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Plains GP Holdings LP vs Mplx LP: PAGP and MPLX compared
Plains GP Holdings LP is the larger company: $15.2B of revenue in its latest quarter (Q3 2026) against $3.6B for Mplx LP (Q3 2026). Plains GP Holdings LP is growing faster (+31% against -0.4% a year earlier). Mplx LP is more profitable, with an operating margin of 40.9% against 3.4%.
Where the money goes: PAGP and MPLX
Plains GP Holdings LP (PAGP) · Q3 2026
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 follows the revenue to costs, profit and cash.
Mplx LP (MPLX) · Q3 2026
Mplx LP, Q3 2026: revenue $3.6B (-0.4% year over year), operating margin 40.9%, net earnings $1.2B, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Plains GP Holdings LP (PAGP) | Mplx LP (MPLX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $15.2B | $3.6B |
| Revenue growth, Y/Y | +31% | -0.4% |
| Operating margin | 3.4% | 40.9% |
| Net earnings | $68.0M | $1.2B |
| Net margin | 0.4% | 32.3% |
| Operating cash flow | $672M | $1.5B |
| Free cash flow | $533M | $447M |
| Market value | $5.2B | $56.6B |
| P/E | 4.3× | 11.9× |
| Analysts’ mean target | $26.77 | $62.92 |
Where the revenue comes from
Plains GP Holdings LP
- Product sales revenues: $14.7B (97%)
- Services revenues: $473M (3%)
Mplx LP
- Natural Gas and NGL Services: $1.5B (42%)
- Crude Oil and Products Logistics: $1.3B (35%)
- Other revenues: $817M (23%)
Questions
Which is bigger, Plains GP Holdings LP or Mplx LP?
Plains GP Holdings LP is the larger company: $15.2B of revenue in its latest quarter (Q3 2026) against $3.6B for Mplx LP (Q3 2026).
Is Plains GP Holdings LP or Mplx LP growing faster?
Plains GP Holdings LP is growing faster (+31% against -0.4% a year earlier).
Which is more profitable, Plains GP Holdings LP or Mplx LP?
Mplx LP is more profitable, with an operating margin of 40.9% against 3.4%.
More: Plains GP Holdings LP earnings · how Plains GP Holdings LP makes money · Mplx LP earnings · how Mplx LP makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 9, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.