MPLX LP (MPLX) financial statements
MPLX LP reported revenue of $13.0B in fiscal 2025, up 17.6% a year over 9 years.
Net income was $5.0B and the operating margin 45.7%, against 22.5% in 2016.
Free cash flow was $4.1B, and the company returned $400M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MPLX LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0B | $3.9B | $5.4B | $7.0B | $6.9B | $10.0B | $11.6B | $11.3B | $11.9B | $13.0B |
| Selling, general and admin | $227M | $241M | $316M | $388M | $378M | $353M | $335M | $379M | $427M | $446M |
| Operating income | $683M | $1.2B | $1.2B | $377M | $211M | $4.0B | $4.9B | $4.9B | $5.3B | $5.9B |
| Interest expense | — | — | — | — | — | — | $925M | $923M | $921M | $983M |
| Pre-tax income | $422M | $837M | $2.0B | $1.5B | -$685M | $3.1B | $4.0B | $4.0B | $4.4B | $5.0B |
| Income tax | -$12M | $1M | $8M | $0 | $2M | $1M | $8M | $11M | $10M | — |
| Net income | $233M | $794M | $1.8B | $1.0B | -$720M | $3.1B | $3.9B | $3.9B | $4.4B | $5.0B |
| Operating margin | 22.5% | 30.8% | 21.5% | 5.4% | 3.1% | 39.8% | 42.3% | 43.4% | 44.3% | 45.7% |
| Net margin | 7.7% | 20.5% | 33.4% | 14.7% | -10.4% | 30.7% | 34.0% | 34.8% | 36.5% | 38.1% |
Balance sheet
Fiscal years, from MPLX LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $234M | $5M | $77M | $15M | $15M | $13M | $238M | $1.0B | $1.5B | $2.1B |
| Receivables | $299M | $292M | $611M | $593M | $452M | $654M | $737M | $823M | $718M | $735M |
| Total current assets | $868M | $559M | $1.4B | $1.5B | $1.5B | $1.5B | $1.9B | $2.8B | $3.3B | $4.0B |
| Property, plant and equipment | $11.4B | $12.2B | $21.5B | $22.1B | $21.2B | $20.0B | $18.8B | $19.3B | $19.2B | $21.7B |
| Goodwill | $2.2B | $2.2B | $10.0B | $9.5B | $7.7B | $7.7B | $7.6B | $7.6B | $7.6B | $8.8B |
| Total assets | $17.5B | $19.5B | $39.3B | $40.4B | $36.4B | $35.5B | $35.7B | $36.5B | $37.5B | $43.0B |
| Total current liabilities | $763M | $1.3B | $2.3B | $2.1B | $2.1B | $3.3B | $2.4B | $2.6B | $3.2B | $3.2B |
| Long-term debt | $4.4B | $6.9B | $17.9B | $19.7B | $19.4B | $18.1B | $18.8B | $19.3B | $19.3B | $24.2B |
| Total liabilities | $5.4B | $8.5B | $20.6B | $22.8B | $22.4B | $22.5B | $22.2B | $22.9B | $23.5B | $28.5B |
| Net debt | $4.2B | $6.9B | $17.8B | $19.7B | $20.1B | $18.6B | $19.6B | $19.4B | $19.4B | $23.5B |
Cash flow
Fiscal years, from MPLX LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.5B | $1.9B | $3.1B | $4.1B | $4.5B | $4.9B | $5.0B | $5.4B | $5.9B | $5.9B |
| Capital spending | $1.3B | $1.4B | $2.1B | $2.4B | $1.2B | $529M | $806M | $937M | $1.1B | $1.8B |
| Free cash flow | $178M | $496M | $960M | $1.7B | $3.3B | $4.4B | $4.2B | $4.5B | $4.9B | $4.1B |
| Stock-based compensation | -$10M | -$15M | $24M | $22M | $14M | — | — | — | — | — |
| Share buybacks (net) | — | — | $0 | $0 | -$33M | -$630M | -$491M | $0 | -$326M | -$400M |
| Net borrowing | -$878M | $2.5B | $6.5B | $1.2B | $396M | -$1.6B | $1.2B | $588M | $479M | $4.1B |
| Free cash flow margin | 5.9% | 12.8% | 17.6% | 23.8% | 48.4% | 43.7% | 36.3% | 39.5% | 41.0% | 31.6% |
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Open MPLX in InvestinglyQuestions
What was MPLX LP's revenue in 2025?
$13.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does MPLX LP generate?
$4.1B in fiscal 2025 (operating cash flow minus capital spending).
From MPLX LP's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.