Mplx Lp Financials

MPLX

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Mplx Lp (MPLX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 70/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Mplx Lp has an operating margin of 45.7%, meaning the company retains $46 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 44.3% the prior year.

Growth

Mplx Lp's revenue grew 8.9% year-over-year to $13.0B, a solid pace of expansion. This earns a growth score of 48/100.

Leverage

Mplx Lp carries a low D/E ratio of 1.66, meaning only $1.66 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 68/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Mplx Lp's current ratio of 1.23 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 20/100, which could limit financial flexibility.

Cash Flow

100

Mplx Lp converts 31.6% of revenue into free cash flow ($4.1B). This strong cash generation earns a score of 100/100.

Returns

Mplx Lp earns a strong 34.1% return on equity (ROE), meaning it generates $34 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 87/100. This is up from 31.1% the prior year.

Piotroski F-Score Neutral

4/9

Mplx Lp passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.19x

For every $1 of reported earnings, Mplx Lp generates $1.19 in operating cash flow ($5.9B OCF vs $5.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

5.5x

Mplx Lp earns $5.5 in operating income for every $1 of interest expense ($5.9B vs $1.1B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$13.0B

YoY+8.9%

5Y CAGR+11.4%

10Y CAGR+28.0%

Mplx Lp generated $13.0B in revenue in fiscal year 2025. This represents an increase of 8.9% from the prior year.

EBITDA

N/A

Net Income

$5.0B

YoY+13.7%

10Y CAGR+41.3%

Mplx Lp reported $5.0B in net income in fiscal year 2025. This represents an increase of 13.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$4.1B

YoY-16.1%

5Y CAGR+4.2%

10Y CAGR+46.0%

Mplx Lp generated $4.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 16.1% from the prior year.

Cash & Debt

$2.1B

YoY+40.7%

5Y CAGR+169.6%

10Y CAGR+47.8%

Mplx Lp held $2.1B in cash against $24.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

45.7%

YoY+1.4pp

5Y CAGR+42.9pp

Mplx Lp's operating margin was 45.7% in fiscal year 2025, reflecting core business profitability. This is up 1.4 percentage points from the prior year.

Net Margin

38.1%

YoY+1.6pp

5Y CAGR+47.6pp

10Y CAGR+23.9pp

Mplx Lp's net profit margin was 38.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.6 percentage points from the prior year.

Return on Equity

34.1%

YoY+3.0pp

5Y CAGR+39.2pp

10Y CAGR+32.5pp

Mplx Lp's ROE was 34.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$400.0M

YoY+22.7%

5Y CAGR+64.7%

Mplx Lp spent $400.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 22.7% from the prior year.

Capital Expenditures

$1.8B

YoY+71.2%

5Y CAGR+8.9%

10Y CAGR+18.4%

Mplx Lp invested $1.8B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 71.2% from the prior year.

MPLX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$13.0B+8.9%	$11.9B+5.8%	$11.3B-2.9%	$11.6B+15.8%	$10.0B+32.5%	$7.6B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$446.0M+4.4%	$427.0M+12.7%	$379.0M+13.1%	$335.0M-5.1%	$353.0M-6.6%	$378.0M
Operating Income	$5.9B+12.4%	$5.3B+7.9%	$4.9B-0.2%	$4.9B+23.0%	$4.0B+1791.9%	$211.0M
Interest Expense	$1.1B+11.3%	$963.0M+5.6%	$912.0M+7.0%	$852.0M	N/A	N/A
Income Tax	N/A	$10.0M-9.1%	$11.0M+37.5%	$8.0M+700.0%	$1.0M-50.0%	$2.0M
Net Income	$5.0B+13.7%	$4.4B+10.9%	$3.9B-0.4%	$3.9B+28.2%	$3.1B+527.4%	-$720.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$3.3B-10.1%	$3.6B+20.5%	$3.0B-3.9%	$3.1B+2.0%	$3.1B+3.1%	$3.0B-2.6%	$3.1B+7.2%	$2.8B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$101.0M-19.8%	$126.0M+17.8%	$107.0M-4.5%	$112.0M+7.7%	$104.0M-2.8%	$107.0M0.0%	$107.0M-1.8%	$109.0M
Operating Income	$1.5B-17.7%	$1.8B+39.3%	$1.3B-5.3%	$1.4B+1.7%	$1.3B+5.3%	$1.3B-10.1%	$1.4B+13.4%	$1.3B
Interest Expense	$305.0M+9.3%	$279.0M+13.0%	$247.0M+2.5%	$241.0M-2.0%	$246.0M-2.0%	$251.0M+5.5%	$238.0M+4.4%	$228.0M
Income Tax	N/A	$3.0M+200.0%	$1.0M0.0%	$1.0M-80.0%	$5.0M+150.0%	$2.0M0.0%	$2.0M+100.0%	$1.0M
Net Income	$1.2B-22.6%	$1.6B+47.0%	$1.1B-6.9%	$1.1B+2.4%	$1.1B+5.9%	$1.0B-11.7%	$1.2B+16.8%	$1.0B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MPLX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$43.0B+14.6%	$37.5B+2.7%	$36.5B+2.4%	$35.7B+0.4%	$35.5B-2.5%	$36.4B
Current Assets	$4.0B+21.9%	$3.3B+16.7%	$2.8B+47.4%	$1.9B+26.4%	$1.5B-0.5%	$1.5B
Cash & Equivalents	$2.1B+40.7%	$1.5B+44.9%	$1.0B+340.3%	$238.0M+1730.8%	$13.0M-13.3%	$15.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$735.0M+2.4%	$718.0M-12.8%	$823.0M+11.7%	$737.0M+12.7%	$654.0M+44.7%	$452.0M
Goodwill	$8.8B+14.5%	$7.6B0.0%	$7.6B0.0%	$7.6B-0.2%	$7.7B0.0%	$7.7B
Total Liabilities	$28.5B+21.2%	$23.5B+2.4%	$22.9B+3.6%	$22.2B-1.5%	$22.5B+0.3%	$22.4B
Current Liabilities	$3.2B+0.4%	$3.2B+23.3%	$2.6B+9.3%	$2.4B-28.3%	$3.3B+60.5%	$2.1B
Long-Term Debt	$24.2B+25.4%	$19.3B-0.2%	$19.3B+2.6%	$18.8B+4.1%	$18.1B-6.7%	$19.4B
Total Equity	$14.5B+3.7%	$14.0B+3.1%	$13.6B+0.5%	$13.5B+3.8%	$13.0B-6.9%	$14.0B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$43.0B-0.5%	$43.2B+14.2%	$37.8B-2.9%	$39.0B+3.9%	$37.5B-2.6%	$38.5B+0.3%	$38.4B+5.3%	$36.5B
Current Assets	$4.0B-13.1%	$4.6B+44.8%	$3.2B-29.8%	$4.5B+38.0%	$3.3B-22.3%	$4.2B+0.5%	$4.2B+96.2%	$2.1B
Cash & Equivalents	$2.1B+21.1%	$1.8B+27.3%	$1.4B-45.3%	$2.5B+66.8%	$1.5B-37.4%	$2.4B-3.0%	$2.5B+549.6%	$385.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$735.0M+0.8%	$729.0M-1.0%	$736.0M-14.2%	$858.0M+19.5%	$718.0M-3.2%	$742.0M-0.7%	$747.0M-0.7%	$752.0M
Goodwill	$8.8B+0.3%	$8.7B+14.2%	$7.6B0.0%	$7.6B0.0%	$7.6B0.0%	$7.6B0.0%	$7.6B0.0%	$7.6B
Total Liabilities	$28.5B-0.8%	$28.7B+20.6%	$23.8B-4.5%	$24.9B+6.0%	$23.5B-4.2%	$24.5B+0.1%	$24.5B+7.5%	$22.8B
Current Liabilities	$3.2B-7.2%	$3.5B+14.1%	$3.1B-26.4%	$4.2B+28.9%	$3.2B-24.2%	$4.3B+1.0%	$4.2B+42.8%	$3.0B
Long-Term Debt	$24.2B0.0%	$24.1B+22.4%	$19.7B0.0%	$19.7B+2.4%	$19.3B0.0%	$19.3B0.0%	$19.2B+2.3%	$18.8B
Total Equity	$14.5B0.0%	$14.5B+3.4%	$14.0B-0.1%	$14.1B+0.4%	$14.0B+0.2%	$14.0B+0.7%	$13.9B+1.8%	$13.6B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MPLX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$5.9B-0.6%	$5.9B+10.2%	$5.4B+7.5%	$5.0B+2.2%	$4.9B+8.6%	$4.5B
Capital Expenditures	$1.8B+71.2%	$1.1B+12.7%	$937.0M+16.3%	$806.0M+52.4%	$529.0M-55.3%	$1.2B
Free Cash Flow	$4.1B-16.1%	$4.9B+9.6%	$4.5B+5.9%	$4.2B-3.9%	$4.4B+31.3%	$3.3B
Investing Cash Flow	-$4.9B-143.4%	-$2.0B-59.3%	-$1.3B-31.0%	-$956.0M-84.6%	-$518.0M+59.0%	-$1.3B
Financing Cash Flow	-$435.0M+87.5%	-$3.5B-4.3%	-$3.3B+13.1%	-$3.8B+12.7%	-$4.4B-34.9%	-$3.3B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$400.0M+22.7%	$326.0M	$0-100.0%	$491.0M-22.1%	$630.0M+1809.1%	$33.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$1.5B+4.5%	$1.4B-17.6%	$1.7B+39.3%	$1.2B-25.6%	$1.7B+18.4%	$1.4B-9.6%	$1.6B+21.2%	$1.3B
Capital Expenditures	$714.0M+35.7%	$526.0M+74.8%	$301.0M+12.7%	$267.0M-13.3%	$308.0M+10.0%	$280.0M+31.5%	$213.0M-16.5%	$255.0M
Free Cash Flow	$782.0M-13.6%	$905.0M-36.9%	$1.4B+46.6%	$979.0M-28.4%	$1.4B+20.4%	$1.1B-16.1%	$1.4B+30.5%	$1.0B
Investing Cash Flow	$78.0M+102.1%	-$3.7B-519.8%	-$602.0M-0.2%	-$601.0M-72.2%	-$349.0M+34.9%	-$536.0M-370.2%	-$114.0M+88.6%	-$996.0M
Financing Cash Flow	-$1.2B-144.9%	$2.7B+217.4%	-$2.3B-716.8%	$370.0M+116.6%	-$2.2B-134.1%	-$954.0M-243.5%	$665.0M+169.4%	-$958.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$100.0M0.0%	$100.0M0.0%	$100.0M0.0%	$100.0M0.0%	$100.0M+31.6%	$76.0M+1.3%	$75.0M0.0%	$75.0M

MPLX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	45.7%+1.4pp	44.3%+0.9pp	43.4%+1.2pp	42.3%+2.5pp	39.8%+37.0pp	2.8%
Net Margin	38.1%+1.6pp	36.5%+1.7pp	34.8%+0.9pp	34.0%+3.3pp	30.7%+40.2pp	-9.5%
Return on Equity	34.1%+3.0pp	31.1%+2.2pp	28.9%-0.3pp	29.2%+5.5pp	23.6%+28.8pp	-5.1%
Return on Assets	11.5%-0.1pp	11.6%+0.9pp	10.8%-0.3pp	11.1%+2.4pp	8.7%+10.7pp	-2.0%
Current Ratio	1.23+0.2	1.01-0.1	1.07+0.3	0.79+0.3	0.45-0.3	0.73
Debt-to-Equity	1.66+0.3	1.37-0.0	1.42+0.0	1.390.0	1.390.0	1.39
FCF Margin	31.6%-9.4pp	41.0%+1.4pp	39.5%+3.3pp	36.3%-7.4pp	43.7%-0.4pp	44.1%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	45.6%-4.2pp	49.8%+6.7pp	43.1%-0.7pp	43.7%-0.1pp	43.9%+1.0pp	42.9%-3.6pp	46.5%+2.5pp	44.0%
Net Margin	37.0%-6.0pp	43.0%+7.7pp	35.2%-1.1pp	36.4%+0.2pp	36.2%+1.0pp	35.2%-3.6pp	38.9%+3.2pp	35.7%
Return on Equity	8.3%-2.4pp	10.7%+3.2pp	7.5%-0.5pp	8.1%+0.2pp	7.9%+0.4pp	7.5%-1.1pp	8.5%+1.1pp	7.4%
Return on Assets	2.8%-0.8pp	3.6%+0.8pp	2.8%-0.1pp	2.9%-0.1pp	3.0%+0.2pp	2.7%-0.4pp	3.1%+0.3pp	2.8%
Current Ratio	1.23-0.1	1.31+0.3	1.03-0.1	1.08+0.1	1.01+0.0	0.990.0	0.99+0.3	0.72
Debt-to-Equity	1.660.0	1.66+0.3	1.400.0	1.40+0.0	1.370.0	1.380.0	1.390.0	1.38
FCF Margin	24.1%-1.0pp	25.0%-22.8pp	47.8%+16.4pp	31.3%-13.3pp	44.6%+6.4pp	38.2%-6.1pp	44.3%+7.9pp	36.4%

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Frequently Asked Questions

What is Mplx Lp's annual revenue?

Mplx Lp (MPLX) reported $13.0B in total revenue for fiscal year 2025. This represents a 8.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Mplx Lp's revenue growing?

Mplx Lp (MPLX) revenue grew by 8.9% year-over-year, from $11.9B to $13.0B in fiscal year 2025.

Is Mplx Lp profitable?

Yes, Mplx Lp (MPLX) reported a net income of $5.0B in fiscal year 2025, with a net profit margin of 38.1%.

How much debt does Mplx Lp have?

As of fiscal year 2025, Mplx Lp (MPLX) had $2.1B in cash and equivalents against $24.2B in long-term debt.

What is Mplx Lp's operating margin?

Mplx Lp (MPLX) had an operating margin of 45.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Mplx Lp's net profit margin?

Mplx Lp (MPLX) had a net profit margin of 38.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Mplx Lp's return on equity (ROE)?

Mplx Lp (MPLX) has a return on equity of 34.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Mplx Lp's free cash flow?

Mplx Lp (MPLX) generated $4.1B in free cash flow during fiscal year 2025. This represents a -16.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Mplx Lp's operating cash flow?

Mplx Lp (MPLX) generated $5.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Mplx Lp's total assets?

Mplx Lp (MPLX) had $43.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Mplx Lp's capital expenditures?

Mplx Lp (MPLX) invested $1.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Mplx Lp buy back shares?

Yes, Mplx Lp (MPLX) spent $400.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Mplx Lp's current ratio?

Mplx Lp (MPLX) had a current ratio of 1.23 as of fiscal year 2025, which is considered adequate.

What is Mplx Lp's debt-to-equity ratio?

Mplx Lp (MPLX) had a debt-to-equity ratio of 1.66 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Mplx Lp's return on assets (ROA)?

Mplx Lp (MPLX) had a return on assets of 11.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Mplx Lp's Piotroski F-Score?

Mplx Lp (MPLX) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Mplx Lp's earnings high quality?

Mplx Lp (MPLX) has an earnings quality ratio of 1.19x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Mplx Lp cover its interest payments?

Mplx Lp (MPLX) has an interest coverage ratio of 5.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Mplx Lp?

Mplx Lp (MPLX) scores 70 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.