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Side-by-side financial comparison of Goldman Sachs (GS) and PLAINS GP HOLDINGS LP (PAGP). Click either name above to swap in a different company.
Goldman Sachs is the larger business by last-quarter revenue ($13.5B vs $10.0B, roughly 1.3× PLAINS GP HOLDINGS LP). Goldman Sachs runs the higher net margin — 34.3% vs 0.6%, a 33.7% gap on every dollar of revenue. PLAINS GP HOLDINGS LP produced more free cash flow last quarter ($636.0M vs $-16.8B).
The Goldman Sachs Group, Inc. is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many international financial centers. Goldman Sachs is one of the largest investment banks in the world by revenue and is ranked 55th on the Fortune 500 list of the largest United States corporations by total revenue.
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...
GS vs PAGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.5B | $10.0B |
| Net Profit | $4.6B | $63.0M |
| Gross Margin | — | 7.0% |
| Operating Margin | 43.5% | 1.8% |
| Net Margin | 34.3% | 0.6% |
| Revenue YoY | — | -19.1% |
| Net Profit YoY | — | 672.7% |
| EPS (diluted) | $14.04 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $13.5B | $10.0B | ||
| Q3 25 | $15.2B | $11.6B | ||
| Q2 25 | $14.6B | $10.6B | ||
| Q1 25 | $15.1B | $12.0B | ||
| Q4 24 | — | $12.4B | ||
| Q3 24 | $12.7B | $12.7B | ||
| Q2 24 | $12.7B | $12.9B | ||
| Q1 24 | $14.2B | $12.0B |
| Q4 25 | $4.6B | $63.0M | ||
| Q3 25 | $4.1B | $83.0M | ||
| Q2 25 | $3.7B | $30.0M | ||
| Q1 25 | $4.7B | $84.0M | ||
| Q4 24 | — | $-11.0M | ||
| Q3 24 | $3.0B | $33.0M | ||
| Q2 24 | $3.0B | $39.0M | ||
| Q1 24 | $4.1B | $42.0M |
| Q4 25 | — | 7.0% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 9.5% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 8.3% | ||
| Q1 24 | — | 9.0% |
| Q4 25 | 43.5% | 1.8% | ||
| Q3 25 | 35.5% | 4.2% | ||
| Q2 25 | 34.0% | 2.2% | ||
| Q1 25 | 37.5% | 4.4% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | 31.4% | 2.7% | ||
| Q2 24 | 30.8% | 2.9% | ||
| Q1 24 | 36.8% | 3.1% |
| Q4 25 | 34.3% | 0.6% | ||
| Q3 25 | 27.0% | 0.7% | ||
| Q2 25 | 25.5% | 0.3% | ||
| Q1 25 | 31.5% | 0.7% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | 23.5% | 0.3% | ||
| Q2 24 | 23.9% | 0.3% | ||
| Q1 24 | 29.1% | 0.4% |
| Q4 25 | $14.04 | — | ||
| Q3 25 | $12.25 | — | ||
| Q2 25 | $10.91 | — | ||
| Q1 25 | $14.12 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $8.40 | — | ||
| Q2 24 | $8.62 | — | ||
| Q1 24 | $11.58 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $164.3B | $329.0M |
| Total DebtLower is stronger | — | $10.7B |
| Stockholders' EquityBook value | $125.0B | — |
| Total Assets | $1809.3B | $31.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $164.3B | $329.0M | ||
| Q3 25 | $169.6B | $1.2B | ||
| Q2 25 | $153.0B | $460.0M | ||
| Q1 25 | $167.4B | $429.0M | ||
| Q4 24 | — | $349.0M | ||
| Q3 24 | $154.7B | $641.0M | ||
| Q2 24 | $206.3B | $556.0M | ||
| Q1 24 | $209.4B | $334.0M |
| Q4 25 | — | $10.7B | ||
| Q3 25 | — | $8.4B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | — | $7.2B | ||
| Q3 24 | — | $7.2B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $7.3B |
| Q4 25 | $125.0B | — | ||
| Q3 25 | $124.4B | — | ||
| Q2 25 | $124.1B | — | ||
| Q1 25 | $124.3B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $121.2B | — | ||
| Q2 24 | $119.5B | — | ||
| Q1 24 | $118.5B | — |
| Q4 25 | $1809.3B | $31.3B | ||
| Q3 25 | $1808.0B | $29.3B | ||
| Q2 25 | $1785.0B | $28.3B | ||
| Q1 25 | $1766.2B | $28.3B | ||
| Q4 24 | — | $27.8B | ||
| Q3 24 | $1728.1B | $28.4B | ||
| Q2 24 | $1653.3B | $28.7B | ||
| Q1 24 | $1698.4B | $28.6B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-16.3B | $784.0M |
| Free Cash FlowOCF − Capex | $-16.8B | $636.0M |
| FCF MarginFCF / Revenue | -124.9% | 6.3% |
| Capex IntensityCapex / Revenue | 3.9% | 1.5% |
| Cash ConversionOCF / Net Profit | -3.53× | 12.44× |
| TTM Free Cash FlowTrailing 4 quarters | $-47.2B | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.3B | $784.0M | ||
| Q3 25 | $2.7B | $817.0M | ||
| Q2 25 | $5.7B | $692.0M | ||
| Q1 25 | $-37.2B | $638.0M | ||
| Q4 24 | — | $726.0M | ||
| Q3 24 | — | $688.0M | ||
| Q2 24 | — | $652.0M | ||
| Q1 24 | $-28.0B | $418.0M |
| Q4 25 | $-16.8B | $636.0M | ||
| Q3 25 | $2.1B | $632.0M | ||
| Q2 25 | $5.2B | $573.0M | ||
| Q1 25 | $-37.7B | $447.0M | ||
| Q4 24 | — | $560.0M | ||
| Q3 24 | — | $531.0M | ||
| Q2 24 | — | $513.0M | ||
| Q1 24 | $-28.5B | $261.0M |
| Q4 25 | -124.9% | 6.3% | ||
| Q3 25 | 14.0% | 5.5% | ||
| Q2 25 | 35.6% | 5.4% | ||
| Q1 25 | -250.5% | 3.7% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 4.0% | ||
| Q1 24 | -200.8% | 2.2% |
| Q4 25 | 3.9% | 1.5% | ||
| Q3 25 | 3.7% | 1.6% | ||
| Q2 25 | 3.3% | 1.1% | ||
| Q1 25 | 3.3% | 1.6% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.1% | ||
| Q1 24 | 3.5% | 1.3% |
| Q4 25 | -3.53× | 12.44× | ||
| Q3 25 | 0.65× | 9.84× | ||
| Q2 25 | 1.52× | 23.07× | ||
| Q1 25 | -7.86× | 7.60× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 20.85× | ||
| Q2 24 | — | 16.72× | ||
| Q1 24 | -6.79× | 9.95× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GS
| Global Banking And Markets | $10.5B | 78% |
| Other | $2.9B | 22% |
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
