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May 13, 2026·SEC
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Plains GP Holdings, L.P.(PAGP)Earnings, Financials & Key Ratios
PAGP•NASDAQ
$24.14
18.4× P/E·Price updated Jul 2, 2026
AboutPlains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the transportation of crude oil and NGLs on pipelines, gathering systems, and trucks. As of December 31, 2021, this segment owned and leased assets comprising 18,300 miles of crude oil and NGL pipelines and gathering systems; 38 million barrels of above-ground tank capacity; and 1,275 trailers. It engages in the provision of storage, terminalling, and throughput services primarily for crude oil, NGLs, and natural gas; NGL fractionation and isomerization services; and natural gas and condensate processing services. As of December 31, 2021, this segment owned and operated approximately 74 million barrels of crude oil storage capacity; 28 million barrels of NGL storage capacity; four natural gas processing plants; a condensate processing facility; nine fractionation plants; 16 NGL rail terminals; four marine facilities; and 110 miles of pipelines. As of December 31, 2021, this segment owned 15 million barrels of crude oil and 2 NGL linefill; 3 million barrels of crude oil and 1 NGL linefill in pipelines owned by third parties and other inventory; 640 trucks and 1,275 trailers; and 3,900 NGL railcars. The company offers logistics services to producers, refiners, and other customers. PAA GP Holdings LLC operates as a general partner of the company. Plains GP Holdings, L.P. was incorporated in 2013 and is headquartered in Houston, Texas.Show more
- Revenue$44.26B-11.6%
- EBITDA$2.38B+8.3%
- Net Income$260M+152.4%
- EPS (Diluted)1.31+151.9%
- Gross Margin6.04%-13.2%
- EBITDA Margin5.38%+22.5%
- Operating Margin3.23%+37.8%
- Net Margin0.59%+185.6%
- ROE1.82%+159.1%
PAGP Price & Volume
Plains GP Holdings, L.P. (PAGP) stock price & volume — 10-year historical chart
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Structural Margin Compression Challenges Midstream Growth Outlook
Investment Thesis • Updated 2026Q1
VerdictNegative
Growth:Decelerating
Profitability:Strained
Financial:Strained
Cash Flow:Stable
Primary Risk:Permian volume growth plateau
Key Thesis Takeaways
- Plains GP Holdings faces significant headwinds as maturing Permian Basin production limits volume growth, leading to persistent margin compression and erratic earnings volatility.
- While the company has pivoted toward asset consolidation, the reliance on debt financing to support a $32.8 billion asset base raises concerns regarding long-term capital structure sustainability.
- Investors should monitor the widening divergence between net income and operating cash flow, which suggests that core operational profitability remains under pressure despite stable cash flow generation.
Verdict Logic
the combination of a 76.2% decline in 2026Q1 EPS and a tightening current ratio of 0.94 suggests that the company's financial flexibility is increasingly constrained by rising debt obligations.
PAGP Growth Metrics
Plains GP Holdings, L.P. (PAGP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years6.7%
5 Years13.7%
3 Years-8.27%
TTM-9.33%
Profit CAGR
10 Years8.22%
5 Years-
3 Years15.67%
TTM34.48%
EPS CAGR
10 Years-0.73%
5 Years-
3 Years14.62%
TTM33.48%
Return on Capital
10 Years4.48%
5 Years5.28%
3 Years5.75%
Last Year5.8%
PAGP Recent Earnings
Plains GP Holdings, L.P. (PAGP) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 2/12 qtrs (17%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
May 8, 2026Metric
Actual
Est
EPS
$0.24-50.0%
$0.48
Rev
$12.5B+6.4%
$11.7B
Q1 2026
Feb 6, 2026Metric
Actual
Est
EPS
$0.17-66.0%
$0.50
Rev
$10.6B-18.9%
$13.0B
Q4 2025
Nov 5, 2025Metric
Actual
Est
EPS
$0.31-26.2%
$0.42
Rev
$11.6B-12.8%
$13.3B
Q3 2025
Aug 8, 2025Metric
Actual
Est
EPS
$0.05-88.6%
$0.44
Rev
$10.6B-21.1%
$13.5B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 8, 2026 | $0.24vs $0.48-50.0% | $12.5Bvs $11.7B+6.4% |
| Q1 2026 | Feb 6, 2026 | $0.17vs $0.50-66.0% | $10.6Bvs $13.0B-18.9% |
| Q4 2025 | Nov 5, 2025 | $0.31vs $0.42-26.2% | $11.6Bvs $13.3B-12.8% |
| Q3 2025 | Aug 8, 2025 | $0.05vs $0.44-88.6% | $10.6Bvs $13.5B-21.1% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Plains GP Holdings, L.P. (PAGP)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $24.14 | $4.78B | 18.43 | -11.61% | 0.59% | 1.82% | 6.3% | |
| $22.24 | $15.69B | 13.40 | -11.61% | 2.54% | 8.84% | — | |
| $36.52 | $79.01B | 13.73 | -6.44% | 11.42% | 19.49% | — | |
| $19.05 | $65.54B | 14.11 | -0.05% | 6.21% | 11.56% | — | |
| $55.92 | $56.77B | 11.60 | 8.37% | 37.54% | 32.81% | — | |
| $43.13 | $16.98B | 14.38 | 6.61% | 29.9% | 33.79% | — |
Compare PAGP vs Peers
Plains GP Holdings, L.P. (PAGP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
PAGP SEC Filings & Documents
Plains GP Holdings, L.P. (PAGP) SEC filings — annual & quarterly reports (10-K, 10-Q)
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PAGP Frequently Asked Questions
Plains GP Holdings, L.P. (PAGP) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Plains GP Holdings, L.P.'s revenue?
Plains GP Holdings, L.P. (PAGP) reported $45.26B in revenue for fiscal year 2025. This represents a 32% increase from $34.27B in 2011.
How fast is Plains GP Holdings, L.P. growing?
Plains GP Holdings, L.P. (PAGP) saw revenue decline by 11.6% over the past year.
Is PAGP profitable?
Yes, Plains GP Holdings, L.P. (PAGP) is profitable, generating $195.0M in net income for fiscal year 2025 (0.6% net margin).
Dividend & Returns
Does PAGP pay dividends?
Yes, Plains GP Holdings, L.P. (PAGP) pays a dividend with a yield of 6.30%. This makes it attractive for income-focused investors.
What is PAGP's return on equity?
Plains GP Holdings, L.P. (PAGP) has a return on equity (ROE) of 1.8%. This is below average, suggesting room for improvement.
What is Plains GP Holdings, L.P.'s free cash flow?
Plains GP Holdings, L.P. (PAGP) generated $2.12B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.