%	-1.90%	14.40%	15.78%	8.10%	23.50%
Return on Invested Capital (ROIC)	1.28%	5.94%	6.06%	5.10%	7.26%	5.06%	7.56%	6.73%	-0.59%	11.17%
ROIC Less NNEP Spread (ROIC-NNEP)	2.54%	6.12%	6.40%	5.06%	7.50%	5.75%	7.84%	7.10%	2.07%	9.95%
Return on Net Nonoperating Assets (RNNOA)	0.78%	1.95%	1.85%	4.14%	2.39%	1.80%	2.32%	6.02%	1.79%	3.78%
Return on Equity (ROE)	2.06%	7.88%	7.91%	9.24%	9.65%	6.86%	9.88%	12.75%	1.20%	14.95%
Cash Return on Invested Capital (CROIC)	8.67%	9.21%	3.97%	59.76%	7.54%	-3.11%	5.13%	-52.26%	57.84%	-3.84%
Operating Return on Assets (OROA)	1.28%	4.91%	5.14%	5.12%	5.85%	3.26%	5.97%	7.99%	-0.31%	7.97%
Return on Assets (ROA)	1.68%	4.15%	4.27%	4.73%	5.06%	3.76%	5.04%	6.62%	4.41%	6.18%
Return on Common Equity (ROCE)	0.20%	0.80%	0.82%	0.95%	1.00%	0.72%	1.05%	1.36%	0.13%	1.72%
Return on Equity Simple (ROE_SIMPLE)	0.00%	91.24%	87.32%	86.82%	0.00%	87.46%	95.09%	90.48%	0.00%	88.67%
Net Operating Profit after Tax (NOPAT)	61	293	301	341	370	236	321	397	-36	477
NOPAT Margin	0.49%	2.30%	2.33%	2.84%	2.91%	1.96%	2.77%	3.21%	-0.28%	3.33%
Net Nonoperating Expense Percent (NNEP)	-1.26%	-0.18%	-0.34%	0.04%	-0.24%	-0.70%	-0.28%	-0.38%	-2.66%	1.22%
Return On Investment Capital (ROIC_SIMPLE)	0.28%	-	-	-	1.63%	-	-	-	-0.16%	-
Cost of Revenue to Revenue	90.53%	90.69%	91.69%	91.01%	91.02%	92.01%	90.88%	91.75%	92.61%	91.18%
SG&A Expenses to Revenue	5.43%	4.57%	3.44%	3.79%	3.56%	3.85%	3.62%	3.60%	3.30%	2.80%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.78%	6.59%	5.44%	5.91%	5.65%	6.07%	5.89%	4.43%	7.69%	4.47%
Earnings before Interest and Taxes (EBIT)	89	356	380	364	441	232	395	535	-21	542
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	346	614	637	618	714	493	655	792	234	780
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.64	2.45	2.45	2.29	1.85	1.89	1.69	1.49	1.35	1.22
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.07	0.07	0.07	0.07	0.06	0.06	0.05	0.04	0.04	0.03
Price to Earnings (P/E)	34.63	21.59	22.54	20.35	14.49	15.23	11.40	10.66	12.24	8.87
Dividend Yield	7.03%	6.72%	6.32%	6.34%	7.32%	6.91%	7.13%	7.80%	7.87%	8.41%
Earnings Yield	2.89%	4.63%	4.44%	4.91%	6.90%	6.57%	8.78%	9.38%	8.17%	11.28%
Enterprise Value to Invested Capital (EV/IC)	1.12	1.11	1.11	1.10	1.07	1.07	1.06	0.58	1.03	1.02
Enterprise Value to Revenue (EV/Rev)	0.42	0.42	0.43	0.44	0.43	0.43	0.39	0.36	0.35	0.32
Enterprise Value to EBITDA (EV/EBITDA)	9.48	8.27	8.74	8.67	7.83	9.70	8.10	8.51	9.90	7.06
Enterprise Value to EBIT (EV/EBIT)	17.66	13.86	15.19	15.01	12.96	18.48	13.74	14.79	18.90	10.98
Enterprise Value to NOPAT (EV/NOPAT)	21.33	16.39	17.22	16.92	15.67	22.72	16.68	16.46	18.99	12.06
Enterprise Value to Operating Cash Flow (EV/OCF)	8.45	7.72	9.95	8.96	7.63	10.31	6.87	7.09	8.37	6.86
Enterprise Value to Free Cash Flow (EV/FCFF)	12.67	11.90	28.39	1.33	14.12	0.00	20.74	0.00	1.30	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.53	0.54	0.54	0.53	0.52	0.54	0.54	0.54	0.58	0.60
Long-Term Debt to Equity	0.50	0.49	0.49	0.49	0.49	0.49	0.49	0.49	0.50	0.57
Financial Leverage	0.31	0.32	0.29	0.82	0.32	0.31	0.30	0.85	0.86	0.38
Leverage Ratio	1.92	1.94	1.92	1.93	1.95	2.00	2.02	2.10	2.05	2.19
Compound Leverage Factor	3.55	1.94	1.97	1.93	1.93	2.27	1.99	2.06	-31.40	2.22
Debt to Total Capital	34.74%	35.11%	35.02%	34.57%	34.11%	35.09%	34.98%	35.13%	36.59%	37.51%
Short-Term Debt to Total Capital	1.86%	3.37%	3.36%	2.44%	1.96%	3.11%	3.10%	3.11%	5.02%	2.04%
Long-Term Debt to Total Capital	32.88%	31.74%	31.66%	32.14%	32.15%	31.98%	31.88%	32.02%	31.57%	35.47%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	59.10%	58.46%	58.44%	58.75%	59.08%	58.20%	58.17%	58.08%	56.81%	55.79%
Common Equity to Total Capital	6.16%	6.43%	6.54%	6.68%	6.81%	6.71%	6.86%	6.78%	6.60%	6.70%
Debt to EBITDA	3.44	3.09	3.24	3.17	2.92	3.68	3.25	3.42	4.15	3.22
Net Debt to EBITDA	2.01	1.74	1.85	1.88	1.69	2.26	1.62	1.88	2.44	1.58
Long-Term Debt to EBITDA	3.26	2.79	2.93	2.95	2.75	3.36	2.96	3.11	3.58	3.04
Debt to NOPAT	7.74	6.12	6.38	6.19	5.85	8.63	6.69	6.61	7.97	5.49
Net Debt to NOPAT	4.53	3.45	3.65	3.66	3.38	5.29	3.35	3.64	4.68	2.69
Long-Term Debt to NOPAT	7.33	5.54	5.77	5.75	5.51	7.86	6.10	6.03	6.88	5.19
Altman Z-Score	1.97	1.98	1.93	1.88	1.88	1.83	1.98	2.10	2.02	2.14
Noncontrolling Interest Sharing Ratio	90.10%	89.87%	89.69%	89.67%	89.63%	89.47%	89.33%	89.35%	89.39%	88.46%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.97	1.01	1.00	0.97	0.98	0.95	1.00	0.95	0.91	1.05
Quick Ratio	0.86	0.90	0.88	0.85	0.84	0.81	0.89	0.84	0.73	0.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	734	784	-191	15,171	516	-1,281	87	-14,798	14,417	-1,717
Operating Cash Flow to CapEx	450.93%	443.87%	479.41%	271.43%	893.81%	61.48%	611.72%	0.00%	236.88%	777.69%
Free Cash Flow to Firm to Interest Expense	7.80	8.08	-1.99	159.69	5.37	-13.20	0.92	-151.00	144.17	-17.34
Operating Cash Flow to Interest Expense	7.72	7.09	6.79	4.40	10.52	0.86	9.34	7.57	3.34	9.51
Operating Cash Flow Less CapEx to Interest Expense	6.01	5.49	5.38	2.78	9.34	-0.54	7.81	9.22	1.93	8.28
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.78	1.76	1.75	1.69	1.69	1.69	1.75	1.84	1.94	2.11
Accounts Receivable Turnover	13.07	12.28	13.38	12.08	12.71	11.72	11.64	10.08	13.32	14.59
Inventory Turnover	92.32	87.16	104.58	96.34	69.74	73.72	104.88	104.47	70.34	82.46
Fixed Asset Turnover	3.21	3.22	3.22	3.13	3.14	3.25	3.43	3.72	3.80	4.15
Accounts Payable Turnover	11.79	11.74	12.43	11.03	11.29	11.04	10.77	9.51	12.01	13.45
Days Sales Outstanding (DSO)	27.92	29.73	27.28	30.22	28.72	31.14	31.35	36.19	27.41	25.02
Days Inventory Outstanding (DIO)	3.95	4.19	3.49	3.79	5.23	4.95	3.48	3.49	5.19	4.43
Days Payable Outstanding (DPO)	30.95	31.10	29.37	33.10	32.34	33.05	33.90	38.40	30.39	27.14
Cash Conversion Cycle (CCC)	0.93	2.81	1.40	0.91	1.62	3.04	0.93	1.29	2.20	2.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,777	19,234	19,358	19,528	19,450	19,725	18,866	34,358	19,596	18,208
Invested Capital Turnover	2.62	2.59	2.60	1.80	2.50	2.58	2.73	2.09	2.14	3.35
Increase / (Decrease) in Invested Capital	-673	-491	492	-14,830	-146	1,517	234	15,195	-14,453	2,194
Enterprise Value (EV)	20,993	21,356	21,520	21,490	20,772	21,088	19,942	19,910	20,128	18,534
Market Capitalization	3,567	3,584	3,652	3,480	2,870	2,894	2,644	2,293	2,056	1,835
Book Value per Share	$6.84	$7.41	$7.55	$7.70	$7.88	$7.81	$8.07	$7.94	$7.84	$7.77
Tangible Book Value per Share	($1.65)	($1.07)	($1.27)	($1.47)	($1.66)	($2.24)	($2.22)	($2.72)	($3.20)	($1.42)
Total Capital	21,937	22,721	22,776	22,740	22,723	22,817	22,864	22,760	23,084	22,517
Total Debt	7,621	7,977	7,976	7,862	7,751	8,006	7,997	7,996	8,446	8,445
Total Long-Term Debt	7,213	7,212	7,211	7,308	7,305	7,296	7,288	7,288	7,287	7,986
Net Debt	4,461	4,490	4,558	4,650	4,478	4,914	3,999	4,397	4,958	4,136
Capital Expenditures (CapEx)	161	155	136	154	113	135	145	-162	141	121
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-89	158	191	78	-96	173	-221	-64	220	75
Debt-free Net Working Capital (DFNWC)	260	799	747	412	357	435	715	465	624	700
Net Working Capital (NWC)	-148	34	-18	-142	-89	-275	6.00	-243	-535	241
Net Nonoperating Expense (NNE)	-56	-8.46	-15	4.62	-11	-32	-12	-46	-331	57
Net Nonoperating Obligations (NNO)	4,461	4,490	4,558	4,650	4,478	4,914	3,999	19,594	4,958	4,136
Total Depreciation and Amortization (D&A)	257	258	257	254	273	261	260	257	255	238
Debt-free, Cash-free Net Working Capital to Revenue	-0.18%	0.31%	0.38%	0.16%	-0.20%	0.35%	-0.43%	-0.11%	0.38%	0.13%
Debt-free Net Working Capital to Revenue	0.52%	1.59%	1.50%	0.85%	0.73%	0.89%	1.40%	0.83%	1.09%	1.22%
Net Working Capital to Revenue	-0.30%	0.07%	-0.04%	-0.29%	-0.18%	-0.56%	0.01%	-0.43%	-0.93%	0.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.06)	$0.17	$0.20	$0.21	$0.26	$0.15	$0.25	$0.35	$0.23	$0.36
Adjusted Weighted Average Basic Shares Outstanding	197M	197M	197M	197M	195M	196M	195M	194M	194M	194M
Adjusted Diluted Earnings per Share	($0.06)	$0.17	$0.20	$0.21	$0.26	$0.15	$0.25	$0.35	$0.23	$0.36
Adjusted Weighted Average Diluted Shares Outstanding	197M	197M	197M	197M	195M	196M	195M	194M	194M	194M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	197.74M	197.47M	197.26M	197.25M	197.12M	196.42M	195.96M	194.41M	194.41M	194.29M
Normalized Net Operating Profit after Tax (NOPAT)	173	293	302	341	363	167	324	267	253	477
Normalized NOPAT Margin	1.40%	2.30%	2.34%	2.84%	2.86%	1.39%	2.79%	2.16%	1.95%	3.33%
Pre Tax Income Margin	1.32%	2.79%	3.02%	3.03%	3.43%	2.18%	3.35%	4.26%	2.48%	3.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.95	3.67	3.96	3.83	4.59	2.39	4.16	5.46	-0.21	5.47
NOPAT to Interest Expense	0.65	3.02	3.14	3.59	3.85	2.44	3.38	4.05	-0.36	4.82
EBIT Less CapEx to Interest Expense	-0.77	2.07	2.54	2.21	3.42	1.00	2.63	7.11	-1.62	4.25
NOPAT Less CapEx to Interest Expense	-1.07	1.42	1.72	1.96	2.67	1.05	1.85	5.70	-1.77	3.60
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	146.73%	113.57%	111.61%	105.39%	92.77%	96.49%	81.82%	87.76%	99.23%	81.54%
Augmented Payout Ratio	146.73%	113.57%	111.61%	105.39%	92.77%	96.49%	81.82%	87.76%	99.23%	81.54%

Frequently Asked Questions About Plains GP's Financials

When does Plains GP's fiscal year end?

According to the most recent income statement we have on file, Plains GP's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Plains GP's net income changed over the last 9 years?

Plains GP's net income appears to be on an upward trend, with a most recent value of $1.07 billion in 2024, rising from $809 million in 2015. The previous period was $1.43 billion in 2023. View Plains GP's forecast to see where analysts expect Plains GP to go next.

What is Plains GP's operating income?

Plains GP's total operating income in 2024 was $1.17 billion, based on the following breakdown:

Total Gross Profit: $4.51 billion
Total Operating Expenses: $3.34 billion

How has Plains GP revenue changed over the last 9 years?

Over the last 9 years, Plains GP's total revenue changed from $23.15 billion in 2015 to $50.07 billion in 2024, a change of 116.3%.

How much debt does Plains GP have?

Plains GP's total liabilities were at $13.44 billion at the end of 2024, a 1.4% decrease from 2023, and a 9.8% decrease since 2015.

How much cash does Plains GP have?

In the past 9 years, Plains GP's cash and equivalents has ranged from $25 million in 2020 to $453 million in 2023, and is currently $349 million as of their latest financial filing in 2024.

How has Plains GP's book value per share changed over the last 9 years?

Over the last 9 years, Plains GP's book value per share changed from 0.00 in 2015 to 6.84 in 2024, a change of 684.2%.

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This page (NYSE:PAGP) was last updated on 5/21/2025 by MarketBeat.com Staff

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Plains GP (PAGP) Financials

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