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Plains GP Holdings LP vs HF Sinclair: PAGP and DINO compared
Plains GP Holdings LP is the larger company: $17.7B of revenue in its latest quarter (Q2 2026) against $10.9B for HF Sinclair (Q3 2026). Plains GP Holdings LP is growing faster (+66% against +50% a year earlier). HF Sinclair is more profitable, with an operating margin of 24.6% against 2.2%.
Where the money goes: PAGP and DINO
Plains GP Holdings LP (PAGP) · Q2 2026
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 follows the revenue to costs, profit and cash.
HF Sinclair (DINO) · Q3 2026
HF Sinclair, Q3 2026: revenue $10.9B (+50% year over year), operating margin 24.6%, net earnings $2.0B, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
| Plains GP Holdings LP (PAGP) | HF Sinclair (DINO) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $17.7B | $10.9B |
| Revenue growth, Y/Y | +66% | +50% |
| Operating margin | 2.2% | 24.6% |
| Net earnings | $389M | $2.0B |
| Net margin | 2.2% | 18.6% |
| Operating cash flow | $952M | $1.8B |
| Free cash flow | $814M | $1.6B |
| Market value | $5.2B | $17.2B |
| P/E | 4.3× | 5.0× |
| Analysts’ mean target | $26.77 | $122.81 |
Where the revenue comes from
Plains GP Holdings LP
- Product sales revenues: $17.2B (97%)
- Services revenues: $472M (3%)
HF Sinclair
- Total refined product revenues: $10.1B (93%)
- Excess crude oil revenues: $413M (4%)
- Other revenues: $298M (3%)
- Transportation and logistics services: $34.0M (0%)
Questions
Which is bigger, Plains GP Holdings LP or HF Sinclair?
Plains GP Holdings LP is the larger company: $17.7B of revenue in its latest quarter (Q2 2026) against $10.9B for HF Sinclair (Q3 2026).
Is Plains GP Holdings LP or HF Sinclair growing faster?
Plains GP Holdings LP is growing faster (+66% against +50% a year earlier).
Which is more profitable, Plains GP Holdings LP or HF Sinclair?
HF Sinclair is more profitable, with an operating margin of 24.6% against 2.2%.
More: Plains GP Holdings LP earnings · how Plains GP Holdings LP makes money · HF Sinclair earnings · how HF Sinclair makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 10, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.