MPLX LP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MPLX LP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,029	3,867	7,005	9,041	7,569	10,027	11,613	11,281	11,933	12,998
General and administrative	227	241	316	388	378	353	335	379	427	446
Operating income					211	3,992	4,911	4,900	5,288	5,943
Interest expense							852	912	963	1,072
Interest income							4	43	95	68
Other non-operating income	-50	-56	-119	-53	-62	-86
Pre-tax income	422	837	2,014	1,462	-685	3,113	3,986	3,977	4,367	4,960
Income tax	-12	1	8	0	2	1	8	11	10
Income from continuing operations	683	1,191	2,728	2,377	211	3,992	3,944	3,928	4,317	4,912
Net income to minority interests	2	6	16	28	33	35	34	38	40	40
Net income	233	794	1,818	1,033	-720	3,077	3,944	3,928	4,281	4,909
EBITDA					1,588

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	234	5	77	15	15	13	238	1,048	1,519	2,137
Receivables	299	292	611	593	452	654	737	823	718	735
Other current assets	33	37	98	110	65		53	30	29	51
Total current assets	868	559	1,440	1,484	1,515	1,507	1,905	2,808	3,276	3,994
Property, plant and equipment	11,408	12,187	21,525	22,145	21,218	20,042	18,848	19,264	19,154	21,698
Lease right-of-use assets			0	365	309		283	264	273	276
Goodwill	2,245	2,245	10,016	9,536	7,657	7,657	7,645	7,645	7,645	8,755
Intangible assets	492	453	1,359	1,270	959	831	705	654	518	1,397
Other non-current assets	14	26	60	52	48	60	959	990	994	1,125
Total assets	17,509	19,500	39,325	40,430	36,414	35,507	35,665	36,529	37,511	43,005
Accounts payable	140	151	266	242	152	172	224	153	147	108
Accrued liabilities	232	231	272	187	194	363	269	300	295	254
Deferred revenue	2	5					0
Short-term debt	1	1	513	9	764	499	988	1,135	1,693	1,502
Total current liabilities	763	1,304	2,268	2,132	2,086	3,348	2,401	2,624	3,235	3,249
Long-term debt	4,422	6,945	17,922	19,704	19,375	18,072	18,808	19,296	19,255	24,151
Lease liabilities			0	302	244	205	230	211	217	217
Total liabilities	5,399	8,527	20,590	22,849	22,429	22,490	22,151	22,945	23,501	28,477
Total debt	4,858	7,362	18,866	20,119	20,536	18,909	20,108	20,706	21,206	26,006
Other comprehensive income	0	-14	-16	-15	-15	-17	-8	-4	-3	5
Total liabilities and equity	17,509	19,500	39,325	40,430	36,414	35,507	35,665	36,529	37,511	43,005

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	434	836	2,006	1,462	-687	3,112	3,978	3,966	4,357	4,952
Depreciation and amortization	591	683	867	1,254	1,377
Stock-based compensation	-10	-15	24	22	14
Deferred income tax	-17	-1	8	-2	-1	-2	3	3	2	7
Change in receivables	-52	8	-104	17	62	-199	14	14	180	48
Change in inventory	-8	-3	-5	-9	-12	-24	-5	-19	-20	-26
Change in payables	102	48	88	-59	36	193	-26	-17	5	-12
Cash from operations	1,491	1,907	3,071	4,082	4,521	4,911	5,019	5,397	5,946	5,909
Capital expenditures	-1,313	-1,411	-2,111	-2,408	-1,183	-529	-806	-937	-1,056	-1,808
Acquisitions	0	-249	-451		0	0	-28	-246	-622	-3,316
Cash from investing	-1,417	-2,308	-2,878	-3,063	-1,262	-518	-956	-1,252	-1,995	-4,856
Debt issued	434	2,911	13,476	9,174	6,810	4,175	3,379	1,589	1,630	6,541
Debt repaid	-1,312	-416	-6,946	-7,924	-6,414	-5,821	-2,202	-1,001	-1,151	-2,464
Share buybacks			0	0	-33	-630	-491	0	-326	-400
Cash from financing	113	171	-117	-1,089	-3,259	-4,395	-3,838	-3,335	-3,480	-435
Net change in cash	191	-229	76	-70	0	-2	225	810	471	618
Free cash flow	178	496	960	1,674	3,338	4,382	4,213	4,460	4,890	4,101
Interest paid	213	263	568	835	821	812	813	893	940	913
Income taxes paid	4	3	1	1	2	4	3	7	6	7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $57.66 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	44.4%	Operating income / revenue.
Pre-tax margin	36.1%	Pre-tax income / revenue.
Net margin	35.7%	Net income / revenue.
FCF margin	25.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	45.2%	Cash from operations / revenue.
Return on assets (ROA)	11.0%	Net income / average total assets.
Capex / revenue	20.0%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	12.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	95.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	14.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-0.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-16.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-0.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.89x	Current assets / current liabilities.
Quick ratio	0.53x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.32x	(Cash + short-term investments) / current liabilities.
Debt / assets	60.5%	Total debt / total assets.
Liabilities / assets	66.8%	Total liabilities / total assets.
Net debt	$24.97B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	4.82x	Operating income / interest expense.
Working capital	-$348.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	23.4%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.31x	Revenue / average total assets.
Fixed asset turnover	0.58x	Revenue / average property, plant and equipment.
Receivables turnover	19.7x	Revenue / average receivables.
Days sales outstanding	19 days	365 x average receivables / revenue.
FCF conversion	70.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	44.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Buybacks / FCF	9.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$58.46B	Share price x shares outstanding.
Enterprise value	$83.43B	Market cap + total debt - cash - short-term investments.
P/E	12.4x	Market cap / net income. Only when net income is positive.
P/S	4.42x	Market cap / revenue.
P/FCF	17.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.78x	Market cap / cash from operations, when positive.
EV/Sales	6.31x	Enterprise value / revenue.
EV/EBIT	14.2x	Enterprise value / operating income, when both are positive.
EV/FCF	25.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.7%	Free cash flow / market cap.
Earnings yield	8.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.5%	(Dividends paid + share buybacks) / market cap.

What was MPLX LP's revenue in fiscal 2025?

MPLX LP reported revenue of $13.00B for fiscal 2025, 8.9% higher than the year before.

Was MPLX LP profitable in fiscal 2025?

Yes. Net income was $4.91B, a net margin of 37.8%.

How much free cash flow did MPLX LP generate in fiscal 2025?

Cash from operations of $5.91B minus capital expenditures of $1.81B left free cash flow of $4.10B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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