FirmAtlas
Company handbook · MPLX · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
MPLX · CIK 1552000 · LATEST FILING: 10-Q JUN '26 · FILED AUG 4, 2026
MPLX LP
$58.16
+1.04 (+1.82%)
Close, Oct 16, 2026 · 52-week $48–61
MPLX is a partnership controlled by Marathon Petroleum. It owns pipelines, terminals, storage and barges for crude oil and fuels, and gathers, processes and separates natural gas and natural gas liquids.
- SegmentsGatheringand Processing 50% · Logisticsand Storage 50% (FY25)
- CustomersMainly Marathon Petroleum, under long-term fee contracts, and oil and gas producers that use its gathering and processing plants
- Cash useFY24–FY25: distributions $7.6B · acquisitions $3.9B · capex $2.9B · buybacks $726M
Reinvested 57% of operating cash flow · returned 92% of free cash flow
Last fiscal year
MPLX LP reported revenue of $9.7B for the year ended Dec 31, 2025 (FY25), up 5.8% from FY24. Net income was $4.9B, operating cash flow $5.9B and free cash flow $4.1B. Source: 10-K filed Feb 26, 2026.
Recent developments is part of Pro: what changed after each report, with a link to the filing.
Market cap
$59.1B
P/E
12.5
EV/EBITDA
11.4x
Dist. yield
7.41%
ROIC
13.1%
Coverage
1.47x
Revenue 1Y
5.8%/yr
EPS 1Y
14.8%/yr
Units 1Y
−0.1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMaryann T. Mannen
HQFindlay, OH
AuditorPricewaterhouseCoopers LLP
Employees5,762
Year endsDecember
Revenue by segment · FY25
Gatheringand Processing50%
Logisticsand Storage50%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
6.6%
13.3%
17.1%
19.8%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$15.1B deployed
Capex
$2.9B
19.0%
Acquisitions
$3.9B
26.1%
Distributions
$7.6B
50.2%
Buybacks
$726M
4.8%
Operating cash flow over the period: $11.9B. Total debt changed by +$4.8B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY17).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
9,189
9,726+5.8%
9,874
YoY
+5.8%
Operating income
5,288
5,943+12.4%
5,876
Operating margin
57.5%
61.1%+3.6 pp
—
D&A
1,283
1,351+5.3%
—
EBITDA
6,571
7,294+11.0%
—
EBITDA margin
71.5%
75.0%+3.5 pp
—
Interest expense
963
1,072+11.3%
—
Interest coverage
6.82x
6.80x−0.02x
—
Net income
4,281
4,909+14.7%
4,723
YoY
+14.7%
Net margin
46.6%
50.5%+3.9 pp
—
Earnings per unit (diluted, $)
4.21
4.83+14.8%
—
YoY
+14.8%
Balance sheet
Total assets
37,511
43,005+14.6%
42,969
Cash & short-term investments
1,519
2,137+40.7%
—
Net PP&E
19,154
21,698+13.3%
—
Other assets
16,838
19,170+13.8%
—
Total liabilities
23,935
28,704+19.9%
28,942
Total debt
21,206
26,006+22.6%
26,005
Other liabilities
2,729
2,698−1.1%
—
Partners’ capital
13,576
14,301+5.3%
14,027
Units outstanding (M)
1,017
1,016−0.1%
—
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
5,946
5,909−0.6%
5,976
Net income
4,357
4,952+13.7%
—
Depreciation & amortization
1,283
1,351+5.3%
—
Working capital & other
306
(394)−228.8%
—
Cash from investing
(1,995)
(4,856)n/m
—
Capex
(1,056)
(1,808)n/m
—
Acquisitions
(622)
(3,316)n/m
—
Other investing
(317)
268n/m
—
Cash from financing
(3,480)
(435)n/m
—
Debt raised
1,630
6,541+301.3%
—
Debt repaid
(1,151)
(2,464)n/m
—
Distributions
(3,559)
(4,018)n/m
—
Buybacks
(326)
(400)n/m
—
Other financing
(74)
(94)n/m
—
Net change in cash
471
618+31.2%
—
Free cash flow (OCF − capex)
4,890
4,101−16.1%
3,336
Where the cash went
Operating cash flow
5,946
5,909−0.6%
5,976
Reinvested in the business
1,678
5,124+205.4%
—
% of operating cash flow
28.2%
86.7%
Capex
1,056
1,808+71.2%
2,640
Acquisitions
622
3,316+433.1%
—
Free cash flow
4,890
4,101−16.1%
3,336
YoY
−16.1%
Returned to unitholders
3,885
4,418+13.7%
—
% of free cash flow
79.4%
107.7%
Distributions
3,559
4,018+12.9%
—
Buybacks
326
400+22.7%
—
Change in total debt
—
4,800
—
Cash left over
—
1,167
—
FCF conversion (FCF ÷ net income)
114.2%
83.5%−30.7 pp
—
Owner earnings
—
4,404
—
Owner earnings margin
—
45.3%
—
Buyback yield
0.7%
0.7%+0.1 pp
—
Returns & ratios
Distribution coverage
1.67x
1.47x−0.20x
—
Distribution / unit ($)
3.50
3.96+13.1%
—
Net debt / EBITDA
3.00x
3.27x+0.28x
—
Interest coverage
6.82x
6.80x−0.02x
—
ROIC (all capital)
15.9%
13.1%−2.7 pp
—
Debt / EBITDA
3.23x
3.57x+0.34x
—
Debt / equity
1.56x
1.82x+0.26x
—
ROE
31.5%
34.3%+2.8 pp
—
ROCE
15.4%
14.9%−0.5 pp
—
FCF / unit ($)
4.81
4.04−16.0%
—
EV / EBITDA (year end)
10.40x
10.70x+0.30x
—
Distribution yield (year end)
7.3%
7.4%+0.1 pp
—
Price / DCF proxy
8.70x
8.71x+0.02x
—
Net debt is 3.3x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,459
2,451
2,349
2,615
vs year-ago quarter
Operating income
1,801
1,483
1,214
1,378
Net income
1,544
1,191
911
1,077
vs year-ago quarter
Net margin
62.8%
48.6%
38.8%
41.2%
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
43,227
43,005
42,933
42,969
Cash & equivalents
1,765
2,137
1,506
1,031
Total debt
26,007
26,006
26,006
26,005
Partners’ capital
14,296
14,301
14,071
14,027
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,431
1,496
1,347
1,702
Capex
526
714
575
825
Free cash flow
905
782
772
877
vs year-ago quarter