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Plains GP Holdings LP vs Plains All American Pipeline LP: PAGP and PAA compared
Plains GP Holdings LP is the larger company: $17.7B of revenue in its latest quarter (Q2 2026) against $15.2B for Plains All American Pipeline LP (Q3 2026). Plains GP Holdings LP is growing faster (+66% against +31% a year earlier). Plains All American Pipeline LP is more profitable, with an operating margin of 3.4% against 2.2%.
Where the money goes: PAGP and PAA
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.
Plains All American Pipeline LP (PAA) · Q3 2026
Plains All American Pipeline LP, Q3 2026: revenue $15.2B (+31% year over year), operating margin 3.4%, net earnings $363M, operating cash flow $669M. The chart follows the revenue to costs, profit and cash.
| Plains GP Holdings LP (PAGP) | Plains All American Pipeline LP (PAA) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $17.7B | $15.2B |
| Revenue growth, Y/Y | +66% | +31% |
| Operating margin | 2.2% | 3.4% |
| Net earnings | $389M | $363M |
| Net margin | 2.2% | 2.4% |
| Operating cash flow | $952M | $669M |
| Free cash flow | $814M | $458M |
| Market value | $5.2B | $17.3B |
| P/E | 4.3× | 12.5× |
| Analysts’ mean target | $26.77 | $26.76 |
Where the revenue comes from
Plains GP Holdings LP
- Product sales revenues: $17.2B (97%)
- Services revenues: $472M (3%)
Questions
Which is bigger, Plains GP Holdings LP or Plains All American Pipeline LP?
Plains GP Holdings LP is the larger company: $17.7B of revenue in its latest quarter (Q2 2026) against $15.2B for Plains All American Pipeline LP (Q3 2026).
Is Plains GP Holdings LP or Plains All American Pipeline LP growing faster?
Plains GP Holdings LP is growing faster (+66% against +31% a year earlier).
Which is more profitable, Plains GP Holdings LP or Plains All American Pipeline LP?
Plains All American Pipeline LP is more profitable, with an operating margin of 3.4% against 2.2%.
More: Plains GP Holdings LP earnings · how Plains GP Holdings LP makes money · Plains All American Pipeline LP earnings · how Plains All American Pipeline LP makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 10, 2026; 8-K filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.