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Oil & gas midstream · Energy · Fiscal year ends Dec 31
Plains GP reported revenue of $44.3B in the fiscal year ended Dec 2025, down 9.5% from the year before. Operating income was $1.4B, an operating margin of 3.2%, and net income was $260M. Operating cash flow of $2.9B less capital expenditure of $643M left free cash flow of $2.3B. Net debt was $1.3B.
Ranks among the 18 oil & gas midstream companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 42,078 | 57,342 | 47,336 | 48,889 | 44,262 |
| Cost of revenue | 38,504 | 53,176 | 43,937 | 45,162 | 40,433 |
| Gross profit | 3,574 | 4,166 | 3,399 | 3,727 | 3,829 |
| Operating income | 842 | 1,284 | 1,249 | 862 | 1,428 |
| Interest expense | 425 | 405 | 386 | 382 | 467 |
| Pre-tax income | 712 | 1,409 | 1,362 | 963 | 1,395 |
| Income tax | 112 | 246 | 129 | 124 | 92.0 |
| Net income | 60.0 | 168 | 198 | 103 | 260 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 452 | 404 | 453 | 349 | 329 |
| Receivables | 4,705 | 3,907 | 3,760 | 3,679 | 3,598 |
| Inventory | 783 | 729 | 548 | 261 | 211 |
| Current assets | 6,140 | 5,358 | 4,916 | 4,776 | 4,704 |
| Net PP&E | 14,909 | 15,253 | 15,782 | 13,446 | 16,860 |
| Total assets | 29,978 | 29,207 | 28,597 | 27,756 | 31,276 |
| Payables | 4,811 | 4,045 | 3,845 | 3,647 | 3,457 |
| Deferred revenue | 141 | 229 | 101 | 87.0 | 87.0 |
| Current liabilities | 6,234 | 5,893 | 5,005 | 4,924 | 4,902 |
| Short-term debt | 822 | 1,159 | 446 | 407 | 563 |
| Long-term debt | 8,398 | 7,287 | 7,305 | 7,211 | 1,099 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,991 | 2,404 | 2,722 | 2,484 | 2,931 |
| Capital expenditure | 336 | 455 | 408 | 448 | 643 |
| Free cash flow | 1,655 | 1,949 | 2,314 | 2,036 | 2,288 |
| Depreciation & amortisation | 777 | 968 | 912 | 901 | 953 |
| Stock-based compensation | 24.0 | 41.0 | 51.0 | 52.0 | 50.0 |
| Share buybacks | – | – | – | 0.0 | 8.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 36.3% | −17.4% | 3.3% | −9.5% |
| Operating income growth (YoY) | – | 52.5% | −2.7% | −31.0% | 65.7% |
| Gross margin | 8.5% | 7.3% | 7.2% | 7.6% | 8.7% |
| Operating margin | 2.0% | 2.2% | 2.6% | 1.8% | 3.2% |
| Net margin | 0.1% | 0.3% | 0.4% | 0.2% | 0.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.5% | 5.5% | 5.3% | 3.8% | 5.4% |
| Free cash flow margin | 3.9% | 3.4% | 4.9% | 4.2% | 5.2% |
| Cash conversion (CFO ÷ net income) | 33.2x | 14.3x | 13.7x | 24.1x | 11.3x |
| Receivable days | 41 | 25 | 29 | 27 | 30 |
| Inventory days | 7 | 5 | 5 | 2 | 2 |
| Payable days | 46 | 28 | 32 | 29 | 31 |
| Interest cover | 1.98x | 3.17x | 3.24x | 2.26x | 3.06x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 8,768 | 8,042 | 7,298 | 7,269 | 1,333 |
| Current ratio | 0.98x | 0.91x | 0.98x | 0.97x | 0.96x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.