Plains Gp Holdings LpPlains Gp Holdings Lp
Plains Gp Holdings Lp

Plains Gp Holdings Lp

PAGP
Energy·Oil, Gas & Consumable Fuels

Plains GP Holdings LP owns and operates midstream energy infrastructure and provides logistics services primarily for crude oil, natural gas liquids and natural gas through its indirect investment in Plains All American Pipeline, L.P. The firm operates through the following segments: Transportation, Facilities and Supply and Logistics. The Transportation segment consists of fee-based activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges. The Facilities segment consists of fee-based activities associated with providing storage, terminalling and throughput services primarily for crude oil, NGL and natural gas, as well as NGL fractionation and isomerization services and natural gas and condensate processing services. The Supply and Logistics segment consists of storage of inventory during contango market conditions and the seasonal storage of NGL, purchase of NGL from producers, refiners, processors and other marketers, extraction of NGL from gas processed at the facilities. The company was founded in July 2013 and is headquartered in Houston, TX.

Texas; U.S.A
Market cap
No dataNo data
Revenue
$44.3B−11.6% YoY
Net income
$260M+152.4% YoY
Free cash flow
$2.3B+22.7% YoY

Market

Listed stock
PAGPPriceNasdaq
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Financial performance

Revenue
$44.3B−11.6% YoY
Operating income
$1.4B+21.8% YoY
Net income
$260M+152.4% YoY
Free cash flow
$2.3B+22.7% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $42.1B, 2022 $57.3B, 2023 $48.7B, 2024 $50.1B, 2025 $44.3B. Operating income: 2021 $842M, 2022 $1.3B, 2023 $1.5B, 2024 $1.2B, 2025 $1.4B. Net income: 2021 $60M, 2022 $168M, 2023 $198M, 2024 $103M, 2025 $260M. Free cash flow: 2021 $1.7B, 2022 $1.9B, 2023 $2.2B, 2024 $1.9B, 2025 $2.3B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-11.6%−1440 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $842M, 2022-12-31 $1.3B, 2023-12-31 $1.5B, 2024-12-31 $1.2B, 2025-12-31 $1.4B. Net income: 2021-12-31 $60M, 2022-12-31 $168M, 2023-12-31 $198M, 2024-12-31 $103M, 2025-12-31 $260M. Free cash flow: 2021-12-31 $1.7B, 2022-12-31 $1.9B, 2023-12-31 $2.2B, 2024-12-31 $1.9B, 2025-12-31 $2.3B

Growth heatmap

2022202320242025CAGR
Revenue
+36.3%
-15.1%
+2.8%
-11.6%
+1.3%
Gross profit
+16.6%
+0.4%
+7.9%
-15.2%
+1.7%
Operating income
+52.5%
+16.9%
-21.9%
+21.8%
+14.1%
Free cash flow
+17.8%
+11.0%
-13.8%
+22.7%
+8.4%

Earnings quality

Operating cash flow
$2.9B+18.0% YoY
Net income
$260M+152.4% YoY
Free cash flow
$2.3B+22.7% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 1127%, 2024-12-31 2412%, 2023-12-31 1375%, 2022-12-31 1431%, 2021-12-31 3318%. Free cash flow: 2025-12-31 880%, 2024-12-31 1811%, 2023-12-31 1092%, 2022-12-31 1160%, 2021-12-31 2758%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
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Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
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Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
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Price to sales
No data
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EV / EBITDA
No data
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Free cash flow yield
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