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Stock research / United States / MPLX · Pipe Lines (No Natural Gas) · NYSE

Mplx LP (MPLX)

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Mplx LP (MPLX) reported revenue of $3.3 billion for Q2 FY2026, the quarter ended 30 June 2026, up 10.3% on the same quarter a year earlier. Net income was $1.1 billion, up 2.8% on the year, and diluted earnings per share $1.06. The figures are the company's own, from the 10-Q it filed with the SEC on 4 August 2026.

Revenue$3.3 billionup 10.3%
Net income$1.1 billionup 2.8%
Diluted EPS$1.06
QuarterQ2 FY2026ended 30 June 2026

Mplx (MPLX) in brief

Mplx (MPLX) reported revenue of $13.0 billion for fiscal 2025, the year ended 31 December 2025, up 8.9% on the year before.
Read moreNet income was $4.9 billion and diluted earnings per share $4.82. Revenue was $11.9 billion in fiscal 2024, $11.3 billion in fiscal 2023, $11.6 billion in fiscal 2022 and $10.0 billion in fiscal 2021. Net income in the same years was $4.3 billion, $3.9 billion, $3.9 billion and $3.1 billion. Over the twelve months to 30 June 2026, Mplx reported revenue of $13.2 billion and net income of $4.7 billion. Revenue grew 11.4% a year, compounded, over the five years to fiscal 2025. Mplx had 1.01 billion shares outstanding at the latest filed count. At 30 June 2026 it carried $25.6 billion of debt and $1.0 billion of cash. At the close of 27 October 2026 the market cap of Mplx was $58.9 billion, 12.5 times its earnings over the last twelve months.

Ratios

From the filings

ROEn/a
ROCEn/a
Operating margin44.4%
Net margin35.7%
FCF margin25.2%
Interest cover4.82
Debt to equityn/a
Cash conversion1.27
Share count, last 12 months-0.5%
Sales CAGR, 3 years3.8%
Profit CAGR, 3 years7.6%
EPS, TTM$4.65

At the close of 27 October 2026

Price$58.11
Market cap$58.9 billion
Stock P/E12.50
Price to bookn/a
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales4.46
52-week high$60.51
52-week low$50.29
Price, 1 year14.3%
Price CAGR, 3 years17.6%
Price CAGR, 5 years13.8%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of Mplx LP's balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
MPLXgreeksoup.ai
Daily prices to 27 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on MPLX

Dividendsno dividend in its filings for fiscal 2012 onward
Filings15 in twelve months: 10 current reports (8-K), about 5 results of operations; 3 other events; 3 officer or director change; 1 material agreement; 1 termination of a material agreement
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.51 by open interest at the 27 October 2026 close; the straddle prices a 4.2% move to 20 November 2026
13F holders641 funds reported a position for the quarter to 30 June 2026; largest Alps Advisors Inc.
Insider trading0 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest6.5 million shares short, 5.23 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 20 quarters

Q3 FY2021Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue2,5592,7342,6102,9403,4012,6622,7132,6902,9122,9662,8463,0522,9723,0633,1243,0033,6193,2523,0383,312
Operating income1,0311,0561,0601,1171,6741,0601,1961,1751,1541,3751,2511,4191,2751,3431,3661,2931,8011,4831,2141,378
Operating margin40%39%41%38%49%40%44%44%40%46%44%46%43%44%44%43%50%46%40%42%
Interest expensen/an/an/an/an/an/a227230227228228238251246241247279305314322
Pre-tax income8118388388841,4388269539429291,1531,0161,1881,0491,1141,1371,0591,5581,2069231,089
Tax rate0%0%1%0%0%0%0%0%0%1%0%0%0%0%0%0%0%n/a0%0%
Net income8028308258751,4288169439339181,1349921,1671,0311,0911,1261,0481,5441,1919111,077
Net margin31%30%32%30%42%31%35%35%32%38%35%38%35%36%36%35%43%37%30%33%
Diluted EPS$0.74n/a$0.78$0.83$1.36$0.78$0.91$0.91$0.89$1.10$0.98$1.15$1.01$1.07$1.10$1.03$1.52$1.17$0.90$1.06
Operating cash flow1,1821,2401,1251,4871,0391,3681,2271,4371,2441,4891,2911,5651,4151,6751,2461,7361,4311,4961,3471,702
Capital expenditure139155169125241271169263230275255213280308267301526714575825
Free cash flow1,0431,0859561,3627981,0971,0581,1741,0141,2141,0361,3521,1351,3679791,435905782772877
Buybacks15516510035.01801760.00.00.00.075.075.076.010010010010010050.050.0
Shares outstanding1,020m1,015m1,012m1,012m1,003m1,001m1,001m1,001m1,001m1,011m1,016m1,021m1,019m1,023m1,021m1,019m1,017m1,015m1,015m1,014m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 13 fiscal years and the trailing twelve months

FY2013 †FY2014 †FY2015 †FY2016 †FY2017FY2018 †FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue7137931,1013,0293,8677,0059,0417,56910,02711,61311,28111,93312,99813,221
Operating income2132453816831,1912,7282,3772113,9924,9114,9005,2885,9435,876
Operating margin29.9%30.9%34.6%22.5%30.8%38.9%26.3%2.8%39.8%42.3%43.4%44.3%45.7%44.4%
Interest expensen/an/an/an/an/an/an/an/an/a8529129631,0721,220
Pre-tax income2122403344228372,0141,462-6853,1133,9863,9774,3674,9604,776
Income tax1.01.01.0-12.01.08.00.02.01.08.011.010.0n/an/a
Effective tax rate0.5%0.4%0.3%-2.8%0.1%0.4%0.0%n/a0.0%0.2%0.3%0.2%n/an/a
Net income77.91211562337941,8181,033-7203,0773,9443,9284,2814,9094,723
Net margin10.9%15.3%14.2%7.7%20.5%26.0%11.4%-9.5%30.7%34.0%34.8%35.9%37.8%35.7%
Diluted EPSn/an/an/an/an/an/an/a-$0.80$2.86$3.75$3.80$4.21$4.82$4.65
Filing8-K8-K8-K8-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment FY2023 to FY2025

FY2023FY2024FY2025Share
of the parts, latest year
Crude Oil and Products Logistics6,0486,3396,57550.6%
Natural Gas & NGL Services5,2335,5946,42349.4%
Crude Oil and Products LogisticsNatural Gas & NGL Services
11.3FY202311.9FY202413.0FY2025

$ billion; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2013 †FY2014 †FY2015 †FY2016 †FY2017FY2018 †FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow2973344271,4911,9073,0714,0824,5214,9115,0195,3975,9465,9095,976
Capital expenditure1511413341,3131,4112,1112,4081,1835298069371,0561,8082,640
Free cash flow14619393.01784969601,6743,3384,3824,2134,4604,8904,1013,336
Free cash flow margin20.5%24.3%8.4%5.9%12.8%13.7%18.5%44.1%43.7%36.3%39.5%41.0%31.6%25.2%
Cash from investing-158-137-1,686-1,417-2,307-2,878-3,063-1,262-518-956-1,252-1,995-4,856-5,472
Cash from financing-302-2241,275113171-117-1,089-3,259-4,395-3,838-3,335-3,480-435-859
Depreciation and amortisationn/an/an/an/a721804n/an/an/an/an/an/an/an/a
Share-based compensationn/an/an/a-10.0-15.024.022.014.0n/an/an/an/an/an/a
Buybacksn/an/an/an/an/a0.00.033.06304910.0326400300
Shares outstanding at period endn/an/an/an/an/an/an/an/an/an/an/an/an/a1,014m
Filing8-K8-K8-K8-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2013 †FY2014 †FY2015 †FY2016 †FY2017FY2018 †FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equityn/a7849,667n/an/an/an/an/an/an/an/an/an/an/a
Redeemable equityn/an/a0.01,0001,0001,0049689689659688952030.0n/a
Debtn/a6445,2554,4226,94517,92219,70420,13918,57119,79620,43120,94825,65325,640
Operating lease liabilitiesn/an/an/an/an/a0.0302244205230211217217202
Other liabilitiesn/a1161,482n/an/an/an/an/an/an/an/an/an/an/a
Total liabilities and equityn/a1,54416,40417,50919,50039,32540,43036,41435,50735,66536,52937,51143,00542,969
Owned
Fixed assetsn/a1,32410,21411,40812,18721,52522,14521,21820,04218,84819,26419,15421,698n/a
Goodwilln/a1162,5952,2452,24510,0169,5367,6577,6577,6457,6457,6458,7558,736
Intangible assetsn/a0.04664924531,3591,2709598317056545181,3971,320
Cash and equivalentsn/a27.043.02345.077.015.015.013.02381,0481,5192,1371,031
Receivablesn/a10.0247299292611593452654737823718735672
Other assets70.967.02,8392,8314,3185,7376,8716,1136,3107,4927,0957,9578,28331,210
Total assetsn/a1,54416,40417,50919,50039,32540,43036,41435,50735,66536,52937,51143,00542,969
Filing8-K8-K8-K8-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded28.0%11.4%3.8%8.7%
Profit growth, compounded41.2%n/a7.6%9.9%
Return on equity, averagen/an/an/an/a
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Mplx's revenue in fiscal 2025?

Mplx (MPLX) reported revenue of $13.0 billion for fiscal 2025, the year ended 31 December 2025, up 8.9% on the year before.

How much did Mplx earn in fiscal 2025?

Net income was $4.9 billion for fiscal 2025, and diluted earnings per share $4.82.

What is Mplx's P/E ratio?

At the close of 27 October 2026, Mplx traded at 12.5 times its earnings over the twelve months to 30 June 2026.

What is Mplx's market cap?

The market cap of Mplx was $58.9 billion at the close of 27 October 2026.

How much debt does Mplx have?

At 30 June 2026 Mplx carried $25.6 billion of debt and $1.0 billion of cash.

Peers: Transportation

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Enbridge Inc. ENB$105.7 billion18.699.4%13.3%29.5%1.597.8%
Canadian Pacific Kansas City Ltd/Cn CP$80.1 billion21.208.3%36.8%3.6%0.481.0%
Royal Caribbean Cruises Ltd. RCL$79.1 billion17.5238.8%27.6%9.7%1.911.9%
Norfolk Southern Corp. NSC$76.3 billion28.4816.0%31.5%6.0%0.991.6%
FedEx Corp. FDX$72.7 billion16.6014.0%5.8%7.7%0.811.9%
Mplx LP MPLX$58.9 billion12.50n/a44.4%8.7%n/an/a
Delta Air Lines, Inc. DAL$53.6 billion16.2614.6%7.4%14.1%0.620.8%
HF Sinclair Corp. DINO$20.3 billion10.8918.6%8.3%16.3%0.271.8%
Plains ALL American Pipeline LP PAA$18.6 billionn/an/a3.1%12.2%n/an/a
Plains GP Holdings LP PAGP$5.6 billionn/an/a3.1%12.2%n/an/a
Delek Logistics Partners, LP DKL$3.0 billion19.85n/a15.3%30.3%n/an/a
Genesis Energy LP GEL$1.8 billionn/an/an/an/an/a15.5%
All 52 in Transportation
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Union Pacific Corp. UNP$178.2 billion23.3734.6%40.1%7.4%1.381.9%
Booking Holdings Inc. BKNG$112.8 billion16.66n/a32.9%12.9%n/a0.3%
Enbridge Inc. ENB$105.7 billion18.699.4%13.3%29.5%1.597.8%
CSX Corp. CSX$96.3 billion27.0824.9%36.4%5.8%1.311.1%
United Parcel Service Inc. UPS$90.3 billion19.7330.3%7.3%-0.4%1.626.2%
Canadian Pacific Kansas City Ltd/Cn CP$80.1 billion21.208.3%36.8%3.6%0.481.0%
Royal Caribbean Cruises Ltd. RCL$79.1 billion17.5238.8%27.6%9.7%1.911.9%
Norfolk Southern Corp. NSC$76.3 billion28.4816.0%31.5%6.0%0.991.6%
FedEx Corp. FDX$72.7 billion16.6014.0%5.8%7.7%0.811.9%
Mplx LP MPLX$58.9 billion12.50n/a44.4%8.7%n/an/a
Delta Air Lines, Inc. DAL$53.6 billion16.2614.6%7.4%14.1%0.620.8%
Old Dominion Freight Line, Inc. ODFL$38.9 billion36.0924.0%25.8%-0.6%0.000.6%
Carnival Corp. Ltd. CCL$37.3 billion12.1122.1%16.0%5.2%1.737.0%
United Airlines Holdings, Inc. UAL$34.0 billion9.5820.1%7.5%12.3%1.49n/a
Expedia Group, Inc. EXPE$31.8 billion17.33168.4%16.0%12.0%4.520.6%
Expeditors International of Washington Inc. EXPD$26.0 billion29.0743.4%9.8%6.8%0.000.8%
Xpo, Inc. XPO$22.0 billion55.4020.6%8.8%7.1%1.63n/a
J.B. Hunt Transport Services, Inc. JBHT$21.6 billion32.5718.6%7.2%10.6%0.310.8%
Southwest Airlines Co. LUV$21.3 billion20.8914.4%4.4%14.5%0.801.7%
HF Sinclair Corp. DINO$20.3 billion10.8918.6%8.3%16.3%0.271.8%
Plains ALL American Pipeline LP PAA$18.6 billionn/an/a3.1%12.2%n/an/a
C. H. Robinson Worldwide, Inc. CHRW$16.8 billion27.3938.9%4.9%-0.1%1.041.7%
ZTO Express (Cayman) Inc. ZTO *$15.9 billion11.9613.7%21.3%10.9%n/a3.3%
Knight-Swift Transportation Holdings Inc. KNX$10.3 billion242.350.6%2.7%4.1%0.271.2%
Saia Inc. SAIA$9.1 billion32.9210.2%11.0%4.8%0.04n/a
American Airlines Group Inc. AAL$8.4 billionn/an/a1.6%12.3%n/a0.0%
Kirby Corp. KEX$7.2 billion21.1010.3%14.0%6.6%0.30n/a
Norwegian Cruise Line Holdings Ltd. NCLH$7.2 billion9.8429.6%15.1%6.2%5.84n/a
Matson, Inc. MATX$6.9 billion15.4916.7%15.2%-0.2%0.120.6%
Gatx Corp. GATX$5.9 billion16.5713.2%29.1%22.8%4.431.5%
GXO Logistics, Inc. GXO$5.7 billion44.304.4%2.4%7.6%1.07n/a
Landstar System Inc. LSTR$5.7 billion43.7415.7%3.5%4.1%0.002.1%
Plains GP Holdings LP PAGP$5.6 billionn/an/a3.1%12.2%n/an/a
International Seaways, Inc. INSW$5.5 billion7.1234.4%64.2%57.4%0.282.6%
Schneider National, Inc. SNDR$5.5 billion48.583.6%3.0%6.2%0.131.2%
Rxo, Inc. RXO$4.8 billionn/a-7.0%-1.2%9.5%0.33n/a
Brinks Co. BCO$4.4 billion24.8058.3%10.5%8.1%13.661.0%
Tidewater Inc. TDW$4.3 billion17.3217.7%18.4%-1.0%0.47n/a
Alaska Air Group, Inc. ALK$4.0 billionn/a-4.8%-1.5%9.8%1.701.0%
Skywest Inc. SKYW$3.7 billion9.5114.8%14.0%9.1%0.830.1%
Delek Logistics Partners, LP DKL$3.0 billion19.85n/a15.3%30.3%n/an/a
Arcbest Corp. ARCB$2.9 billion188.881.3%0.7%3.7%0.170.4%
Dorian LPG Ltd. LPG$2.3 billion7.1826.0%57.6%81.1%0.415.4%
Lindblad Expeditions Holdings, Inc. LIND$2.3 billionn/an/a7.0%18.3%n/an/a
Allegiant Travel Co. ALGT$2.0 billion52.231.5%4.9%12.2%1.560.0%
Werner Enterprises Inc. WERN$1.8 billionn/a-3.4%-0.9%9.6%0.581.9%
Genesis Energy LP GEL$1.8 billionn/an/an/an/an/a15.5%
Bristow Group Inc. VTOL$1.2 billion11.819.6%10.0%8.2%0.68n/a
JetBlue Airways Corp. JBLU$1.1 billionn/a-74.8%-6.1%9.9%6.28n/a
Marten Transport Ltd. MRTN$981 million70.681.7%1.8%-6.9%0.002.0%
Heartland Express Inc. HTLD$801 millionn/a-2.9%-2.3%-21.0%0.180.8%
Verra Mobility Corp. VRRM$478 million12.1019.8%13.6%11.1%4.63n/a
6 companies share its SEC industry code (Pipe Lines (No Natural Gas)); the rest are the names nearest in size in its wider industry, Transportation, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20264 August 2026EDGAR
10-Q31 March 20265 May 2026EDGAR
10-K31 December 202526 February 2026EDGAR
10-Q30 September 20254 November 2025EDGAR
10-Q30 June 20255 August 2025EDGAR
10-Q31 March 20256 May 2025EDGAR
10-K31 December 202427 February 2025EDGAR
10-Q30 September 20245 November 2024EDGAR
10-Q30 June 20246 August 2024EDGAR
10-Q31 March 202430 April 2024EDGAR