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Plains GP vs Valero Energy: revenue, profit, margins and growth compared

Plains GP brought in $44.3B of revenue in fiscal 2025, Valero Energy $122.7B in fiscal 2025. Revenue changed by -9.5% at Plains GP and -5.5% at Valero Energy on the year before, so Valero Energy grew faster. Plains GP kept 0.6% of its revenue as net profit, Valero Energy 1.9%.

Side by side, latest fiscal year

PAGPVLO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$44.3B$122.7B
Revenue growth-9.5%-5.5%
Net income$260M$2.3B
Net margin0.6%1.9%
Free cash flow$2.3Bn/a
Free cash flow margin5.2%n/a
Earnings per share (diluted)n/a$7.57
Cash$329M$4.7B
Debt$1.1B$8.3B
Price to earningsn/a51.1
Market value$5.3B$111.5B
Dividend yieldn/a1.17%
Rank by revenue in sector#8 of 129 · Energy#5 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: $44.3BVLO FY2018: $117BVLO FY2019: $108.3BVLO FY2020: $64.9BVLO FY2021: $114BVLO FY2022: $176.4BVLO FY2023: $144.8BVLO FY2024: $129.9BVLO FY2025: $122.7BFY18FY19FY20FY21FY22FY23FY24FY25
PAGP $44.3BVLO $122.7B
Net income
PAGP FY2018: $334MPAGP FY2019: $331MPAGP FY2020: -$568MPAGP FY2021: $60MPAGP FY2022: $168MPAGP FY2023: $198MPAGP FY2024: $103MPAGP FY2025: $260MVLO FY2018: $3.1BVLO FY2019: $2.4BVLO FY2020: -$1.4BVLO FY2021: $930MVLO FY2022: $11.5BVLO FY2023: $8.8BVLO FY2024: $2.8BVLO FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
PAGP $260MVLO $2.3B
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%VLO FY2018: 2.7%VLO FY2019: 2.2%VLO FY2020: -2.2%VLO FY2021: 0.8%VLO FY2022: 6.5%VLO FY2023: 6.1%VLO FY2024: 2.1%VLO FY2025: 1.9%FY18FY19FY20FY21FY22FY23FY24FY25
PAGP 0.6%VLO 1.9%
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%VLO FY2019: -7.4%VLO FY2020: -40.1%VLO FY2021: +75.6%VLO FY2022: +54.8%VLO FY2023: -17.9%VLO FY2024: -10.3%VLO FY2025: -5.5%FY19FY20FY21FY22FY23FY24FY25
PAGP -9.5%VLO -5.5%
Free cash flow
PAGP FY2018: $970MPAGP FY2019: $1.3BPAGP FY2020: $772MPAGP FY2021: $1.7BPAGP FY2022: $1.9BPAGP FY2023: $2.3BPAGP FY2024: $2BPAGP FY2025: $2.3BVLO FY2018: $995MVLO FY2019: $2.7BVLO FY2020: -$1.5BVLO FY2021: $3.4BVLO FY2022: $9.8BVLO FY2023: $7.3BVLO FY2024: $4.6BFY18FY19FY20FY21FY22FY23FY24FY25
PAGP $2.3BVLO $4.6B

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

Questions about Plains GP and Valero Energy

Which is bigger by revenue, Plains GP or Valero Energy?

Valero Energy is bigger by revenue: $122.7B in fiscal 2025, against $44.3B for Plains GP in fiscal 2025.

Which keeps more of its revenue as profit, Plains GP or Valero Energy?

Plains GP had a net margin of 0.6% in fiscal 2025; Valero Energy had 1.9% in fiscal 2025.

Which grew revenue faster, Plains GP or Valero Energy?

In their latest fiscal years revenue changed by -9.5% at Plains GP and -5.5% at Valero Energy.

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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