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HF Sinclair vs Plains GP: revenue, profit, margins and growth compared

HF Sinclair brought in $26.9B of revenue in fiscal 2025, Plains GP $44.3B in fiscal 2025. Revenue changed by -6.0% at HF Sinclair and -9.5% at Plains GP on the year before, so HF Sinclair grew faster. HF Sinclair kept 2.2% of its revenue as net profit, Plains GP 0.6%. Free cash flow was $866M at HF Sinclair and $2.3B at Plains GP.

Side by side, latest fiscal year

DINOPAGP
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$26.9B$44.3B
Revenue growth-6.0%-9.5%
Net income$579M$260M
Net margin2.2%0.6%
Free cash flow$866M$2.3B
Free cash flow margin3.2%5.2%
Earnings per share (diluted)$3.08n/a
Cash$978M$329M
Debt$2.8B$1.1B
Price to earnings34.7n/a
Market value$19B$5.3B
Dividend yield1.87%n/a
Rank by revenue in sector#12 of 129 · Energy#8 of 129 · Energy

Over the years

Revenue
DINO FY2020: $11.2BDINO FY2022: $18.4BDINO FY2022: $38.2BDINO FY2023: $32BDINO FY2024: $28.6BDINO FY2025: $26.9BPAGP FY2018: $34.1BPAGP FY2019: $33.7BPAGP FY2020: $23.3BPAGP FY2021: $42.1BPAGP FY2022: $57.3BPAGP FY2023: $47.3BPAGP FY2024: $48.9BPAGP FY2025: $44.3BFY18FY19FY20FY21FY22FY23FY24FY25
DINO $26.9BPAGP $44.3B
Net income
DINO FY2020: -$601.4MDINO FY2022: $558.3MDINO FY2022: $2.9BDINO FY2023: $1.6BDINO FY2024: $177MDINO FY2025: $579MPAGP FY2018: $334MPAGP FY2019: $331MPAGP FY2020: -$568MPAGP FY2021: $60MPAGP FY2022: $168MPAGP FY2023: $198MPAGP FY2024: $103MPAGP FY2025: $260MFY18FY19FY20FY21FY22FY23FY24FY25
DINO $579MPAGP $260M
Net margin
DINO FY2020: -5.4%DINO FY2022: 3.0%DINO FY2022: 7.7%DINO FY2023: 5.0%DINO FY2024: 0.6%DINO FY2025: 2.2%PAGP FY2018: 1.0%PAGP FY2019: 1.0%PAGP FY2020: -2.4%PAGP FY2021: 0.1%PAGP FY2022: 0.3%PAGP FY2023: 0.4%PAGP FY2024: 0.2%PAGP FY2025: 0.6%FY18FY19FY20FY21FY22FY23FY24FY25
DINO 2.2%PAGP 0.6%
Revenue growth
DINO FY2022: +64.4%DINO FY2022: +107.8%DINO FY2023: -16.3%DINO FY2024: -10.6%DINO FY2025: -6.0%PAGP FY2019: -1.1%PAGP FY2020: -30.8%PAGP FY2021: +80.7%PAGP FY2022: +36.3%PAGP FY2023: -17.4%PAGP FY2024: +3.3%PAGP FY2025: -9.5%FY19FY20FY21FY22FY23FY24FY25
DINO -6.0%PAGP -9.5%
Free cash flow
DINO FY2020: $187.1MDINO FY2022: -$318.4MDINO FY2022: $3.3BDINO FY2023: $1.9BDINO FY2024: $640MDINO FY2025: $866MPAGP FY2018: $970MPAGP FY2019: $1.3BPAGP FY2020: $772MPAGP FY2021: $1.7BPAGP FY2022: $1.9BPAGP FY2023: $2.3BPAGP FY2024: $2BPAGP FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
DINO $866MPAGP $2.3B

Fiscal years as each company reports them; the two may end in different months.

Questions about HF Sinclair and Plains GP

Which is bigger by revenue, HF Sinclair or Plains GP?

Plains GP is bigger by revenue: $44.3B in fiscal 2025, against $26.9B for HF Sinclair in fiscal 2025.

Which keeps more of its revenue as profit, HF Sinclair or Plains GP?

HF Sinclair had a net margin of 2.2% in fiscal 2025; Plains GP had 0.6% in fiscal 2025.

Which grew revenue faster, HF Sinclair or Plains GP?

In their latest fiscal years revenue changed by -6.0% at HF Sinclair and -9.5% at Plains GP.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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