Plains GP Holdings FY 2025 earnings recap

Plains GP Holdings (PAGP) has just wrapped up FY 2025 with fourth quarter revenue of US$10.6 billion and a basic EPS loss of US$0.20, as investors weigh these headline figures against a current share price of US$23.63. Over recent quarters the company has seen revenue move between US$10.6 billion and US$12.5 billion. Basic EPS has ranged from a loss of US$0.44 in late 2024 to a small profit of US$0.04 in Q3 2025. This sets the stage for a close look at how earnings quality is evolving. With trailing 12 month results still showing a net loss but a mixed pattern of quarterly profitability, the focus now shifts squarely to how efficiently Plains GP Holdings is converting its large revenue base into sustainable margins.

See our full analysis for Plains GP Holdings.

With the headline numbers on the table, the next step is to stack these results against the most common narratives around Plains GP Holdings to see which storylines hold up and which look out of sync with the data.

Trailing 12‑month loss of US$123 million

• Over the last 12 months, Plains GP Holdings reported total revenue of US$44.3b and a net income loss excluding extra items of US$123 million, alongside basic EPS of a US$0.62 loss.
• Consensus narrative points to earnings reaching US$394.5 million by about 2029. However, the current trailing loss and recent quarterly swings between a US$52 million loss and a US$7 million profit show that the path from a US$123 million loss to those earnings targets still relies on much steadier profitability than the recent figures alone indicate.
  • For context, quarterly net income excluding extra items moved between a US$40 million loss and a US$7 million profit in 2025, which is a much narrower band than the multi hundred million earnings levels embedded in the consensus narrative.
  • Analysts also expect margins to shift from around a 0.3% loss today to a 0.8% margin in three years, a change that is not yet visible in the trailing 12 month loss profile.

P/S of 0.1x against slower 3.4% revenue forecast

• The stock trades on a P/S of 0.1x compared with a cited industry average of 2.1x and peer average of 6.5x, while revenue is forecast to grow at 3.4% a year versus a referenced 11.4% a year for the wider US market.
• Bulls argue that the low multiple and a DCF fair value of about US$113.90 create a large valuation gap, but the modest 3.4% revenue growth forecast and current trailing loss of US$123 million mean the optimistic view leans heavily on future margin gains rather than top line acceleration.
  • Even with revenue at roughly US$44.3b on a trailing basis, the unprofitable result shows that simply having a large revenue base has not yet translated into the higher quality earnings the bullish narrative expects from fee based contracts and integration benefits.
  • The bullish narrative also talks about margin expansion from roughly 0.3% to 0.6%, which is a relatively small change compared with the implied upside from the low P/S and DCF fair value, so investors need to weigh how much of that gap is already explained by current profitability strain.

On the bullish side, if you want to see how supporters link these numbers to a more optimistic long term story, check out the 🐂 Plains GP Holdings Bull Case.

Dividend yield of 7.07% with thin earnings cover

• The company offers a 7.07% dividend yield, but trailing 12 month earnings are in a loss position and the latest 12 month net income excluding extra items was a US$123 million loss, which means the payout has not been covered by recent earnings.
• Bears focus on this weak coverage and on the current unprofitable status, arguing that a 7.07% yield is harder to sustain when quarterly net income excluding extra items has been negative in three of the last four quarters and revenue growth is expected to trail the wider US market at 3.4% a year.
  • Across 2025, net income excluding extra items was a loss of US$40 million in Q4, a US$7 million profit in Q3, and losses of US$40 million and US$52 million in Q2 and Q1 respectively, which backs the concern that cash generation may be uneven against a large ongoing dividend commitment.
  • The forecast for slower revenue growth than the broader market adds to that cautious view because it suggests that any improvement in earnings coverage would need to come mainly from margin and cost discipline rather than rapid top line expansion.

For the more cautious angle, where critics stress payout risk and earnings volatility against the current share price of US$23.63, take a look at the 🐻 Plains GP Holdings Bear Case.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Plains GP Holdings on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With mixed signals on profitability, valuation and income, it helps to see the figures in context and decide where you stand rather than rely on headlines. To weigh the balance of concerns and potential upside for yourself, start by checking the 4 key rewards and 1 important warning sign.

Explore Alternatives

Plains GP Holdings is working with a trailing 12 month net loss of US$123 million, thin earnings cover for a 7.07% yield, and uneven recent profitability.

If that mix of inconsistent earnings and dividend strain makes you cautious, compare it with companies in the 12 dividend fortresses that pair higher yields with stronger earnings support and potentially more dependable income.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.