What is Plains GP's operating income?

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

Plains GP (PAGP) Financials

$24.35 -0.35 (-1.42%)

Closing price 05/29/2026 04:00 PM Eastern

Extended Trading

$24.41 +0.06 (+0.25%)

As of 05/29/2026 06:13 PM Eastern

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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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	29	52	42	39	33	-11	84	30	83	63	20
Consolidated Net Income / (Loss)	268	381	336	316	301	117	492	283	504	407	222
Net Income / (Loss) Continuing Operations	268	381	336	284	187	117	356	213	428	170	325
Total Pre-Tax Income	263	436	364	348	205	164	388	229	458	143	333
Total Operating Income	232	423	369	330	195	85	355	237	483	176	403
Total Gross Profit	965	1,140	1,078	919	916	1,174	960	884	993	702	977
Total Revenue	12,071	12,698	11,995	12,757	12,456	12,402	11,477	10,642	11,578	10,031	12,470
Operating Revenue	12,071	12,698	11,995	12,757	12,456	12,402	11,477	10,642	11,578	10,031	12,470
Total Cost of Revenue	11,106	11,558	10,917	11,838	11,540	11,228	10,517	9,758	10,585	9,329	11,493
Operating Cost of Revenue	11,106	11,558	10,917	11,838	11,540	11,228	10,517	9,758	10,585	9,329	11,493
Total Operating Expenses	733	717	709	589	721	1,089	605	647	510	526	574
Selling, General & Admin Expense	465	452	455	361	495	673	386	370	372	291	384
Depreciation Expense	261	273	254	226	226	258	232	235	230	226	243
Impairment Charge	7.00	-8.00	0.00	2.00	0.00	158	-13	42	-92	9.00	-53
Total Other Income / (Expense), net	31	13	-5.00	18	10	79	33	-8.00	-25	-33	-70
Interest Expense	97	96	95	96	97	94	107	110	112	138	144
Interest & Investment Income	128	91	95	106	97	169	134	94	96	89	89
Other Income / (Expense), net	0.00	18	-5.00	8.00	10	4.00	6.00	8.00	-9.00	16	-15
Income Tax Expense	-5.00	55	28	64	18	47	32	16	30	-27	8.00
Net Income / (Loss) Discontinued Operations	-	-	-	32	114	-	136	70	76	-	-103
Net Income / (Loss) Attributable to Noncontrolling Interest	239	329	294	277	268	128	408	253	421	344	202
Basic Earnings per Share	$0.15	$0.26	$0.21	$0.20	$0.17	($0.06)	$0.42	$0.15	$0.42	$0.32	$0.10
Weighted Average Basic Shares Outstanding	196M	195M	197M	197M	197M	197M	198M	198M	198M	198M	198M
Diluted Earnings per Share	$0.15	$0.26	$0.21	$0.19	$0.17	($0.06)	$0.42	$0.15	$0.41	$0.32	$0.10
Weighted Average Diluted Shares Outstanding	196M	195M	197M	232M	197M	197M	197.74M	198M	233M	233M	197.90M
Weighted Average Basic & Diluted Shares Outstanding	196.42M	197.12M	197.25M	197.26M	197.47M	197.74M	197.74M	197.74M	197.89M	197.90M	197.90M

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	3/31/2026
Net Change in Cash & Equivalents	-674	191	-119	222	85	-292	80	31	721	-866	-157
Net Cash From Operating Activities	83	1,010	418	652	688	726	638	692	817	784	418
Net Cash From Continuing Operating Activities	83	1,010	418	652	688	726	428	391	804	614	400
Net Income / (Loss) Continuing Operations	268	381	336	317	300	117	356	283	223	305	325
Consolidated Net Income / (Loss)	268	381	336	317	300	117	492	283	504	407	222
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	136	-	-	102	-103
Depreciation Expense	261	273	254	257	258	257	232	204	230	257	243
Non-Cash Adjustments To Reconcile Net Income	25	34	45	83	52	127	-2.00	-109	168	78	-15
Changes in Operating Assets and Liabilities, net	-471	322	-217	-5.00	78	225	-158	13	183	-26	-153
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	210	-	13	170	18
Net Cash From Investing Activities	-438	-258	-261	-157	-193	-264	-819	-274	-408	-1,938	-233
Net Cash From Continuing Investing Activities	-438	-258	-261	-157	-193	-264	-767	-168	-363	-1,892	-217
Purchase of Property, Plant & Equipment	-137	-155	-157	-139	-157	-166	-140	-119	-185	-148	-130
Acquisitions	-289	-136	-91	-20	-33	-104	-624	-57	-184	-1,786	-88
Sale of Property, Plant & Equipment	2.00	42	3.00	3.00	2.00	5.00	3.00	18	6.00	54	3.00
Other Investing Activities, net	-14	-9.00	-16	-1.00	-5.00	1.00	-6.00	-10	-	-12	-2.00
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-52	-	-45	-46	-16
Net Cash From Financing Activities	-307	-565	-272	-271	-413	-746	262	-407	318	301	-339
Net Cash From Continuing Financing Activities	-307	-565	-272	-271	-413	-746	262	-407	318	301	-339
Repayment of Debt	-25	-271	103	-443	-31	-361	56	-6.00	-504	-1,162	112
Repurchase of Preferred Equity	-	-	0.00	-	-	-	-333	-	-	-	0.00
Payment of Dividends	-335	-347	-387	-383	-398	-402	-463	-426	-431	-422	-451
Issuance of Debt	-	-	0.00	543	-	-	998	-	1,248	752	0.00
Issuance of Common Equity	53	53	12	12	16	17	4.00	25	5.00	41	0.00
Other Net Changes in Cash	-12	4.00	-4.00	-2.00	3.00	-8.00	-1.00	20	-6.00	-	-3.00
Cash Interest Paid	59	130	64	116	59	112	90	126	81	134	138
Cash Income Taxes Paid	20	41	86	107	43	33	27	21	32	18	28

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

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	Q1 2026
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	3/31/2026
Total Assets	28,788	28,739	28,167	28,997	28,590	28,667	28,357	28,252	28,300	29,252	32,760
Total Current Assets	5,576	5,125	4,660	5,333	5,004	5,380	5,160	4,729	4,658	5,577	6,158
Cash & Equivalents	625	529	936	262	334	556	641	429	460	1,181	172
Accounts Receivable	4,101	3,968	3,220	4,253	4,040	4,208	3,952	3,820	3,562	3,623	4,821
Inventories, net	603	463	367	617	453	502	436	335	151	184	380
Other Current Assets	247	165	137	201	177	114	131	145	100	155	183
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	385	434	602
Plant, Property, & Equipment, net	14,569	15,197	15,222	15,590	15,671	15,616	15,651	16,062	14,177	14,143	16,873
Plant, Property & Equipment, gross	19,345	20,173	20,397	20,888	21,162	21,254	21,464	22,125	19,589	19,678	22,687
Accumulated Depreciation	4,776	4,976	5,175	5,298	5,491	5,638	5,813	6,063	5,412	5,535	5,814
Total Noncurrent Assets	8,643	23,614	8,285	8,074	7,915	7,671	7,546	7,461	9,465	9,532	9,729
Long-Term Investments	3,684	3,070	3,062	2,830	2,878	2,862	2,846	2,745	2,709	2,873	2,838
Intangible Assets	1,785	2,073	1,999	1,969	1,807	1,741	1,674	1,675	1,636	1,570	1,686
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	1,176
Other Noncurrent Operating Assets	1,849	17,193	1,961	2,016	1,999	1,847	1,815	1,842	1,463	1,453	1,492
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	2,482	2,479	2,537
Total Liabilities & Shareholders' Equity	28,788	28,739	28,167	28,997	28,590	28,667	28,357	28,252	28,300	29,252	32,760
Total Liabilities	14,716	13,975	13,300	14,186	13,712	13,867	13,613	14,192	14,175	15,106	18,808
Total Current Liabilities	5,335	5,368	4,654	5,608	5,146	5,398	5,126	4,684	4,648	5,359	6,536
Short-Term Debt	459	708	709	710	554	765	765	478	475	1,010	420
Accounts Payable	3,997	4,010	3,296	4,146	3,992	4,016	3,675	3,725	3,364	3,584	4,928
Other Current Liabilities	879	650	649	752	600	617	686	481	496	482	627
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	313	283	561
Total Noncurrent Liabilities	9,381	8,607	8,646	8,578	8,566	8,469	8,487	9,508	9,527	9,747	12,272
Long-Term Debt	7,986	7,288	7,288	7,296	7,308	7,211	7,212	8,204	8,204	8,439	10,956
Other Noncurrent Operating Liabilities	1,395	1,319	1,358	1,282	1,258	1,258	1,275	1,304	725	711	651
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	598	597	665
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	14,072	14,764	14,867	14,811	14,878	14,800	14,744	14,060	14,125	14,146	13,952
Total Preferred & Common Equity	1,509	1,544	1,568	1,531	1,518	1,490	1,462	1,356	1,354	1,345	1,274
Total Common Equity	1,509	1,544	1,568	1,531	1,518	1,490	1,462	1,356	1,354	1,345	1,274
Common Stock	1,509	1,544	1,568	1,531	1,518	1,490	1,462	1,356	1,354	1,345	1,274
Noncontrolling Interest	12,563	13,220	13,299	13,280	13,360	13,310	13,282	12,704	12,771	12,801	12,678

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	-	-	-	-	-	-	-	-	-	-	-

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	197,888,124.00	197,904,124.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	197,888,124.00	197,904,124.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.32	0.10
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-15.80%	-1.97%	-2.80%	11.47%	5.57%	-2.33%	0.13%	-16.58%	-7.05%	-	8.65%
EBITDA Growth	-36.79%	205.13%	-21.97%	-2.75%	24.54%	-51.54%	29.45%	-15.76%	63.34%	-	6.41%
EBIT Growth	-57.20%	2,200.00%	-31.96%	-3.80%	53.45%	-79.82%	47.80%	-27.51%	131.22%	-	7.48%
NOPAT Growth	-50.48%	1,131.33%	-14.13%	-6.11%	23.74%	-83.59%	36.01%	-18.15%	153.75%	-	20.75%
Net Income Growth	-36.19%	29.15%	-24.15%	-5.11%	12.31%	-69.29%	46.43%	-10.44%	67.44%	-	-54.88%
EPS Growth	-58.33%	13.04%	-40.00%	-20.00%	13.33%	-123.08%	100.00%	-21.05%	141.18%	-	-76.19%
Operating Cash Flow Growth	-91.18%	202.40%	-43.67%	-26.49%	728.92%	-28.12%	52.63%	6.14%	18.75%	-	-34.48%
Free Cash Flow Firm Growth	25.40%	-96.42%	202.52%	-319.02%	161.19%	42.28%	-97.21%	952.95%	225.52%	-	-255.28%
Invested Capital Growth	8.33%	-0.75%	-43.16%	2.61%	-2.49%	-3.46%	0.20%	-8.67%	-8.97%	-	4.28%
Revenue Q/Q Growth	4.04%	5.19%	-5.54%	7.82%	-1.47%	-2.68%	-3.15%	-11.40%	8.80%	-	24.31%
EBITDA Q/Q Growth	-24.73%	44.83%	-13.45%	3.07%	-3.61%	-43.65%	131.21%	-43.88%	56.79%	-	40.53%
EBIT Q/Q Growth	-41.27%	90.09%	-17.46%	4.40%	-6.32%	-75.00%	504.49%	-54.46%	93.47%	-	102.08%
NOPAT Q/Q Growth	-26.36%	56.36%	-7.85%	-11.51%	-2.94%	-79.27%	663.95%	-52.42%	104.75%	-	87.98%
Net Income Q/Q Growth	-19.52%	42.16%	-11.81%	-5.95%	-4.75%	-61.13%	320.51%	-42.48%	78.09%	-	-45.45%
EPS Q/Q Growth	-40.00%	73.33%	-19.23%	-4.76%	-15.00%	-135.29%	800.00%	-64.29%	173.33%	-	-68.75%
Operating Cash Flow Q/Q Growth	-90.64%	1,116.87%	-58.61%	55.98%	5.52%	5.52%	-12.12%	8.46%	18.06%	-	-46.68%
Free Cash Flow Firm Q/Q Growth	-1,571.68%	140.27%	2,842.09%	-101.26%	511.13%	-6.37%	-42.31%	348.76%	14.63%	-	85.72%
Invested Capital Q/Q Growth	4.55%	-1.39%	0.40%	-0.87%	-0.64%	-2.38%	4.21%	-9.65%	-0.97%	-	0.76%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	7.99%	8.98%	8.99%	8.31%	9.31%	9.47%	10.41%	8.31%	8.58%	-	7.83%
EBITDA Margin	4.08%	5.62%	5.15%	4.93%	4.82%	2.79%	6.66%	4.22%	6.08%	-	5.06%
Operating Margin	1.92%	3.33%	3.08%	2.88%	2.72%	0.69%	4.43%	2.23%	4.17%	-	3.23%
EBIT Margin	1.92%	3.47%	3.03%	2.94%	2.79%	0.72%	4.48%	2.30%	4.09%	-	3.11%
Profit (Net Income) Margin	2.22%	3.00%	2.80%	2.44%	2.36%	0.94%	4.10%	2.66%	4.35%	-	1.78%
Tax Burden Percent	101.90%	87.39%	92.31%	81.03%	84.55%	71.34%	87.08%	123.58%	110.04%	-	66.67%
Interest Burden Percent	113.36%	98.87%	100.00%	102.63%	100.00%	184.27%	105.02%	93.47%	96.62%	-	85.82%
Effective Tax Rate	-1.90%	12.61%	7.69%	18.97%	15.45%	28.66%	12.92%	6.99%	6.55%	-	2.40%
Return on Invested Capital (ROIC)	5.06%	7.26%	5.10%	6.06%	5.94%	1.28%	9.88%	5.37%	9.99%	-	7.14%
ROIC Less NNEP Spread (ROIC-NNEP)	5.75%	7.50%	5.06%	6.40%	6.12%	2.54%	10.45%	6.91%	11.33%	-	4.28%
Return on Net Nonoperating Assets (RNNOA)	1.80%	2.39%	4.14%	1.85%	1.95%	0.78%	3.67%	1.94%	3.08%	-	1.83%
Return on Equity (ROE)	6.86%	9.65%	9.24%	7.91%	7.88%	2.06%	13.55%	7.30%	13.07%	-	8.97%
Cash Return on Invested Capital (CROIC)	-3.11%	7.54%	59.76%	3.97%	9.21%	8.67%	5.47%	14.78%	16.62%	-	2.82%
Operating Return on Assets (OROA)	3.26%	5.85%	5.12%	5.14%	4.91%	1.28%	7.89%	3.88%	6.69%	-	4.62%
Return on Assets (ROA)	3.76%	5.06%	4.73%	4.27%	4.15%	1.68%	7.22%	4.48%	7.12%	-	2.64%
Return on Common Equity (ROCE)	0.72%	1.00%	0.95%	0.82%	0.80%	0.20%	1.35%	0.72%	1.27%	-	0.84%
Return on Equity Simple (ROE_SIMPLE)	87.46%	0.00%	86.82%	87.32%	91.24%	0.00%	90.41%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	236	370	341	301	293	61	463	220	451	209	393
NOPAT Margin	1.96%	2.91%	2.84%	2.33%	2.30%	0.49%	3.86%	2.07%	3.90%	-	3.15%
Net Nonoperating Expense Percent (NNEP)	-0.70%	-0.24%	0.04%	-0.34%	-0.18%	-1.26%	-0.57%	-1.54%	-1.34%	-	2.86%
Return On Investment Capital (ROIC_SIMPLE)	-	1.63%	-	-	-	0.28%	2.04%	0.97%	1.91%	0.82%	1.55%
Cost of Revenue to Revenue	92.01%	91.02%	91.01%	91.69%	90.69%	90.53%	89.59%	91.69%	91.42%	-	92.17%
SG&A Expenses to Revenue	3.85%	3.56%	3.79%	3.44%	4.57%	5.43%	3.90%	3.48%	3.21%	-	3.08%
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	6.07%	5.65%	5.91%	5.44%	6.59%	8.78%	5.98%	6.08%	4.40%	-	4.60%
Earnings before Interest and Taxes (EBIT)	232	441	364	380	356	89	538	245	474	192	388
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	493	714	618	637	614	346	800	449	704	449	631
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.89	1.85	2.29	2.45	2.45	2.64	3.05	2.78	2.62	-	3.71
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)	0.06	0.06	0.07	0.07	0.07	0.07	0.08	0.08	0.07	-	0.10
Price to Earnings (P/E)	15.23	14.49	20.35	22.54	21.59	34.63	28.54	27.71	18.98	-	24.10
Dividend Yield	6.91%	7.32%	6.34%	6.32%	6.72%	7.03%	6.37%	7.32%	8.17%	-	0.00%
Earnings Yield	6.57%	6.90%	4.91%	4.44%	4.63%	2.89%	3.50%	3.61%	5.27%	-	4.15%
Enterprise Value to Invested Capital (EV/IC)	1.07	1.07	1.10	1.11	1.11	1.12	1.14	1.25	1.24	-	1.26
Enterprise Value to Revenue (EV/Rev)	0.43	0.43	0.44	0.43	0.42	0.42	0.45	0.46	0.46	-	0.57
Enterprise Value to EBITDA (EV/EBITDA)	9.70	7.83	8.67	8.74	8.27	9.48	9.32	9.53	8.40	-	10.56
Enterprise Value to EBIT (EV/EBIT)	18.48	12.96	15.01	15.19	13.86	17.66	16.40	17.36	14.12	-	17.46
Enterprise Value to NOPAT (EV/NOPAT)	22.72	15.67	16.92	17.22	16.39	21.33	20.14	20.84	16.37	-	18.39
Enterprise Value to Operating Cash Flow (EV/OCF)	10.31	7.63	8.96	9.95	7.72	8.45	8.27	8.04	7.56	-	9.50
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	14.12	1.33	28.39	11.90	12.67	20.89	8.06	7.12	-	45.68
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.54	0.52	0.53	0.54	0.54	0.53	0.62	0.61	0.67	-	0.82
Long-Term Debt to Equity	0.49	0.49	0.49	0.49	0.49	0.50	0.58	0.58	0.60	-	0.79
Financial Leverage	0.31	0.32	0.82	0.29	0.32	0.31	0.35	0.28	0.27	-	0.43
Leverage Ratio	2.00	1.95	1.93	1.92	1.94	1.92	1.96	1.97	1.99	-	2.18
Compound Leverage Factor	2.27	1.93	1.93	1.97	1.94	3.55	2.06	1.84	1.93	-	1.87
Debt to Total Capital	35.09%	34.11%	34.57%	35.02%	35.11%	34.74%	38.18%	38.06%	40.05%	-	44.91%
Short-Term Debt to Total Capital	3.11%	1.96%	2.44%	3.36%	3.37%	1.86%	2.10%	2.08%	4.28%	-	1.66%
Long-Term Debt to Total Capital	31.98%	32.15%	32.14%	31.66%	31.74%	32.88%	36.07%	35.98%	35.77%	-	43.26%
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	58.20%	59.08%	58.75%	58.44%	58.46%	59.10%	55.86%	56.00%	54.25%	-	50.06%
Common Equity to Total Capital	6.71%	6.81%	6.68%	6.54%	6.43%	6.16%	5.96%	5.94%	5.70%	-	5.03%
Debt to EBITDA	3.68	2.92	3.17	3.24	3.09	3.44	3.62	3.75	3.65	-	4.66
Net Debt to EBITDA	2.26	1.69	1.88	1.85	1.74	2.01	2.30	2.38	2.09	-	3.43
Long-Term Debt to EBITDA	3.36	2.75	2.95	2.93	2.79	3.26	3.42	3.55	3.26	-	4.49
Debt to NOPAT	8.63	5.85	6.19	6.38	6.12	7.74	7.82	8.20	7.12	-	8.12
Net Debt to NOPAT	5.29	3.38	3.66	3.65	3.45	4.53	4.96	5.21	4.06	-	5.97
Long-Term Debt to NOPAT	7.86	5.51	5.75	5.77	5.54	7.33	7.39	7.76	6.36	-	7.82
Altman Z-Score	1.83	1.88	1.88	1.93	1.98	1.97	2.01	1.88	1.81	-	1.56
Noncontrolling Interest Sharing Ratio	89.47%	89.63%	89.67%	89.69%	89.87%	90.10%	90.07%	90.17%	90.28%	-	90.61%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.95	0.98	0.97	1.00	1.01	0.97	1.01	1.00	1.04	-	0.94
Quick Ratio	0.81	0.84	0.85	0.88	0.90	0.86	0.91	0.87	0.90	-	0.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,281	516	15,171	-191	784	734	423	1,899	2,177	-3,107	-444
Operating Cash Flow to CapEx	61.48%	893.81%	271.43%	479.41%	443.87%	450.93%	339.36%	685.15%	456.42%	-	329.13%
Free Cash Flow to Firm to Interest Expense	-13.20	5.37	159.69	-1.99	8.08	7.80	3.96	17.27	19.44	-	-3.08
Operating Cash Flow to Interest Expense	0.86	10.52	4.40	6.79	7.09	7.72	5.96	6.29	7.29	-	2.90
Operating Cash Flow Less CapEx to Interest Expense	-0.54	9.34	2.78	5.38	5.49	6.01	4.21	5.37	5.70	-	2.02
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.69	1.69	1.69	1.75	1.76	1.78	1.76	1.68	1.64	-	1.48
Accounts Receivable Turnover	11.72	12.71	12.08	13.38	12.28	13.07	12.75	12.35	12.43	-	10.47
Inventory Turnover	73.72	69.74	96.34	104.58	87.16	92.32	115.24	132.69	136.67	-	115.83
Fixed Asset Turnover	3.25	3.14	3.13	3.22	3.22	3.21	3.16	3.22	3.16	-	2.75
Accounts Payable Turnover	11.04	11.29	11.03	12.43	11.74	11.79	11.77	11.74	11.67	-	9.57
Days Sales Outstanding (DSO)	31.14	28.72	30.22	27.28	29.73	27.92	28.64	29.56	29.35	-	34.85
Days Inventory Outstanding (DIO)	4.95	5.23	3.79	3.49	4.19	3.95	3.17	2.75	2.67	-	3.15
Days Payable Outstanding (DPO)	33.05	32.34	33.10	29.37	31.10	30.95	31.02	31.09	31.27	-	38.14
Cash Conversion Cycle (CCC)	3.04	1.62	0.91	1.40	2.81	0.93	0.79	1.22	0.76	-	-0.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	19,725	19,450	19,528	19,358	19,234	18,777	19,568	17,679	17,508	20,252	20,405
Invested Capital Turnover	2.58	2.50	1.80	2.60	2.59	2.62	2.56	2.59	2.56	-	2.26
Increase / (Decrease) in Invested Capital	1,517	-146	-14,830	492	-491	-673	40	-1,679	-1,726	3,316	837
Enterprise Value (EV)	21,088	20,772	21,490	21,520	21,356	20,993	22,350	22,049	21,726	-	25,767
Market Capitalization	2,894	2,870	3,480	3,652	3,584	3,567	4,138	3,768	3,530	-	4,723
Book Value per Share	$7.81	$7.88	$7.70	$7.55	$7.41	$6.84	$6.86	$6.85	$6.80	$6.80	$6.44
Tangible Book Value per Share	($2.24)	($1.66)	($1.47)	($1.27)	($1.07)	($1.65)	($1.61)	($1.43)	($1.14)	($2.07)	($2.08)
Total Capital	22,817	22,723	22,740	22,776	22,721	21,937	22,742	22,804	23,595	25,475	25,328
Total Debt	8,006	7,751	7,862	7,976	7,977	7,621	8,682	8,679	9,449	11,259	11,376
Total Long-Term Debt	7,296	7,305	7,308	7,211	7,212	7,213	8,204	8,204	8,439	10,696	10,956
Net Debt	4,914	4,478	4,650	4,558	4,490	4,461	5,508	5,510	5,395	8,084	8,366
Capital Expenditures (CapEx)	135	113	154	136	155	161	188	101	179	94	127
Debt-free, Cash-free Net Working Capital (DFCFNWC)	173	-96	78	191	158	-89	94	25	47	36	-130
Debt-free Net Working Capital (DFNWC)	435	357	412	747	799	260	523	485	1,228	365	42
Net Working Capital (NWC)	-275	-89	-142	-18	34	-148	45	10	218	-198	-378
Net Nonoperating Expense (NNE)	-32	-11	4.62	-15	-8.46	-56	-29	-63	-53	-198	171
Net Nonoperating Obligations (NNO)	4,914	4,478	4,650	4,558	4,490	4,461	5,508	3,554	3,362	6,036	6,453
Total Depreciation and Amortization (D&A)	261	273	254	257	258	257	262	204	230	257	243
Debt-free, Cash-free Net Working Capital to Revenue	0.35%	-0.20%	0.16%	0.38%	0.31%	-0.18%	0.19%	0.05%	0.10%	-	-0.29%
Debt-free Net Working Capital to Revenue	0.89%	0.73%	0.85%	1.50%	1.59%	0.52%	1.04%	1.01%	2.61%	-	0.09%
Net Working Capital to Revenue	-0.56%	-0.18%	-0.29%	-0.04%	0.07%	-0.30%	0.09%	0.02%	0.46%	-	-0.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.15	$0.26	$0.21	$0.20	$0.17	($0.06)	$0.42	$0.15	$0.42	$0.32	$0.10
Adjusted Weighted Average Basic Shares Outstanding	196M	195M	197M	197M	197M	197M	198M	198M	198M	198M	198M
Adjusted Diluted Earnings per Share	$0.15	$0.26	$0.21	$0.20	$0.17	($0.06)	$0.42	$0.15	$0.41	$0.32	$0.10
Adjusted Weighted Average Diluted Shares Outstanding	196M	195M	197M	197M	197M	197M	198M	198M	233M	233M	197.90M
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	196.42M	197.12M	197.25M	197.26M	197.47M	197.74M	197.74M	197.74M	197.89M	197.90M	197.90M
Normalized Net Operating Profit after Tax (NOPAT)	167	363	341	302	293	173	452	260	365	130	342
Normalized NOPAT Margin	1.39%	2.86%	2.84%	2.34%	2.30%	1.40%	3.76%	2.44%	3.16%	-	2.74%
Pre Tax Income Margin	2.18%	3.43%	3.03%	3.02%	2.79%	1.32%	4.70%	2.15%	3.96%	-	2.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.39	4.59	3.83	3.96	3.67	0.95	5.03	2.23	4.23	-	2.69
NOPAT to Interest Expense	2.44	3.85	3.59	3.14	3.02	0.65	4.33	2.00	4.03	-	2.73
EBIT Less CapEx to Interest Expense	1.00	3.42	2.21	2.54	2.07	-0.77	3.27	1.31	2.63	-	1.81
NOPAT Less CapEx to Interest Expense	1.05	2.67	1.96	1.72	1.42	-1.07	2.57	1.09	2.43	-	1.85
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	96.49%	92.77%	105.39%	111.61%	113.57%	146.73%	134.26%	141.58%	123.35%	-	122.18%
Augmented Payout Ratio	96.49%	92.77%	105.39%	111.61%	113.57%	146.73%	134.26%	141.58%	123.35%	-	122.18%

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.

06/01/26 12:06 AM 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%.

Related Companies

Financial statements for NYSE:PAGP last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Plains GP (PAGP) Financials

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Plains GP (PAGP) Financials

Annual Income Statements for Plains GP

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Quarterly Cash Flow Statements for Plains GP

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Quarterly Balance Sheets for Plains GP

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Quarterly Metrics And Ratios for Plains GP

Financials Breakdown Chart

Key Financial Trends

Plains GP Financials - Frequently Asked Questions

When does Plains GP's fiscal year end?

How has Plains GP's net income changed over the last 10 years?

What is Plains GP's operating income?

How has Plains GP's revenue changed over the last 10 years?

How much debt does Plains GP have?

How much cash does Plains GP have?

How has Plains GP's book value per share changed over the last 10 years?

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