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Plains GP Holdings, L.P. PAGP Q2 2025 earnings

Reported August 8, 2025 · Before market open

Revenue$10.6BMiss by $2.8B
EPS$0.05Miss by $0.39
Revenue estimate$13.5B
EPS estimate$0.44

Next report

Aug 7, 2026 (In 1 week)
Revenue estimate$12.9B
EPS estimate$0.43

Financials

Q2 2025

Income statement

See full
Revenue$10.6B-16.6%
Gross profit$884.0M-3.8%
Operating income$237.0M-28.2%
Net income$30.0M-23.1%

Balance sheet

See full
Cash & equivalents$460.0M-17.3%
Total debt$9.3B+3.6%
Total equity$14.1B-4.6%
Total assets$28.3B-1.3%

Cash flow

See full
Operating cash flow$692.0M+6.1%
CapEx$170.0M+124%
Free cash flow$522.0M-9.4%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$3.82B+2.9%
Enterprise value$12.7B+4.3%
P/E28.1×+5.2×
P/S0.1×0.0×

Profitability

See full
Gross margin8%+1.8pp
Operating margin1.7%-0.6pp
Net margin0.3%0.0pp
FCF margin4.8%+0.9pp

Returns & leverage

See full
Return on equity0.9%-0.2pp
Debt / equity0.7×+0.1×
Current ratio1×0.0×

Segments

By segment

See full
Crude Oil$10.7B-16.3%
NGL$26.0M+4.0%

By geography

See full
United States$9.9B-8.7%
Canada$1.1B-15.9%

Versus estimates

Revenue

Q1 2026$12.5BBeat by $754.1MQ4 2025$10.6BMiss by $2.5BQ3 2025$11.6BMiss by $1.7B
Q2 2025$10.6BMiss by $2.8B
Q1 2025$12.0BMiss by $979.8MQ4 2024$12.4BMiss by $2.3B

Diluted EPS

Q1 2026$0.24Miss by $0.24Q4 2025$0.17Miss by $0.33Q3 2025$0.31Miss by $0.11
Q2 2025$0.05Miss by $0.39
Q1 2025$0.42Beat by $0.01Q4 2024-$0.05Miss by $0.40

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Questions, answered.

When did Plains GP Holdings, L.P. report Q2 2025 earnings?
Plains GP Holdings, L.P. (PAGP) reported Q2 2025 earnings on August 8, 2025 before market open.
What were Plains GP Holdings, L.P.'s Q2 2025 revenue and EPS?
Plains GP Holdings, L.P. reported revenue of $10.6B and eps of $0.05 for Q2 2025.
Did Plains GP Holdings, L.P. beat estimates in Q2 2025?
Revenue missed the consensus estimate of $13.5B by $2.8B. EPS missed the consensus estimate of $0.44 by $0.39.
How did Plains GP Holdings, L.P.'s Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 18.0% from $13.0B a year earlier and eps declined 75.0% from $0.20.
Where can I find Plains GP Holdings, L.P.'s Q2 2025 SEC filings?
You can read the 10-Q periodic report (0001581990-25-000021) directly on SEC EDGAR. The filing index links above go to sec.gov.