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).
A high-margin cash engine is funding growth, but FY2025 expansion spending made the business lean more on debt.
By FY2025, operating margin reached45.7% even as free cash flow margin fell to31.6% , 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
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
Financial Health Signals
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.
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.
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.
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
Earnings & Revenue
Mplx Lp generated $13.0B in revenue in fiscal year 2025. This represents an increase of 8.9% from the prior year.
Mplx Lp reported $5.0B in net income in fiscal year 2025. This represents an increase of 13.7% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
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.
Mplx Lp held $2.1B in cash against $24.2B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
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.
Not reported for fiscal year 2025.
Capital Allocation
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.
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.
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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | $713.0M | N/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% | $69.0M | N/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% | $211.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $1.2B | $1.1B+11.3% | $963.0M+5.6% | $912.0M+7.0% | $852.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $5.3M+381.8% | $1.1M | N/A |
| Income Tax | N/A | N/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% | $1.0M | N/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.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | $297.0M | N/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% | $151.0M | N/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% | $146.0M | N/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% | -$158.0M | N/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% | -$302.0M | N/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 | $0 | N/A | N/A | N/A | N/A | N/A | N/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.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 45.7%+1.4pp | 44.3%+0.9pp | 43.4%+1.2pp | 42.3%+2.5pp | 39.8%+37.0pp | 2.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 38.1%+1.6pp | 36.5%+1.7pp | 34.8%+0.9pp | 34.0%+3.3pp | 30.7%+40.2pp | -9.5%-20.9pp | 11.4%-14.5pp | 25.9%+5.4pp | 20.5%+12.8pp | 7.7%-6.5pp | 14.2%-1.1pp | 15.3%+4.3pp | 10.9% | N/A |
| 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%-11.0pp | 5.9%-3.8pp | 9.7%+2.5pp | 7.2%+5.3pp | 1.9%+0.3pp | 1.6%-13.8pp | 15.4%+9.8pp | 5.6%+4.7pp | 0.9% |
| 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%-4.5pp | 2.6%-2.1pp | 4.6%+0.5pp | 4.1%+2.7pp | 1.3%+0.4pp | 0.9%-6.9pp | 7.8%+1.4pp | 6.5%+5.4pp | 1.0% |
| Current Ratio | 1.23+0.2x | 1.01-0.1x | 1.07+0.3x | 0.79+0.3x | 0.45-0.3x | 0.730.0x | 0.70+0.1x | 0.63+0.2x | 0.43-0.7x | 1.14+0.2x | 0.98+0.1x | 0.93-0.7x | 1.62-2.9x | 4.48 |
| Debt-to-Equity | 1.66+0.3x | 1.370.0x | 1.420.0x | 1.390.0x | 1.390.0x | 1.39+0.3x | 1.12+0.2x | 0.96+0.3x | 0.63+0.3x | 0.37-0.2x | 0.54-0.3x | 0.82+0.8x | 0.010.0x | 0.01 |
| FCF Margin | 31.6%-9.4pp | 41.0%+1.4pp | 39.5%+3.3pp | 36.3%-7.4pp | 43.7%-0.4pp | 44.1%+25.6pp | 18.5%+4.8pp | 13.7%+0.9pp | 12.8%+7.0pp | 5.9%-2.6pp | 8.5%-15.9pp | 24.3%+3.9pp | 20.5% | N/A |
Not reported in any period shown, so not listed: Gross Margin.
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Where Mplx Lp Ranks
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.
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 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.
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 5.54x, 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.
How financially healthy is Mplx Lp?
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.