Mplx Financials

MPLXP

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

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).

Rhea AI MPLXP FY2025 2026-08-04

High-margin cash generation defines this business, but FY2025 expansion spending redirected more of that cash into assets and leverage.

Between FY2024 and FY2025, net income kept rising and operating cash flow stayed close to earnings, so underlying cash conversion did not weaken. The pressure showed up lower down: free cash flow fell to $4.1B as capital spending climbed to $1.8B, while higher debt and goodwill suggest expansion was funded partly through the balance sheet rather than from surplus cash alone.

The business shows clear operating leverage: operating margin widened from 39.8% in FY2021 to 45.7% in FY2025. That pattern means added revenue has been absorbed with relatively little added overhead, so more of each incremental sales dollar is reaching operating profit.

The balance sheet became more liquid but also more leveraged. The current ratio improved from 0.5x to 1.2x, which eases near-term funding pressure, yet debt-to-equity rose to 1.7x and long-term debt reached $24.2B, showing short-term flexibility improved even as long-duration borrowing became a larger part of the capital structure.

Financial Health Signals

Financial health score pending refresh

We are recalculating Mplx's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

4/7

Mplx 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 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

5.5x

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

Export CSV

Earnings & Revenue

Revenue

$13.0B

YoY+8.9%

5Y CAGR+11.4%

10Y CAGR+28.0%

Mplx generated $13.0B in revenue in fiscal year 2025. This represents an increase of 8.9% from the prior year.

EBITDA

N/A

Net Income

$5.0B

YoY+13.7%

10Y CAGR+41.3%

Mplx reported $5.0B in net income in fiscal year 2025. This represents an increase of 13.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$4.1B

YoY-16.1%

5Y CAGR+4.2%

10Y CAGR+46.0%

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.

Cash & Debt

$2.1B

YoY+40.7%

5Y CAGR+169.6%

10Y CAGR+47.8%

Mplx held $2.1B in cash against $24.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

45.7%

YoY+1.4pp

5Y CAGR+42.9pp

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.

Net Margin

38.1%

YoY+1.6pp

5Y CAGR+47.6pp

10Y CAGR+23.9pp

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.

Return on Equity

34.1%

YoY+3.0pp

5Y CAGR+39.2pp

10Y CAGR+32.5pp

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

R&D Spending

N/A

Share Buybacks

$400.0M

YoY+22.7%

5Y CAGR+64.7%

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.

Capital Expenditures

$1.8B

YoY+71.2%

5Y CAGR+8.9%

10Y CAGR+18.4%

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	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$13.0B+8.9%	$11.9B+5.8%	$11.3B-2.9%	$11.6B+15.8%	$10.0B+32.5%	$7.6B
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$446.0M+4.4%	$427.0M+12.7%	$379.0M+13.1%	$335.0M-5.1%	$353.0M-6.6%	$378.0M
Operating Income	$5.9B+12.4%	$5.3B+7.9%	$4.9B-0.2%	$4.9B+23.0%	$4.0B+1791.9%	$211.0M
Interest Expense	$1.1B+11.3%	$963.0M+5.6%	$912.0M+7.0%	$852.0M	N/A	N/A
Income Tax	N/A	$10.0M-9.1%	$11.0M+37.5%	$8.0M+700.0%	$1.0M-50.0%	$2.0M
Net Income	$5.0B+13.7%	$4.4B+10.9%	$3.9B-0.4%	$3.9B+28.2%	$3.1B+527.4%	-$720.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

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	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$43.0B+14.6%	$37.5B+2.7%	$36.5B+2.4%	$35.7B+0.4%	$35.5B-2.5%	$36.4B
Current Assets	$4.0B+21.9%	$3.3B+16.7%	$2.8B+47.4%	$1.9B+26.4%	$1.5B-0.5%	$1.5B
Cash & Equivalents	$2.1B+40.7%	$1.5B+44.9%	$1.0B+340.3%	$238.0M+1730.8%	$13.0M-13.3%	$15.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$735.0M+2.4%	$718.0M-12.8%	$823.0M+11.7%	$737.0M+12.7%	$654.0M+44.7%	$452.0M
Goodwill	$8.8B+14.5%	$7.6B0.0%	$7.6B0.0%	$7.6B-0.2%	$7.7B0.0%	$7.7B
Total Liabilities	$28.5B+21.2%	$23.5B+2.4%	$22.9B+3.6%	$22.2B-1.5%	$22.5B+0.3%	$22.4B
Current Liabilities	$3.2B+0.4%	$3.2B+23.3%	$2.6B+9.3%	$2.4B-28.3%	$3.3B+60.5%	$2.1B
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
Total Equity	$14.5B+3.7%	$14.0B+3.1%	$13.6B+0.5%	$13.5B+3.8%	$13.0B-6.9%	$14.0B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

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	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$5.9B-0.6%	$5.9B+10.2%	$5.4B+7.5%	$5.0B+2.2%	$4.9B+8.6%	$4.5B
Capital Expenditures	$1.8B+71.2%	$1.1B+12.7%	$937.0M+16.3%	$806.0M+52.4%	$529.0M-55.3%	$1.2B
Free Cash Flow	$4.1B-16.1%	$4.9B+9.6%	$4.5B+5.9%	$4.2B-3.9%	$4.4B+31.3%	$3.3B
Investing Cash Flow	-$4.9B-143.4%	-$2.0B-59.3%	-$1.3B-31.0%	-$956.0M-84.6%	-$518.0M+59.0%	-$1.3B
Financing Cash Flow	-$435.0M+87.5%	-$3.5B-4.3%	-$3.3B+13.1%	-$3.8B+12.7%	-$4.4B-34.9%	-$3.3B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$400.0M+22.7%	$326.0M	$0-100.0%	$491.0M-22.1%	$630.0M+1809.1%	$33.0M

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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	45.7%+1.4pp	44.3%+0.9pp	43.4%+1.2pp	42.3%+2.5pp	39.8%+37.0pp	2.8%
Net Margin	38.1%+1.6pp	36.5%+1.7pp	34.8%+0.9pp	34.0%+3.3pp	30.7%+40.2pp	-9.5%
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%
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%
Current Ratio	1.23+0.2	1.01-0.1	1.07+0.3	0.79+0.3	0.45-0.3	0.73
Debt-to-Equity	1.66+0.3	1.37-0.0	1.42+0.0	1.390.0	1.390.0	1.39
FCF Margin	31.6%-9.4pp	41.0%+1.4pp	39.5%+3.3pp	36.3%-7.4pp	43.7%-0.4pp	44.1%

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.

Does Mplx buy back shares?

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

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 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'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.