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Mplx Lp Financials

MPLX
FY2025 annual
Revenue $13.0B +8.9% YoY
Net Income $5.0B +13.7% YoY
EPS (Diluted) Not reported for FY2025
Free Cash Flow $4.1B -16.1% YoY
Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Mplx Lp (MPLX) reported $13.0B in revenue for fiscal year 2025, up 8.9% from the prior fiscal year. This page shows its 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).

Rhea AI MPLX FY2025

A high-margin cash engine is funding growth, but FY2025 expansion spending made the business lean more on debt.

By FY2025, operating margin reached 45.7% even as free cash flow margin fell to 31.6%, so the business became more profitable on paper while retaining less cash per sales dollar. Because operating cash flow held near $5.9B while capital spending climbed to $1.8B, that squeeze looks driven by reinvestment rather than weaker core earnings.

From FY2023 through FY2025, net margin expanded from 34.8% to 38.1% even though revenue did not surge. With SG&A rising far more slowly than sales across the same stretch, the pattern fits fixed-cost absorption more than a one-time accounting lift.

The balance sheet is better positioned for near-term obligations than it was earlier, with current assets now slightly above current liabilities and cash at $2.1B. But it remains structurally debt-funded, carrying $24.2B of long-term debt, so stability depends on keeping the cash engine running rather than on cash reserves alone.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity CashFlow Returns 71 / 100
Financial Health Score 71/100
Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Mplx Lp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
95
Growth
65
Leverage
35
Liquidity
45
Cash Flow
94
Returns
89
Piotroski F-Score Partial
4/7

Mplx Lp passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 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
5.54x

Mplx Lp earns $5.54 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.

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.

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

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

Not reported for fiscal year 2025.

Shares Outstanding

Not reported for fiscal year 2025.

Margins & Returns

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.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

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.

R&D Spending

Not reported for fiscal year 2025.

MPLX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MPLX annual income statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12
Revenue$13.2B$13.0B+8.9%$11.9B+5.8%$11.3B-2.9%$11.6B+15.8%$10.0B+32.5%$7.6B-16.3%$9.0B+29.1%$7.0B+81.1%$3.9B+27.7%$3.0B+175.1%$1.1B+38.8%$793.0M+11.2%$713.0MN/A
SG&A Expenses$449.0M$446.0M+4.4%$427.0M+12.7%$379.0M+13.1%$335.0M-5.1%$353.0M-6.6%$378.0M-2.6%$388.0M+22.8%$316.0M+31.1%$241.0M+6.2%$227.0M+81.6%$125.0M+54.3%$81.0M+17.4%$69.0MN/A
Operating Income$5.9B$5.9B+12.4%$5.3B+7.9%$4.9B-0.2%$4.9B+23.0%$4.0B+1791.9%$211.0MN/AN/AN/AN/AN/AN/AN/AN/A
Interest Expense$1.2B$1.1B+11.3%$963.0M+5.6%$912.0M+7.0%$852.0MN/AN/AN/AN/AN/AN/AN/A$5.3M+381.8%$1.1MN/A
Income TaxN/AN/A$10.0M-9.1%$11.0M+37.5%$8.0M+700.0%$1.0M-50.0%$2.0M$0-100.0%$8.0M+700.0%$1.0M+108.3%-$12.0M-1300.0%$1.0M0.0%$1.0M0.0%$1.0MN/A
Net Income$4.8B$5.0B+13.7%$4.4B+10.9%$3.9B-0.4%$3.9B+28.2%$3.1B+527.4%-$720.0M-169.7%$1.0B-43.2%$1.8B+129.0%$794.0M+240.8%$233.0M+49.4%$156.0M+28.9%$121.0M+55.1%$78.0M+495.4%$13.1M

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, EPS (Diluted).

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

MPLX Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MPLX annual balance sheet
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12
Total Assets$43.0B+14.6%$37.5B+2.7%$36.5B+2.4%$35.7B+0.4%$35.5B-2.5%$36.4B-9.9%$40.4B+2.8%$39.3B+101.7%$19.5B+11.4%$17.5B+6.7%$16.4B+962.4%$1.5B+27.8%$1.2B-7.1%$1.3B
Current Assets$4.0B+21.9%$3.3B+16.7%$2.8B+47.4%$1.9B+26.4%$1.5B-0.5%$1.5B+2.1%$1.5B+3.1%$1.4B+157.6%$559.0M-35.6%$868.0M+36.9%$634.0M+534.0%$100.0M-26.0%$135.1M-52.4%$283.8M
Cash & Equivalents$2.1B+40.7%$1.5B+44.9%$1.0B+340.3%$238.0M+1730.8%$13.0M-13.3%$15.0M0.0%$15.0M-80.5%$77.0M+1440.0%$5.0M-97.9%$234.0M+444.2%$43.0M+59.3%$27.0M-50.0%$54.0M-75.1%$217.0M
Accounts Receivable$735.0M+2.4%$718.0M-12.8%$823.0M+11.7%$737.0M+12.7%$654.0M+44.7%$452.0M-23.8%$593.0M-2.9%$611.0M+109.2%$292.0M-2.3%$299.0M+21.1%$247.0M+2370.0%$10.0M-18.0%$12.2M-30.7%$17.6M
Goodwill$8.8B+14.5%$7.6B0.0%$7.6B0.0%$7.6B-0.2%$7.7B0.0%$7.7B-19.7%$9.5B-4.8%$10.0B+346.1%$2.2B0.0%$2.2B-13.5%$2.6B+2137.1%$116.0M+10.8%$104.7M0.0%$104.7M
Total Liabilities$28.5B+21.2%$23.5B+2.4%$22.9B+3.6%$22.2B-1.5%$22.5B+0.3%$22.4B-1.8%$22.8B+11.0%$20.6B+141.5%$8.5B+57.9%$5.4B-16.4%$6.5B+749.7%$760.0M+705.1%$94.4M+26.7%$74.5M
Current Liabilities$3.2B+0.4%$3.2B+23.3%$2.6B+9.3%$2.4B-28.3%$3.3B+60.5%$2.1B-2.2%$2.1B-6.0%$2.3B+73.9%$1.3B+70.9%$763.0M+18.3%$645.0M+497.2%$108.0M+29.5%$83.4M+31.8%$63.3M
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-1.7%$19.7B+9.9%$17.9B+158.1%$6.9B+57.1%$4.4B-15.9%$5.3B+716.0%$644.0M+6471.4%$9.8M-7.5%$10.6M
Total Equity$14.5B+3.7%$14.0B+3.1%$13.6B+0.5%$13.5B+3.8%$13.0B-6.9%$14.0B-20.5%$17.6B-6.2%$18.7B+70.7%$11.0B-9.4%$12.1B+25.3%$9.7B+1133.0%$784.0M-44.0%$1.4B-6.0%$1.5B

Not reported in any period shown, so not listed: Inventory, Retained Earnings.

MPLX Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MPLX annual cash flow statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12
Operating Cash Flow$6.0B$5.9B-0.6%$5.9B+10.2%$5.4B+7.5%$5.0B+2.2%$4.9B+8.6%$4.5B+10.8%$4.1B+32.9%$3.1B+61.0%$1.9B+27.9%$1.5B+249.2%$427.0M+27.8%$334.0M+12.5%$297.0MN/A
Capital Expenditures$2.6B$1.8B+71.2%$1.1B+12.7%$937.0M+16.3%$806.0M+52.4%$529.0M-55.3%$1.2B-50.9%$2.4B+14.1%$2.1B+49.6%$1.4B+7.5%$1.3B+293.1%$334.0M+136.9%$141.0M-6.6%$151.0MN/A
Free Cash Flow$3.3B$4.1B-16.1%$4.9B+9.6%$4.5B+5.9%$4.2B-3.9%$4.4B+31.3%$3.3B+99.4%$1.7B+74.4%$960.0M+93.5%$496.0M+178.7%$178.0M+91.4%$93.0M-51.8%$193.0M+32.2%$146.0MN/A
Investing Cash Flow-$5.5B-$4.9B-143.4%-$2.0B-59.3%-$1.3B-31.0%-$956.0M-84.6%-$518.0M+59.0%-$1.3B+58.8%-$3.1B-6.4%-$2.9B-24.7%-$2.3B-62.9%-$1.4B+16.0%-$1.7B-1130.7%-$137.0M+13.3%-$158.0MN/A
Financing Cash Flow-$859.0M-$435.0M+87.5%-$3.5B-4.3%-$3.3B+13.1%-$3.8B+12.7%-$4.4B-34.9%-$3.3B-199.3%-$1.1B-830.8%-$117.0M-168.4%$171.0M+51.3%$113.0M-91.1%$1.3B+669.2%-$224.0M+25.8%-$302.0MN/A
Share Buybacks$300.0M$400.0M+22.7%$326.0M$0-100.0%$491.0M-22.1%$630.0M+1809.1%$33.0M$0$0N/AN/AN/AN/AN/AN/A

Not reported in any period shown, so not listed: Dividends Paid.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

MPLX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

MPLX annual financial ratios
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12
Operating Margin45.7%+1.4pp44.3%+0.9pp43.4%+1.2pp42.3%+2.5pp39.8%+37.0pp2.8%N/AN/AN/AN/AN/AN/AN/AN/A
Net Margin38.1%+1.6pp36.5%+1.7pp34.8%+0.9pp34.0%+3.3pp30.7%+40.2pp-9.5%-20.9pp11.4%-14.5pp25.9%+5.4pp20.5%+12.8pp7.7%-6.5pp14.2%-1.1pp15.3%+4.3pp10.9%N/A
Return on Equity34.1%+3.0pp31.1%+2.2pp28.9%-0.3pp29.2%+5.5pp23.6%+28.8pp-5.1%-11.0pp5.9%-3.8pp9.7%+2.5pp7.2%+5.3pp1.9%+0.3pp1.6%-13.8pp15.4%+9.8pp5.6%+4.7pp0.9%
Return on Assets11.5%-0.1pp11.6%+0.9pp10.8%-0.3pp11.1%+2.4pp8.7%+10.7pp-2.0%-4.5pp2.6%-2.1pp4.6%+0.5pp4.1%+2.7pp1.3%+0.4pp0.9%-6.9pp7.8%+1.4pp6.5%+5.4pp1.0%
Current Ratio1.23+0.2x1.01-0.1x1.07+0.3x0.79+0.3x0.45-0.3x0.730.0x0.70+0.1x0.63+0.2x0.43-0.7x1.14+0.2x0.98+0.1x0.93-0.7x1.62-2.9x4.48
Debt-to-Equity1.66+0.3x1.370.0x1.420.0x1.390.0x1.390.0x1.39+0.3x1.12+0.2x0.96+0.3x0.63+0.3x0.37-0.2x0.54-0.3x0.82+0.8x0.010.0x0.01
FCF Margin31.6%-9.4pp41.0%+1.4pp39.5%+3.3pp36.3%-7.4pp43.7%-0.4pp44.1%+25.6pp18.5%+4.8pp13.7%+0.9pp12.8%+7.0pp5.9%-2.6pp8.5%-15.9pp24.3%+3.9pp20.5%N/A

Not reported in any period shown, so not listed: Gross Margin.

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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%.

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

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.

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.

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.

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.

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

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

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

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

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

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.

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.

Mplx Lp (MPLX) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

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.

Mplx Lp (MPLX) has an interest coverage ratio of 5.54x, 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.

Mplx Lp (MPLX) scores 71 out of 100 on our Financial Health Score, indicating strong standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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