Friday 6 November 2026 Export PAGP’s income statement to Excel — free account

Plains Group Holdings, L.P.

Plains Group Holdings, L.P.’s revenue for fiscal 2025 (year ended December 2025) was $44.3 billion, down 9.46% from fiscal 2024.

Revenue: +66.3%
EPS: +1,213.3%
Free cash flow: +50.9%
Total debt: −2.74%

Quarter to June 2026, against a year earlier

Dividend growth 5 yrs

26.42 0.51 −1.89%

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Market cap: $20.1B
P/E: 9.4×
Fwd P/E: 9.6×
Dividend yield: 6.32%
F-score: 5/9
Altman Z: n/a
Beneish M: −2.95
Dividend safety: 62/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Plains Group Holdings, L.P. (PAGP) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Crude Oil	44,087	99.60%
NGL	150	0.34%
Gross margin		6.04%
Operating margin		3.23%
Pre-tax margin		3.15%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Product sales revenues	42,501 96.02%	47,199 96.54%	45,745 96.64%	55,948 97.57%	40,883 97.16%	22,058 94.71%	32,272 95.85%
Services revenues	1,761 3.98%	1,690 3.46%	1,591 3.36%	1,394 2.43%	1,195 2.84%	1,232 5.29%	1,397 4.15%
Revenue	44,262	48,889	47,336	57,342	42,078	23,290	33,669

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Crude Oil	44,087 99.60%	48,651 99.51%	47,146 99.60%	54,929 95.79%	40,550 96.37%	22,327 95.87%	31,383 93.21%	—	—	—	—	—	—	—	—
NGL	150 0.34%	187 0.38%	186 0.39%	2,544 4.44%	2,399 5.70%	1,475 6.33%	2,323 6.90%	—	—	—	—	—	—	—	—
Segment Supply And Logistics	—	—	—	—	—	—	—	32,700 96.02%	25,056 95.55%	19,018 94.23%	21,945 94.79%	42,150 96.98%	40,692 96.31%	36,438 96.40%	33,065 96.47%
Segment Transportation	—	—	—	—	—	—	—	1,976 5.80%	612 2.33%	1,584 7.85%	1,594 6.88%	1,655 3.81%	1,498 3.55%	623 1.65%	572 1.67%
Segment Facilities	—	—	—	—	—	—	—	1,136 3.34%	555 2.12%	1,107 5.49%	1,050 4.54%	1,127 2.59%	856 2.03%	736 1.95%	638 1.86%
Eliminations	—	—	—	—	(871) (2.07%)	(512) (2.20%)	—	(1,757) (5.16%)	—	(1,527) (7.57%)	(1,437) (6.21%)	(1,468) (3.38%)	(797) (1.89%)	—	—
Revenue	44,262	48,889	47,336	57,342	42,078	23,290	33,669	34,055	26,223	20,182	23,152	43,464	42,249	37,797	34,275

Gross profit by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Crude Oil	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NGL	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
United States	39,761 89.83%	43,535 89.05%	41,738 88.17%	46,903 81.80%	34,458 81.89%	17,942 77.04%	27,162 80.67%	28,362 83.28%	21,443 81.77%	15,599 77.29%	18,701 80.77%	34,860 80.20%	32,924 77.93%	29,978 79.31%	28,181 82.22%
Canada	4,501 10.17%	5,354 10.95%	5,598 11.83%	10,439 18.20%	7,620 18.11%	5,348 22.96%	6,507 19.33%	5,693 16.72%	4,780 18.23%	4,583 22.71%	4,451 19.23%	8,604 19.80%	9,325 22.07%	7,819 20.69%	6,094 17.78%
Revenue	44,262	48,889	47,336	57,342	42,078	23,290	33,669	34,055	26,223	20,182	23,152	43,464	42,249	37,797	34,275

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Crude oil pipeline tariff volumes: Canada	Q1 FY2026	359.0K	354.0K	+1.41%
Crude oil pipeline tariff volumes: Gulf Coast	Q1 FY2026	207.0K	214.0K	−3.27%
Crude oil pipeline tariff volumes: Mid-Continent	Q1 FY2026	475.0K	415.0K	+14.46%
Crude oil pipeline tariff volumes: Permian Basin	Q1 FY2026	7.8M	6.9M	+13.18%
Crude oil pipeline tariff volumes: Rocky Mountain	Q1 FY2026	434.0K	495.0K	−12.32%
Crude oil pipeline tariff volumes: South Texas / Eagle Ford	Q1 FY2026	514.0K	492.0K	+4.47%
Crude oil pipeline tariff volumes: Western	Q1 FY2026	276.0K	247.0K	+11.74%
NGL fractionation	Q1 FY2026	166.0K	157.0K	+5.73%
NGL pipeline tariff volumes	Q1 FY2026	250.0K	234.0K	+6.84%
Propane and butane sales	Q1 FY2026	135.0K	147.0K	−8.16%
Total crude oil pipeline tariff volumes	Q1 FY2026	10.0M	9.1M	+10.49%

	Q1 FY2026	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Crude oil pipeline tariff volumes: Canada	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude oil pipeline tariff volumes: Gulf Coast	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude oil pipeline tariff volumes: Mid-Continent	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude oil pipeline tariff volumes: Permian Basin	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude oil pipeline tariff volumes: Rocky Mountain	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude oil pipeline tariff volumes: South Texas / Eagle Ford	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude oil pipeline tariff volumes: Western	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NGL fractionation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NGL pipeline tariff volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Propane and butane sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total crude oil pipeline tariff volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.