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Plains GP Holdings LP vs Enbridge: PAGP and ENB compared
Plains GP Holdings LP is the larger company: $17.7B of revenue in its latest quarter (Q2 2026) against $21.1B for Enbridge (Q3 2026). Plains GP Holdings LP is growing faster (+66% against +44% a year earlier). Enbridge is more profitable, with an operating margin of 10.1% against 2.2%.
Where the money goes: PAGP and ENB
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.
Enbridge (ENB) · Q3 2026
Enbridge, Q3 2026: revenue $21.1B (+44% year over year), operating margin 10.1%, net earnings $1.4B, operating cash flow $2.7B. The chart follows the revenue to costs, profit and cash.
| Plains GP Holdings LP (PAGP) | Enbridge (ENB) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $17.7B | $21.1B |
| Revenue growth, Y/Y | +66% | +44% |
| Operating margin | 2.2% | 10.1% |
| Net earnings | $389M | $1.4B |
| Net margin | 2.2% | 6.6% |
| Operating cash flow | $952M | $2.7B |
| Free cash flow | $814M | — |
| Market value | $5.2B | $107.2B |
| P/E | 4.3× | 15.5× |
| Analysts’ mean target | $26.77 | $51.09 |
Where the revenue comes from
Plains GP Holdings LP
- Product sales revenues: $17.2B (97%)
- Services revenues: $472M (3%)
Enbridge
- Commodity Sales Revenue: $14.9B (70%)
- Transportation and Other Services Revenues: $4.9B (23%)
- Gas Distribution Sales: $1.3B (6%)
Questions
Which is bigger, Plains GP Holdings LP or Enbridge?
Plains GP Holdings LP is the larger company: $17.7B of revenue in its latest quarter (Q2 2026) against $21.1B for Enbridge (Q3 2026).
Is Plains GP Holdings LP or Enbridge growing faster?
Plains GP Holdings LP is growing faster (+66% against +44% a year earlier).
Which is more profitable, Plains GP Holdings LP or Enbridge?
Enbridge is more profitable, with an operating margin of 10.1% against 2.2%.
More: Plains GP Holdings LP earnings · how Plains GP Holdings LP makes money · Enbridge earnings · how Enbridge makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 10, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.