Mplx Financials
This page shows Mplx (MPLXP) 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).
MPLXP’s high-margin asset base still throws off cash, but the latest year shows a deliberate reinvestment step-up.
In the latest year, operating cash flow stayed near$5.9B while free cash flow fell to$4.1B , which points to heavier reinvestment rather than weaker operations. That reading is reinforced because operating margin also improved and capex nearly doubled, so the pressure sits in spending after cash is generated, not in day-to-day demand or collections.
The latest balance-sheet growth was mostly financed with liabilities, with long-term debt at
Revenue increased
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Mplx'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 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.
Mplx's revenue grew 8.9% year-over-year to $13.0B, a solid pace of expansion. This earns a growth score of 46/100.
Mplx 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.
Mplx's current ratio of 1.23 is below the typical benchmark, resulting in a score of 20/100. However, the company holds substantial cash reserves (66% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Mplx converts 31.6% of revenue into free cash flow ($4.1B). This strong cash generation earns a score of 100/100.
Mplx 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 83/100. This is up from 31.1% the prior year.
Mplx 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.
For every $1 of reported earnings, Mplx 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 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
Earnings & Revenue
Mplx generated $13.0B in revenue in fiscal year 2025. This represents an increase of 8.9% from the prior year.
Mplx reported $5.0B in net income in fiscal year 2025. This represents an increase of 13.7% from the prior year.
Cash & Balance Sheet
Mplx 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 held $2.1B in cash against $24.2B in long-term debt as of fiscal year 2025.
Margins & Returns
Mplx'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'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'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
Mplx 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 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.
MPLXP Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0B-6.6% | $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 |
| 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 | $114.0M+12.9% | $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 |
| Operating Income | $1.2B-18.1% | $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 |
| Interest Expense | $314.0M+3.0% | $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 |
| Income Tax | $1.0M | N/A | $3.0M+200.0% | $1.0M0.0% | $1.0M-80.0% | $5.0M+150.0% | $2.0M0.0% | $2.0M |
| Net Income | $922.0M-23.4% | $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 |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MPLXP Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $42.9B-0.2% | $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 |
| Current Assets | $3.5B-11.8% | $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 |
| Cash & Equivalents | $1.5B-29.5% | $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 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $769.0M+4.6% | $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 |
| Goodwill | $8.7B-0.2% | $8.8B+0.3% | $8.7B+14.2% | $7.6B0.0% | $7.6B0.0% | $7.6B0.0% | $7.6B0.0% | $7.6B |
| Total Liabilities | $28.6B+0.6% | $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 |
| Current Liabilities | $3.2B-1.8% | $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 |
| Long-Term Debt | $24.4B+1.0% | $24.2B0.0% | $24.1B+22.4% | $19.7B0.0% | $19.7B+2.4% | $19.3B0.0% | $19.3B0.0% | $19.2B |
| Total Equity | $14.3B-1.6% | $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 |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MPLXP Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.3B-10.0% | $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 |
| Capital Expenditures | $575.0M-19.5% | $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 |
| Free Cash Flow | $772.0M-1.3% | $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 |
| Investing Cash Flow | -$791.0M-1114.1% | $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 |
| Financing Cash Flow | -$1.2B+1.2% | -$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 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $50.0M-50.0% | $100.0M0.0% | $100.0M0.0% | $100.0M0.0% | $100.0M0.0% | $100.0M+31.6% | $76.0M+1.3% | $75.0M |
MPLXP Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 40.0%-5.6pp | 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% |
| Net Margin | 30.3%-6.6pp | 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% |
| Return on Equity | 6.5%-1.8pp | 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% |
| Return on Assets | 2.1%-0.7pp | 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% |
| Current Ratio | 1.10-0.1 | 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 |
| Debt-to-Equity | 1.71+0.0 | 1.660.0 | 1.66+0.3 | 1.400.0 | 1.40+0.0 | 1.370.0 | 1.380.0 | 1.39 |
| FCF Margin | 25.4%+1.4pp | 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% |
Frequently Asked Questions
What is Mplx's annual revenue?
Mplx (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.
How fast is Mplx's revenue growing?
Mplx (MPLXP) revenue grew by 8.9% year-over-year, from $11.9B to $13.0B in fiscal year 2025.
Is Mplx profitable?
Yes, Mplx (MPLXP) reported a net income of $5.0B in fiscal year 2025, with a net profit margin of 38.1%.
How much debt does Mplx have?
As of fiscal year 2025, Mplx (MPLXP) had $2.1B in cash and equivalents against $24.2B in long-term debt.
What is Mplx's operating margin?
Mplx (MPLXP) 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's net profit margin?
Mplx (MPLXP) 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's return on equity (ROE)?
Mplx (MPLXP) 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's free cash flow?
Mplx (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.
What is Mplx's operating cash flow?
Mplx (MPLXP) generated $5.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Mplx's total assets?
Mplx (MPLXP) had $43.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Mplx's capital expenditures?
Mplx (MPLXP) invested $1.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Mplx's current ratio?
Mplx (MPLXP) had a current ratio of 1.23 as of fiscal year 2025, which is considered adequate.
What is Mplx's debt-to-equity ratio?
Mplx (MPLXP) 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's return on assets (ROA)?
Mplx (MPLXP) 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's Piotroski F-Score?
Mplx (MPLXP) 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Mplx's earnings high quality?
Mplx (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.
Can Mplx cover its interest payments?
Mplx (MPLXP) 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?
Mplx (MPLXP) scores 69 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.