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Plains GP vs Phillips 66: revenue, profit, margins and growth compared

Plains GP brought in $44.3B of revenue in fiscal 2025, Phillips 66 $132.4B in fiscal 2025. Revenue changed by -9.5% at Plains GP and -7.5% at Phillips 66 on the year before, so Phillips 66 grew faster. Plains GP kept 0.6% of its revenue as net profit, Phillips 66 3.3%.

Side by side, latest fiscal year

PAGPPSX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$44.3B$132.4B
Revenue growth-9.5%-7.5%
Net income$260M$4.4B
Net margin0.6%3.3%
Free cash flow$2.3Bn/a
Free cash flow margin5.2%n/a
Earnings per share (diluted)n/a$10.79
Cash$329M$1.1B
Debt$1.1B$19.7B
Price to earningsn/a23.7
Market value$5.3B$102B
Dividend yieldn/a1.86%
Rank by revenue in sector#8 of 129 · Energy#4 of 129 · Energy

Over the years

Revenue
PAGP FY2018: $34.1BPAGP FY2019: $33.7BPAGP FY2020: $23.3BPAGP FY2021: $42.1BPAGP FY2022: $57.3BPAGP FY2023: $47.3BPAGP FY2024: $48.9BPAGP FY2025: $44.3BPSX FY2018: $111.5BPSX FY2019: $107.3BPSX FY2020: $64.1BPSX FY2021: $111.5BPSX FY2022: $170BPSX FY2023: $147.4BPSX FY2024: $143.2BPSX FY2025: $132.4BFY18FY19FY20FY21FY22FY23FY24FY25
PAGP $44.3BPSX $132.4B
Net income
PAGP FY2018: $334MPAGP FY2019: $331MPAGP FY2020: -$568MPAGP FY2021: $60MPAGP FY2022: $168MPAGP FY2023: $198MPAGP FY2024: $103MPAGP FY2025: $260MPSX FY2018: $5.6BPSX FY2019: $3.1BPSX FY2020: -$4BPSX FY2021: $1.3BPSX FY2022: $11BPSX FY2023: $7BPSX FY2024: $2.1BPSX FY2025: $4.4BFY18FY19FY20FY21FY22FY23FY24FY25
PAGP $260MPSX $4.4B
Net margin
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%PSX FY2018: 5.0%PSX FY2019: 2.9%PSX FY2020: -6.2%PSX FY2021: 1.2%PSX FY2022: 6.5%PSX FY2023: 4.8%PSX FY2024: 1.5%PSX FY2025: 3.3%FY18FY19FY20FY21FY22FY23FY24FY25
PAGP 0.6%PSX 3.3%
Revenue growth
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%PSX FY2019: -3.7%PSX FY2020: -40.2%PSX FY2021: +73.8%PSX FY2022: +52.5%PSX FY2023: -13.3%PSX FY2024: -2.9%PSX FY2025: -7.5%FY19FY20FY21FY22FY23FY24FY25
PAGP -9.5%PSX -7.5%
Free cash flow
PAGP FY2018: $970MPAGP FY2019: $1.3BPAGP FY2020: $772MPAGP FY2021: $1.7BPAGP FY2022: $1.9BPAGP FY2023: $2.3BPAGP FY2024: $2BPAGP FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
PAGP $2.3BPSX

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

Questions about Plains GP and Phillips 66

Which is bigger by revenue, Plains GP or Phillips 66?

Phillips 66 is bigger by revenue: $132.4B in fiscal 2025, against $44.3B for Plains GP in fiscal 2025.

Which keeps more of its revenue as profit, Plains GP or Phillips 66?

Plains GP had a net margin of 0.6% in fiscal 2025; Phillips 66 had 3.3% in fiscal 2025.

Which grew revenue faster, Plains GP or Phillips 66?

In their latest fiscal years revenue changed by -9.5% at Plains GP and -7.5% at Phillips 66.

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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