Filing Flows › Plains GP Holdings LP (PAGP) › Q1 2026 › vs Q1 2025
Plains GP Holdings LP (PAGP) Q1 2026 vs Q1 2025 (year over year)
Plains GP Holdings LP's revenue rose $993M (+9%) from $11.5B in Q1 2025 to $12.5B in Q1 2026. The biggest changes: Product sales revenues +$980M (+9%); Services revenues +$13.0M (+3%). Operating margin 3.2% against 3.1% (+0.1 pts).
Plains GP Holdings LP, Q1 2026: revenue $12.5B (+9% year over year), operating margin 3.2%, net earnings $20.0M, operating cash flow $418M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Operating margin | 3.2% | 3.1% | +0.1 pts |
| Net margin | 0.2% | 0.7% | -0.6 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Product sales revenues | $12.0B | $11.0B | $980M | +9% |
| Services revenues | $444M | $431M | $13.0M | +3% |
| Revenue | $12.5B | $11.5B | $993M | +9% |
| Operating profit | $403M | $355M | $48.0M | +14% |
| Costs & expenses | $12.1B | $11.1B | $945M | +8% |
| Pre-tax earnings | $230M | $524M | −$294M | -56% |
| Other expense, net | $173M | −$169M | $342M | — |
| Cost of revenue | $11.5B | $10.5B | $976M | +9% |
| General & admin | $83.0M | $86.0M | −$3.0M | -3% |
| Other operating costs | $491M | $519M | −$28.0M | -5% |
| Net earnings | $20.0M | $84.0M | −$64.0M | -76% |
| Minority interests | $202M | $408M | −$206M | -50% |
| Income tax | $8.0M | $32.0M | −$24.0M | -75% |
| Depreciation & amortization | $243M | $232M | $11.0M | +5% |
| Working capital & other | $155M | $322M | −$167M | -52% |
| Operating cash flow | $418M | $638M | −$220M | -34% |
Questions
How much did Plains GP Holdings LP's revenue grow year over year in Q1 2026?
Plains GP Holdings LP's revenue rose $993M (+9%) from $11.5B in Q1 2025 to $12.5B in Q1 2026.
What drove Plains GP Holdings LP's revenue change in Q1 2026?
Product sales revenues +$980M (+9%); Services revenues +$13.0M (+3%).