Filing Flows › Plains GP Holdings LP (PAGP) › Q2 2026 › vs Q1 2026
Plains GP Holdings LP (PAGP) Q2 2026 vs Q1 2026 (quarter over quarter)
Plains GP Holdings LP's revenue rose $5.2B (+42%) from $12.5B in Q1 2026 to $17.7B in Q2 2026. The biggest changes: Product sales revenues +$5.2B (+43%); Services revenues +$28.0M (+6%). Operating margin 2.2% against 3.2% (-1.0 pts).
Plains GP Holdings LP, Q2 2026: revenue $17.7B (+66% year over year), operating margin 2.2%, net earnings $389M, operating cash flow $952M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 2.2% | 3.2% | -1.0 pts |
| Net margin | 2.2% | 0.2% | +2.0 pts |
| Free cash flow margin | 4.6% | 2.3% | +2.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Product sales revenues | $17.2B | $12.0B | $5.2B | +43% |
| Services revenues | $472M | $444M | $28.0M | +6% |
| Revenue | $17.7B | $12.5B | $5.2B | +42% |
| Other income, net | $1.6B | −$173M | $1.8B | — |
| Operating profit | $397M | $403M | −$6.0M | -1% |
| Costs & expenses | $17.3B | $12.1B | $5.2B | +43% |
| Pre-tax earnings | $2.0B | $230M | $1.8B | +780% |
| Cost of revenue | $16.6B | $11.5B | $5.1B | +44% |
| General & admin | $111M | $83.0M | $28.0M | +34% |
| Other operating costs | $629M | $491M | $138M | +28% |
| Net earnings | $389M | $20.0M | $369M | 19× |
| Minority interests | $1.4B | $202M | $1.2B | +606% |
| Income tax | $209M | $8.0M | $201M | 26× |
| Depreciation & amortization | $242M | $243M | −$1.0M | -0.4% |
| Working capital & other | $321M | $155M | $166M | +107% |
| Operating cash flow | $952M | $418M | $534M | +128% |
| Free cash flow (OCF − capex) | $814M | $288M | $526M | +183% |
| Capital expenditures | $138M | $130M | $8.0M | +6% |
Questions
How much did Plains GP Holdings LP's revenue grow quarter over quarter in Q2 2026?
Plains GP Holdings LP's revenue rose $5.2B (+42%) from $12.5B in Q1 2026 to $17.7B in Q2 2026.
What drove Plains GP Holdings LP's revenue change in Q2 2026?
Product sales revenues +$5.2B (+43%); Services revenues +$28.0M (+6%).