Filing Flows › Plains GP Holdings LP (PAGP) › Q2 2026 › vs Q2 2025
Plains GP Holdings LP (PAGP) Q2 2026 vs Q2 2025 (year over year)
Plains GP Holdings LP's revenue rose $7.1B (+66%) from $10.6B in Q2 2025 to $17.7B in Q2 2026. The biggest changes: Product sales revenues +$7.0B (+69%); Services revenues +$27.0M (+6%). Operating margin 2.2% against 2.2% (+0.0 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 2.2% | 2.2% | +0.0 pts |
| Net margin | 2.2% | 0.3% | +1.9 pts |
| Free cash flow margin | 4.6% | 4.9% | -0.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Product sales revenues | $17.2B | $10.2B | $7.0B | +69% |
| Services revenues | $472M | $445M | $27.0M | +6% |
| Revenue | $17.7B | $10.6B | $7.1B | +66% |
| Other income, net | $1.6B | $62.0M | $1.6B | 26× |
| Operating profit | $397M | $237M | $160M | +68% |
| Costs & expenses | $17.3B | $10.4B | $6.9B | +66% |
| Pre-tax earnings | $2.0B | $299M | $1.7B | +577% |
| Cost of revenue | $16.6B | $9.8B | $6.8B | +70% |
| General & admin | $111M | $84.0M | $27.0M | +32% |
| Other operating costs | $629M | $563M | $66.0M | +12% |
| Net earnings | $389M | $30.0M | $359M | 13× |
| Minority interests | $1.4B | $253M | $1.2B | +464% |
| Income tax | $209M | $16.0M | $193M | 13× |
| Depreciation & amortization | $242M | $235M | $7.0M | +3% |
| Working capital & other | $321M | $427M | −$106M | -25% |
| Operating cash flow | $952M | $692M | $260M | +38% |
| Free cash flow (OCF − capex) | $814M | $522M | $292M | +56% |
| Capital expenditures | $138M | $170M | −$32.0M | -19% |
Questions
How much did Plains GP Holdings LP's revenue grow year over year in Q2 2026?
Plains GP Holdings LP's revenue rose $7.1B (+66%) from $10.6B in Q2 2025 to $17.7B in Q2 2026.
What drove Plains GP Holdings LP's revenue change in Q2 2026?
Product sales revenues +$7.0B (+69%); Services revenues +$27.0M (+6%).