PAGP PLAINS GP HOLDINGS LP

Overview and Growth

PLAINS GP HOLDINGS LP generated $44.26B of revenue in fiscal 2025, with net income of $260.00M and an operating cash inflow of $2.93B. The $44.26B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 9.5% below fiscal 2024 revenue of $48.89B, marking a top-line contraction. Revenue equaled 1.42x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $3.83B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 8.7% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced $1.43B of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 3.2% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $260.00M, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 0.6% margin after operating costs and the remaining recognized items. Pretax income was $1.40B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 3.2% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $92.00M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 6.6%, without assuming a statutory-rate comparison. Return on period-end equity was 1.8%, relating annual net income to the equity capital on the balance sheet.

Liquidity and Capital Structure

At period end, the $31.28B asset base was financed through $17.06B of liabilities and $14.22B of equity. At period end, current assets of $4.70B compared with current liabilities of $4.90B, defining the company’s short-term resource position. The current ratio was 0.96x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. The company held $329.00M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 6.7%, excluding receivables and other current assets. Total debt was $1.66B, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 0.12x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 5.3%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 54.5%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 1.1% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $27.76B in fiscal 2024, the current asset base moved 12.7% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was $2.93B, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow equaled 11.27x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $643.00M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 21.9% of operating cash flow, quantifying the share of cash from operations directed to investment. Free cash flow came to $2.29B, leaving a positive amount after capital expenditures. The free-cash-flow margin was 5.2%, measuring cash remaining after capital spending against revenue. Free cash flow equaled 7.3% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.