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Plains GP (PAGP) Financials

Plains GP logo
$23.51 +0.32 (+1.38%)
Closing price 04:00 PM Eastern
Extended Trading
$23.46 -0.05 (-0.21%)
As of 05:01 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Plains GP

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 118 94 -731 334 331 -568 60 168 198 103 260
Consolidated Net Income / (Loss)		 809 660 -41 2,107 2,062 -2,440 600 1,163 1,425 1,070 1,686
Net Income / (Loss) Continuing Operations		 809 660 -41 2,107 2,062 -2,440 600 1,163 1,233 839 1,303
Total Pre-Tax Income 		991 738 896 2,409 2,238 -2,607 712 1,409 1,362 963 1,395
Total Operating Income		 1,258 990 1,147 2,272 1,980 -2,383 842 1,284 1,249 862 1,428
Total Gross Profit		 3,426 2,949 3,238 4,262 4,217 2,859 3,574 4,166 3,399 3,727 3,829
Total Revenue		 23,152 20,182 26,223 34,055 33,669 23,290 42,078 57,342 47,336 48,889 44,262
Operating Revenue		 23,152 20,182 26,223 34,055 33,669 23,290 42,078 57,342 47,336 48,889 44,262
Total Cost of Revenue		 19,726 17,233 22,985 29,793 29,452 20,431 38,504 53,176 43,937 45,162 40,433
Operating Cost of Revenue		 19,726 17,233 22,985 29,793 29,452 20,431 38,504 53,176 43,937 45,162 40,433
Total Operating Expenses		 2,168 1,959 2,091 1,990 2,237 5,242 2,732 2,882 2,150 2,865 2,401
Selling, General & Admin Expense		 1,735 1,464 1,463 1,583 1,605 1,352 1,363 1,645 1,390 1,805 1,502
Depreciation Expense		 433 515 519 521 604 656 777 968 912 901 953
Impairment Charge		 - -20 109 -114 28 3,234 592 269 -152 159 -54
Total Other Income / (Expense), net		 -267 -252 -251 137 258 -224 -130 125 113 101 -33
Interest Expense		 443 480 510 431 425 436 425 405 386 382 467
Interest & Investment Income		 183 195 290 575 659 173 276 749 397 467 413
Other Income / (Expense), net		 -7.00 33 -31 -7.00 24 39 19 -219 102 16 21
Income Tax Expense		 182 78 937 302 176 -167 112 246 129 124 92
Net Income / (Loss) Discontinued Operations		 - - - - - - - - 192 231 383
Net Income / (Loss) Attributable to Noncontrolling Interest		 691 566 690 1,773 1,731 -1,872 540 995 1,227 967 1,426
Basic Earnings per Share		 - - ($5.03) $2.12 $1.97 ($3.06) $0.31 $0.86 $1.01 $0.52 $1.31
Weighted Average Basic Shares Outstanding		 83M 99M 145M 158M 168M 186M 194M 194M 195M 197M 198M
Diluted Earnings per Share		 - - ($5.03) $2.11 $1.96 ($3.07) $0.31 $0.86 $1.00 $0.51 $1.30
Weighted Average Diluted Shares Outstanding		 83M 99M 145M 282M 170M 246M 194M 194M 239M 232M 233M
Weighted Average Basic & Diluted Shares Outstanding		 83M 99M 145M 158M 182.14M 194.10M 194.19M 194.41M 197.12M 197.74M 197.90M

Quarterly Income Statements for Plains GP

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 48 29 52 42 39 33 -11 84 30 83 63
Consolidated Net Income / (Loss)		 333 268 381 336 316 301 117 492 283 504 407
Net Income / (Loss) Continuing Operations		 333 268 381 336 284 187 117 492 213 428 170
Total Pre-Tax Income 		389 263 436 364 348 205 164 565 229 458 143
Total Operating Income		 375 232 423 369 330 195 85 532 237 483 176
Total Gross Profit		 1,058 965 1,140 1,078 919 916 1,174 1,250 884 993 702
Total Revenue		 11,602 12,071 12,698 11,995 12,757 12,456 12,402 12,011 10,642 11,578 10,031
Operating Revenue		 11,602 12,071 12,698 11,995 12,757 12,456 12,402 12,011 10,642 11,578 10,031
Total Cost of Revenue		 10,544 11,106 11,558 10,917 11,838 11,540 11,228 10,761 9,758 10,585 9,329
Operating Cost of Revenue		 10,544 11,106 11,558 10,917 11,838 11,540 11,228 10,761 9,758 10,585 9,329
Total Operating Expenses		 683 733 717 709 589 721 1,089 718 647 510 526
Selling, General & Admin Expense		 420 465 452 455 361 495 673 469 370 372 291
Depreciation Expense		 260 261 273 254 226 226 258 262 235 230 226
Impairment Charge		 3.00 7.00 -8.00 0.00 2.00 0.00 158 -13 42 -92 9.00
Total Other Income / (Expense), net		 14 31 13 -5.00 18 10 79 33 -8.00 -25 -33
Interest Expense		 95 97 96 95 96 97 94 107 110 112 138
Interest & Investment Income		 89 128 91 95 106 97 169 134 94 96 89
Other Income / (Expense), net		 20 0.00 18 -5.00 8.00 10 4.00 6.00 8.00 -9.00 16
Income Tax Expense		 56 -5.00 55 28 64 18 47 73 16 30 -27
Net Income / (Loss) Attributable to Noncontrolling Interest		 285 239 329 294 277 268 128 408 253 421 344
Basic Earnings per Share		 $0.25 $0.15 $0.26 $0.21 $0.20 $0.17 ($0.06) $0.42 $0.15 $0.42 $0.32
Weighted Average Basic Shares Outstanding		 195M 196M 195M 197M 197M 197M 197M 198M 198M 198M 198M
Diluted Earnings per Share		 $0.25 $0.15 $0.26 $0.21 $0.19 $0.17 ($0.06) $0.42 $0.15 $0.41 $0.32
Weighted Average Diluted Shares Outstanding		 195M 196M 195M 197M 232M 197M 197M 198M 198M 233M 233M
Weighted Average Basic & Diluted Shares Outstanding		 195.96M 196.42M 197.12M 197.25M 197.26M 197.47M 197.74M 197.74M 197.74M 197.89M 197.90M

Annual Cash Flow Statements for Plains GP

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -374 20 -10 38 15 -21 393 -52 49 -104 -34
Net Cash From Operating Activities		 1,347 718 2,496 2,604 2,500 1,510 1,991 2,404 2,722 2,484 2,931
Net Cash From Continuing Operating Activities		 1,347 718 2,496 2,604 2,500 1,510 1,993 2,404 2,247 2,230 2,447
Net Income / (Loss) Continuing Operations		 809 660 -41 2,107 2,062 -2,440 600 1,163 1,233 839 1,303
Consolidated Net Income / (Loss)		 809 660 -41 2,107 2,062 -2,440 600 1,163 1,425 1,070 1,686
Net Income / (Loss) Discontinued Operations		 - - - - - - - - 192 231 383
Depreciation Expense		 433 515 519 521 604 656 777 968 912 901 953
Non-Cash Adjustments To Reconcile Net Income		 107 30 167 -127 -218 3,670 781 302 3.00 311 134
Changes in Operating Assets and Liabilities, net		 -2.00 -487 1,851 103 52 -376 -165 -29 99 179 57
Net Cash From Discontinued Operating Activities		 - - - - - - - - 475 254 484
Net Cash From Investing Activities		 -2,530 -1,273 -1,570 -813 -1,765 -1,093 386 -526 -702 -875 -3,439
Net Cash From Continuing Investing Activities		 -2,530 -1,273 -1,570 -813 -1,765 -1,093 386 -526 -540 -705 -3,242
Purchase of Property, Plant & Equipment		 -2,079 -1,334 -1,024 -1,634 -1,181 -738 -336 -455 -408 -448 -643
Acquisitions		 -105 -282 -1,280 0.00 -50 -310 -32 -149 -425 -248 -2,651
Sale of Property, Plant & Equipment		 5.00 654 1,083 1,334 77 429 881 60 328 11 81
Other Investing Activities, net		 -351 -311 -370 -513 -611 -474 -127 18 -35 -20 -29
Net Cash From Discontinued Investing Activities		 - - - - - - - - -162 -170 -197
Net Cash From Financing Activities		 813 571 -940 -1,753 -717 -430 -1,979 -1,927 -1,971 -1,702 474
Net Cash From Continuing Financing Activities		 813 571 -940 -1,753 -717 -430 -1,979 -1,927 -1,971 -1,702 474
Repayment of Debt		 -605 -1,336 -2,040 -143 -960 -117 -906 -799 -755 -839 -1,616
Repurchase of Preferred Equity		 - - - - - - - - 0.00 0.00 -333
Repurchase of Common Equity		 - - - - - - - - 0.00 0.00 -8.00
Payment of Dividends		 -1,660 -1,653 -1,393 -1,032 -1,208 -913 -907 -1,154 -1,322 -1,570 -1,742
Issuance of Debt		 1,679 748 5.00 200 998 748 - 0.00 0.00 650 2,998
Issuance of Common Equity		 1,099 796 1,664 0.00 128 - 1.00 26 106 57 75
Other Financing Activities, net		 300 447 36 -778 325 -148 -167 - - - 1,100
Cash Interest Paid		 405 462 486 400 397 428 401 393 377 351 431
Cash Income Taxes Paid		 50 98 50 21 136 111 76 112 69 269 98

Quarterly Cash Flow Statements for Plains GP

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Change in Cash & Equivalents		 407 -674 191 -119 222 85 -292 80 31 721 -866
Net Cash From Operating Activities		 887 83 1,010 418 652 688 726 638 692 817 784
Net Cash From Continuing Operating Activities		 887 83 1,010 418 652 688 726 638 391 804 614
Net Income / (Loss) Continuing Operations		 333 268 381 336 317 300 117 492 283 223 305
Consolidated Net Income / (Loss)		 333 268 381 336 317 300 117 492 283 504 407
Net Income / (Loss) Discontinued Operations		 - - - - - - - - - - 102
Depreciation Expense		 260 261 273 254 257 258 257 262 204 230 257
Non-Cash Adjustments To Reconcile Net Income		 127 25 34 45 83 52 127 -3.00 -109 168 78
Changes in Operating Assets and Liabilities, net		 167 -471 322 -217 -5.00 78 225 -113 13 183 -26
Net Cash From Discontinued Operating Activities		 - - - - - - - - - 13 170
Net Cash From Investing Activities		 -164 -438 -258 -261 -157 -193 -264 -819 -274 -408 -1,938
Net Cash From Continuing Investing Activities		 -164 -438 -258 -261 -157 -193 -264 -819 -168 -363 -1,892
Purchase of Property, Plant & Equipment		 -145 -137 -155 -157 -139 -157 -166 -191 -119 -185 -148
Acquisitions		 - -289 -136 -91 -20 -33 -104 -624 -57 -184 -1,786
Sale of Property, Plant & Equipment		 - 2.00 42 3.00 3.00 2.00 5.00 3.00 18 6.00 54
Other Investing Activities, net		 -19 -14 -9.00 -16 -1.00 -5.00 1.00 -7.00 -10 - -12
Net Cash From Discontinued Investing Activities		 - - - - - - - - - -45 -46
Net Cash From Financing Activities		 -324 -307 -565 -272 -271 -413 -746 262 -407 318 301
Net Cash From Continuing Financing Activities		 -324 -307 -565 -272 -271 -413 -746 262 -407 318 301
Repayment of Debt		 -4.00 -25 -271 103 -443 -31 -361 56 -6.00 -504 -1,162
Payment of Dividends		 -320 -335 -347 -387 -383 -398 -402 -463 -426 -431 -422
Issuance of Debt		 - - - 0.00 543 - - 998 - 1,248 752
Issuance of Common Equity		 - 53 53 12 12 16 17 4.00 25 5.00 41
Cash Interest Paid		 123 59 130 64 116 59 112 90 126 81 134
Cash Income Taxes Paid		 26 20 41 86 107 43 33 27 21 32 18

Annual Balance Sheets for Plains GP

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 24,142 26,103 26,753 26,830 29,969 25,951 29,978 29,207 28,597 27,756 31,276
Total Current Assets		 2,972 4,275 4,003 3,536 4,614 3,668 6,140 5,358 4,916 4,776 4,704
Cash & Equivalents		 30 50 40 69 47 25 452 404 453 349 329
Accounts Receivable		 1,785 2,279 3,029 2,454 3,614 2,553 4,705 3,907 3,760 3,679 3,598
Inventories, net		 916 1,343 713 640 604 647 783 729 548 261 211
Other Current Assets		 241 603 221 373 312 405 200 318 155 72 87
Other Current Nonoperating Assets		 - - - - - - - - - 415 479
Plant, Property, & Equipment, net		 13,493 13,890 14,105 14,802 15,367 14,620 14,909 15,253 15,782 13,446 16,860
Plant, Property & Equipment, gross		 15,695 16,261 16,901 17,905 18,983 18,620 19,292 20,055 21,143 18,528 22,536
Accumulated Depreciation		 2,202 2,371 2,796 3,103 3,616 4,000 4,383 4,802 5,361 5,082 5,676
Total Noncurrent Assets		 7,677 7,938 8,645 7,188 9,988 7,663 23,838 8,596 7,899 9,534 9,712
Long-Term Investments		 2,027 2,343 2,756 2,702 3,683 3,764 3,805 3,084 2,820 2,811 2,846
Intangible Assets		 - - - - - 805 1,960 2,145 1,875 1,677 1,754
Noncurrent Deferred & Refundable Income Taxes		 1,835 1,876 1,386 - 1,280 1,444 1,362 1,309 1,239 1,220 1,136
Other Noncurrent Operating Assets		 1,410 1,375 1,937 1,965 2,485 1,650 16,711 2,058 1,965 1,477 1,419
Other Noncurrent Nonoperating Assets		 - - - - - - - - - 2,349 2,557
Total Liabilities & Shareholders' Equity		 24,142 26,103 26,753 26,830 29,969 25,951 29,978 29,207 28,597 27,756 31,276
Total Liabilities		 14,908 15,396 14,395 23,564 15,484 14,761 15,801 14,569 13,625 13,440 17,060
Total Current Liabilities		 3,409 4,666 4,533 3,458 5,019 4,255 6,234 5,893 5,005 4,924 4,902
Short-Term Debt		 999 1,715 737 66 504 831 822 1,159 446 407 563
Accounts Payable		 2,040 2,590 3,324 2,705 3,687 2,425 4,811 4,045 3,845 3,647 3,457
Other Current Liabilities		 370 361 472 687 828 999 601 689 714 520 500
Other Current Nonoperating Liabilities		 - - - - - - - - - 350 382
Total Noncurrent Liabilities		 11,499 10,730 9,862 20,106 10,465 10,506 9,567 8,676 8,620 8,516 12,158
Long-Term Debt		 11,499 10,730 9,862 10,053 9,187 9,382 8,398 7,287 7,305 7,211 10,696
Other Noncurrent Operating Liabilities		 - - - 10,053 1,278 1,124 1,169 1,389 1,315 729 856
Other Noncurrent Nonoperating Liabilities		 - - - - - - - - - 576 606
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 9,234 10,707 12,358 11,473 14,485 11,190 14,177 14,638 14,972 14,316 14,216
Total Preferred & Common Equity		 0.00 0.00 0.00 0.00 2,155 1,464 1,533 1,524 1,548 1,351 1,345
Total Common Equity		 0.00 0.00 0.00 0.00 2,155 1,464 1,533 1,524 1,548 1,351 1,345
Common Stock		 - - - - 2,155 1,464 1,533 1,524 1,548 1,351 1,345
Noncontrolling Interest		 9,234 10,707 12,358 11,473 12,330 9,726 12,644 13,114 13,424 12,965 12,871

Quarterly Balance Sheets for Plains GP

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 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025
Total Assets		 28,788 28,739 28,167 28,997 28,590 28,667 28,357 28,252 28,300 29,252
Total Current Assets		 5,576 5,125 4,660 5,333 5,004 5,380 5,160 4,729 4,658 5,577
Cash & Equivalents		 625 529 936 262 334 556 641 429 460 1,181
Accounts Receivable		 4,101 3,968 3,220 4,253 4,040 4,208 3,952 3,820 3,562 3,623
Inventories, net		 603 463 367 617 453 502 436 335 151 184
Other Current Assets		 247 165 137 201 177 114 131 145 100 155
Other Current Nonoperating Assets		 - - - - - - - - 385 434
Plant, Property, & Equipment, net		 14,569 15,197 15,222 15,590 15,671 15,616 15,651 16,062 14,177 14,143
Plant, Property & Equipment, gross		 19,345 20,173 20,397 20,888 21,162 21,254 21,464 22,125 19,589 19,678
Accumulated Depreciation		 4,776 4,976 5,175 5,298 5,491 5,638 5,813 6,063 5,412 5,535
Total Noncurrent Assets		 8,643 23,614 8,285 8,074 7,915 7,671 7,546 7,461 9,465 9,532
Long-Term Investments		 3,684 3,070 3,062 2,830 2,878 2,862 2,846 2,745 2,709 2,873
Intangible Assets		 1,785 2,073 1,999 1,969 1,807 1,741 1,674 1,675 1,636 1,570
Noncurrent Deferred & Refundable Income Taxes		 1,325 1,278 1,263 1,259 1,231 1,221 1,211 1,199 1,175 1,157
Other Noncurrent Operating Assets		 1,849 17,193 1,961 2,016 1,999 1,847 1,815 1,842 1,463 1,453
Other Noncurrent Nonoperating Assets		 - - - - - - - - 2,482 2,479
Total Liabilities & Shareholders' Equity		 28,788 28,739 28,167 28,997 28,590 28,667 28,357 28,252 28,300 29,252
Total Liabilities		 14,716 13,975 13,300 14,186 13,712 13,867 13,613 14,192 14,175 15,106
Total Current Liabilities		 5,335 5,368 4,654 5,608 5,146 5,398 5,126 4,684 4,648 5,359
Short-Term Debt		 459 708 709 710 554 765 765 478 475 1,010
Accounts Payable		 3,997 4,010 3,296 4,146 3,992 4,016 3,675 3,725 3,364 3,584
Other Current Liabilities		 879 650 649 752 600 617 686 481 496 482
Other Current Nonoperating Liabilities		 - - - - - - - - 313 283
Total Noncurrent Liabilities		 9,381 8,607 8,646 8,578 8,566 8,469 8,487 9,508 9,527 9,747
Long-Term Debt		 7,986 7,288 7,288 7,296 7,308 7,211 7,212 8,204 8,204 8,439
Other Noncurrent Operating Liabilities		 1,395 1,319 1,358 1,282 1,258 1,258 1,275 1,304 725 711
Other Noncurrent Nonoperating Liabilities		 - - - - - - - - 598 597
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		 14,072 14,764 14,867 14,811 14,878 14,800 14,744 14,060 14,125 14,146
Total Preferred & Common Equity		 1,509 1,544 1,568 1,531 1,518 1,490 1,462 1,356 1,354 1,345
Total Common Equity		 1,509 1,544 1,568 1,531 1,518 1,490 1,462 1,356 1,354 1,345
Common Stock		 1,509 1,544 1,568 1,531 1,518 1,490 1,462 1,356 1,354 1,345
Noncontrolling Interest		 12,563 13,220 13,299 13,280 13,360 13,310 13,282 12,704 12,771 12,801

Annual Metrics And Ratios for Plains GP

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 197,888,124.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 197,888,124.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.31
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 1,027 885 -52 1,987 1,824 -1,668 710 1,060 1,325 984 1,334
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 4.59% 5.83% 4.49% 5.24%
Earnings before Interest and Taxes (EBIT)		 1,251 1,023 1,116 2,265 2,004 -2,344 861 1,065 1,603 1,189 1,449
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,684 1,538 1,635 2,786 2,608 -1,688 1,638 2,033 2,654 2,215 2,402
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -333 -199 546 12,838 -9,275 1,165 -15,763 15,513 1,471 1,657 -1,982
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 19,675 20,759 20,161 9,310 20,409 17,576 34,049 19,596 19,450 18,777 20,252
Increase / (Decrease) in Invested Capital		 1,360 1,084 -598 -10,851 11,099 -2,833 16,473 -14,453 -146 -673 3,316
Book Value per Share		 $0.00 $0.00 $0.00 $0.00 $11.84 $7.80 $7.90 $7.84 $7.88 $6.84 $6.80
Tangible Book Value per Share		 ($10.59) ($8.73) ($16.57) ($15.84) ($2.12) $3.51 ($2.20) ($3.20) ($1.66) ($1.65) ($2.07)
Total Capital		 21,732 23,152 22,957 21,592 24,176 21,403 23,397 23,084 22,723 21,937 25,475
Total Debt		 12,498 12,445 10,599 10,119 9,691 10,213 9,220 8,446 7,751 7,621 11,259
Total Long-Term Debt		 11,499 10,730 9,862 10,053 9,187 9,382 8,398 7,287 7,305 7,213 10,696
Net Debt		 10,441 10,052 7,803 7,348 5,924 6,386 4,963 4,958 4,478 4,461 8,084
Capital Expenditures (CapEx)		 2,074 680 -59 300 1,104 309 -545 395 231 606 562
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 532 1,274 167 75 15 181 276 220 -96 -89 36
Debt-free Net Working Capital (DFNWC)		 562 1,324 207 144 99 244 728 624 357 260 365
Net Working Capital (NWC)		 -437 -391 -530 78 -405 -587 -94 -535 -89 -148 -198
Net Nonoperating Expense (NNE)		 218 225 -11 -120 -238 772 110 -103 -100 -86 -352
Net Nonoperating Obligations (NNO)		 10,441 10,052 7,803 -2,163 5,924 6,386 19,872 4,958 4,478 4,461 6,036
Total Depreciation and Amortization (D&A)		 433 515 519 521 604 656 777 968 1,051 1,026 953
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $1.97 ($3.06) $0.31 $0.86 $1.01 $0.52 $1.31
Adjusted Weighted Average Basic Shares Outstanding		 91.70M 103.27M 157.01M 159.49M 168M 186M 194M 194M 195M 197M 198M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $1.96 ($3.07) $0.31 $0.86 $1.01 $0.52 $1.30
Adjusted Weighted Average Diluted Shares Outstanding		 91.70M 103.27M 157.01M 159.49M 170M 246M 194M 194M 195M 197M 233M
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 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 91.70M 103.27M 157.01M 159.49M 182.14M 194.10M 194.19M 194.41M 197.12M 197.74M 197.90M
Normalized Net Operating Profit after Tax (NOPAT)		 1,027 867 879 1,887 1,850 596 1,208 1,282 1,191 1,119 1,283
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Plains GP

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

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 197,888,124.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 197,888,124.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.32
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 321 236 370 341 301 293 61 463 220 451 209
Return On Investment Capital (ROIC_SIMPLE)		 - - 1.63% - - - 0.28% 2.04% 0.97% 1.91% 0.82%
Earnings before Interest and Taxes (EBIT)		 395 232 441 364 380 356 89 538 245 474 192
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 655 493 714 618 637 614 346 800 449 704 449
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 87 -1,281 516 15,171 -191 784 734 423 1,899 2,177 -3,107
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 18,866 19,725 19,450 19,528 19,358 19,234 18,777 19,568 17,679 17,508 20,252
Increase / (Decrease) in Invested Capital		 234 1,517 -146 -14,830 492 -491 -673 40 -1,679 -1,726 3,316
Book Value per Share		 $8.07 $7.81 $7.88 $7.70 $7.55 $7.41 $6.84 $6.86 $6.85 $6.80 $6.80
Tangible Book Value per Share		 ($2.22) ($2.24) ($1.66) ($1.47) ($1.27) ($1.07) ($1.65) ($1.61) ($1.43) ($1.14) ($2.07)
Total Capital		 22,864 22,817 22,723 22,740 22,776 22,721 21,937 22,742 22,804 23,595 25,475
Total Debt		 7,997 8,006 7,751 7,862 7,976 7,977 7,621 8,682 8,679 9,449 11,259
Total Long-Term Debt		 7,288 7,296 7,305 7,308 7,211 7,212 7,213 8,204 8,204 8,439 10,696
Net Debt		 3,999 4,914 4,478 4,650 4,558 4,490 4,461 5,508 5,510 5,395 8,084
Capital Expenditures (CapEx)		 145 135 113 154 136 155 161 188 101 179 94
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -221 173 -96 78 191 158 -89 94 25 47 36
Debt-free Net Working Capital (DFNWC)		 715 435 357 412 747 799 260 523 485 1,228 365
Net Working Capital (NWC)		 6.00 -275 -89 -142 -18 34 -148 45 10 218 -198
Net Nonoperating Expense (NNE)		 -12 -32 -11 4.62 -15 -8.46 -56 -29 -63 -53 -198
Net Nonoperating Obligations (NNO)		 3,999 4,914 4,478 4,650 4,558 4,490 4,461 5,508 3,554 3,362 6,036
Total Depreciation and Amortization (D&A)		 260 261 273 254 257 258 257 262 204 230 257
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.25 $0.15 $0.26 $0.21 $0.20 $0.17 ($0.06) $0.42 $0.15 $0.42 $0.32
Adjusted Weighted Average Basic Shares Outstanding		 195M 196M 195M 197M 197M 197M 197M 198M 198M 198M 198M
Adjusted Diluted Earnings per Share		 $0.25 $0.15 $0.26 $0.21 $0.20 $0.17 ($0.06) $0.42 $0.15 $0.41 $0.32
Adjusted Weighted Average Diluted Shares Outstanding		 195M 196M 195M 197M 197M 197M 197M 198M 198M 233M 233M
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 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 195.96M 196.42M 197.12M 197.25M 197.26M 197.47M 197.74M 197.74M 197.74M 197.89M 197.90M
Normalized Net Operating Profit after Tax (NOPAT)		 324 167 363 341 302 293 173 452 260 365 130
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Financials Breakdown Chart

Key Financial Trends

Below is a concise trend-focused read on Plains GP PAGP using the last four years of quarterly data, highlighting the latest four quarters (Q1–Q4 2025) and the broader four-year view across income statement, cash flow, and balance sheet.

  • Operating cash flow remains robust in 2025, with Net Cash From Continuing Operating Activities around $804M in Q3 2025 and $784M in Q4 2025, underpinning liquidity despite quarterly earnings volatility.
  • Capex discipline is evident: quarterly Purchases of Property, Plant & Equipment have been in the roughly $120M–$190M range, totaling about $0.64B for the four quarters in 2025, indicating cash spending is being managed.
  • Balance sheet remains solid, with Total Assets near $28.3B–$29.3B and debt around $8.2B–$8.4B over 2025, yielding a moderate leverage position (liabilities about half of assets).
  • Shareholder returns are sizable and steady, with quarterly cash dividends around $0.42–$0.43B (roughly $420M–$430M per quarter) in 2025, supporting income-focused investors.
  • Revenue mirrors energy-market cycles, with Operating Revenue in the 2025 quarters broadly in the $10B–$12B band, showing cyclicality but no persistent uptrend across the year.
  • Earnings per share are modest and swing with non-operating items; 2025 quarters show per-share figures in the $0.15–$0.42 range, reflecting mix of operating profit, impairment, and minority interests.
  • Noncontrolling interests are material on the balance sheet, contributing to total equity and diluting earnings attributable to common shareholders (as of 9/30/2025, Noncontrolling Interest was sizable).
  • Interest expense remains meaningful in every quarter (~$110–$140M per quarter), and long-term debt sits around $8.2B–$8.4B, highlighting ongoing leverage risk tied to commodity prices and capital needs.
  • Net cash from financing and investing activities can produce large cash outflows; for example, net cash from financing was a notable outflow in some quarters and, in Q4 2025, the company posted a net decrease in cash of $866M despite positive operating cash flow.
  • Sizable nonoperating items (impairment charges, minority interests) and steady dividend outlays can pressure liquidity if operating cash flow weakens or if capex remains elevated during downturns.
05/11/26 06:01 PM ETAI Generated. May Contain Errors.

Plains GP Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Plains GP's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Plains GP's net income appears to be on an upward trend, with a most recent value of $1.69 billion in 2025, rising from $809 million in 2015. The previous period was $1.07 billion in 2024. View Plains GP's forecast to see where analysts expect Plains GP to go next.

Plains GP's total operating income in 2025 was $1.43 billion, based on the following breakdown:
  • Total Gross Profit: $3.83 billion
  • Total Operating Expenses: $2.40 billion

Over the last 10 years, Plains GP's total revenue changed from $23.15 billion in 2015 to $44.26 billion in 2025, a change of 91.2%.

Plains GP's total liabilities were at $17.06 billion at the end of 2025, a 26.9% increase from 2024, and a 14.4% increase since 2015.

In the past 10 years, Plains GP's cash and equivalents has ranged from $25 million in 2020 to $453 million in 2023, and is currently $329 million as of their latest financial filing in 2025.

Over the last 10 years, Plains GP's book value per share changed from 0.00 in 2015 to 6.80 in 2025, a change of 679.7%.


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Financial statements for NYSE:PAGP last updated on 3/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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