PLAINS GP HOLDINGS LPPAGPEarnings & Financial Report
Plains is a master limited partnership engaged in pipeline transport, marketing, and storage of liquefied petroleum gas and petroleum in the United States and Canada. Plains owns interests in 18,370 miles (29,560 km) of pipelines, storage capacity for about 75 million barrels of crude oil, 28 million barrels of NGLs, 68 billion cubic feet of natural gas, and 5 natural gas processing plants. The company is headquartered in the Allen Center in Downtown Houston, Texas. Plains is a publicly trade...
Revenue
$12.4B
Gross Profit
$1.2B
Operating Profit
$85.0M
Net Profit
$-11.0M
Gross Margin
9.5%
Operating Margin
0.7%
Net Margin
-0.1%
YoY Growth
-2.3%
PLAINS GP HOLDINGS LP Q4 FY2024 Financial Summary
PLAINS GP HOLDINGS LP reported revenue of $12.4B (down 2.3% YoY) for Q4 FY2024, with a net profit of $-11.0M (down 121.2% YoY) (-0.1% margin). Cost of goods sold was $11.2B, operating expenses totaled $1.1B.
Key Financial Metrics
| Total Revenue | $12.4B |
|---|---|
| Net Profit | $-11.0M |
| Gross Margin | 9.5% |
| Operating Margin | 0.7% |
| Report Period | Q4 FY2024 |
Revenue Breakdown
PLAINS GP HOLDINGS LP Q4 FY2024 revenue of $12.4B breaks down across 3 segments, led by Crude Oil Segment at $11.9B (95.9% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Crude Oil Segment | $11.9B | 95.9% |
| Natural Gas Liquids Segment | $593.0M | 4.8% |
| Affiliated Entity | $12.0M | 0.1% |
PLAINS GP HOLDINGS LP Revenue by Segment — Quarterly Trend
PLAINS GP HOLDINGS LP revenue by segment across the last 4 reported quarters, showing how each business line (such as Crude Oil Segment and Natural Gas Liquids Segment) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Natural Gas Liquids Segment | — | $24.0M | $26.0M | — |
| Affiliated Entity | $14.0M | $12.0M | $12.0M | $11.0M |
PLAINS GP HOLDINGS LP Annual Revenue by Year
PLAINS GP HOLDINGS LP annual revenue history includes year-by-year totals (for example, 2025 revenue was $44.3B).
| Year | Annual Revenue |
|---|---|
| 2025 | $44.3B |
| 2024 | $50.1B |
| 2023 | $47.3B |
| 2022 | $57.3B |
PLAINS GP HOLDINGS LP Quarterly Revenue & Net Profit History
PLAINS GP HOLDINGS LP results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $10.0B | -19.1% | $63.0M | 0.6% |
| Q3 FY2025 | $11.6B | -9.1% | $83.0M | 0.7% |
| Q2 FY2025 | $10.6B | -17.7% | $30.0M | 0.3% |
| Q1 FY2025 | $12.0B | +0.1% | $84.0M | 0.7% |
| Q4 FY2024 | $12.4B | -2.3% | $-11.0M | -0.1% |
| Q3 FY2024 | $12.7B | +5.6% | $33.0M | 0.3% |
| Q2 FY2024 | $12.9B | +11.5% | $39.0M | 0.3% |
| Q1 FY2024 | $12.0B | -2.8% | $42.0M | 0.4% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11.99B | $12.93B | $12.74B | $12.40B | $12.01B | $10.64B | $11.58B | $10.03B |
| YoY Growth | -2.8% | 11.5% | 5.6% | -2.3% | 0.1% | -17.7% | -9.1% | -19.1% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $28.59B | $28.67B | $28.36B | $27.76B | $28.25B | $28.30B | $29.25B | $31.28B |
| Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $418.0M | $652.0M | $688.0M | $726.0M | $638.0M | $692.0M | $817.0M | $784.0M |