PAGP (Plains GP Holdings LP) Operating Income: $1,382 Mil (TTM As of Mar. 2026)

What is Plains GP Holdings LP Operating Income?

Plains GP Holdings LP PAGP -1.52% 73 Operating Income is $1,382 Mil as of Mar. 2026. GuruFocus rates PAGP with a GF Score™ of 73/100 and a GF Value™ of $19.69 (Modestly Overvalued). The stock has 11 warning signs investors should review.

Plains GP Holdings LP's Operating Income for the three months ended in Mar. 2026 was $350 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $1,382 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Plains GP Holdings LP's Operating Income for the three months ended in Mar. 2026 was $350 Mil. Plains GP Holdings LP's Revenue for the three months ended in Mar. 2026 was $12,470 Mil. Therefore, Plains GP Holdings LP's Operating Margin % for the quarter that ended in Mar. 2026 was 2.81%.

Warning Sign:

Plains GP Holdings LP operating margin has been in a 5-year decline. The average rate of decline per year is -6.7%.

Plains GP Holdings LP's 5-Year average Growth Rate for Operating Margin % was -6.70% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Plains GP Holdings LP's annualized ROC % for the quarter that ended in Mar. 2026 was 4.86%. Plains GP Holdings LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 11.17%.

Plains GP Holdings LP (NAS:PAGP) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Plains GP Holdings LP's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

	ROC % (Q: Mar. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	1400 * ( 1 - 2.4% )	/	( (28017	+	28210)	/ 2 )
=	1366.4	/	28113.5
=	4.86 %

where

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	31276	-	3457	-	( 329	-	max(0, 4902	-	4704	+	329	))
=	28017

	Invested Capital		(Q: Mar. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	32760	-	4928	-	( 172	-	max(0, 6536	-	6158	+	172	))
=	28210

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Plains GP Holdings LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	1908	/	( ( (17058 + max(36, 0))	+	(17070 + max(-130, 0)) )	/	2 )
=	1908	/	( ( 17094	+	17070 )	/	2 )
=	1908	/	17082
=	11.17 %

where Working Capital is:

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(3598	+	211	+	566)	-	(3457	+	0	+	882)
=	36

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(4821	+	380	+	785)	-	(4928	+	0	+	1188)
=	-130

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Plains GP Holdings LP's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2026 )	/	Revenue (Q: Mar. 2026 )
	=	350	/	12470
	=	2.81 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Plains GP Holdings LP Operating Income Related Terms

Plains GP Holdings LP Operating Income Historical Data

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The historical data trend for Plains GP Holdings LP's Operating Income can be seen below:

Plains GP Holdings LP Operating Income Chart

Plains GP Holdings LP Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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1,434.00

1,553.00

1,097.00

1,021.00

1,374.00

Plains GP Holdings LP Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Operating Income	Get a 7-Day Free Trial															342.00	279.00	391.00	362.00	350.00

73GF Score

Plains GP Holdings LP PAGP

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Plains GP Holdings LP Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $1,382 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $1,382 Mil mean?

Plains GP Holdings LP (PAGP) has a Operating Income of $1,382 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Plains GP Holdings LP and its competitors.

Is Plains GP Holdings LP's Operating Income too high?

Plains GP Holdings LP's current Operating Income is $1,382 Mil. Overall, Plains GP Holdings LP has a GF Score™ of 73/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Plains GP Holdings LP's Operating Income compare to HESM and GLNG?

Plains GP Holdings LP's Operating Income of $1,382 Mil can be compared against companies in the Oil & Gas industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for an Oil & Gas company?

A good Operating Income depends on the Oil & Gas industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Plains GP Holdings LP and its competitors. Plains GP Holdings LP's current Operating Income is $1,382 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Plains GP Holdings LP stock overvalued right now?

Based on GuruFocus' analysis, Plains GP Holdings LP (PAGP) is currently considered Modestly Overvalued. The stock's GF Value™ is $19.69, compared to a current price of $24.58 — trading 24.8% above its estimated fair value. The current Operating Income is $1,382 Mil. Plains GP Holdings LP's overall GF Score™ is 73/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Plains GP Holdings LP (PAGP), the current Operating Income is $1,382 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Plains GP Holdings LP (PAGP) Overvalued in 2026?

Based on GuruFocus' analysis, Plains GP Holdings LP stock appears to be overvalued. The current stock price of $24.58 is trading 24.8% above its estimated GF Value™ of $19.69. GuruFocus considers Plains GP Holdings LP to be Modestly Overvalued.

Key valuation signals for PAGP:

Operating Income: $1,382 Mil
GF Value™: $19.69 vs. price of $24.58 (24.8% above fair value)
GF Score™: 73/100 with 11 warning signs

No single metric tells the full story. See the PAGP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Plains GP Holdings LP Business Description

Industry Energy Oil & Gas

Comparable Companies HESM GLNG INSW KNTK STNG SUNC DHT TNK NGL GEL TSX:ENB WMB EPD KMI TSX:TRP ET TRGP MPLX OKE LNG

Address 333 Clay Street, Suite 1600, Houston, TX, USA, 77002

Website https://www.plains.com

Plains GP Holdings LP owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), and natural gas. The group manages its operations through two operating segments: Crude Oil segment operations generally consist of gathering and transporting crude oil using pipelines (including gathering systems), trucks, and, at times, on barges or railcars; and NGL segment operations involve NGL storage and terminalling from NGL assets located in the Southwestern United States. It generates the majority of its revenue from the Crude Oil segment. Its geographic markets are the United States and Canada. It generates the majority of its revenue from the United States.

73GF Score

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Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$24.58

Price

$19.69

GF Value

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