stockrowLatest quarter
MPLX reported Q2 FY2026 revenue of $3.3 billion, above the $3.2 billion consensus, and adjusted EPS of $1.06, above the $1.04 consensus. Revenue rose from $3.0 billion a year earlier, while diluted EPS increased from $1.03 to $1.06.
In its filing, MPLX attributed higher product revenue partly to increased natural gas liquids sales volumes in the Southwest and higher prices across several regions. It also cited higher logistics rates and fees, acquisitions and increased Marcellus throughput, partly offset by the Rockies divestiture and lower pipeline throughput. MPLX said purchased product costs increased with higher natural gas liquids prices and volumes in the Southwest.
MPLX’s gross margin fell to 56.9% from 58.5% a year earlier, and its operating margin declined to 41.6% from 43.1%. The company reported free cash flow of $877.0 million, down from $1.4 billion a year earlier.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $3.3 billion | $3.0 billion | 10.3% |
| Diluted EPS | $1.06 | $1.03 | 2.91% |
| Gross margin | 56.9% | 58.5% | −1.6 percentage points |
| Operating margin | 41.6% | 43.1% | −1.5 percentage points |
| Free cash flow | $877.0 million | $1.4 billion | −38.9% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $1.06 | $1.04 | Beat by 1.92% |
| Revenue | $3.3 billion | $3.2 billion | Beat by 3.94% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
In its filing, MPLX said production was increasing across its key operating regions, with steady rig counts in the Marcellus and Utica. The company expects natural gas demand to increase as Gulf Coast LNG facilities come online and electricity generation for data centers and the grid rises.
MPLX said its long-term take-or-pay and capacity contracts protect its crude oil and products logistics business and its Marcellus and Utica operations from significant volatility.
Guidance
In its filing, MPLX said it increased its 2026 growth capital spending outlook by $500 million to $2.9 billion, primarily to accelerate expansion of Gulf Coast fractionation and export facilities. Its 2026 capital outlook is $3.2 billion, net of reimbursements and excluding potential acquisitions, including $300 million in maintenance capital.