PLAINS GP HOLDINGS LP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Selected Quarterly Financial Data (Unaudited)F-
Note 21—Selected Quarterly Financial Data (Unaudited)
On June 17, 2025, we entered into a SPA with Keyera, pursuant to which Keyera agreed to acquire all of the issued and outstanding shares of Plains Midstream Canada ULC, our wholly-owned subsidiary that owns substantially all of our Canadian NGL Business. See Note 1 for additional information. We determined that in conjunction with entering into the SPA, the operations of the Canadian NGL Business meet the criteria for classification as held for sale and for discontinued operations reporting, as the sale will represent a strategic shift that will have a major effect on our operations and financial results.
The following table sets forth selected quarterly financial data (in millions, except per share data):
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total (1) | |
|---|---|---|---|---|---|
| Total revenues | $11,477 | $10,642 | $11,578 | $10,565 | $44,262 |
| Gross margin (2) | $440 | $321 | $567 | $447 | $1,776 |
| Operating income | $353 | $237 | $483 | $354 | $1,428 |
| Income from continuing operations, net of tax | $356 | $213 | $428 | $306 | $1,303 |
| Income from discontinued operations, net of tax | $136 | $70 | $76 | $102 | $383 |
| Net income | $492 | $283 | $504 | $408 | $1,686 |
| Net income attributable to PAGP | $84 | $30 | $83 | $62 | $260 |
| Basic net income per Class A share: | |||||
| Continuing operations | $0.23 | $0.05 | $0.31 | $0.17 | $0.77 |
| Discontinued operations | 0.19 | 0.10 | 0.11 | 0.14 | 0.54 |
| Basic net income per Class A share | $0.42 | $0.15 | $0.42 | $0.31 | $1.31 |
| Diluted net income per Class A share: | |||||
| Continuing operations | $0.23 | $0.05 | $0.31 | $0.17 | $0.77 |
| Discontinued operations | 0.19 | 0.10 | 0.10 | 0.14 | 0.53 |
| Diluted net income per Class A share | $0.42 | $0.15 | $0.41 | $0.31 | $1.30 |
| Total revenues | $11,639 | $12,757 | $12,456 | $12,035 | $48,889 |
| Gross margin (2) | $437 | $411 | $282 | $67 | $1,196 |
| Operating income/(loss) | $355 | $330 | $195 | $(17) | $862 |
| Income from continuing operations, net of tax | $326 | $284 | $187 | $42 | $839 |
| Income from discontinued operations, net of tax | $10 | $32 | $114 | $74 | $231 |
| Net income | $336 | $316 | $301 | $116 | $1,070 |
| Net income/(loss) attributable to PAGP | $42 | $39 | $33 | $(11) | $103 |
| Basic net income/(loss) per Class A share: | |||||
| Continuing operations | $0.20 | $0.15 | $0.01 | $(0.16) | $0.19 |
| Discontinued operations | 0.01 | 0.05 | 0.16 | 0.11 | 0.33 |
| Basic net income/(loss) per Class A share | $0.21 | $0.20 | $0.17 | $(0.05) | $0.52 |
| Diluted net income/(loss) per Class A share: | |||||
| Continuing operations | $0.20 | $0.15 | $0.01 | $(0.16) | $0.19 |
| Discontinued operations | 0.01 | 0.04 | 0.16 | 0.11 | 0.32 |
| Diluted net income/(loss) per Class A share | $0.21 | $0.19 | $0.17 | $(0.05) | $0.51 |
(1)The sum of the four quarters may not equal the year due to rounding.
(2)Gross margin is calculated as Total revenues less (i) Purchases and related costs, (ii) Field operating costs, (iii) Depreciation and amortization and (iv) (Gains)/losses on asset sales, asset impairments and other, net.
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