Filing Flows

Filing Flows › Companies › Plains GP Holdings LP › Cash flow

Plains GP Holdings LP cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$814M in Q2 2026 · $2.4B over twelve months

Operating cash flow$952M
Capital spending−$138M
Free cash flow+$814M
Cash / net income0.5×
Cash conversion cycle0 days

Analysis

In Q2 2026, Plains GP Holdings LP generated $952M of operating cash flow and spent $138M on capital projects, leaving free cash flow of $814M. That is $292M more than in Q2 2025 ($522M).

Over the twelve months to Jun 30, 2026, operating cash flow was $3.0B; the largest uses were net borrowing (+) / repaid (−) ($4.4B), acquisitions ($2.1B), partners ($1.4B); besides operations, cash came from other investing ($3.4B), other financing ($2.7B); the cash balance rose by $600M.

Operating cash flow was $952M against net income of $1.8B — 0.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$242M, deferred taxes +$102M, other non-cash −$3.0M.

Its cash conversion cycle was 0 days (receivables 26 + inventory 1 − payables 27).

Free cash flow

Plains GP Holdings LP: free cash flow by quarterPlains GP Holdings LP: free cash flow by quarter$579MQ3 2024$620MQ4 2024$498MQ1 2025$522MQ2 2025$632MQ3 2025$636MQ4 2025$288MQ1 2026$814MQ2 2026
Operating cash flow less capital spending.
Plains GP Holdings LP: operating cash flow against capital spendingPlains GP Holdings LP: operating cash flow against capital spendingOperating cash flowCapital spending$688M$109MQ3 2024$726M$106MQ4 2024$638M$140MQ1 2025$692M$170MQ2 2025$817M$185MQ3 2025$784M$148MQ4 2025$418M$130MQ1 2026$952M$138MQ2 2026
Latest (Q2 2026): Operating cash flow $952M, Capital spending $138M.

Capital allocation, year by year

Plains GP Holdings LP: where the cash came from (up) and went (down), by fiscal yearPlains GP Holdings LP: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $2.0BFY2021: Net borrowing −$756MFY2021: Asset sales $881MFY2021: Capital spending −$336MFY2021: Acquisitions −$32.0M$2.9BFY2021FY2022: Operating cash flow $2.4BFY2022: Net borrowing −$762MFY2022: Asset sales $60.0MFY2022: Capital spending −$455MFY2022: Acquisitions −$149M$2.5BFY2022FY2023: Operating cash flow $2.7BFY2023: Net borrowing −$677MFY2023: Asset sales $328MFY2023: Capital spending −$408MFY2023: Acquisitions −$425M$3.0BFY2023FY2024: Operating cash flow $2.5BFY2024: Net borrowing −$155MFY2024: Asset sales $11.0MFY2024: Capital spending −$448MFY2024: Acquisitions −$248M$2.5BFY2024FY2025: Operating cash flow $2.9BFY2025: Net borrowing $1.4BFY2025: Asset sales $81.0MFY2025: Capital spending −$643MFY2025: Acquisitions −$2.7BFY2025: Buybacks −$8.0M$4.5BFY2025
Over these 5 years operating cash flow totalled $12.5B; the largest uses were acquisitions ($3.5B) and net borrowing ($2.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1B
Debt$1.1B
Net debt$39.0M
Due within a year$750M

Plains GP Holdings LP funds itself: free cash flow was $2.4B over the last twelve months, and $1.1B of cash and investments stands against $1.1B of debt ($750M due within a year, 1.4× covered by cash).

Plains GP Holdings LP: debt maturities by year (FY2025)Plains GP Holdings LP: debt maturities by year (FY2025)$750MYear 1$1.0BYear 4$750MYear 5$6.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.1B of cash and investments now.

Where the cash came from and went

Plains GP Holdings LP: sources (+) and uses (−) of cash, Q2 2026Plains GP Holdings LP: sources (+) and uses (−) of cash, Q2 2026Other investing$3.5BOther financing−$1.9BNet borrowing (+) / repaid (−)−$1.1BOperating cash flow$952MCash drawn (+) / kept (−)−$888MPartners−$366MCapital spending−$138MAcquisitions−$42.0MExchange rates−$13.0MAsset & business sales$1.0M
Plains GP Holdings LP: sources (+) and uses (−) of cash, TTM to Q2 2026Plains GP Holdings LP: sources (+) and uses (−) of cash, TTM to Q2 2026Net borrowing (+) / repaid (−)−$4.4BOther investing$3.4BOperating cash flow$3.0BOther financing$2.7BAcquisitions−$2.1BPartners−$1.4BCapital spending−$601MCash drawn (+) / kept (−)−$600MAsset & business sales$64.0MNot reconciled−$11.0MExchange rates−$10.0M

From profit to cash

Plains GP Holdings LP: net income to operating cash flow, Q2 2026Plains GP Holdings LP: net income to operating cash flow, Q2 2026Net income$1.8BDepreciation & amortization$242MDeferred taxes$102MOther non-cash−$3.0MOperating cash flow$952M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026261270
Q1 202630233-0
Q4 202531234-1
Q3 202529130-0
Q2 2025322331
Q1 2025293320
Q4 2024293302
Q3 2024304313

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$952M−$138M−$42.0M−$1.1B−$888M$814M
Q1 2026$418M−$130M−$88.0M$116M$157M$288M
Q4 2025$784M−$148M−$1.8B$1.7B$852M$636M
Q3 2025$817M−$185M−$184M$786M−$721M$632M
Q2 2025$692M−$170M−$57.0M−$2.0M−$31.0M$522M
Q1 2025$638M−$140M−$624M$1.1B−$80.0M$498M
Q4 2024$726M−$106M−$104M$393M$292M$620M
Q3 2024$688M−$109M−$33.0M—−$85.0M$579M

Plains GP Holdings LP: income statement and cash flow

Plains GP Holdings LP, Q2 2026: revenue $17.7B (+66% year over year), operating margin 2.2%. The chart follows the revenue to costs, profit and cash.

Plains GP Holdings LP: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.