MPLX LP (MPLX) Financials

MPLX

Trailing 12 months to June 30, 2026

Revenue $13.2B +8.7% YoY

Net Income $4.8B +9.6% YoY

Free Cash Flow $3.3B -32.1% YoY

Operating Cash Flow $6.0B -1.6% YoY

Market Cap $57.1B as of Oct 10, 2026

Price / Sales 4.3x on $13.2B revenue, trailing 12 months to June 30, 2026

Price / Earnings 12.0x on $4.8B net income, trailing 12 months to June 30, 2026

Price / Book 4.0x on $14.3B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 4, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MPLX SEC filings page.

MPLX LP (MPLX) reported $13.2B in revenue over the twelve months to Jun 30, 2026, up 8.7% from the prior twelve months. 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 2026-10-04

MPLX is converting expansion into higher operating margins, but heavier investment and borrowing are absorbing more of its cash.

In FY2025, operating cash flow of $5.9B exceeded net income of $5.0B, so reported earnings were backed by cash rather than merely accruals. Yet that conversion did not translate into more cash after capital spending: free cash flow fell from $4.9B in FY2024 to $4.1B in FY2025 as investment intensified.

Operating margin widened from 39.8% in FY2021 to 45.7% in FY2025, consistent with scale translating into greater operating capture rather than revenue growth alone. Net margin also rose from 30.7% to 38.1%, showing the improvement reached after interest and other below-operating items.

The balance sheet expanded sharply in FY2025: assets reached $43.0B while long-term debt reached $24.2B. Debt-to-equity rose to 1.7x from 1.4x in FY2021, indicating that expansion is using more creditor financing even as cash investment absorbs a larger share of operating cash.

Financial Health Signals

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

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 95/100, 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 65/100.

Leverage

MPLX LP has a moderate D/E ratio of 1.66. This balance of debt and equity financing earns a leverage score of 35/100.

Liquidity

MPLX LP's current ratio of 1.23 indicates adequate short-term liquidity, earning a score of 45/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

MPLX LP converts 31.6% of revenue into free cash flow ($4.1B). This strong cash generation earns a score of 95/100.

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 90/100. This is up from 31.1% the prior year.

Piotroski F-Score Partial

5/8

MPLX LP passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 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

$3.3B

YoY+10.3%

QoQ+9.0%

5Y CAGR+6.7%

10Y CAGR+16.8%

MPLX LP generated $3.3B in revenue in Q2 2026. This represents an increase of 10.3% from the same quarter a year earlier. Against the prior quarter it is up 9.0%.

EBITDA

$1.7B

YoY+7.1%

QoQ+11.1%

MPLX LP's EBITDA was $1.7B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.1% from the same quarter a year earlier. Against the prior quarter it is up 11.1%.

Net Income

$1.1B

YoY+2.7%

QoQ+17.9%

5Y CAGR+9.0%

10Y CAGR+49.9%

MPLX LP reported $1.1B in net income in Q2 2026. This represents an increase of 2.7% from the same quarter a year earlier. Against the prior quarter it is up 17.9%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$877.0M

YoY-38.9%

QoQ+13.6%

5Y CAGR-6.9%

10Y CAGR+34.0%

MPLX LP generated $877.0M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 38.9% from the same quarter a year earlier. Against the prior quarter it is up 13.6%.

Cash & Debt

$1.0B

YoY-25.6%

QoQ-31.5%

5Y CAGR+164.3%

10Y CAGR+40.3%

MPLX LP held $1.0B in cash against $24.4B in long-term debt as of Q2 2026.

Shares Outstanding

1.01B

YoY-0.5%

QoQ-0.1%

5Y CAGR-0.2%

MPLX LP had 1.01B shares outstanding in Q2 2026. This represents a decrease of 0.5% from the same quarter a year earlier. Against the prior quarter it is down 0.1%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Operating Margin

41.6%

YoY-1.4pp

QoQ+1.7pp

MPLX LP's operating margin was 41.6% in Q2 2026, reflecting core business profitability. This is down 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.7 percentage points.

Net Margin

32.8%

YoY-2.4pp

QoQ+2.5pp

5Y change+3.3pp

10Y change+30.1pp

MPLX LP's net profit margin was 32.8% in Q2 2026, showing the share of revenue converted to profit. This is down 2.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.5 percentage points.

Return on Equity

7.6%

YoY+0.1pp

QoQ+1.2pp

5Y change+2.5pp

10Y change+7.5pp

MPLX LP's ROE was 7.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.2 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

$50.0M

YoY-50.0%

QoQ0.0%

5Y CAGR-20.3%

MPLX LP spent $50.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 50.0% from the same quarter a year earlier. It is unchanged from the prior quarter.

Capital Expenditures

$825.0M

YoY+174.1%

QoQ+43.5%

5Y CAGR+49.9%

10Y CAGR+10.6%

MPLX LP invested $825.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 174.1% from the same quarter a year earlier. Against the prior quarter it is up 43.5%.

R&D Spending

Not reported for Q2 2026.

MPLX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MPLX quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
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
EBITDA	N/A	N/A	N/A	N/A	N/A	N/A	$1.6B	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+8.5%	$785.0M-5.3%	$829.0M-2.6%	$851.0M+44.2%	$590.0M+99.3%	$296.0M+41.0%	$210.0M+500.0%	$35.0M+560.4%	$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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$3.3B+10.3%	$3.0B-2.8%	$3.3B+6.2%	$3.6B+21.8%	$3.0B-1.6%	$3.1B+9.8%	$3.1B+3.3%	$3.0B+2.1%
SG&A Expenses	$108.0M+0.9%	$114.0M+1.8%	$101.0M-2.9%	$126.0M+17.8%	$107.0M0.0%	$112.0M+2.8%	$104.0M+5.1%	$107.0M+4.9%
Operating Income	$1.4B+6.6%	$1.2B-11.1%	$1.5B+10.4%	$1.8B+41.3%	$1.3B-8.9%	$1.4B+9.2%	$1.3B-2.3%	$1.3B+10.5%
EBITDA	$1.7B+7.1%	$1.5B-7.9%	N/A	N/A	$1.6B	$1.7B	N/A	N/A
Interest Expense	$322.0M+30.4%	$314.0M+30.3%	$305.0M+24.0%	$279.0M+11.2%	$247.0M+3.8%	$241.0M+5.7%	$246.0M+7.9%	$251.0M+10.6%
Income Tax	$2.0M+100.0%	$1.0M0.0%	N/A	$3.0M+50.0%	$1.0M-50.0%	$1.0M0.0%	$5.0M-44.4%	$2.0M+100.0%
Net Income	$1.1B+2.7%	$922.0M-18.8%	$1.2B+8.5%	$1.6B+48.5%	$1.1B-10.8%	$1.1B+11.9%	$1.1B-2.2%	$1.0B+14.1%

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

MPLX Balance Sheet

MPLX quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
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
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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
Non-Current Liabilities	$25.2B+24.5%	$20.3B-0.3%	$20.3B+2.9%	$19.8B+3.2%	$19.1B-5.9%	$20.3B-1.8%	$20.7B+13.1%	$18.3B+153.7%	$7.2B+55.8%	$4.6B-20.2%	$5.8B+791.6%	$652.0M+5827.3%	$11.0M-1.8%	$11.2M
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$43.0B+13.6%	$42.9B+10.2%	$43.0B+14.6%	$43.2B+12.2%	$37.8B-1.5%	$39.0B+6.9%	$37.5B+2.7%	$38.5B+6.6%
Current Assets	$2.9B-9.4%	$3.5B-22.1%	$4.0B+21.9%	$4.6B+8.9%	$3.2B-24.4%	$4.5B+111.4%	$3.3B+16.7%	$4.2B+54.2%
Cash & Equivalents	$1.0B-25.6%	$1.5B-40.6%	$2.1B+40.7%	$1.8B-27.2%	$1.4B-44.6%	$2.5B+558.2%	$1.5B+44.9%	$2.4B+152.7%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$672.0M-8.7%	$769.0M-10.4%	$735.0M+2.4%	$729.0M-1.8%	$736.0M-1.5%	$858.0M+14.1%	$718.0M-12.8%	$742.0M-10.9%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$8.7B+14.3%	$8.7B+14.3%	$8.8B+14.5%	$8.7B+14.2%	$7.6B0.0%	$7.6B0.0%	$7.6B0.0%	$7.6B0.0%
Total Liabilities	$28.7B+20.7%	$28.6B+15.0%	$28.5B+21.2%	$28.7B+17.0%	$23.8B-3.0%	$24.9B+9.2%	$23.5B+2.4%	$24.5B+7.6%
Current Liabilities	$3.2B+5.1%	$3.2B-23.4%	$3.2B+0.4%	$3.5B-17.9%	$3.1B-27.4%	$4.2B+40.8%	$3.2B+23.3%	$4.3B+205.0%
Non-Current Liabilities	$25.5B+23.0%	$25.4B+22.7%	$25.2B+24.5%	$25.2B+24.4%	$20.7B+2.1%	$20.7B+4.4%	$20.3B-0.3%	$20.3B-5.3%
Long-Term Debt	$24.4B+23.6%	$24.4B+23.6%	$24.2B+25.4%	$24.1B+25.4%	$19.7B+2.5%	$19.7B+4.9%	$19.3B-0.2%	$19.3B-5.7%
Total Equity	$14.3B+1.4%	$14.3B+1.6%	$14.5B+3.7%	$14.5B+3.9%	$14.0B+1.2%	$14.1B+3.1%	$14.0B+3.1%	$14.0B+5.0%

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

MPLX Cash Flow Statement

MPLX quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
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
Depreciation & Amortization	N/A	N/A	N/A	N/A	N/A	N/A	$1.4B+9.4%	$1.3B+39.1%	$905.0M+25.5%	$721.0M+22.0%	$591.0M+358.1%	$129.0M+72.0%	$75.0M+7.1%	$70.0M	N/A
Stock-Based Compensation	N/A	N/A	N/A	N/A	N/A	N/A	$14.0M-36.4%	$22.0M-8.3%	$24.0M+260.0%	-$15.0M-50.0%	-$10.0M	N/A	N/A	N/A	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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$1.7B-2.0%	$1.3B+8.1%	$1.5B-10.7%	$1.4B+1.1%	$1.7B+10.9%	$1.2B-3.5%	$1.7B+12.5%	$1.4B+13.7%
Depreciation & Amortization	$320.0M+9.2%	$315.0M+6.8%	N/A	N/A	$293.0M	$295.0M	N/A	N/A
Capital Expenditures	$825.0M+174.1%	$575.0M+115.4%	$714.0M+131.8%	$526.0M+87.9%	$301.0M+41.3%	$267.0M+4.7%	$308.0M+12.0%	$280.0M+21.7%
Free Cash Flow	$877.0M-38.9%	$772.0M-21.1%	$782.0M-42.8%	$905.0M-20.3%	$1.4B+6.1%	$979.0M-5.5%	$1.4B+12.6%	$1.1B+11.9%
Investing Cash Flow	-$1.0B-70.8%	-$791.0M-31.6%	$78.0M+122.3%	-$3.7B-596.1%	-$602.0M-428.1%	-$601.0M+39.7%	-$349.0M+33.5%	-$536.0M-127.1%
Financing Cash Flow	-$1.1B+49.6%	-$1.2B-420.8%	-$1.2B+46.2%	$2.7B+380.8%	-$2.3B-443.2%	$370.0M+138.6%	-$2.2B-154.9%	-$954.0M-18.8%
Share Buybacks	$50.0M-50.0%	$50.0M-50.0%	$100.0M0.0%	$100.0M+31.6%	$100.0M+33.3%	$100.0M+33.3%	$100.0M	$76.0M

Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid.

MPLX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MPLX quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
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
Asset Turnover	0.300.0x	0.320.0x	0.310.0x	0.330.0x	0.28+0.1x	0.210.0x	0.220.0x	0.180.0x	0.200.0x	0.17+0.1x	0.07-0.4x	0.51-0.1x	0.59	N/A
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	41.6%-1.4pp	40.0%-3.8pp	45.6%+1.8pp	49.8%+6.9pp	43.1%-3.4pp	43.7%-0.2pp	43.9%-2.5pp	42.9%+3.3pp
Net Margin	32.8%-2.4pp	30.3%-6.0pp	37.0%+0.8pp	43.0%+7.7pp	35.2%-3.6pp	36.4%+0.7pp	36.2%-2.0pp	35.2%+3.7pp
Return on Equity	7.6%+0.1pp	6.5%-1.6pp	8.3%+0.4pp	10.7%+3.2pp	7.5%-1.0pp	8.1%+0.6pp	7.9%-0.4pp	7.5%+0.6pp
Return on Assets	2.5%-0.3pp	2.1%-0.8pp	2.8%-0.2pp	3.6%+0.9pp	2.8%-0.3pp	2.9%+0.1pp	3.0%-0.1pp	2.7%+0.2pp
Current Ratio	0.89-0.1x	1.100.0x	1.23+0.2x	1.31+0.3x	1.030.0x	1.08+0.4x	1.01-0.1x	0.99-1.0x
Debt-to-Equity	1.71+0.3x	1.71+0.3x	1.66+0.3x	1.66+0.3x	1.400.0x	1.400.0x	1.370.0x	1.38-0.2x
Asset Turnover	0.080.0x	0.070.0x	0.080.0x	0.080.0x	0.080.0x	0.080.0x	0.080.0x	0.080.0x
FCF Margin	26.5%-21.3pp	25.4%-5.9pp	24.1%-20.6pp	25.0%-13.2pp	47.8%+3.5pp	31.3%-5.1pp	44.6%+3.7pp	38.2%+3.4pp

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

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
MPLX LP MPLX	FY2025	$13.0B	$5.0B	38.1%	$57.1B	71/100
Energy Transfer LP ET	FY2025	$85.5B	$4.4B	5.2%	$71.0B	49/100
Cheniere Energy Inc LNG	FY2025	$20.0B	$6.8B	34.0%	$57.4B	58/100
Oneok, Inc. OKE	FY2025	$33.6B	$3.4B	10.1%	$56.9B	56/100
Kinder Morgan, Inc. KMI	FY2025	$16.9B	$3.1B	18.0%	$71.8B	52/100

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.

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.

How many shares does MPLX LP have outstanding?

MPLX LP (MPLX) had 1.02B shares outstanding as of fiscal year 2025.

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 P/E ratio?

MPLX LP (MPLX) trades at 12.0x earnings, its market capitalization divided by net income of $4.8B net income, trailing 12 months to June 30, 2026. The market capitalization is $57.1B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is MPLX LP's price-to-sales ratio?

MPLX LP (MPLX) trades at 4.3x sales, its market capitalization divided by revenue of $13.2B revenue, trailing 12 months to June 30, 2026. The market capitalization is $57.1B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is MPLX LP's Piotroski F-Score?

MPLX LP (MPLX) has a Piotroski F-Score of 5 out of 8 computable signals; 1 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.