Mplx LP PFD CL A (MPLXP) Financials
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 MPLXP SEC filings page.
Mplx LP PFD CL A (MPLXP) 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).
Profit margins are widening, but 2025 cash conversion weakened as heavy investment and debt-funded balance-sheet expansion absorbed more cash.
The key shift is weaker cash conversion: FY2025 net income of$4.95B was only modestly below operating cash flow of$5.91B , versus a wider gap in FY2024. Free cash flow fell16.1% while capital expenditures rose71.2% , indicating that the 2025 earnings improvement came with a much heavier reinvestment burden.
Revenue grew
Liabilities grew
Financial Health Signals
We do not publish a peer-relative financial health score for Mplx LP PFD CL A, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Mplx LP PFD CL A 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, the one computable operating efficiency signal (asset turnover improving) does not pass.
For every $1 of reported earnings, Mplx LP PFD CL A 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 PFD CL A 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 PFD CL A 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%.
Mplx LP PFD CL A'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%.
Mplx LP PFD CL A 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%.
Not reported for Q2 2026.
Cash & Balance Sheet
Mplx LP PFD CL A 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%.
Mplx LP PFD CL A held $1.0B in cash against $24.4B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Mplx LP PFD CL A'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.
Mplx LP PFD CL A'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.
Mplx LP PFD CL A's quarterly ROE was 7.6% in Q2 2026: one quarter's net income over shareholder equity, not annualized. 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.
Not reported for Q2 2026.
Capital Allocation
Mplx LP PFD CL A 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.
Mplx LP PFD CL A 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%.
Not reported for Q2 2026.
MPLXP 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.
| 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).
MPLXP Balance Sheet
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.
| 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 | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| 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 | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| 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.
MPLXP Cash Flow 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.
| 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 | -$1.0Bn/m | -$791.0Mn/m | $78.0Mn/m | -$3.7Bn/m | -$602.0Mn/m | -$601.0Mn/m | -$349.0Mn/m | -$536.0Mn/m |
| Financing Cash Flow | -$1.1Bn/m | -$1.2B-420.8% | -$1.2Bn/m | $2.7Bn/m | -$2.3B-443.2% | $370.0Mn/m | -$2.2Bn/m | -$954.0Mn/m |
| 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% | $100.0Mn/m | $76.0Mn/m |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid.
MPLXP 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.
| 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 |
| Liabilities-to-Equity | 2.01+0.3x | 2.00+0.2x | 1.96+0.3x | 1.98+0.2x | 1.69-0.1x | 1.77+0.1x | 1.680.0x | 1.750.0x |
| 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.
Where Mplx LP PFD CL A Ranks
Frequently Asked Questions
Mplx LP PFD CL A (MPLXP) 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.
Mplx LP PFD CL A (MPLXP) revenue grew by 8.9% year-over-year, from $11.9B to $13.0B in fiscal year 2025.
Yes, Mplx LP PFD CL A (MPLXP) reported a net income of $4.8B over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $5.0B, with a net profit margin of 38.1%.
As of fiscal year 2025, Mplx LP PFD CL A (MPLXP) had $2.1B in cash and equivalents against $24.2B in long-term debt.
Mplx LP PFD CL A (MPLXP) had an operating margin of 45.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Mplx LP PFD CL A (MPLXP) 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 PFD CL A (MPLXP) has a return on equity of 34.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Mplx LP PFD CL A (MPLXP) 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 PFD CL A (MPLXP) generated $5.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Mplx LP PFD CL A (MPLXP) had $43.0B in total assets as of fiscal year 2025, including both current and long-term assets.
Mplx LP PFD CL A (MPLXP) invested $1.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Mplx LP PFD CL A (MPLXP) had a current ratio of 1.23 as of fiscal year 2025, which is considered adequate.
Mplx LP PFD CL A (MPLXP) had a debt-to-equity ratio of 1.66 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Mplx LP PFD CL A (MPLXP) had a liabilities-to-equity ratio of 1.96 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Mplx LP PFD CL A (MPLXP) 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 PFD CL A (MPLXP) 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.
Mplx LP PFD CL A (MPLXP) 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 PFD CL A (MPLXP) 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.