MPLX LP (MPLX)
As-reported financials and SEC filings for MPLX LP. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About MPLX LP
MPLX LP is a master limited partnership that owns and operates midstream energy infrastructure and logistics assets across the United States. The company provides services in two main segments: Crude Oil and Products Logistics, which involves gathering, transportation, storage, and distribution of crude oil, refined products, and renewables; and Natural Gas and NGL Services, which includes gathering, treating, processing, fractionation, and transportation of natural gas and natural gas liquids. MPLX serves customers including its sponsor, Marathon Petroleum Corporation, and various producers in major U.S. oil and gas resource plays.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Mplx
- Revenue grew 5.8% to $9.7B in FY2025, in line with the 5.2% the year before.
- Operating margin is 61.1% in FY2025, +11.3 pp against 49.8% in FY2021.
- Most recent quarter Q2 FY2026: revenue $2.6B, up 11.0% from Q2 FY2025.
- Free cash flow was $4.1B in FY2025, 42.2% of revenue.
- Net income rose 13.7% to $5.0B in FY2025.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Mplx’s fundamentals sit among the 125 Energy companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Mplx’s FCF margin of 42.2% ranks in the 99th percentile of the 69 Energy companies reporting it. Mplx’s net margin of 50.9% ranks in the 98th percentile of the 120 Energy companies reporting it. Mplx’s operating margin of 61.1% ranks in the 97th percentile of the 104 Energy companies reporting it.
No reported insider transactions (codes P/S) in the last 90 days. For context, about 14% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 1 of the superinvestors we track (plus 1 quant / multi-strat book), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| Appaloosa | Q2 2026 | $28.3M | 502.5K | Held |
| Citadel Advisorsquant | Q2 2026 | $11.8M | 209.1K | Added |
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-08-14 | 7.5M | -2.9% | 4.72 |
| 2026-07-31 | 7.7M | +8.1% | 4.51 |
| 2026-07-15 | 7.1M | +18.9% | 5.74 |
| 2026-06-30 | 6.0M | -10.1% | 4.29 |
| 2026-06-15 | 6.6M | +3.0% | 4.38 |
| 2026-05-29 | 6.5M | -2.8% | 3.84 |
| 2026-05-15 | 6.6M | -5.6% | 2.34 |
| 2026-04-30 | 7.0M | -13.7% | 2.90 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $9.73B | $9.19B | $8.73B | $8.92B | $8.02B |
| Gross profit | — | — | — | — | — |
| Operating income | $5.94B | $5.29B | $4.90B | $4.91B | $3.99B |
| Net income | $4.95B | $4.36B | $3.97B | $3.98B | $3.11B |
| Diluted EPS | — | — | — | — | — |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $2.14B | $1.52B | $1.05B | $238.0M | $13.0M |
| Current assets | $3.99B | $3.28B | $2.81B | $1.91B | $1.51B |
| Total assets | $43.01B | $37.51B | $36.53B | $35.66B | $35.51B |
| Current liabilities | $3.25B | $3.23B | $2.62B | $2.40B | $3.35B |
| Long-term debt | $24.15B | $19.25B | $19.30B | $18.81B | $18.07B |
| Total liabilities | $28.48B | $23.50B | $22.95B | $22.15B | $22.49B |
| Total equity | — | — | — | — | — |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $5.91B | $5.95B | $5.40B | $5.02B | $4.91B |
| Capital expenditure | $1.81B | $1.06B | $937.0M | $806.0M | $529.0M |
| Free cash flow | $4.10B | $4.89B | $4.46B | $4.21B | $4.38B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Quarterly trend (as reported)
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $2.62B | 11.0% | $1.09B | — |
| Q1 FY2026 | $2.35B | -4.5% | $922.0M | — |
| Q4 FY2025 | $2.45B | 1.4% | $1.20B | — |
| Q3 FY2025 | $2.46B | 4.9% | $1.55B | — |
| Q2 FY2025 | $2.36B | 4.5% | $1.06B | — |
| Q1 FY2025 | $2.46B | 13.3% | $1.14B | — |
| Q4 FY2024 | $2.42B | 7.6% | $1.11B | — |
| Q3 FY2024 | $2.35B | 2.7% | $1.05B | — |
Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.
Company facts
Selected SEC filings
Largest Energy peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.