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Other financials

Income statement

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Revenue$12.5B+8.7%
Gross profit$977.0M+1.8%
Net income$20.0M-76.2%

Balance sheet

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Cash & equivalents$172.0M-59.9%
Total debt$2.5B-74.0%
Total equity$14.1B-4.1%
Total assets$32.8B+16.0%

Cash flow

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Operating cash flow$418.0M-34.5%
CapEx$130.0M-7.1%
Free cash flow$288.0M-42.2%

Valuation

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Market cap$5.02B+31.7%
Enterprise value$7.31B-42.4%
P/E25.8×-2.3×
P/S0.1×0.0×

Profitability

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Gross margin8.5%+0.8pp
Operating margin3.3%+1.5pp
Net margin0.4%+0.1pp
FCF margin4.6%-0.1pp

Returns & leverage

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Return on equity1.3%+0.2pp
Debt / equity0.8×+0.1×
Current ratio0.9×-0.1×

Where this comes from

Reported directly by Plains GP Holdings, L.P. in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

The source filing: Plains GP Holdings, L.P.’s 10-Q, filed May 8, 2026.

Filed
May 8, 2026, 4:46 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001581990-26-000017
Line itemThree Months Ended March 31, 20262025
Depreciation and amortization243232
Gains on asset sales and other, net(53)(13)
Total costs and expenses12,06711,122
OPERATING INCOME403355
OTHER INCOME/(EXPENSE)
Equity earnings in unconsolidated entities89103
Gain on investments in unconsolidated entities, net31
Interest expense (net of capitalized interest of $2 and $2, respectively)(144)(107)

Item 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FAQ

What is Plains GP Holdings, L.P.'s operating income?
Plains GP Holdings, L.P. (PAGP) reported operating income of $403M in Q1 2026.
How has Plains GP Holdings, L.P.'s operating income changed year-over-year?
Plains GP Holdings, L.P.'s operating income increased by 13.5% year-over-year, from $355M to $403M.
What is the long-term trend for Plains GP Holdings, L.P.'s operating income?
Over 4 years (2021 to 2025), Plains GP Holdings, L.P.'s operating income has grown at a 14.2% compound annual growth rate (CAGR), from $841M to $1.43B.
What does operating income mean?
Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.

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