Filing Flows › Plains GP Holdings LP (PAGP) › Q4 2025
Plains GP Holdings LP (PAGP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Plains GP Holdings LP (PAGP) reported revenue of $10.6B for the fourth quarter 2025 (Q4 2025), -12% from a year earlier and -9% from the quarter before. Operating margin was 3.4%, net earnings $62.0M (0.6% of revenue).
Plains GP Holdings LP, Q4 2025: revenue $10.6B (-12% year over year), operating margin 3.4%, net earnings $62.0M, operating cash flow $784M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $10.6B | -9% | -12% |
| Operating profit | $354M | -27% | — |
| Net earnings | $62.0M | -25% | — |
| Operating cash flow | $784M | -4% | +8% |
| Free cash flow | $636M | +0.6% | +3% |
What changed
Revenue was $10.6B in Q4 2025, down 12% year over year and down 9% from the previous quarter. Product sales revenues was the largest line at 96% of revenue.
Operating profit was $0.35B, a 3.4% margin (up 3.5 points year over year). Total costs fell 15% while revenue fell 12%. The fastest-growing cost line was General & admin (+12%). Net earnings were $0.06B. The effective tax rate was 3.8%.
Operating cash flow was $0.78B (up 8% year over year), 192% of net income including minority interests. Non-cash charges added back $0.26B of depreciation and amortization. Working capital and other items added $0.12B. Capital expenditures of $0.15B left free cash flow of $0.64B.
Questions
What was Plains GP Holdings LP's revenue in the fourth quarter 2025?
Plains GP Holdings LP (PAGP) reported revenue of $10.6B for the fourth quarter 2025 (Q4 2025), -12% from a year earlier and -9% from the quarter before.
Was Plains GP Holdings LP profitable in the fourth quarter 2025?
Operating profit was $354M (3.4% of revenue) and net earnings $62.0M.