MPLX LP (MPLX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$1.08	$0.9	-16.7%	—	$2.8B	—
Q4 25	$1.03	$1.05	+1.9%	—	$2.9B	—
Q3 25	$1.09	$1.52	+39.4%	—	$2.9B	—
Q2 25	$1.08	$1.03	-4.6%	—	$2.8B	—
Q1 25	$1.15	$1.1	-4.3%	—	$2.9B	—
Q4 24	$1.03	$1.07	+3.9%	—	$2.8B	—
Q3 24	$1.03	$1.01	-1.9%	—	$2.8B	—
Q2 24	$0.99	$1.15	+16.2%	—	$2.7B	—
Q1 24	$0.97	$0.98	+1.0%	—	$2.6B	—
Q4 23	$0.94	$0.97	+3.2%	—	$2.7B	—
Q3 23	$0.93	$0.96	+3.2%	—	$2.7B	—
Q2 23	$0.87	$0.91	+4.6%	—	$2.5B	—
Q1 23	$0.83	$0.91	+9.6%	—	$2.5B	—
Q4 22	$0.85	$0.78	-8.2%	—	$2.5B	—
Q3 22	$0.83	$0.88	+6.0%	—	$2.7B	—
Q2 22	$0.79	$0.83	+5.1%	—	$2.8B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.82	—	—	$11.5B	—
FY24	—	$4.21	—	—	$10.9B	—
FY23	—	$3.8	—	—	$10.4B	—
FY22	—	$3.75	—	—	$10.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3B	$3.7B	$6.7B	$8.6B	$8.4B	$9.6B	$10.5B	$10.4B	$10.9B	$11.5B
YoY change	+191.1%	+22.6%	+80.2%	+29.8%	-2.71%	+14%	+10.1%	-1.02%	+4.5%	+5.23%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3B	3.7B	6.7B	8.6B	8.4B	9.6B	10.5B	10.4B	10.9B	11.5B
Cost of revenue	1.9B	2.4B	3.9B	5B	4.7B	5.5B	6.3B	5.9B	6.1B	6.5B
Gross profit	1.1B	1.3B	2.8B	3.7B	3.7B	4.1B	4.3B	4.6B	4.8B	5B
Gross margin	35.6%	35.5%	41.7%	42.5%	44.6%	42.3%	40.7%	43.7%	44.2%	43.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	227M	241M	316M	388M	378M	353M	335M	379M	427M	446M
Operating expenses	141M	149M	217M	281M	276M	243M	224M	258M	200M	103M
Operating income	880M	1.1B	2.5B	3.3B	3.3B	3.7B	4B	4.2B	4.5B	4.8B
Operating margin	29.2%	30%	37.2%	37.9%	39.8%	38.6%	37.5%	40%	41.1%	41.5%
Non-operating income, net	-197M	84M	254M	-895M	-3.1B	300M	961M	726M	802M	1.2B
Pretax income	422M	837M	2B	1.5B	-685M	3.1B	4B	4B	4.4B	5B
Income tax	-12M	1M	8M	0	2M	1M	8M	11M	10M	8M
Net income	434M	836M	2B	1.5B	-687M	3.1B	4B	4B	4.4B	5B
Net margin	14.4%	22.6%	30.2%	16.9%	-8.18%	32.5%	37.7%	38%	40%	43.2%
EBITDA	1.4B	1.8B	3.5B	4.8B	3.7B	5.2B	6.1B	6.1B	6.6B	7.3B
EPS	0	1.07	2.29	1	-0.8	2.86	3.75	3.8	4.21	4.82
Diluted EPS	0	1.06	2.29	1	-0.8	2.86	3.75	3.8	4.21	4.82

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.7B	2.7B	2.6B	2.7B	2.8B	2.8B	2.9B	2.8B	2.9B	2.9B	2.8B	3.1B
Cost of revenue	1.6B	1.5B	1.5B	1.5B	1.6B	1.6B	1.6B	1.6B	1.7B	1.6B	1.7B	1.8B
Gross profit	1.1B	1.2B	1.2B	1.2B	1.2B	1.3B	1.3B	1.2B	1.2B	1.3B	1.1B	1.3B
Gross margin	40.6%	45.3%	44.2%	44.4%	43.9%	44.2%	44.1%	43.7%	43%	43.6%	40.3%	41.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	102M	99M	109M	107M	107M	104M	112M	107M	126M	101M	114M	108M
Operating expenses	63M	96M	24M	64M	60M	52M	61M	62M	82M	-102M	64M	58M
Operating income	995M	1.1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.1B	1.1B	1.3B	1B	1.2B
Operating margin	36.7%	40.6%	42%	40.8%	40.6%	41.3%	40.9%	40.3%	38.9%	45.9%	36.8%	38.9%
Non-operating income, net	159M	288M	157M	325M	149M	171M	186M	170M	670M	155M	182M	180M
Pretax income	929M	1.2B	1B	1.2B	1B	1.1B	1.1B	1.1B	1.6B	1.2B	923M	1.1B
Income tax	1M	9M	1M	2M	2M	5M	1M	1M	3M	3M	1M	2M
Net income	928M	1.1B	1B	1.2B	1B	1.1B	1.1B	1.1B	1.6B	1.2B	922M	1.1B
Net margin	34.2%	42.8%	39%	44.2%	37.7%	39%	39.3%	37.9%	53.5%	41.6%	32.9%	35.3%
EBITDA	1.5B	1.7B	1.6B	1.7B	1.6B	1.7B	1.7B	1.6B	2.2B	1.8B	1.6B	1.8B
EPS	0.89	1.1	0.98	1.15	1.01	1.07	1.1	1.03	1.52	1.17	0.9	1.06
Diluted EPS	0.89	1.1	0.98	1.15	1.01	1.07	1.1	1.03	1.52	1.17	0.9	1.06

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	30.4B	33.2B	36.8B	48.6B	54.4B	58.5B
Enterprise value	—	—	—	—	—	49.4B	53.2B	56.6B	68.5B	78.4B	82.9B
Shares outstanding	331M	385M	761M	906M	1.1B	1B	1B	1B	1B	1B	1B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	9.77	8.34	9.27	11.2	11	12.2
P/S	—	—	—	—	—	3.17	3.15	3.52	4.46	4.74	4.8
P/B	—	—	—	—	—	2.33	2.45	2.71	3.47	3.74	4.11
EV/EBITDA	—	—	—	—	—	9.44	8.78	9.3	10.4	10.7	13.6
EV/Sales	—	—	—	—	—	5.16	5.05	5.43	6.29	6.83	6.89
Earnings yield	—	—	—	—	—	10.2%	12%	10.8%	8.96%	9.11%	8.17%
FCF yield	—	—	—	—	—	14.4%	12.7%	12.1%	10.1%	7.54%	2.34%
PEG	—	—	—	—	—	—	—	—	—	—	4.2

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	35.6%	35.5%	41.7%	42.5%	44.6%	42.3%	40.7%	43.7%	44.2%	43.6%	41.9%
Operating margin	29.2%	30%	37.2%	37.9%	39.8%	38.6%	37.5%	40%	41.1%	41.5%	38.3%
Net margin	14.4%	22.6%	30.2%	16.9%	-8.18%	32.5%	37.7%	38%	40%	43.2%	39.3%
ROE	3.91%	8.38%	11.3%	8.8%	-4.91%	23.9%	29.4%	29.2%	31.1%	34.1%	33.7%
ROA	2.48%	4.29%	5.1%	3.62%	-1.89%	8.76%	11.2%	10.9%	11.6%	11.5%	7.25%
ROIC	5.75%	6.54%	6.93%	8.86%	9.65%	11.5%	11.7%	12.4%	13.2%	12.3%	11.9%
Return on tangible assets	3.61%	5.93%	12.1%	7.77%	-3.58%	16.8%	21%	19.9%	20.6%	21.8%	20.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.14	0.43	0.63	0.7	0.73	0.45	0.79	1.07	1.01	1.23	0.89
Quick ratio	1.07	0.38	0.59	0.64	0.67	0.41	0.73	1.01	0.96	1.18	0.83
Debt / equity	0.4	0.7	1.01	1.22	1.48	1.46	1.5	1.54	1.53	1.8	1.83
Debt / assets	0.25	0.36	0.46	0.5	0.57	0.54	0.57	0.57	0.57	0.61	0.61
Net debt / EBITDA	3.09	3.82	5.13	4.25	5.54	3.64	3.31	3.26	3.02	3.27	3.42
Interest coverage	3	3.81	4.38	2.7	0.18	4.93	5.7	5.43	5.63	5.82	5.17
Effective tax rate	0%	0.12%	0.4%	0%	0%	0.03%	0.2%	0.28%	0.23%	0.16%	0.19%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.09	9.59	8.74	9.53	7.99	9.32	10.4	10.4	10.7	11.3	11.8
EPS (basic)	0	1.07	2.29	1	-0.8	2.86	3.75	3.8	4.21	4.82	4.82
EPS (diluted)	0	1.06	2.29	1	-0.8	2.86	3.75	3.8	4.21	4.82	4.65
Book value per share	33.6	25.9	23.3	18.3	13.3	12.7	13.4	13.6	13.8	14.3	13.8
FCF per share	0.54	1.29	1.26	1.85	3.18	4.27	4.17	4.46	4.81	4.02	3.29
Cash per share	0.71	0.01	0.1	0.02	0.01	0.01	0.24	1.05	1.5	2.1	1.02
Capex per share	3.97	3.66	2.77	2.66	1.13	0.52	0.8	0.94	1.04	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	43.6%	38.2%	31.7%	27.9%	14.1%	5.52%	7.65%	8.98%	9.68%	—	—
Capex / operating cash flow	126.5%	80.2%	76.3%	88.7%	128.9%	11.9%	14.7%	17.3%	17.8%	—	—
Payout ratio	224.4%	388.6%	311.1%	207.9%	-437.6%	114.8%	76.6%	83.1%	82.7%	81.3%	90%
Dividend yield	—	—	—	—	—	11.8%	9.19%	8.97%	7.41%	7.4%	7.47%

Yield

7.47%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.077

ex-dividend Aug 7, 2026

Payout ratio

90%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 7, 2026	$1.077
May 8, 2026	$1.077
Feb 9, 2026	$1.077
Nov 7, 2025	$1.077

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.7B	$2.7B	$2.6B	$2.7B	$2.8B	$2.8B	$2.9B	$2.8B	$2.9B	$2.9B	$2.8B	$3.1B
YoY change	-1.06%	+6.96%	+2.16%	+7.53%	+2.28%	+6.17%	+10.9%	+3.87%	+4.65%	+1.9%	-2.81%	+10.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	234M	5M	77M	15M	15M	13M	238M	1B	1.5B	2.1B
Receivables	299M	292M	611M	593M	452M	654M	737M	823M	718M	735M
Inventory	55M	65M	98M	110M	118M	142M	148M	159M	180M	172M
Total current assets	868M	559M	1.4B	1.5B	1.5B	1.5B	1.9B	2.8B	3.3B	4B
Property, plant & equipment	11.4B	12.2B	21.5B	22.7B	21.8B	20.5B	19.4B	19.8B	19.7B	22.2B
Goodwill & intangibles	5.5B	5.4B	22.8B	21.6B	17.2B	17B	16.7B	16.6B	16.3B	20.3B
Total assets	17.5B	19.5B	39.3B	40.4B	36.4B	35.5B	35.7B	36.5B	37.5B	43B
Accounts payable	140M	151M	266M	242M	152M	172M	224M	153M	147M	108M
Short-term debt	—	—	—	76M	828M	559M	1B	1.2B	1.7B	1.6B
Total current liabilities	763M	1.3B	2.3B	2.1B	2.1B	3.3B	2.4B	2.6B	3.2B	3.2B
Long-term debt	4.4B	6.9B	17.9B	20.2B	19.8B	18.5B	19.3B	19.7B	19.7B	24.6B
Total liabilities	6.4B	9.5B	21.6B	23.8B	22.4B	22.5B	22.2B	22.9B	23.5B	28.5B
Shareholders' equity	11.1B	10B	17.7B	16.6B	14B	13B	13.5B	13.6B	14B	14.5B
Total debt	4.4B	6.9B	17.9B	20.3B	20.7B	19.1B	20.3B	20.9B	21.4B	26.2B
Net debt	4.2B	6.9B	17.8B	20.3B	20.7B	19.1B	20.1B	19.9B	19.9B	24B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	960M	1B	385M	2.5B	2.4B	1.5B	2.5B	1.4B	1.8B	2.1B	1.5B	1B
Receivables	833M	823M	752M	747M	742M	718M	858M	736M	729M	735M	769M	672M
Inventory	154M	159M	163M	168M	171M	180M	186M	192M	175M	172M	178M	200M
Total current assets	2.7B	2.8B	2.1B	4.2B	4.2B	3.3B	4.5B	3.2B	4.6B	4B	3.5B	2.9B
Property, plant & equipment	19.1B	19.8B	19.8B	19.7B	19.6B	19.7B	19.7B	-9.3B	-9.3B	22.2B	-9.9B	-10.2B
Goodwill & intangibles	16.5B	16.6B	16.5B	16.5B	16.4B	16.3B	16.3B	16.3B	20.4B	20.3B	20.2B	20.1B
Total assets	36.1B	36.5B	36.5B	38.4B	38.5B	37.5B	39B	37.8B	43.2B	43B	42.9B	43B
Accounts payable	132M	153M	132M	127M	120M	147M	145M	149M	131M	108M	126M	155M
Short-term debt	362M	1.2B	2B	3.1B	3.1B	1.7B	3B	1.5B	1.6B	1.6B	1.3B	1.3B
Total current liabilities	1.4B	2.6B	3B	4.2B	4.3B	3.2B	4.2B	3.1B	3.5B	3.2B	3.2B	3.2B
Long-term debt	20.9B	19.7B	19.3B	19.7B	19.7B	19.7B	20.2B	20.2B	24.6B	24.6B	24.8B	24.8B
Total liabilities	22.8B	22.9B	22.8B	24.5B	24.5B	23.5B	24.9B	23.8B	28.7B	28.5B	28.6B	28.7B
Shareholders' equity	13.3B	13.6B	13.6B	13.9B	14B	14B	14.1B	14B	14.5B	14.5B	14.3B	14.3B
Total debt	21.2B	20.9B	21.2B	22.8B	22.8B	21.4B	23.2B	21.7B	26.1B	26.2B	26.1B	26.1B
Net debt	20.3B	19.9B	20.8B	20.3B	20.4B	19.9B	20.7B	20.3B	24.4B	24B	24.6B	25.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	434M	836M	2B	1.5B	-687M	3.1B	4B	4B	4.4B	5B
Depreciation & amortization	591M	683M	867M	1.3B	1.4B	1.3B	1.2B	1.2B	1.3B	1.4B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-26M	162M	-169M	-49M	168M	-36M	154M	186M	241M	65M
Operating cash flow	1B	1.8B	2.8B	2.7B	918M	4.5B	5.5B	5.4B	5.9B	5.9B
Capital expenditure	-1.3B	-1.4B	-2.1B	-2.4B	-1.2B	-529M	-806M	-937M	-1.1B	—
Investing cash flow	-1.3B	-2.3B	-2.9B	-3.1B	-1.4B	-554M	-967M	-1.3B	-2B	-3B
Dividends paid	-974M	-3.2B	-6.2B	-3B	-3B	-3.6B	-3B	-3.3B	-3.6B	-4B
Share repurchases	-25M	-25M	0	0	-33M	-630M	-491M	-600M	-326M	-400M
Financing cash flow	113M	171M	-117M	-1.1B	-3.3B	-4.4B	-3.8B	-3.3B	-3.5B	-435M
Net change in cash	-185M	-404M	-246M	-1.5B	-3.7B	-492M	667M	817M	467M	2.4B
Free cash flow	178M	496M	960M	1.7B	3.3B	4.4B	4.2B	4.5B	4.9B	4.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	928M	1.1B	1B	1.2B	1B	1.1B	1.1B	1.1B	1.6B	1.2B	922M	1.1B
Depreciation & amortization	301M	306M	317M	320M	322M	324M	326M	324M	346M	355M	358M	365M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-131M	74M	53M	166M	-40M	181M	-230M	237M	-40M	34M	-71M	246M
Operating cash flow	1.1B	1.5B	1.4B	1.7B	1.3B	1.6B	1.2B	1.7B	1.4B	1.5B	1.3B	1.7B
Capital expenditure	-230M	-275M	-255M	-213M	-280M	-308M	-267M	—	—	—	—	—
Investing cash flow	-236M	-528M	-996M	-114M	-402M	-350M	-601M	-301M	-3.2B	935M	-216M	-203M
Dividends paid	-799M	-877M	-876M	-874M	-873M	-980M	-978M	-976M	-975M	-1.1B	-1.1B	-1.1B
Share repurchases	0	0	-75M	-75M	-76M	-100M	-100M	-100M	-100M	-100M	-50M	-50M
Financing cash flow	-803M	-876M	-958M	665M	-954M	-2.2B	370M	-2.3B	2.7B	-1.2B	-1.2B	-1.1B
Net change in cash	72M	109M	-559M	2.2B	-10M	-962M	1B	-847M	905M	1.2B	-56M	350M
Free cash flow	1B	1.2B	1B	1.4B	1.1B	1.4B	979M	1.4B	905M	782M	772M	877M

MPLX LP Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement