Pricing Log in Create free account
Friday 6 November 2026 Export MPLX’s income statement to Excel — free account

MPLX LP

MPLX Energy Oil & Gas Midstream

MPLX LP’s revenue for fiscal 2025 (year ended December 2025) was $13.0 billion, up 8.92% from fiscal 2024.

Revenue
−0.39%
EPS
−23.8%
Free cash flow
−23.8%
Total debt
+3.75%

Quarter to September 2026, against a year earlier

56.63 0.38 +0.68%
Market cap
$57.3B
P/E
13.2×
Fwd P/E
14.0×
Dividend yield
9.74%
F-score
7/9
Altman Z
n/a
Beneish M
−2.57
Dividend safety
33/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2017

  • Natural Gas and NGL Services
  • Crude Oil and Products Logistics

Every year since 2013 →

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 64.23%

Capital & Financial Ratios $m

Size
Market Cap 57,290.00
Revenue ttm 13,207.00
Net income ttm 4,386.00
Free cash flow ttm 4,099.00
Net debt Q 25,311.00
Valuation
P/E 13.21
Forward P/E 14.00
Price / sales 4.35
Forward P/S Powerpack
Price / FCF 14.01
Price / book 4.02
Financial health
Current ratio Q 1.56 (at or above 1.5: strong)
Debt / equity Q 1.86
Interest coverage Q 4.92
Growth
Revenue growth Q −0.39% (below 0%: shrinking)
Operating income growth Q −18.05% (below 0%: shrinking)
EPS, this year −10.97% (below 0%: weak)
EPS, next year A +11.97%
Revenue, next year A +1.05%
EPS, past 5 yrs —
EPS, next 5 yrs A +2.18%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.3×, against a ten-year median of 5.5×; over the ten years it ranged from 4.2× in 2020 to 9.3× in 2016.
P/E against its own 10 years 66.14%
10-year low 10-year high
P/S against its own 10 years 79.39%
10-year low 10-year high
P/B against its own 10 years 93.84%
10-year low 10-year high
EV/Sales against its own 10 years 80.75%
10-year low 10-year high
EV/FCF against its own 10 years 62.04%
10-year low 10-year high

Dividends raised 5 years running

Yield
9.74%
Annual rate
5.52
Payout ratio
128.7%
Growth, 2018–26
+7.50%/yr
  1. 2.49 ’18
  2. 2.65 ’19 +6
  3. 2.75 ’20 +4
  4. 2.06 ’21 −25
  5. 2.89 ’22 +40
  6. 3.18 ’23 +10
  7. 3.51 ’24 +10
  8. 3.95 ’25 +13
  9. 4.44 ’26 +13
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,048 1,519 2,137 1,297
Receivables 823 718 735 799
Inventory 159 180 172 203
Other 778 859 950 1,097
2,808 3,276 3,994 3,396
2023 2024 2025 Q'26
Payables 153 147 108 200
ST’ Debt 1,135 1,693 1,502 2
Other 533 603 540 667
2,624 3,235 3,249 2,175

Compound Annual Growth %

10y 5y 3y
Sales 28.00% 11.42% 3.83%
Cash Flow 30.05% 5.50% 5.59%
Earnings 47.76% 0.00% 8.79%
Book Value 4.16% 2.22% 5.01%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.11 Actual 1.15

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.08 1.17 Beat by 0.09
Q1 FY26 1.05 0.90 Miss by 0.15
Q2 FY26 1.04 1.06 Beat by 0.02
Q3 FY26 1.11 1.15 Beat by 0.04
Q4 FY26 1.15 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.90 1.06 1.16 — —
’25 1.10 1.03 1.52 1.17 4.82
’24 0.98 1.15 1.01 1.07 4.21
’23 0.91 0.91 0.89 1.10 3.80
’22 0.78 0.83 1.36 0.78 3.75
’21 0.68 0.66 0.74 0.78 2.86
’20 (2.60) 0.58 0.61 0.63 (0.80)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,038 3,312 3,605 — —
’25 3,124 3,003 3,619 3,252 12,998
’24 2,846 3,052 2,972 3,063 11,933
’23 2,713 2,690 2,912 2,966 11,281
’22 2,610 2,940 3,401 2,662 11,613
’21 2,339 2,395 2,559 2,734 10,027
’20 992 2,081 2,247 2,249 7,569
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,347 1,702 1,477 — —
’25 1,246 1,736 1,431 1,496 5,909
’24 1,291 1,565 1,415 1,675 5,946
’23 1,227 1,437 1,244 1,489 5,397
’22 1,125 1,487 1,039 1,368 5,019
’21 1,124 1,365 1,182 1,240 4,911
’20 1,009 1,105 1,222 1,185 4,521
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 776 877 690 — —
’25 980 1,435 905 1,756 5,076
’24 1,036 1,352 1,135 1,368 4,891
’23 1,058 1,192 1,021 1,215 4,486
’22 959 1,426 805 1,107 4,297
’21 1,068 1,260 1,046 1,134 4,508
’20 669 780 959 986 3,394
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 5.8% a year for ten years. It grew 49.2% a year over the last ten.

Implied
5.8%
10 years, reported
49.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,029 3,867 7,005 9,041 7,569 10,027 11,613 11,281 11,933 12,998 13,207 +17.6% 13,134 14,093 14,984 +4.9%
Gross margin, % 55.50 56.09 57.02 58.94 56.72 57.78 56.76 58.71 59.74 60.60 57.55 +5.1 pt
EBT 422 837 2,014 1,462 (685) 3,113 3,986 3,977 4,367 4,960 4,394 +31.5%
EBT margin, % 13.93 21.64 28.75 16.17 (9.05) 31.05 34.32 35.25 36.60 38.16 33.27 +24.2 pt
Net income 434 836 2,006 1,462 (687) 3,112 3,978 3,966 4,357 4,952 4,386 +31.1%
Per share, $
Per share, $ Revenue 9.15 10.04 9.21 9.98 7.20 9.76 11.50 11.27 11.75 12.76 13.02 +3.8%
Earnings 0.00 1.07 2.29 1.00 (0.80) 2.86 3.75 3.80 4.21 4.82 4.29 n/m
Cash flow 4.50 4.95 4.04 4.51 4.30 4.78 4.97 5.39 5.85 5.80 5.94 +2.8%
Capex (3.96) (3.65) (2.76) (2.62) (1.07) (0.39) (0.71) (0.91) (1.04) (0.82) (1.90) (16.1%)
Free cash flow 0.54 1.31 1.27 1.88 3.23 4.39 4.25 4.48 4.81 4.98 4.04 +28.0%
Book value 33.57 25.90 23.30 18.34 12.39 11.74 12.42 12.68 13.59 14.26 14.09 (9.1%)
Shares, m 331 385 761 906 1,051 1,027 1,010 1,001 1,016 1,019 1,016 +13.3%
Valuation, ×
Valuation, × P/E 0.00 34.00 13.17 21.22 0.00 10.35 8.69 9.62 11.37 11.07 13.21 11.9
P/S 3.85 3.59 3.29 2.55 3.01 3.03 2.83 3.25 4.07 4.18 4.35 3.4
P/B 1.05 1.39 1.30 1.44 1.83 2.66 2.76 2.89 3.52 3.74 4.02 2.3
EV/Sales 5.23 5.38 5.84 4.73 5.67 4.88 4.52 4.97 5.70 5.99 6.26 5.3
EV/FCF 88.49 41.38 42.26 25.10 12.63 10.86 12.21 12.50 13.91 15.35 20.18 27.5
Cash, $m
Cash, $m Operating cash flow 1,491 1,907 3,071 4,082 4,521 4,911 5,019 5,397 5,946 5,909 6,022 +16.5%
Capex (1,312) (1,404) (2,103) (2,378) (1,127) (403) (722) (911) (1,055) (833) (1,923) (4.9%)
Free cash flow 179 503 968 1,704 3,394 4,508 4,297 4,486 4,891 5,076 4,099 +45.0%
Balance, $m
Balance, $m Working capital 105 (745) (828) (648) (571) (1,841) (496) 184 41 745 1,221 +24.3%
Net debt 4,188 6,940 17,845 19,698 20,124 18,558 19,558 19,383 19,429 23,516 25,311 +21.1%
Shareholders’ equity 11,110 9,973 17,731 16,613 13,017 12,052 12,546 12,689 13,807 14,528 14,291 +3.0%
Returns, %
Returns, % ROA 0.01 2.22 5.93 2.34 (2.19) 8.16 10.72 10.61 11.59 12.20 9.94 +12.2 pt
ROIC 2.79 4.40 4.79 4.09 0.40 8.15 9.56 9.55 9.94 9.76 8.76 +7.0 pt
ROE 0.01 3.90 12.58 5.54 (5.93) 24.62 32.64 31.10 32.38 34.67 30.16 +34.7 pt
People
People Employees 2,800 4,300 4,500 6,200 5,700 5,836 5,811 5,810 5,560 5,762 — +8.3%
Revenue/emp, $m 1.08 0.90 1.56 1.46 1.33 1.72 2.00 1.94 2.15 2.26 — +8.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

MPLX LP is a master limited partnership that owns and operates energy infrastructure across the United States. Formed in 2012 by Marathon Petroleum, known as MPC, it moves, stores and handles crude oil, refined fuels, natural gas and natural gas liquids, or NGLs. Maryann Mannen is its president and chief executive officer.

Its customers include MPC, other oil and gas producers, and businesses that need transportation, storage or processing services. MPLX’s assets include pipelines, terminals, storage caverns, refinery equipment, inland marine vessels and facilities that treat and process gas. It also distributes fuels on MPC’s behalf.

Where the money comes from and where it goes Fiscal 2017

Fiscal 2017: revenue by segment, and margins
Natural Gas and NGL Services 2,305 59.61%
Crude Oil and Products Logistics 1,562 40.39%
Gross margin 56.09%
Operating margin 30.80%
Pre-tax margin 21.64%

Revenue by segment since 2013

MPLX LP vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WMB Williams Companies, Inc. (The) $80.3B 24.7× 29.8× +10.26% (above 0%: growing) +16.89% (above 0%: growing) −262.96% (below 0%: shrinking) 80.83% 35.25% Compare
EPD Enterprise Products Partners L.P. $79.1B 12.2× 12.6× +49.28% (above 0%: growing) +22.95% (above 0%: growing) +1,121.03% (above 0%: growing) 10.94% 11.09% Compare
KMI Kinder Morgan, Inc. $67.3B 18.7× 22.0× +9.29% (above 0%: growing) +21.43% (above 0%: growing) −1.32% (below 0%: shrinking) 65.44% 25.60% Compare
ET Energy Transfer LP $66.1B 12.6× 12.0× +85.94% (above 0%: growing) +17.86% (above 0%: growing) +215.45% (above 0%: growing) 17.71% 7.50% Compare
TRP TC Energy Corporation $65.2B 26.0× 23.4× +5.59% (above 0%: growing) +18.28% (above 0%: growing) +24.24% (above 0%: growing) 70.23% 54.92% Compare
TRGP Targa Resources, Inc. $58.3B 24.1× 27.8× +34.87% (above 0%: growing) +38.01% (above 0%: growing) +265.70% (above 0%: growing) 36.08% 19.58% Compare
MPLX MPLX LP $57.3B 13.2× 14.0× −0.39% (below 0%: shrinking) −23.83% (below 0%: shrinking) −23.76% (below 0%: shrinking) 56.01% 40.94%
LNG Cheniere Energy, Inc. $57.1B 19.4× 27.5× +39.00% (above 0%: growing) +19.12% (above 0%: growing) +163.53% (above 0%: growing) 39.30% 31.02% Compare
OKE ONEOK, Inc. $54.4B 13.3× 15.2× +44.26% (above 0%: growing) +47.18% (above 0%: growing) −46.10% (below 0%: shrinking) 22.83% 12.59% Compare
Median of peers $65.6B 19.1× 22.7× +36.94% +20.27% +93.89% 37.69% 22.59%

All 57 Oil & Gas Midstream stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 18.79%
Held by the ten largest 10.98%
Holder Shares Stake Change
ALPS ADVISORS INC 28.60m 2.82% +1.53m
Invesco 18.27m 1.80% +6.84k
Blackstone Inc. 12.96m 1.28% −2.39m
Goldman Sachs 11.33m 1.12% −1.18m
TORTOISE CAPITAL ADVISORS, L.L.C. 10.50m 1.04% −2.76m
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 8.01m 0.79% +692.33k
KAYNE ANDERSON CAPITAL ADVISORS LP 5.86m 0.58% −963.64k
Morgan Stanley 5.28m 0.52% +311.63k
UBS 5.26m 0.52% +25.76k
CHICKASAW CAPITAL MANAGEMENT LLC 5.21m 0.51% −10.95k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

MPLX LP (MPLX) Latest News

4 Nov

Impact 3 · · MarketBeat transcript

3 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby
Impact 3 · · PR Newswire
Impact 3 · · PR Newswire

29 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · PR Newswire

28 Oct

Impact 3 · · PR Newswire

27 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · PR Newswire

24 Oct

Impact 3 · · The Motley Fool

23 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · 24/7 Wall St.
Impact 3 · · 24/7 Wall St.

19 Oct

Impact 4 · · 24/7 Wall St.

16 Oct

Impact 3 · · Zacks

13 Oct

Impact 3 · · The Motley Fool

6 Oct

Impact 3 · · Zacks

5 Oct

Impact 3 · · Zacks
Impact 3 · · 24/7 Wall St.

3 Oct

Impact 4 · · Insider Monkey

29 Sep

Impact 3 ·

24 Sep

Impact 3 · · Zacks

20 Sep

Impact 3 · · The Motley Fool

17 Sep

Impact 4 · · TIKR

8 Sep

Impact 3 ·

31 Aug

Impact 3 · · 24/7 Wall St.

27 Aug

Impact 4 ·
Impact 3 ·

MPLX metrics, ten years each

stockrow.com/MPLX · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com