MPLX LP MPLX

Energy SIC 4610 - Pipe Lines (No Natural Gas) NAICS Transportation and Warehousing › Pipeline Transportation › Other Pipeline Transportation derived NYSE

We are a diversified, large-cap master limited partnership formed by MPC in 2012 (as our sponsor) that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services. Our assets include a network of crude oil and refined product pipelines; an inland marine business; light-product, asphalt, heavy oil and marine terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; crude oil and natural gas gathering systems and pipelines; as well as natural gas and NGL treating, processing and fractionation facilities. Our assets are positioned throughout the United States. The business consists of two segments based on the product-based value chain each supports: Crude Oil and Products Logistics and Natural Gas and NGL Services. The Crude Oil and Products Logistics segment primarily engages in the gathering, transportation, storage and distribution of crude oil, refined products, other hydrocarbon-based products, and renewables. The Crude Oil and Products Logistics segment also includes the operation of our refining logistics, fuels distribution and inland marine businesses, terminals, rail facilities and storage caverns. The Natural Gas and NGL Services segment provides wellhead to market services including gathering, treating, processing and transportation of natural gas and NGLs. For more information on these segments, see Our Operating Segments discussion below. The map below and Item 2. Properties provide information about our assets as of December 31, 2025:

Last close 59.13 2026-10-23
Market cap $59.95B 2026-06-30 share count
52-week range 50.22 - 60.95

Valuation FY2025 figures against the last close

P/S6.2x
P/E—
P/FCF14.6x
EV/EBITDA10.0x
Dividend yield—
Diluted EPS—

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $9.73B$9.19B$8.73B$8.92B$8.02B$7.57B$9.04B$5.45B$3.87B$3.03B
SG&A $446.0M$427.0M$379.0M$335.0M$353.0M$378.0M$388.0M$316.0M$241.0M$227.0M
Total operating expenses $7.05B$6.64B$6.38B$6.70B$6.04B$7.36B$6.66B$4.28B$2.68B$2.35B
Operating income $5.94B$5.29B$4.90B$4.91B$3.99B$211.0M————
Pre-tax income $4.96B$4.37B$3.98B$3.99B$3.11B-$685.0M$1.46B$2.01B$837.0M$422.0M
Income tax —$10.0M$11.0M$8.0M$1.0M$2.0M$0$8.0M$1.0M$12.0M
Net income $4.95B$4.36B$3.97B$3.98B$3.08B-$720.0M$1.03B$1.82B$794.0M$233.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $2.14B$1.52B$1.05B$238.0M$13.0M$15.0M$15.0M$85.0M$9.0M$239.0M
Receivables $735.0M$718.0M$823.0M$737.0M$654.0M$452.0M$593.0M$611.0M$292.0M$299.0M
Total current assets $3.99B$3.28B$2.81B$1.91B$1.51B$1.51B$1.48B$1.44B$559.0M$868.0M
Property, plant and equipment $21.70B$19.15B$19.26B$18.85B$20.04B$21.22B$22.14B$21.52B$12.19B$11.41B
Goodwill $8.76B$7.64B$7.64B$7.64B$7.66B$7.66B$9.54B$10.02B$2.25B$2.25B
Other intangibles $1.40B$518.0M$654.0M$705.0M$831.0M$959.0M$1.27B$1.36B$453.0M$492.0M
Total assets $43.01B$37.51B$36.53B$35.66B$35.51B$36.41B$40.43B$39.33B$19.50B$17.51B
Accounts payable $108.0M$147.0M$153.0M$224.0M$172.0M$152.0M$242.0M$266.0M$151.0M$140.0M
Short-term debt $1.50B$1.69B$1.14B$988.0M$499.0M$764.0M$9.0M$513.0M$1.0M$1.0M
Total current liabilities $3.25B$3.23B$2.62B$2.40B$3.35B$2.09B$2.13B$2.27B$1.30B$763.0M
Total liabilities $28.48B$23.50B$22.95B$22.15B$22.49B$22.43B$22.85B$20.59B$8.53B$5.40B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $5.91B$5.95B$5.40B$5.02B$4.91B$4.52B$4.08B$3.07B$1.91B$1.49B
Depreciation and amortisation —————$1.38B$1.25B$867.0M$683.0M$591.0M
Capital expenditure $1.81B$1.06B$937.0M$806.0M$529.0M$1.18B$2.41B$2.11B$1.41B$1.31B
Investing cash flow -$4.86B-$2.00B-$1.25B-$956.0M-$518.0M-$1.26B-$3.06B-$2.88B-$2.31B-$1.42B
Financing cash flow -$435.0M-$3.48B-$3.33B-$3.84B-$4.39B-$3.26B-$1.09B-$117.0M$171.0M$113.0M
Buybacks $400.0M$326.0M$0$491.0M$630.0M$33.0M$0$0——

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001552000-26-000009.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -5B 0 5B 10B Revenue, FY2016: 3B Net income, FY2016: 233M Revenue, FY2017: 3.9B Net income, FY2017: 794M Revenue, FY2018: 5.4B Net income, FY2018: 1.8B Revenue, FY2019: 9B Net income, FY2019: 1B Revenue, FY2020: 7.6B Net income, FY2020: -720M Revenue, FY2021: 8B Net income, FY2021: 3.1B Revenue, FY2022: 8.9B Net income, FY2022: 4B Revenue, FY2023: 8.7B Net income, FY2023: 4B Revenue, FY2024: 9.2B Net income, FY2024: 4.4B Revenue, FY2025: 9.7B Net income, FY2025: 5B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.03B $3.87B $5.45B $9.04B $7.57B $8.02B $8.92B $8.73B $9.19B $9.73B
Gross profit — — — — — — — — — —
Net income $233.0M $794.0M $1.82B $1.03B -$720.0M $3.08B $3.98B $3.97B $4.36B $4.95B

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • Results announced Item 2.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Other event Item 8.01
  • Results announced Item 2.02
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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