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Side-by-side financial comparison of PLAINS GP HOLDINGS LP (PAGP) and WORLD KINECT CORP (WKC). Click either name above to swap in a different company.
PLAINS GP HOLDINGS LP is the larger business by last-quarter revenue ($10.0B vs $9.7B, roughly 1.0× WORLD KINECT CORP). PLAINS GP HOLDINGS LP runs the higher net margin — 0.6% vs -0.0%, a 0.6% gap on every dollar of revenue. On growth, WORLD KINECT CORP posted the faster year-over-year revenue change (2.0% vs -19.1%). PLAINS GP HOLDINGS LP produced more free cash flow last quarter ($636.0M vs $-60.2M). Over the past eight quarters, WORLD KINECT CORP's revenue compounded faster (-6.0% CAGR vs -8.6%).
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...
World Kinect Corporation, formerly known as World Fuel Services Corporation, is an energy, commodities, and services company based in Doral, Florida. The company ranked No. 70 in the 2022 Fortune 500 list of the largest United States corporations. WKC focuses on the marketing, trading, and financing of aviation, marine, building, and ground transportation energy commodities and related services. As of 2013, WKC also operates in natural gas and power.
PAGP vs WKC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $10.0B | $9.7B |
| Net Profit | $63.0M | $-700.0K |
| Gross Margin | 7.0% | 2.8% |
| Operating Margin | 1.8% | 97.8% |
| Net Margin | 0.6% | -0.0% |
| Revenue YoY | -19.1% | 2.0% |
| Net Profit YoY | 672.7% | 224.2% |
| EPS (diluted) | — | $0.50 |
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.
| Q1 26 | — | $9.7B | ||
| Q4 25 | $10.0B | $9.0B | ||
| Q3 25 | $11.6B | $9.4B | ||
| Q2 25 | $10.6B | $9.0B | ||
| Q1 25 | $12.0B | $9.5B | ||
| Q4 24 | $12.4B | $9.8B | ||
| Q3 24 | $12.7B | $10.5B | ||
| Q2 24 | $12.9B | $11.0B |
| Q1 26 | — | $-700.0K | ||
| Q4 25 | $63.0M | $-279.6M | ||
| Q3 25 | $83.0M | $25.7M | ||
| Q2 25 | $30.0M | $-339.4M | ||
| Q1 25 | $84.0M | $-21.1M | ||
| Q4 24 | $-11.0M | $-101.8M | ||
| Q3 24 | $33.0M | $33.5M | ||
| Q2 24 | $39.0M | $108.3M |
| Q1 26 | — | 2.8% | ||
| Q4 25 | 7.0% | 2.6% | ||
| Q3 25 | 8.6% | 2.7% | ||
| Q2 25 | 8.3% | 2.6% | ||
| Q1 25 | 10.4% | 2.4% | ||
| Q4 24 | 9.5% | 2.7% | ||
| Q3 24 | 9.3% | 2.6% | ||
| Q2 24 | 8.3% | 2.2% |
| Q1 26 | — | 97.8% | ||
| Q4 25 | 1.8% | -3.1% | ||
| Q3 25 | 4.2% | 0.7% | ||
| Q2 25 | 2.2% | -3.8% | ||
| Q1 25 | 4.4% | -0.1% | ||
| Q4 24 | 0.7% | 0.3% | ||
| Q3 24 | 2.7% | 0.7% | ||
| Q2 24 | 2.9% | 0.4% |
| Q1 26 | — | -0.0% | ||
| Q4 25 | 0.6% | -3.1% | ||
| Q3 25 | 0.7% | 0.3% | ||
| Q2 25 | 0.3% | -3.8% | ||
| Q1 25 | 0.7% | -0.2% | ||
| Q4 24 | -0.1% | -1.0% | ||
| Q3 24 | 0.3% | 0.3% | ||
| Q2 24 | 0.3% | 1.0% |
| Q1 26 | — | $0.50 | ||
| Q4 25 | — | $-5.02 | ||
| Q3 25 | — | $0.46 | ||
| Q2 25 | — | $-6.06 | ||
| Q1 25 | — | $-0.37 | ||
| Q4 24 | — | $-1.70 | ||
| Q3 24 | — | $0.57 | ||
| Q2 24 | — | $1.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $329.0M | $151.1M |
| Total DebtLower is stronger | $10.7B | $798.7M |
| Stockholders' EquityBook value | — | $1.2B |
| Total Assets | $31.3B | $6.8B |
| Debt / EquityLower = less leverage | — | 0.66× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $151.1M | ||
| Q4 25 | $329.0M | $193.5M | ||
| Q3 25 | $1.2B | $473.6M | ||
| Q2 25 | $460.0M | $403.2M | ||
| Q1 25 | $429.0M | $456.4M | ||
| Q4 24 | $349.0M | $382.9M | ||
| Q3 24 | $641.0M | $373.8M | ||
| Q2 24 | $556.0M | $524.6M |
| Q1 26 | — | $798.7M | ||
| Q4 25 | $10.7B | $685.2M | ||
| Q3 25 | $8.4B | $766.6M | ||
| Q2 25 | $8.2B | $775.2M | ||
| Q1 25 | $8.2B | $792.3M | ||
| Q4 24 | $7.2B | $796.8M | ||
| Q3 24 | $7.2B | $798.0M | ||
| Q2 24 | $7.2B | $797.8M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $2.0B |
| Q1 26 | — | $6.8B | ||
| Q4 25 | $31.3B | $5.9B | ||
| Q3 25 | $29.3B | $6.1B | ||
| Q2 25 | $28.3B | $6.1B | ||
| Q1 25 | $28.3B | $6.6B | ||
| Q4 24 | $27.8B | $6.7B | ||
| Q3 24 | $28.4B | $7.0B | ||
| Q2 24 | $28.7B | $7.2B |
| Q1 26 | — | 0.66× | ||
| Q4 25 | — | 0.53× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | — | 0.41× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.39× |
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 | $784.0M | — |
| Free Cash FlowOCF − Capex | $636.0M | $-60.2M |
| FCF MarginFCF / Revenue | 6.3% | -0.6% |
| Capex IntensityCapex / Revenue | 1.5% | 0.1% |
| Cash ConversionOCF / Net Profit | 12.44× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.3B | $67.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $784.0M | $34.2M | ||
| Q3 25 | $817.0M | $116.1M | ||
| Q2 25 | $692.0M | $28.2M | ||
| Q1 25 | $638.0M | $114.4M | ||
| Q4 24 | $726.0M | $120.3M | ||
| Q3 24 | $688.0M | $-38.5M | ||
| Q2 24 | $652.0M | $67.9M |
| Q1 26 | — | $-60.2M | ||
| Q4 25 | $636.0M | $12.9M | ||
| Q3 25 | $632.0M | $102.0M | ||
| Q2 25 | $573.0M | $13.2M | ||
| Q1 25 | $447.0M | $99.2M | ||
| Q4 24 | $560.0M | $102.4M | ||
| Q3 24 | $531.0M | $-56.7M | ||
| Q2 24 | $513.0M | $53.3M |
| Q1 26 | — | -0.6% | ||
| Q4 25 | 6.3% | 0.1% | ||
| Q3 25 | 5.5% | 1.1% | ||
| Q2 25 | 5.4% | 0.1% | ||
| Q1 25 | 3.7% | 1.0% | ||
| Q4 24 | 4.5% | 1.0% | ||
| Q3 24 | 4.2% | -0.5% | ||
| Q2 24 | 4.0% | 0.5% |
| Q1 26 | — | 0.1% | ||
| Q4 25 | 1.5% | 0.2% | ||
| Q3 25 | 1.6% | 0.2% | ||
| Q2 25 | 1.1% | 0.2% | ||
| Q1 25 | 1.6% | 0.2% | ||
| Q4 24 | 1.3% | 0.2% | ||
| Q3 24 | 1.2% | 0.2% | ||
| Q2 24 | 1.1% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 12.44× | — | ||
| Q3 25 | 9.84× | 4.52× | ||
| Q2 25 | 23.07× | — | ||
| Q1 25 | 7.60× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 20.85× | -1.15× | ||
| Q2 24 | 16.72× | 0.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
WKC
| Aviation segment | $5.0B | 52% |
| Land segment | $2.6B | 27% |
| Marine segment | $2.1B | 21% |
