---
schema_version: "secwatch.filing_event.v1"
accession: "0001581990-26-000009"
form_type: "8-K"
ticker: "PAGP"
cik: "0001581990"
company_name: "PLAINS GP HOLDINGS LP"
filed_at: "2026-02-06T23:59:59+00:00"
generated_at: "2026-05-16T04:05:51.712652+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Plains All American Q4 2025 net income $342M; adj. EBITDA $738M; distribution increased 10%

## Summary
- Q4 2025 net income attributable to PAA $342M vs $36M YoY; full-year $1.435B vs $772M.
- Adjusted EBITDA attributable to PAA Q4 $738M, full-year $2.833B.
- 2026 adj. EBITDA guidance midpoint $2.75B (+/- $75M); expects one quarter of NGL contribution.
- Annualized distribution increased $0.15 to $1.67/unit (10% increase); coverage threshold lowered to 150%.
- Cost savings of $100M by 2027 and $50M Cactus III synergies; NGL divestiture to Keyera closing Q1 2026.

## SEC filing metadata
- accession: 0001581990-26-000009
- form_type: 8-K
- ticker: PAGP
- cik: 0001581990
- company_name: PLAINS GP HOLDINGS LP
- filed_at: 2026-02-06T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1581990/000158199026000009/0001581990-26-000009-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1581990/000158199026000009/pagp-20260206.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001581990-26-000009
- JSON: https://secwatch.observer/filing/0001581990-26-000009.json
- Plain text: https://secwatch.observer/filing/0001581990-26-000009.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.