Here are the 10-Q quarterly reports from MPLX LP (MPLX) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow MPLX and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MPLX filings page.
MPLX LP reported third-quarter 2026 net income attributable to MPLX LP of $1.164 billion, versus $1.545 billion a year earlier; revenue and other income was $3.605 billion versus $3.619 billion. The comparison includes a $484 million equity-method investment gain from the 2025 BANGL acquisition, with no comparable gain in 2026. Adjusted EBITDA attributable to MPLX LP was $1.859 billion versus $1.766 billion, and distributable cash flow was $1.537 billion versus $1.468 billion.
Net cash from operating activities was $1.477 billion for the quarter, versus $1.431 billion. MPLX said it increased its quarterly distribution 12.5% for the third consecutive year, to $4.84 per unit annualized. On November 2, 2026, it agreed to sell logistics assets associated with MPC’s St. Paul Park, Minnesota, and Mandan, North Dakota, refineries for $750 million in cash, subject to working-capital and other closing adjustments. Closing is expected in the fourth quarter, pending customary closing conditions and regulatory approvals; the assets’ carrying value was $422 million as of September 30, 2026.
On October 30, 2026, MPLX and MPC amended their revolving loan agreement, raising borrowing capacity from $1.5 billion to $2.5 billion and extending its term to October 30, 2031.
MPLX LP reported Q2 2026 total revenues and other income of $3,312 million, up from $3,003 million in 2025. Net income was $1,087 million and net income attributable to MPLX LP was $1,077 million, or $1.06 per common unit basic and diluted, versus $1.03 a year earlier.
For the first six months of 2026, revenues were $6,350 million compared with $6,127 million, while net income attributable to MPLX LP declined to $1,989 million from $2,174 million. Adjusted EBITDA attributable to MPLX LP was $1,775 million for Q2 and $3,504 million year-to-date; distributable cash flow was $1,450 million for Q2 and $2,858 million for the six-month period.
Operating cash flow for the first half of 2026 was $3,049 million, funding $1,484 million of capital expenditures, $2,184 million of cash distributions and $100 million of unit repurchases. The partnership ended June 30, 2026 with total assets of $42,969 million, long-term debt of $24,389 million and 1,014,040,229 common units outstanding. A Q2 2026 cash distribution of $1.0765 per common unit, totaling $1,092 million, was declared.
MPLX LP reported lower first‑quarter 2026 results versus 2025, with total revenues and other income of $3,038 million compared to $3,124 million a year earlier. Net income attributable to MPLX declined to $912 million from $1,126 million, while Adjusted EBITDA attributable to MPLX slipped to $1,729 million from $1,757 million.
Distributable cash flow was $1,408 million, down from $1,486 million, but still supported significant capital returns, including a declared quarterly distribution of $1.0765 per common unit and $1.1 billion returned via distributions and unit repurchases. Operating cash flow rose to $1,347 million, funding elevated capital expenditures of $665 million and ongoing midstream growth projects.
MPLX LP reported stronger Q3 results and executed several portfolio moves. For the quarter ended September 30, 2025, total revenues and other income were $3,619 million, up from $2,972 million a year ago, and net income was $1,555 million versus $1,047 million. Limited partners’ net income was $1,545 million, or $1.52 per common unit (basic and diluted). For the nine months, revenues were $9,746 million and net income was $3,749 million.
MPLX acquired Northwind Midstream for $2.4 billion in cash, financed with $4.5 billion senior notes issued in August 2025. It also bought the remaining 55% of BANGL for $703 million cash plus an earnout of up to $275 million, recognizing a $484 million gain on remeasurement. The company agreed to divest its Rockies operations for $1.0 billion, with an estimated gain in excess of $150 million upon closing.
Cash from operations reached $4,413 million year‑to‑date; cash was $1,765 million and total debt was $26,007 million at quarter‑end. MPLX repurchased $300 million of units year‑to‑date and had $1.2 billion remaining under authorizations. A Q3 cash distribution of $1.0765 per unit ($1,095 million total) was declared, payable on November 14, 2025.
MPLX LP Q2 2025 (10-Q) highlights: total revenue & other income slipped 1.6 % YoY to $3.0 bn while costs rose 4.7 %, driving an 8.9 % drop in operating income to $1.29 bn. Net income attributable to MPLX fell 10.9 % to $1.05 bn ($1.03/unit). For the first half, net income remained flat at $2.17 bn and diluted EPS held at $2.13.
Cash & capital: operating cash flow increased 4 % to $2.98 bn, comfortably funding $609 m capex, $1.95 bn unitholder distributions and $200 m buy-backs. Cash balance sits at $1.39 bn; no revolver borrowings. Long-term debt rose to $19.7 bn after issuing $2 bn of 5.40 %‒5.95 % notes and retiring $1.2 bn of 4.875 % 2025 notes; leverage ≈3.3× annualised Adj-EBITDA.
Growth & portfolio moves: bought an additional 5 % of the Matterhorn Express pipeline for $151 m (total 10 %), closed the $237 m Whiptail Midstream gathering acquisition, and invested $322 m into gas/NGL JVs. Segment Adjusted EBITDA gained 2 % to $1.69 bn (Crude Logistics $1.14 bn; NatGas/NGL $0.55 bn).
Unitholder returns: quarterly distribution lifted 13 % YoY to $0.9565/unit (payable 15 Aug); remaining buy-back authorisation $320 m. Series A preferred units fully converted to common.
Key watch-items: margin compression, rising interest expense ($488 m YTD), legal risk around Dakota Access potential shut-down, and debt-funded growth impact on leverage. Contracted minimum-volume backlog totals $6.4 bn, underpinning long-term cash flows.