Filing Flows › Plains GP Holdings LP (PAGP) › Q3 2026 › vs Q2 2026
Plains GP Holdings LP (PAGP) Q3 2026 vs Q2 2026 (quarter over quarter)
Plains GP Holdings LP's revenue fell $2.5B (-14%) from $17.7B in Q2 2026 to $15.2B in Q3 2026. The biggest changes: Product sales revenues −$2.5B (-15%); Services revenues +$1.0M (+0.2%). Operating margin 3.4% against 2.2% (+1.2 pts).
Plains GP Holdings LP, Q3 2026: revenue $15.2B (+31% year over year), operating margin 3.4%, net earnings $68.0M, operating cash flow $672M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 3.4% | 2.2% | +1.2 pts |
| Net margin | 0.4% | 2.2% | -1.8 pts |
| Free cash flow margin | 3.5% | 4.6% | -1.1 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Product sales revenues | $14.7B | $17.2B | −$2.5B | -15% |
| Services revenues | $473M | $472M | $1.0M | +0.2% |
| Revenue | $15.2B | $17.7B | −$2.5B | -14% |
| Operating profit | $515M | $397M | $118M | +30% |
| Costs & expenses | $14.7B | $17.3B | −$2.6B | -15% |
| Pre-tax earnings | $420M | $2.0B | −$1.6B | -79% |
| Other expense, net | $95.0M | −$1.6B | $1.7B | — |
| Cost of revenue | $14.0B | $16.6B | −$2.5B | -15% |
| General & admin | $79.0M | $111M | −$32.0M | -29% |
| Other operating costs | $549M | $629M | −$80.0M | -13% |
| Income tax benefit | $12.0M | −$209M | $221M | — |
| Net earnings | $68.0M | $389M | −$321M | -83% |
| Minority interests | $364M | $1.4B | −$1.1B | -74% |
| Depreciation & amortization | $235M | $242M | −$7.0M | -3% |
| Working capital & other | $369M | $321M | $48.0M | +15% |
| Operating cash flow | $672M | $952M | −$280M | -29% |
| Free cash flow (OCF − capex) | $533M | $814M | −$281M | -35% |
| Capital expenditures | $139M | $138M | $1.0M | +0.7% |
Questions
How much did Plains GP Holdings LP's revenue grow quarter over quarter in Q3 2026?
Plains GP Holdings LP's revenue fell $2.5B (-14%) from $17.7B in Q2 2026 to $15.2B in Q3 2026.
What drove Plains GP Holdings LP's revenue change in Q3 2026?
Product sales revenues −$2.5B (-15%); Services revenues +$1.0M (+0.2%).