P

PLAINS GP HOLDINGS LP

PAGP · CIK 0001581990

15 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$44.26B9.5%
FY2025
Net income (FY)
$260.0M152.4%
FY2025
Free cash flow (FY)
$2.29B12.4%
FY2025
Diluted EPS (FY)
$0.47370.0%
FY2014
The story, charted

The shape of the business

FY2011–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$20B$40B$60BFY2011 · Revenue $34.27B · Net income $2.0M · 0001104659-14-018845 · filed 2014-03-12FY11Revenue $34.27BNet income $2.0M0001104659-14-018845 · filed 2014-03-12FY2012 · Revenue $37.80B · Net income $3.0M · 0001104659-15-013899 · filed 2015-02-25FY12Revenue $37.80BNet income $3.0M0001104659-15-013899 · filed 2015-02-25FY2013 · Revenue $42.25B · Net income $15.0M · 0001104659-16-100037 · filed 2016-02-25FY13Revenue $42.25BNet income $15.0M0001104659-16-100037 · filed 2016-02-25FY2014 · Revenue $43.46B · Net income $70.0M · 0001581990-17-000004 · filed 2017-02-23FY14Revenue $43.46BNet income $70.0M0001581990-17-000004 · filed 2017-02-23FY2015 · Revenue $23.15B · Net income $118.0M · 0001581990-18-000005 · filed 2018-02-27FY15Revenue $23.15BNet income $118.0M0001581990-18-000005 · filed 2018-02-27FY2016 · Revenue $20.18B · Net income $94.0M · 0001581990-19-000004 · filed 2019-02-27FY16Revenue $20.18BNet income $94.0M0001581990-19-000004 · filed 2019-02-27FY2017 · Revenue $26.22B · Net income −$731.0M · 0001581990-20-000005 · filed 2020-02-27FY17Revenue $26.22BNet income −$731.0M0001581990-20-000005 · filed 2020-02-27FY2018 · Revenue $34.05B · Net income $334.0M · 0001581990-21-000007 · filed 2021-03-01FY18Revenue $34.05BNet income $334.0M0001581990-21-000007 · filed 2021-03-01FY2019 · Revenue $33.67B · Net income $331.0M · 0001581990-22-000006 · filed 2022-03-01FY19Revenue $33.67BNet income $331.0M0001581990-22-000006 · filed 2022-03-01FY2020 · Revenue $23.29B · Net income −$568.0M · 0001581990-23-000005 · filed 2023-03-01FY20Revenue $23.29BNet income −$568.0M0001581990-23-000005 · filed 2023-03-01FY2021 · Revenue $42.08B · Net income $60.0M · 0001581990-24-000008 · filed 2024-02-29FY21Revenue $42.08BNet income $60.0M0001581990-24-000008 · filed 2024-02-29FY2022 · Revenue $57.34B · Net income $168.0M · 0001581990-25-000006 · filed 2025-02-28FY22Revenue $57.34BNet income $168.0M0001581990-25-000006 · filed 2025-02-28FY2023 · Revenue $47.34B · Net income $198.0M · 0001581990-26-000012 · filed 2026-02-27FY23Revenue $47.34BNet income $198.0M0001581990-26-000012 · filed 2026-02-27FY2024 · Revenue $48.89B · Net income $103.0M · 0001581990-26-000012 · filed 2026-02-27FY24Revenue $48.89BNet income $103.0M0001581990-26-000012 · filed 2026-02-27FY2025 · Revenue $44.26B · Net income $260.0M · 0001581990-26-000012 · filed 2026-02-27FY25Revenue $44.26BNet income $260.0M0001581990-26-000012 · filed 2026-02-27FY25Revenue $44.26BNet income $260.0M0001581990-26-000012 · filed 2026-02-27FY11FY13FY15FY17FY19FY21FY23FY25

revenue 1.3× since FY2011 · net margin 0.0% → 0.6%

MarginsNet marginFCF margin
0%5%FY2011 · Net margin 0.0% · FCF margin 5.0%FY11Net margin 0.0%FCF margin 5.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 0.0% · FCF margin 0.1%FY12Net margin 0.0%FCF margin 0.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 0.0% · FCF margin 0.8%FY13Net margin 0.0%FCF margin 0.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 0.2% · FCF margin 0.1%FY14Net margin 0.2%FCF margin 0.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 0.5% · FCF margin -3.2%FY15Net margin 0.5%FCF margin -3.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 0.5% · FCF margin -3.1%FY16Net margin 0.5%FCF margin -3.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin -2.8% · FCF margin 5.6%FY17Net margin -2.8%FCF margin 5.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 1.0% · FCF margin 2.8%FY18Net margin 1.0%FCF margin 2.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 1.0% · FCF margin 3.9%FY19Net margin 1.0%FCF margin 3.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin -2.4% · FCF margin 3.3%FY20Net margin -2.4%FCF margin 3.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 0.1% · FCF margin 3.9%FY21Net margin 0.1%FCF margin 3.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 0.3% · FCF margin 3.4%FY22Net margin 0.3%FCF margin 3.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 0.4% · FCF margin 4.9%FY23Net margin 0.4%FCF margin 4.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 0.2% · FCF margin 4.2%FY24Net margin 0.2%FCF margin 4.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 0.6% · FCF margin 5.2%FY25Net margin 0.6%FCF margin 5.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 0.6%FCF margin 5.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’13’16’19’22’25

FY2025: net 0.6% · free cash flow 5.2% of revenue

Cash engineOperating cash flowFree cash flow
$0$2BFY2011 · OCF $2.36B · FCF $1.72B · 0001104659-14-018845 · filed 2014-03-12FY11OCF $2.36BFCF $1.72B0001104659-14-018845 · filed 2014-03-12FY2012 · OCF $1.23B · FCF $28.0M · 0001104659-15-013899 · filed 2015-02-25FY12OCF $1.23BFCF $28.0M0001104659-15-013899 · filed 2015-02-25FY2013 · OCF $1.95B · FCF $335.0M · 0001104659-16-100037 · filed 2016-02-25FY13OCF $1.95BFCF $335.0M0001104659-16-100037 · filed 2016-02-25FY2014 · OCF $1.99B · FCF $56.0M · 0001581990-17-000004 · filed 2017-02-23FY14OCF $1.99BFCF $56.0M0001581990-17-000004 · filed 2017-02-23FY2015 · OCF $1.35B · FCF −$732.0M · 0001581990-18-000005 · filed 2018-02-27FY15OCF $1.35BFCF −$732.0M0001581990-18-000005 · filed 2018-02-27FY2016 · OCF $718.0M · FCF −$616.0M · 0001581990-19-000004 · filed 2019-02-27FY16OCF $718.0MFCF −$616.0M0001581990-19-000004 · filed 2019-02-27FY2017 · OCF $2.50B · FCF $1.47B · 0001581990-20-000005 · filed 2020-02-27FY17OCF $2.50BFCF $1.47B0001581990-20-000005 · filed 2020-02-27FY2018 · OCF $2.60B · FCF $970.0M · 0001581990-21-000007 · filed 2021-03-01FY18OCF $2.60BFCF $970.0M0001581990-21-000007 · filed 2021-03-01FY2019 · OCF $2.50B · FCF $1.32B · 0001581990-22-000006 · filed 2022-03-01FY19OCF $2.50BFCF $1.32B0001581990-22-000006 · filed 2022-03-01FY2020 · OCF $1.51B · FCF $772.0M · 0001581990-23-000005 · filed 2023-03-01FY20OCF $1.51BFCF $772.0M0001581990-23-000005 · filed 2023-03-01FY2021 · OCF $1.99B · FCF $1.66B · 0001581990-24-000008 · filed 2024-02-29FY21OCF $1.99BFCF $1.66B0001581990-24-000008 · filed 2024-02-29FY2022 · OCF $2.40B · FCF $1.95B · 0001581990-25-000006 · filed 2025-02-28FY22OCF $2.40BFCF $1.95B0001581990-25-000006 · filed 2025-02-28FY2023 · OCF $2.72B · FCF $2.31B · 0001581990-26-000012 · filed 2026-02-27FY23OCF $2.72BFCF $2.31B0001581990-26-000012 · filed 2026-02-27FY2024 · OCF $2.48B · FCF $2.04B · 0001581990-26-000012 · filed 2026-02-27FY24OCF $2.48BFCF $2.04B0001581990-26-000012 · filed 2026-02-27FY2025 · OCF $2.93B · FCF $2.29B · 0001581990-26-000012 · filed 2026-02-27FY25OCF $2.93BFCF $2.29B0001581990-26-000012 · filed 2026-02-27FY25OCF $2.93BFCF $2.29B0001581990-26-000012 · filed 2026-02-27’13’16’19’22’25

FY2025: $2.93B operating cash − $643.0M capex = $2.29B free cash flow

The receipts