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Mplx vs South Bow: revenue, profit, margins and growth compared

Mplx brought in $13B of revenue in fiscal 2025, South Bow $2B in fiscal 2025. Revenue changed by +8.9% at Mplx and -6.3% at South Bow on the year before, so Mplx grew faster. Mplx kept 37.8% of its revenue as net profit, South Bow 21.8%.

Side by side, latest fiscal year

MPLXSOBO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$13B$2B
Revenue growth+8.9%-6.3%
Net income$4.9B$433M
Net margin37.8%21.8%
Free cash flow$4.1Bn/a
Free cash flow margin31.6%n/a
Earnings per share (diluted)n/a$2.07
Cash$2.1B$549M
Debt$26Bn/a
Price to earningsn/an/a
Market value$58.5B$7.1B
Dividend yieldn/an/a
Rank by revenue in sector#27 of 163 · Energy#65 of 163 · Energy

Over the years

Revenue
MPLX FY2018: $7BMPLX FY2019: $9BMPLX FY2020: $7.6BMPLX FY2021: $10BMPLX FY2022: $11.6BMPLX FY2023: $11.3BMPLX FY2024: $11.9BMPLX FY2025: $13BSOBO FY2024: $2BSOBO FY2024: $2.1BSOBO FY2025: $2BFY18FY19FY20FY21FY22FY23FY24FY25
MPLX $13BSOBO $2B
Net income
MPLX FY2018: $1.8BMPLX FY2019: $1BMPLX FY2020: -$720MMPLX FY2021: $3.1BMPLX FY2022: $3.9BMPLX FY2023: $3.9BMPLX FY2024: $4.3BMPLX FY2025: $4.9BSOBO FY2024: $442MSOBO FY2024: $316MSOBO FY2025: $433MFY18FY19FY20FY21FY22FY23FY24FY25
MPLX $4.9BSOBO $433M
Net margin
MPLX FY2018: 26.0%MPLX FY2019: 11.4%MPLX FY2020: -9.5%MPLX FY2021: 30.7%MPLX FY2022: 34.0%MPLX FY2023: 34.8%MPLX FY2024: 35.9%MPLX FY2025: 37.8%SOBO FY2024: 22.0%SOBO FY2024: 14.9%SOBO FY2025: 21.8%FY18FY19FY20FY21FY22FY23FY24FY25
MPLX 37.8%SOBO 21.8%
Revenue growth
MPLX FY2019: +29.1%MPLX FY2020: -16.3%MPLX FY2021: +32.5%MPLX FY2022: +15.8%MPLX FY2023: -2.9%MPLX FY2024: +5.8%MPLX FY2025: +8.9%SOBO FY2024: +5.7%SOBO FY2025: -6.3%FY19FY20FY21FY22FY23FY24FY25
MPLX +8.9%SOBO -6.3%
Free cash flow
MPLX FY2018: $960MMPLX FY2019: $1.7BMPLX FY2020: $3.3BMPLX FY2021: $4.4BMPLX FY2022: $4.2BMPLX FY2023: $4.5BMPLX FY2024: $4.9BMPLX FY2025: $4.1BSOBO FY2024: $732MSOBO FY2024: $388MFY18FY19FY20FY21FY22FY23FY24FY25
MPLX $4.1BSOBO $388M

Fiscal years as each company reports them; the two may end in different months.

Questions about Mplx and South Bow

Which is bigger by revenue, Mplx or South Bow?

Mplx is bigger by revenue: $13B in fiscal 2025, against $2B for South Bow in fiscal 2025.

Which keeps more of its revenue as profit, Mplx or South Bow?

Mplx had a net margin of 37.8% in fiscal 2025; South Bow had 21.8% in fiscal 2025.

Which grew revenue faster, Mplx or South Bow?

In their latest fiscal years revenue changed by +8.9% at Mplx and -6.3% at South Bow.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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