--- title: "Plains GP Holdings LP | 10-K: FY2025 Revenue: USD 44.26 B" type: "news" locale: "en" url: "https://longbridge.com/en/news/277254567.md" published_at: "2026-02-27T22:09:58.000Z" --- # Plains GP Holdings LP | 10-K: FY2025 Revenue: USD 44.26 B Revenue: As of FY2025, the actual value is USD 44.26 B. EPS: As of FY2025, the actual value is USD 1.3, missing the estimate of USD 1.4088. EBIT: As of FY2025, the actual value is USD 1.874 B. #### Consolidated Financial Performance - **Net Income**: Increased by 58% to $1,686 million in 2025 from $1,070 million in 2024. Net income attributable to Plains GP Holdings, L.P. rose by 152% to $260 million in 2025 from $103 million in 2024. - **Income from Continuing Operations, Net of Tax**: Increased by 55% to $1,303 million in 2025 from $839 million in 2024. - **Income from Discontinued Operations, Net of Tax**: Increased by 66% to $383 million in 2025 from $231 million in 2024. - **Interest Expense, Net**: Increased to - $467 million in 2025 from - $382 million in 2024, primarily due to Plains All American Pipeline, L.P.’s $3.0 billion senior notes issuance and higher commercial paper and term loan borrowings, partially offset by $1.0 billion senior notes repayment. - **Adjusted EBITDA (Consolidated)**: Increased by 1% to $3,374 million in 2025 from $3,326 million in 2024. - **Adjusted EBITDA Attributable to PAA**: Increased by 2% to $2,833 million in 2025 from $2,779 million in 2024. #### Crude Oil Segment - **Revenues**: Decreased by 9% to $44,131 million in 2025 from $48,720 million in 2024. - **Purchases and Related Costs**: Decreased by 10% to - $40,323 million in 2025 from - $45,033 million in 2024. - **Field Operating Costs**: Decreased by 22% to - $1,127 million in 2025 from - $1,440 million in 2024, mainly due to lower costs from Line 901 incident settlements in 2024, partially offset by higher expenses from acquisitions, increased volumes, and property taxes in 2025. - **Segment General and Administrative Expenses**: Increased by 5% to - $314 million in 2025 from - $298 million in 2024. - **Equity Earnings in Unconsolidated Entities**: Decreased by 15% to $382 million in 2025 from $452 million in 2024. - **Segment Adjusted EBITDA**: Increased by 3% to $2,344 million in 2025 from $2,276 million in 2024, driven by higher tariff volumes, contributions from acquisitions, and tariff escalations, partially offset by fewer market-based opportunities and contract rate resets. - **Maintenance Capital Expenditures**: Decreased by 16% to $153 million in 2025 from $183 million in 2024, primarily due to the timing of pipeline integrity activities. - **Average Volumes (Crude Oil Pipeline Tariff)**: Total crude oil pipeline tariff volumes increased by 8% to 9,680 thousand barrels per day (MBbls/d) in 2025 from 8,934 MBbls/d in 2024. Permian Basin volumes increased by 9% to 7,333 MBbls/d in 2025 from 6,731 MBbls/d in 2024. South Texas / Eagle Ford volumes increased by 29% to 521 MBbls/d in 2025 from 403 MBbls/d in 2024. Mid-Continent volumes increased by 2% to 518 MBbls/d in 2025 from 506 MBbls/d in 2024. #### NGL Segment - **Revenues**: Decreased by 19% to $151 million in 2025 from $187 million in 2024. - **Purchases and Related Costs**: Decreased by 12% to - $130 million in 2025 from - $147 million in 2024. - **Field Operating Costs**: Decreased by 13% to - $27 million in 2025 from - $31 million in 2024. - **Segment General and Administrative Expenses**: Decreased by 7% to - $28 million in 2025 from - $30 million in 2024. - **Segment Adjusted EBITDA**: The NGL Segment Adjusted EBITDA loss increased to - $34 million in 2025 from - $21 million in 2024, primarily due to overhead costs included in continuing operations not related to the Canadian NGL Business sale. - **Maintenance Capital Expenditures**: Decreased by 25% to $3 million in 2025 from $4 million in 2024. #### Cash Flow - **Net Cash Provided by Operating Activities from Continuing Operations**: Approximately $2.9 billion in 2025, compared to $2.5 billion in 2024. - **Liquidity**: As of December 31, 2025, Plains GP Holdings, L.P. had over $2.0 billion of total liquidity available, including $329 million in cash and cash equivalents, and available borrowing capacity under PAA’s senior unsecured revolving credit facility and senior secured hedged inventory facility. #### Outlook / Guidance Plains GP Holdings, L.P. anticipates continued increases in crude oil demand, with the Permian Basin remaining a significant global supply contributor. The company projects total investment capital for 2026 to be approximately $440 million ($350 million net to its interest) and maintenance capital at around $185 million ($165 million net to its interest). 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