Filing Flows › Plains GP Holdings LP (PAGP) › Q1 2026 › vs Q4 2025
Plains GP Holdings LP (PAGP) Q1 2026 vs Q4 2025 (quarter over quarter)
Plains GP Holdings LP's revenue rose $1.9B (+18%) from $10.6B in Q4 2025 to $12.5B in Q1 2026. The biggest changes: Product sales revenues +$1.9B (+19%); Services revenues −$8.0M (-2%). Operating margin 3.2% against 3.4% (-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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 3.2% | 3.4% | -0.1 pts |
| Net margin | 0.2% | 0.6% | -0.4 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Product sales revenues | $12.0B | $10.1B | $1.9B | +19% |
| Services revenues | $444M | $452M | −$8.0M | -2% |
| Revenue | $12.5B | $10.6B | $1.9B | +18% |
| Operating profit | $403M | $354M | $49.0M | +14% |
| Costs & expenses | $12.1B | $10.2B | $1.9B | +18% |
| Pre-tax earnings | $230M | $424M | −$194M | -46% |
| Other expense, net | $173M | −$70.0M | $243M | — |
| Cost of revenue | $11.5B | $9.6B | $1.9B | +20% |
| General & admin | $83.0M | $93.0M | −$10.0M | -11% |
| Other operating costs | $491M | $547M | −$56.0M | -10% |
| Net earnings | $20.0M | $62.0M | −$42.0M | -68% |
| Minority interests | $202M | $346M | −$144M | -42% |
| Income tax | $8.0M | $16.0M | −$8.0M | -50% |
| Depreciation & amortization | $243M | $257M | −$14.0M | -5% |
| Working capital & other | $155M | $465M | −$310M | -67% |
| Operating cash flow | $418M | $784M | −$366M | -47% |
Questions
How much did Plains GP Holdings LP's revenue grow quarter over quarter in Q1 2026?
Plains GP Holdings LP's revenue rose $1.9B (+18%) from $10.6B in Q4 2025 to $12.5B in Q1 2026.
What drove Plains GP Holdings LP's revenue change in Q1 2026?
Product sales revenues +$1.9B (+19%); Services revenues −$8.0M (-2%).