NYSE : MPLX
MPLX LP — Financial statements
Energy · Oil & Gas Midstream · United States
Last price 60.16 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 60.99B
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Financial statements
MPLX LP (MPLX) reported revenue of 12.03B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 11.69B | 11.47B | 10.90B | 10.43B | 10.54B | 9.57B |
| Other Revenue | 347.00M | 343.00M | 207.00M | 155.00M | 596.00M | 131.00M |
| Revenue | 12.03B | 11.82B | 11.11B | 10.59B | 11.14B | 9.71B |
| Cost of Revenue | 5.33B | 5.12B | 4.80B | 4.66B | 5.02B | 4.23B |
| Gross Profit | 6.70B | 6.70B | 6.31B | 5.93B | 6.12B | 5.47B |
| Selling, General & Admin | 449.00M | 446.00M | 427.00M | 379.00M | 335.00M | 353.00M |
| Other Operating Expenses | 142.00M | 137.00M | 131.00M | 131.00M | 115.00M | 120.00M |
| Operating Expenses | 2.02B | 1.93B | 1.84B | 1.72B | 1.68B | 1.76B |
| Operating Income | 4.69B | 4.76B | 4.47B | 4.21B | 4.43B | 3.71B |
| Interest Expense | -1.15B | -1.03B | -944.00M | -897.00M | -848.00M | -793.00M |
| Interest & Investment Income | 64.00M | 68.00M | 95.00M | 43.00M | 4.00M | |
| Earnings From Equity Investments | 1.19B | 1.18B | 822.00M | 692.00M | 476.00M | 321.00M |
| Other Non Operating Income (Expenses) | -18.00M | -21.00M | -72.00M | -69.00M | -80.00M | -86.00M |
| EBT Excluding Unusual Items | 4.78B | 4.96B | 4.37B | 3.98B | 3.99B | 3.15B |
| Asset Writedown | -42.00M | |||||
| Other Unusual Items | -1.00M | |||||
| Pretax Income | 4.78B | 4.96B | 4.37B | 3.98B | 3.99B | 3.11B |
| Income Tax Expense | 9.00M | 8.00M | 10.00M | 11.00M | 8.00M | 1.00M |
| Earnings From Continuing Operations | 4.77B | 4.95B | 4.36B | 3.97B | 3.98B | 3.11B |
| Minority Interest in Earnings | -40.00M | -40.00M | -40.00M | -38.00M | -34.00M | -35.00M |
| Net Income | 4.73B | 4.91B | 4.32B | 3.93B | 3.94B | 3.08B |
| Preferred Dividends & Other Adjustments | 3.00M | 3.00M | 36.00M | 120.00M | 153.00M | 141.00M |
| Net Income to Common | 4.72B | 4.91B | 4.28B | 3.81B | 3.79B | 2.94B |
| Shares Outstanding (Basic) | 1.02B | 1.02B | 1.02B | 1.00B | 1.01B | 1.03B |
| Shares Outstanding (Diluted) | 1.02B | 1.02B | 1.02B | 1.00B | 1.01B | 1.03B |
| EPS (Basic) | 4.65 | 4.82 | 4.20 | 3.80 | 3.75 | 2.86 |
| EPS (Diluted) | 4.65 | 4.82 | 4.20 | 3.80 | 3.75 | 2.86 |
| Free Cash Flow | 3.34B | 4.10B | 4.89B | 4.46B | 4.21B | 4.38B |
| Free Cash Flow Per Share | 3.28 | 4.03 | 4.80 | 4.46 | 4.17 | 4.27 |
| Dividend Per Share | 4.31 | 4.07 | 3.61 | 3.25 | 2.96 | 2.79 |
| Gross Margin | 55.71% | 56.66% | 56.76% | 56.01% | 54.91% | 56.39% |
| Operating Margin | 38.96% | 40.30% | 40.19% | 39.74% | 39.82% | 38.26% |
| Profit Margin | 39.26% | 41.54% | 38.53% | 35.96% | 34.04% | 30.25% |
| Free Cash Flow Margin | 27.72% | 34.70% | 44.01% | 42.12% | 37.83% | 45.15% |
| EBITDA | 6.11B | 6.11B | 5.75B | 5.42B | 5.67B | 5.00B |
| EBITDA Margin | 50.80% | 51.73% | 51.74% | 51.20% | 50.87% | 51.52% |
| D&A For EBITDA | 1.42B | 1.35B | 1.28B | 1.21B | 1.23B | 1.29B |
| EBIT | 4.69B | 4.76B | 4.47B | 4.21B | 4.43B | 3.71B |
| EBIT Margin | 38.96% | 40.30% | 40.19% | 39.74% | 39.82% | 38.26% |
| Effective Tax Rate | 0.19% | 0.16% | 0.23% | 0.28% | 0.20% | 0.03% |
| Revenue as Reported | 13.22B | 13.00B | 11.93B | 11.28B | 11.61B | 10.03B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.03B | 2.14B | 1.52B | 1.05B | 238.00M | 13.00M |
| Cash & Short-Term Investments | 1.03B | 2.14B | 1.52B | 1.05B | 238.00M | 13.00M |
| Accounts Receivable | 1.59B | 1.64B | 1.54B | 1.56B | 1.48B | 1.32B |
| Receivables | 1.59B | 1.64B | 1.54B | 1.56B | 1.48B | 1.32B |
| Inventory | 200.00M | 172.00M | 180.00M | 159.00M | 148.00M | 142.00M |
| Prepaid Expenses | 11.00M | 5.00M | 5.00M | 5.00M | 5.00M | 4.00M |
| Other Current Assets | 40.00M | 37.00M | 28.00M | 34.00M | 35.00M | 32.00M |
| Total Current Assets | 2.88B | 3.99B | 3.28B | 2.81B | 1.91B | 1.51B |
| Property, Plant & Equipment | 23.14B | 22.21B | 19.65B | 19.75B | 19.36B | 20.54B |
| Long-Term Investments | 5.15B | 4.80B | 4.53B | 3.74B | 4.09B | 3.98B |
| Goodwill | 8.74B | 8.76B | 7.64B | 7.64B | 7.64B | 7.66B |
| Other Intangible Assets | 1.32B | 1.40B | 518.00M | 654.00M | 705.00M | 831.00M |
| Long-Term Accounts Receivable | 295.00M | 425.00M | 677.00M | 790.00M | 884.00M | 856.00M |
| Other Long-Term Assets | 1.45B | 1.42B | 1.21B | 1.13B | 1.07B | 136.00M |
| Total Assets | 42.97B | 43.01B | 37.51B | 36.53B | 35.66B | 35.51B |
| Accounts Payable | 448.00M | 398.00M | 435.00M | 431.00M | 486.00M | 424.00M |
| Accrued Expenses | 667.00M | 608.00M | 539.00M | 542.00M | 506.00M | 565.00M |
| Short-Term Debt | 1.45B | |||||
| Current Portion of Long-Term Debt | 1.25B | 1.50B | 1.69B | 1.13B | 987.00M | 497.00M |
| Current Portion of Leases | 55.00M | 57.00M | 48.00M | 47.00M | 48.00M | 62.00M |
| Current Unearned Revenue | 101.00M | 107.00M | 106.00M | 81.00M | 80.00M | 77.00M |
| Other Current Liabilities | 702.00M | 579.00M | 415.00M | 389.00M | 294.00M | 273.00M |
| Total Current Liabilities | 3.22B | 3.25B | 3.23B | 2.62B | 2.40B | 3.35B |
| Long-Term Debt | 24.38B | 24.15B | 19.25B | 19.29B | 18.80B | 18.07B |
| Long-Term Leases | 443.00M | 458.00M | 446.00M | 442.00M | 465.00M | 440.00M |
| Long-Term Unearned Revenue | 273.00M | 246.00M | 427.00M | 446.00M | 329.00M | 457.00M |
| Long-Term Deferred Tax Liabilities | 25.00M | 25.00M | 18.00M | 16.00M | 13.00M | 10.00M |
| Other Long-Term Liabilities | 368.00M | 352.00M | 125.00M | 126.00M | 142.00M | 170.00M |
| Total Liabilities | 28.72B | 28.48B | 23.50B | 22.95B | 22.15B | 22.49B |
| Common Stock | 14.02B | 14.30B | 13.58B | 12.46B | 11.71B | 11.22B |
| Comprehensive Income & Other | 5.00M | 5.00M | -3.00M | -4.00M | -8.00M | -17.00M |
| Total Common Equity | 14.03B | 14.30B | 13.58B | 12.45B | 11.70B | 11.20B |
| Minority Interest | 225.00M | 227.00M | 231.00M | 235.00M | 237.00M | 241.00M |
| Shareholders' Equity | 14.25B | 14.53B | 14.01B | 13.58B | 13.51B | 13.02B |
| Total Liabilities & Equity | 42.97B | 43.01B | 37.51B | 36.53B | 35.66B | 35.51B |
| Total Debt | 26.13B | 26.16B | 21.44B | 20.91B | 20.30B | 20.51B |
| Net Cash (Debt) | -25.10B | -24.02B | -19.92B | -19.87B | -20.06B | -20.50B |
| Net Cash Per Share | -24.69 | -23.58 | -19.55 | -19.85 | -19.86 | -19.96 |
| Filing Date Shares Outstanding | 1.01B | 1.02B | 1.02B | 1.01B | 1.00B | 1.01B |
| Total Common Shares Outstanding | 1.01B | 1.02B | 1.02B | 1.00B | 1.00B | 1.02B |
| Working Capital | -348.00M | 745.00M | 41.00M | 184.00M | -496.00M | -1.84B |
| Book Value Per Share | 13.83 | 14.08 | 13.35 | 12.41 | 11.69 | 11.02 |
| Tangible Book Value | 3.97B | 4.15B | 5.41B | 4.16B | 3.35B | 2.71B |
| Tangible Book Value Per Share | 3.92 | 4.08 | 5.32 | 4.14 | 3.34 | 2.67 |
| Land | 2.06B | 2.16B | 2.13B | 2.10B | 2.10B | |
| Machinery | 3.86B | 3.59B | 3.47B | 3.33B | 3.31B | |
| Construction In Progress | 1.47B | 475.00M | 540.00M | 455.00M | 411.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.73B | 4.91B | 4.32B | 3.93B | 3.94B | 3.08B |
| Depreciation & Amortization | 1.42B | 1.35B | 1.28B | 1.21B | 1.23B | 1.29B |
| Other Amortization | 29.00M | 30.00M | 54.00M | 55.00M | 73.00M | 70.00M |
| Loss (Gain) From Sale of Assets | -159.00M | -161.00M | 3.00M | -14.00M | -475.00M | -13.00M |
| Asset Writedown & Restructuring Costs | 42.00M | |||||
| Loss (Gain) on Equity Investments | -265.00M | -317.00M | 4.00M | 44.00M | 102.00M | 187.00M |
| Other Operating Activities | 48.00M | 29.00M | 44.00M | 2.00M | 17.00M | 104.00M |
| Change in Accounts Receivable | 109.00M | 48.00M | 180.00M | 14.00M | 14.00M | -199.00M |
| Change in Inventory | -42.00M | -26.00M | -20.00M | -19.00M | -5.00M | -24.00M |
| Change in Accounts Payable | -26.00M | 193.00M | ||||
| Change in Unearned Revenue | -44.00M | -74.00M | -5.00M | 107.00M | 108.00M | 88.00M |
| Change in Other Net Operating Assets | 149.00M | 117.00M | 86.00M | 67.00M | 37.00M | 99.00M |
| Operating Cash Flow | 5.98B | 5.91B | 5.95B | 5.40B | 5.02B | 4.91B |
| Capital Expenditures | -2.64B | -1.81B | -1.06B | -937.00M | -806.00M | -529.00M |
| Sale of Property, Plant & Equipment | 978.00M | 975.00M | 1.00M | 26.00M | 84.00M | 126.00M |
| Cash Acquisitions | -3.06B | -3.32B | -622.00M | -246.00M | -28.00M | |
| Investment in Securities | -749.00M | -715.00M | -318.00M | -95.00M | -206.00M | -115.00M |
| Other Investing Activities | 4.00M | 8.00M | ||||
| Investing Cash Flow | -5.47B | -4.86B | -2.00B | -1.25B | -956.00M | -518.00M |
| Short-Term Debt Issued | 50.00M | 2.99B | 8.49B | |||
| Long-Term Debt Issued | 6.54B | 1.63B | 1.59B | 3.38B | 4.17B | |
| Total Debt Issued | 6.10B | 6.59B | 1.63B | 1.59B | 6.37B | 12.67B |
| Short-Term Debt Repaid | -50.00M | -4.44B | -7.04B | |||
| Long-Term Debt Repaid | -2.46B | -1.15B | -1.00B | -2.20B | -5.82B | |
| Total Debt Repaid | -2.32B | -2.51B | -1.15B | -1.00B | -6.64B | -12.86B |
| Net Debt Issued (Repaid) | 3.79B | 4.08B | 479.00M | 588.00M | -273.00M | -196.00M |
| Issuance of Common Stock | 19.00M | 24.00M | 35.00M | 31.00M | 44.00M | 45.00M |
| Repurchase of Common Stock | -300.00M | -400.00M | -326.00M | -491.00M | -630.00M | |
| Preferred Dividends Paid | -6.00M | -44.00M | -115.00M | -126.00M | -141.00M | |
| Common Dividends Paid | -4.25B | -4.02B | -3.56B | -3.18B | -2.92B | -3.43B |
| Dividends Paid | -4.25B | -4.02B | -3.60B | -3.30B | -3.05B | -3.57B |
| Other Financing Activities | -108.00M | -112.00M | -65.00M | -58.00M | -71.00M | -41.00M |
| Financing Cash Flow | -859.00M | -435.00M | -3.48B | -3.33B | -3.84B | -4.39B |
| Net Cash Flow | -355.00M | 618.00M | 471.00M | 810.00M | 225.00M | -2.00M |
| Free Cash Flow | 3.34B | 4.10B | 4.89B | 4.46B | 4.21B | 4.38B |
| Free Cash Flow Margin | 27.72% | 34.70% | 44.01% | 42.12% | 37.83% | 45.15% |
| Free Cash Flow Per Share | 3.28 | 4.03 | 4.80 | 4.46 | 4.17 | 4.27 |
| Levered Free Cash Flow | 1.37B | 2.00B | 2.54B | 2.38B | 2.59B | 2.74B |
| Unlevered Free Cash Flow | 2.05B | 2.62B | 3.07B | 2.89B | 3.05B | 3.17B |
| Cash Interest Paid | 1.04B | 913.00M | 940.00M | 893.00M | 813.00M | 812.00M |
| Cash Income Tax Paid | 7.00M | 7.00M | 6.00M | 7.00M | 3.00M | 4.00M |
| Change in Working Capital | 172.00M | 65.00M | 241.00M | 169.00M | 128.00M | 157.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 60.10B | 54.28B | 48.76B | 36.76B | 32.95B | 30.18B |
| Enterprise Value | 85.20B | 78.88B | 69.35B | 57.92B | 54.92B | 50.73B |
| Last Close Price | 60.16 | 50.43 | 41.84 | 29.52 | 24.11 | 19.91 |
| PE Ratio | 12.76 | 11.06 | 11.39 | 9.65 | 8.69 | 10.28 |
| Forward PE | 12.90 | 12.06 | 11.11 | 9.37 | 9.75 | 9.85 |
| PS Ratio | 5.00 | 4.59 | 4.39 | 3.47 | 2.96 | 3.11 |
| PB Ratio | 4.35 | 3.74 | 3.48 | 2.71 | 2.44 | 2.32 |
| P/TBV Ratio | 15.15 | 13.08 | 9.01 | 8.85 | 9.84 | 11.13 |
| P/FCF Ratio | 18.03 | 13.24 | 9.97 | 8.24 | 7.82 | 6.89 |
| P/OCF Ratio | 10.07 | 9.19 | 8.20 | 6.81 | 6.56 | 6.14 |
| PEG Ratio | 30.66 | 2.77 | 2.34 | 3.25 | 3.28 | |
| EV/Sales Ratio | 7.09 | 6.67 | 6.24 | 5.47 | 4.93 | 5.23 |
| EV/EBITDA Ratio | 13.95 | 12.90 | 12.06 | 10.69 | 9.70 | 10.15 |
| EV/EBIT Ratio | 18.18 | 16.57 | 15.53 | 13.77 | 12.38 | 13.66 |
| EV/FCF Ratio | 25.56 | 19.23 | 14.18 | 12.99 | 13.04 | 11.58 |
| Debt / Equity Ratio | 1.83 | 1.80 | 1.53 | 1.54 | 1.50 | 1.58 |
| Debt / EBITDA Ratio | 4.16 | 4.17 | 3.63 | 3.76 | 3.50 | 4.00 |
| Debt / FCF Ratio | 7.83 | 6.38 | 4.38 | 4.69 | 4.82 | 4.68 |
| Net Debt / Equity Ratio | 1.76 | 1.65 | 1.42 | 1.46 | 1.49 | 1.57 |
| Net Debt / EBITDA Ratio | 4.11 | 3.93 | 3.46 | 3.67 | 3.54 | 4.10 |
| Net Debt / FCF Ratio | 7.53 | 5.86 | 4.07 | 4.45 | 4.76 | 4.68 |
| Asset Turnover | 0.30 | 0.29 | 0.30 | 0.29 | 0.31 | 0.27 |
| Inventory Turnover | 27.19 | 29.10 | 28.34 | 30.34 | 34.63 | 32.56 |
| Quick Ratio | 0.81 | 1.16 | 0.95 | 0.99 | 0.71 | 0.40 |
| Current Ratio | 0.89 | 1.23 | 1.01 | 1.07 | 0.79 | 0.45 |
| Return on Equity (ROE) | 33.69% | 34.71% | 31.58% | 29.27% | 29.99% | 23.05% |
| Return on Assets (ROA) | 7.25% | 7.39% | 7.54% | 7.29% | 7.79% | 6.45% |
| Return on Invested Capital (ROIC) | 11.96% | 13.12% | 13.23% | 12.52% | 13.19% | 10.89% |
| Return on Capital Employed (ROCE) | 11.80% | 12.00% | 13.00% | 12.40% | 13.30% | 11.50% |
| Earnings Yield | 7.84% | 9.05% | 8.85% | 10.68% | 11.97% | 10.20% |
| FCF Yield | 5.54% | 7.56% | 10.03% | 12.13% | 12.79% | 14.52% |
| Dividend Yield | 8.17% | 7.61% | 7.54% | 8.87% | 8.99% | 9.38% |
| Payout Ratio | 104.24% | 81.92% | 83.46% | 83.91% | 77.26% | 116.12% |
| Buyback Yield / Dilution | 0.54% | -1.80% | 0.89% | 1.65% | 2.28% | |
| Total Shareholder Return | 8.71% | 7.61% | 5.74% | 9.76% | 10.65% | 11.66% |