Plains GP Holdings, L.P. filed its quarterly report on Form 10-Q for the period ended June 30, 2026, with the U.S. Securities and Exchange Commission on August 10, 2026, disclosing sharply higher revenues and significant income from a discontinued operations divestiture.

Key Highlights

  • Total revenues: $17,693 million for Q2 2026, up from $10,642 million in Q2 2025, according to the filing.
  • Net income attributable to PAGP: $389 million for Q2 2026, compared to $30 million in Q2 2025.
  • Discontinued operations gain: Income from discontinued operations, net of tax, was $1,649 million for Q2 2026, versus $70 million in Q2 2025.
  • Basic net income per Class A share: $1.97 for Q2 2026, compared to $0.15 in Q2 2025.
  • Total assets: $30,233 million as of June 30, 2026, down from $31,276 million as of December 31, 2025.
  • Class A shares outstanding: 197,904,124 as of July 31, 2026.
  • Cash and cash equivalents: $1,060 million as of June 30, 2026, up from $329 million at December 31, 2025.

Plains GP Holdings Q2 2026 Financial Results and Canadian NGL Divestiture Impact

Plains GP Holdings, L.P. (Nasdaq Global Select Market: PAGP), a Delaware limited partnership headquartered at 333 Clay Street, Suite 1600, Houston, Texas, reported total revenues of $17,693 million for the three months ended June 30, 2026, according to the filing. This compares to $10,642 million for the same period in 2025. Product sales revenues accounted for $17,221 million of the Q2 2026 total, while services revenues contributed $472 million. For the six months ended June 30, 2026, total revenues were $30,162 million, up from $22,119 million in the prior-year period.

A significant portion of reported net income in the quarter was attributed to discontinued operations. The filing references a Canadian NGL Business Divestiture in Note 2, and income from discontinued operations, net of tax, reached $1,649 million in Q2 2026. Income from continuing operations, net of tax, was $166 million for the quarter, down from $213 million in Q2 2025. Net income attributable to PAGP from continuing operations showed a loss of $74 million for Q2 2026, compared to income of $10 million in Q2 2025. Net income attributable to noncontrolling interests was $1,426 million for the quarter.

On the balance sheet, total partners' capital increased to $15,314 million as of June 30, 2026, from $14,216 million at December 31, 2025. Long-term liabilities declined to $9,068 million from $12,158 million, reflecting reductions in senior notes and other long-term debt. Assets and liabilities of discontinued operations, which carried values of $3,036 million and $988 million respectively at December 31, 2025, showed zero balances as of June 30, 2026, consistent with the divestiture disclosure referenced in the filing.

What Was Disclosed

Plains GP Holdings disclosed its unaudited condensed consolidated financial results for Q2 and the first half of 2026, including sharply higher revenues, a large gain from discontinued operations tied to a Canadian NGL business divestiture, and updated balance sheet figures reflecting that transaction's completion.