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Plains GP Holdings, L.P. PAGP Q4 2025 Annual earnings

Reported February 6, 2026 · Before market open

Revenue$10.6BMiss by $2.5B
EPS$0.17Miss by $0.33
Revenue estimate$13.0B
EPS estimate$0.50

Next report

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

Financials

Q4 2025

Income statement

See full
Revenue$10.6B-12.2%
Gross profit$993.0M+3.5%
Operating income$354.0M+2,182%
Net income$62.0M+664%

Balance sheet

See full
Cash & equivalents$329.0M-5.7%
Total debt$2.4B-70.7%
Total assets$31.3B+12.7%

Cash flow

See full
Operating cash flow$784.0M+8.0%
CapEx$148.0M+39.6%
Free cash flow$636.0M+2.6%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$3.79B+4.4%
Enterprise value$5.9B-49.2%
P/E14.6×-20.6×
P/S0.1×0.0×

Profitability

See full
Gross margin8.7%+1.5pp
Operating margin3.2%+1.5pp
Net margin0.6%+0.4pp
FCF margin5.2%+1.0pp

Returns & leverage

See full
Current ratio1×0.0×

Segments

By segment

See full
Crude Oil$10.5B-12.1%
NGL$59.0M-27.2%

By geography

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

By product

See full
Transportation$341.0M+11.8%
Terminalling, Storage and Other$92.0M+15.0%

Versus estimates

Revenue

Q1 2026$12.5BBeat by $754.1M
Q4 2025$10.6BMiss by $2.5B
Q3 2025$11.6BMiss by $1.7BQ2 2025$10.6BMiss by $2.8BQ1 2025$12.0BMiss by $979.8MQ4 2024$12.4BMiss by $2.3B

Diluted EPS

Q1 2026$0.24Miss by $0.24
Q4 2025$0.17Miss by $0.33
Q3 2025$0.31Miss by $0.11Q2 2025$0.05Miss by $0.39Q1 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 Q4 2025 earnings?
Plains GP Holdings, L.P. (PAGP) reported Q4 2025 earnings on February 6, 2026 before market open.
What were Plains GP Holdings, L.P.'s Q4 2025 revenue and EPS?
Plains GP Holdings, L.P. reported revenue of $10.6B and eps of $0.17 for Q4 2025.
Did Plains GP Holdings, L.P. beat estimates in Q4 2025?
Revenue missed the consensus estimate of $13.0B by $2.5B. EPS missed the consensus estimate of $0.50 by $0.33.
How did Plains GP Holdings, L.P.'s Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 14.8% from $12.4B a year earlier.
Where can I find Plains GP Holdings, L.P.'s Q4 2025 SEC filings?
You can read the 8-K earnings release (0001581990-26-000009) and the 10-K periodic report (0001581990-26-000012) directly on SEC EDGAR. The filing index links above go to sec.gov.