PLAINS GP HOLDINGS LP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PLAINS GP HOLDINGS LP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	20,182	26,223	34,055	33,669	23,290	42,078	57,342	47,336	48,889	44,262
Cost of revenue	17,233	22,985	29,793	29,452	20,431	38,504	53,176	43,937	45,162	40,433
Gross profit	2,949	3,238	4,262	4,217	2,859	3,574	4,166	3,399	3,727	3,829
General and administrative	282	280	320	302	276	298	330	305	334	348
Operating income	990	1,147	2,272	1,980	-2,383	842	1,284	1,249	862	1,428
Interest expense	480	510	431	425	436	425	405	386	382	467
Other non-operating income	33	-31	-7	24	39	19	-219	102	16	21
Pre-tax income	738	896	2,409	2,238	-2,607	712	1,409	1,362	963	1,395
Income tax	78	937	302	176	-167	112	246	129	124	92
Income from continuing operations								144	39	152
Net income to minority interests	566	690	1,773	1,731	-1,872	540	995	1,227	967	1,426
Net income	94	-731	334	331	-568	60	168	198	103	260
EBITDA	1,505	1,666	2,793	2,584	-1,727	1,619	2,252	2,161	1,763	2,381

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	50	40	69	47	25	452	404	453	349	329
Receivables	2,279	3,029	2,454	3,614	2,553	4,705	3,907	3,760	3,679	3,598
Inventory	1,343	713	640	604	647	783	729	548	261	211
Other current assets	603	221	373	312	405	200	318	155	72	87
Total current assets	4,275	4,003	3,536	4,614	3,668	6,140	5,358	4,916	4,776	4,704
Property, plant and equipment	13,890	14,105	14,802	15,367	14,620	14,909	15,253	15,782	13,446	16,860
Lease right-of-use assets				466	378	393	349	313	189	198
Goodwill	2,344	2,566	2,521	2,540	0
Intangible assets	242	844	772	707	805	1,960	2,145	1,875	1,677	1,754
Other non-current assets	286	901	913	856	160	249	464	411	142	107
Total assets	26,103	26,753	26,830	29,969	25,951	29,978	29,207	28,597	27,756	31,276
Accounts payable	2,590	3,324	2,705	3,687	2,425	4,811	4,045	3,845	3,647	3,457
Short-term debt	1,715	737	66	504	831	822	1,159	446	407	563
Total current liabilities	4,666	4,533	3,458	5,019	4,255	6,234	5,893	5,005	4,924	4,902
Long-term debt	10,124	9,183	9,143	9,187	9,382	8,398	7,287	7,305	7,211	10,696
Lease liabilities				387	317	339	308	274	192	202
Other non-current liabilities				891	807	830	1,081	1,041	537	654
Total liabilities	27,112
Total debt	11,839	9,920	9,209	9,691	10,213	9,220	8,446	7,751	7,618	1,099
Other comprehensive income	-1,009
Total equity	-1,009
Total liabilities and equity	26,103	26,753	26,830	29,969	25,951	29,978	29,207	28,597	27,756	31,276

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	660	-41	2,107	2,062	-2,440	600	1,163	1,425	1,070	1,686
Depreciation and amortization	515	519	521	604	656	777	968	912	901	953
Stock-based compensation	60	41	79	35	16	24	41	51	52	50
Deferred income tax	-7	909	236	64	-218	62	162	59	42	91
Change in inventory	-463	605	-75	-5	-304	-18	-10	102	120	96
Change in payables	507	848	-367	1,151	-1,286	1,970	-830	-141	-77	-337
Cash from operations	718	2,496	2,604	2,500	1,510	1,991	2,404	2,722	2,484	2,931
Capital expenditures	-1,334	-1,024	-1,634	-1,181	-738	-336	-455	-408	-448	-643
Cash from investing	-1,273	-1,570	-813	-1,765	-1,093	386	-526	-702	-875	-3,439
Debt issued	748			998	748			0	650	2,998
Debt repaid	-175	-1,350		-1,000	-617		-750	-1,100	-750	-1,000
Stock issued		1,535
Share buybacks									0	-8
Cash from financing	571	-940	-1,753	-717	-430	-1,979	-1,927	-1,971	-1,702	474
Exchange rate effect		4	-9	-3	-8	-5	-3	3	-13	14
Net change in cash	20	-10	29	15	-21	393	-52	49	-104	-20
Free cash flow	-616	1,472	970	1,319	772	1,655	1,949	2,314	2,036	2,288
Interest paid	462	486	400	397	428	401	393	377	351	431
Income taxes paid	98	50	21	136	111	76	112	69	269	98

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $26.58 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	7.8%	Gross profit / revenue.
Operating margin	3.1%	Operating income / revenue.
EBITDA margin	5.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.8%	Pre-tax income / revenue.
Net margin	1.1%	Net income / revenue.
FCF margin	4.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.7%	Cash from operations / revenue.
Effective tax rate	17.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	1.8%	Net income / average total assets.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-9.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-8.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	65.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	35.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	1.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	152.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	15.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	18.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	12.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	5.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	24.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.12x	Current assets / current liabilities.
Quick ratio	1.08x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Debt / assets	27.9%	Total debt / total assets.
Net debt	$7.38B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.83x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.10x	Operating income / interest expense.
Working capital	$679.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.3%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.73x	Revenue / average total assets.
Fixed asset turnover	3.12x	Revenue / average property, plant and equipment.
Inventory turnover	574x	Cost of revenue / average inventory.
Days inventory	1 days	365 x average inventory / cost of revenue.
Receivables turnover	9.93x	Revenue / average receivables.
Days sales outstanding	37 days	365 x average receivables / revenue.
Days payables	37 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-0 days	Days inventory + days sales outstanding - days payables.
FCF conversion	427.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.2%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.26B	Share price x shares outstanding.
Enterprise value	$12.64B	Market cap + total debt - cash - short-term investments.
P/E	9.50x	Market cap / net income. Only when net income is positive.
P/S	0.10x	Market cap / revenue.
P/FCF	2.22x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.77x	Market cap / cash from operations, when positive.
EV/Sales	0.24x	Enterprise value / revenue.
EV/EBIT	7.72x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.85x	Enterprise value / EBITDA, when both are positive.
EV/FCF	5.33x	Enterprise value / free cash flow, when both are positive.
FCF yield	45.1%	Free cash flow / market cap.
Earnings yield	10.5%	Net income / market cap (the inverse of P/E).

What was PLAINS GP HOLDINGS LP's revenue in fiscal 2025?

PLAINS GP HOLDINGS LP reported revenue of $44.26B for fiscal 2025, 9.5% lower than the year before.

Was PLAINS GP HOLDINGS LP profitable in fiscal 2025?

Yes. Net income was $260.0M, a net margin of 0.6%.

How much free cash flow did PLAINS GP HOLDINGS LP generate in fiscal 2025?

Cash from operations of $2.93B minus capital expenditures of $643.0M left free cash flow of $2.29B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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