Filing Flows › Plains GP Holdings LP (PAGP) › Q1 2025
Plains GP Holdings LP (PAGP) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Plains GP Holdings LP (PAGP) reported revenue of $11.5B for the first quarter 2025 (Q1 2025), -1% from a year earlier and -5% from the quarter before. Operating margin was 4.6%, net earnings $84.0M (0.7% of revenue).
Plains GP Holdings LP, Q1 2025: revenue $11.5B (-1% year over year), operating margin 4.6%, net earnings $84.0M, operating cash flow $638M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.5B | -5% | -1% |
| Operating profit | $532M | — | +50% |
| Net earnings | $84.0M | — | +100% |
| Operating cash flow | $638M | -12% | +53% |
| Free cash flow | $447M | -20% | +71% |
What changed
Revenue was $11.5B in Q1 2025, down 1% year over year and down 5% from the previous quarter.
Operating profit was $0.53B, a 4.6% margin (up 1.6 points year over year). Total costs fell 3% while revenue fell 1%. The fastest-growing cost line was Other operating costs (+21%). Net earnings were $0.08B, up 100% year over year. The effective tax rate was 6.1%.
Operating cash flow was $0.64B (up 53% year over year), 130% of net income including minority interests. Non-cash charges added back $0.26B of depreciation and amortization. Working capital and other items used $0.12B. Capital expenditures of $0.19B left free cash flow of $0.45B.
Questions
What was Plains GP Holdings LP's revenue in the first quarter 2025?
Plains GP Holdings LP (PAGP) reported revenue of $11.5B for the first quarter 2025 (Q1 2025), -1% from a year earlier and -5% from the quarter before.
Was Plains GP Holdings LP profitable in the first quarter 2025?
Operating profit was $532M (4.6% of revenue) and net earnings $84.0M.