Plains GP Holdings Reports Strong 2025 Results, Raises Distribution

Plains GP Holdings ( (PAGP) ) has provided an update.

On February 6, 2026, Plains All American Pipeline and Plains GP Holdings reported strong fourth-quarter and full-year 2025 results, with net income attributable to Plains All American rising to $342 million for the quarter and $1.435 billion for the year, and adjusted EBITDA reaching $738 million and $2.833 billion, respectively, alongside an 18% year-on-year increase in operating cash flow to $2.94 billion. The group highlighted a year-end 2025 pro forma leverage ratio of 3.9x, recent refinancing and funding actions around the Cactus III acquisition, and the pending divestiture of its Canadian NGL business—now classified as discontinued operations—to sharpen its focus on crude oil infrastructure; it also issued 2026 guidance calling for roughly $2.75 billion in adjusted EBITDA, projected $1.8 billion in adjusted free cash flow, disciplined capital spending, and a 10% increase in its annualized distribution with a lower coverage threshold, signaling confidence in more predictable cash flows and continued capital returns to unitholders.

The most recent analyst rating on (PAGP) stock is a Buy with a $22.50 price target. To see the full list of analyst forecasts on Plains GP Holdings stock, see the PAGP Stock Forecast page.

Spark’s Take on PAGP Stock

According to Spark, TipRanks’ AI Analyst, PAGP is a Outperform.

Plains GP Holdings’ overall stock score is driven by strong financial stability and positive technical indicators. The strategic acquisition of EPIC Crude Holdings further strengthens its market position. However, the relatively high P/E ratio suggests caution regarding valuation. The attractive dividend yield provides a compensating factor for income-focused investors.

To see Spark’s full report on PAGP stock, click here.

More about Plains GP Holdings

Plains All American Pipeline, L.P. and Plains GP Holdings operate in the North American midstream energy sector, focusing on crude oil transportation, storage and related logistics, with additional natural gas liquids (NGL) assets primarily in the United States and crude oil assets in Canada. The companies are repositioning themselves as a pure-play crude oil midstream provider through the sale of their Canadian NGL business and the integration of the recently acquired Cactus III (formerly EPIC) pipeline assets.

Average Trading Volume: 1,609,736

Technical Sentiment Signal: Buy

Current Market Cap: $16.07B

Find detailed analytics on PAGP stock on TipRanks’ Stock Analysis page.