MPLX LP (MPLX) financial statements: income statement, balance sheet and cash flow

MPLX LP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), MPLX LP reported revenue of $13.0B (+8.9% year on year) and net income of $5.0B (+13.7% year on year).

Income statement

MPLX LP income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenue from Contract with Customer, Excluding Assessed Tax, Third parties	$5.2B	$4.8B	$4.5B	—
Revenue from Contract with Customer, Excluding Assessed Tax, Related Parties	$4.5B	$4.4B	$4.2B	$4.0B
Rental Income	$1.1B	$1.1B	$1.1B	$327.0M
Sales-type lease revenue	$151.0M	$136.0M	$136.0M	$62.0M
Sales-type lease revenue, related parties	$448.0M	$475.0M	$500.0M	$465.0M
Income from equity method investments	$697.0M	$802.0M	$600.0M	$476.0M
Other Income	$343.0M	$227.0M	$247.0M	$485.0M
Total revenues and other income	$13.0B	$11.9B	$11.3B	$11.6B
Cost of revenues (excludes items below)	$1.6B	$1.6B	$3.0B	$3.4B
Purchased product costs	$1.8B	$1.6B	—	—
Rental cost of sales	$96.0M	$100.0M	$115.0M	$123.0M
Purchases - related parties	$1.6B	$1.6B	$1.5B	$1.4B
Depreciation and amortization	$1.4B	$1.3B	$1.2B	$1.2B
General and administrative expenses	$446.0M	$427.0M	$379.0M	$335.0M
Other taxes	$137.0M	$131.0M	$131.0M	$115.0M
Total costs and expenses	$7.1B	$6.6B	$6.4B	$6.7B
Income from operations	$5.9B	$5.3B	$4.9B	$4.9B
Net interest and other financial costs	$983.0M	$921.0M	—	—
Income before income taxes	$5.0B	$4.4B	$4.0B	$4.0B
Other Tax Expense (Benefit)	$8.0M	—	—	—
Net income	$5.0B	$4.4B	$4.0B	$4.0B
Less: Net income attributable to noncontrolling interests	$40.0M	$40.0M	$38.0M	$34.0M
Dividends, Preferred Stock	$0	$27.0M	$99.0M	$129.0M
Limited partners’ interest in net income attributable to MPLX LP	$4.9B	$4.3B	$3.8B	$3.8B
Common - basic	$4.82	$4.21	$3.8	$3.75
Common - diluted	$4.82	$4.21	$3.8	$3.75
Common - basic	1.0B	1.0B	1.0B	1.0B
Common - diluted	1.0B	1.0B	1.0B	1.0B
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	$4.9B	$4.3B	—	—
Equity Interest in Acquiree, Remeasurement Gain	$484.0M	—	—	—

MPLX LP income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Revenue from Contract with Customer, Excluding Assessed Tax - Third parties	$1.3B	$1.2B	$1.3B	$1.2B
Revenue from Contract with Customer, Excluding Assessed Tax, Related Parties	$1.3B	$1.2B	$1.1B	$1.1B
Rental income	$342.0M	$307.0M	$296.0M	$280.0M
Sales-type lease revenue	$40.0M	$48.0M	$37.0M	$36.0M
Sales-type lease revenue - related parties	$85.0M	$102.0M	$113.0M	$116.0M
Income from equity method investments	$180.0M	$182.0M	$186.0M	$170.0M
Other Income	$50.0M	$50.0M	$44.0M	$45.0M
Total revenues and other income	$3.3B	$3.0B	$3.6B	$3.0B
Cost of revenues (excludes items below)	$405.0M	$402.0M	$395.0M	$369.0M
Purchased product costs	$587.0M	$498.0M	$493.0M	$432.0M
Rental cost of sales	$23.0M	$22.0M	$26.0M	$24.0M
Purchases - related parties	$412.0M	$394.0M	$396.0M	$422.0M
Depreciation and amortization	$365.0M	$358.0M	$346.0M	$324.0M
General and administrative expenses	$108.0M	$114.0M	$126.0M	$107.0M
Other taxes	$34.0M	$36.0M	$36.0M	$32.0M
Total costs and expenses	$1.9B	$1.8B	$1.8B	$1.7B
Income from operations	$1.4B	$1.2B	$1.8B	$1.3B
Net interest and other financial costs	$289.0M	$291.0M	$243.0M	$234.0M
Income before income taxes	$1.1B	$923.0M	$1.6B	$1.1B
Provision for income taxes	$2.0M	$1.0M	$3.0M	$1.0M
Net income	$1.1B	$922.0M	$1.6B	$1.1B
Less: Net income attributable to noncontrolling interests	$10.0M	$10.0M	$10.0M	$10.0M
Net income attributable to MPLX LP	$1.1B	$912.0M	$1.5B	$1.0B
Common - basic	$1.06	$0.9	$1.52	$1.03
Common - diluted	$1.06	$0.9	$1.52	$1.03
Common - basic	1.0B	1.0B	1.0B	1.0B
Common - diluted	1.0B	1.0B	1.0B	1.0B

Balance sheet

MPLX LP balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$2.1B	$1.5B	$1.0B	$238.0M
Receivables, less allowance for expected credit loss	$735.0M	$718.0M	$823.0M	$737.0M
Current assets - related parties	$899.0M	$830.0M	$748.0M	—
Inventories	$172.0M	$180.0M	$159.0M	$148.0M
Other current assets	$51.0M	$29.0M	$30.0M	$53.0M
Total current assets	$4.0B	$3.3B	$2.8B	$1.9B
Equity method investments	$4.8B	$4.5B	$3.7B	$4.1B
Property, plant and equipment, net	$21.7B	$19.2B	$19.3B	$18.8B
Intangibles, net	$1.4B	$518.0M	$654.0M	$705.0M
Goodwill	$8.8B	$7.6B	$7.6B	$7.6B
Right of use assets, net	$276.0M	$273.0M	$264.0M	$228.0M
Noncurrent assets - related parties	$962.0M	$1.1B	$1.2B	—
Other noncurrent assets	$1.1B	$994.0M	$990.0M	$959.0M
Total assets	$43.0B	$37.5B	$36.5B	$35.7B
Accounts payable	$108.0M	$147.0M	$153.0M	$224.0M
Accrued liabilities	$254.0M	$295.0M	$300.0M	$269.0M
Accrued property, plant and equipment	$438.0M	$208.0M	$216.0M	$128.0M
Long-term debt due within one year	$1.5B	$1.7B	$1.1B	$988.0M
Accrued interest payable	$354.0M	$244.0M	$242.0M	—
Operating lease liabilities	$55.0M	$47.0M	$46.0M	$46.0M
Other Liabilities, Current	$540.0M	$603.0M	$533.0M	$166.0M
Total current liabilities	$3.2B	$3.2B	$2.6B	$2.4B
Long-term deferred revenue	$119.0M	$317.0M	$347.0M	$219.0M
Other Long-term Liabilities	$716.0M	$459.0M	$325.0M	—
Long-term debt	$24.2B	$19.3B	$19.3B	$18.8B
Deferred income taxes	$25.0M	$18.0M	$16.0M	$13.0M
Long-term operating lease liabilities	$217.0M	$217.0M	$211.0M	$230.0M
Total liabilities	$28.5B	$23.5B	$22.9B	$22.2B
Series A Preferred Units	$0	$203.0M	$895.0M	—
Limited Partners' Capital Account	$14.3B	$13.6B	$12.5B	$8.4B
Accumulated other comprehensive income (loss)	$5.0M	($3.0M)	($4.0M)	($8.0M)
Total MPLX LP partners’ capital	$14.3B	$13.6B	$12.5B	$12.3B
Noncontrolling interests	$227.0M	$231.0M	$235.0M	$237.0M
Total equity	$14.5B	$13.8B	$12.7B	$12.5B
Total liabilities, preferred units and equity	$43.0B	$37.5B	$36.5B	$35.7B

MPLX LP balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$1.0B	$1.5B	$1.8B	$1.4B
Receivables, less allowance for expected credit loss	$672.0M	$769.0M	$729.0M	$736.0M
Current assets - related parties	$932.0M	$1.0B	$854.0M	$826.0M
Inventories	$200.0M	$178.0M	$175.0M	$192.0M
Other current assets	$41.0M	$62.0M	$38.0M	$33.0M
Total current assets	$2.9B	$3.5B	$4.6B	$3.2B
Equity method investments	$5.1B	$5.0B	$4.8B	$5.0B
Property, plant and equipment, net	$22.6B	$22.0B	$21.3B	$19.2B
Intangibles, net	$1.3B	$1.4B	$1.4B	$497.0M
Goodwill	$8.7B	$8.7B	$8.7B	$7.6B
Right of use assets, net	$261.0M	$268.0M	$276.0M	$275.0M
Noncurrent assets - related parties	$792.0M	$916.0M	$983.0M	$1.0B
Other noncurrent assets	$1.2B	$1.2B	$1.1B	$1.0B
Total assets	$43.0B	$42.9B	$43.2B	$37.8B
Accounts payable	$155.0M	$126.0M	$131.0M	$149.0M
Accrued liabilities	$301.0M	$333.0M	$261.0M	$262.0M
Accrued property, plant and equipment	$525.0M	$533.0M	$400.0M	$253.0M
Long-term debt due within one year	$1.3B	$1.3B	$1.5B	$1.5B
Accrued interest payable	$366.0M	$264.0M	$273.0M	$267.0M
Operating lease liabilities	$53.0M	$53.0M	$49.0M	$47.0M
Other current liabilities	$573.0M	$632.0M	$657.0M	$591.0M
Total current liabilities	$3.2B	$3.2B	$3.5B	$3.1B
Long-term deferred revenue	$110.0M	$115.0M	$121.0M	$308.0M
Other long-term liabilities	$767.0M	$713.0M	$695.0M	$454.0M
Long-term debt	$24.4B	$24.4B	$24.1B	$19.7B
Deferred income taxes	$25.0M	$25.0M	$20.0M	$18.0M
Long-term operating lease liabilities	$202.0M	$208.0M	$220.0M	$218.0M
Total liabilities	$28.7B	$28.6B	$28.7B	$23.8B
Limited Partners' Capital Account	$14.0B	$14.1B	$14.3B	$13.8B
Accumulated other comprehensive income	$5.0M	$5.0M	$5.0M	$5.0M
Total MPLX LP partners’ capital	$14.0B	$14.1B	$14.3B	$13.8B
Noncontrolling interests	$225.0M	$226.0M	$228.0M	$229.0M
Total equity	$14.3B	$14.3B	$14.5B	$14.0B
Total liabilities and equity	$43.0B	$42.9B	$43.2B	$37.8B

Cash flow statement

MPLX LP cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$5.0B	$4.4B	$4.0B	$4.0B
Amortization of deferred financing costs and debt discount	$30.0M	$54.0M	$55.0M	—
Depreciation and amortization	$1.4B	$1.3B	$1.2B	$1.2B
Deferred income taxes	$7.0M	$2.0M	$3.0M	$3.0M
Gain on equity method investments	($484.0M)	—	—	—
(Gain)/loss on disposal of assets	($161.0M)	$3.0M	($14.0M)	$34.0M
Income from equity method investments	($697.0M)	($802.0M)	($600.0M)	($476.0M)
Distributions from unconsolidated affiliates	$864.0M	$826.0M	$736.0M	$578.0M
Change in fair value of derivatives	($17.0M)	($3.0M)	$0	($47.0M)
Current receivables	$48.0M	$180.0M	$14.0M	$14.0M
Inventories	($26.0M)	($20.0M)	($19.0M)	($5.0M)
Current liabilities and other current assets	($12.0M)	$5.0M	($40.0M)	($33.0M)
Assets and liabilities - related parties	$126.0M	$84.0M	$84.0M	$40.0M
Right of use assets and operating lease liabilities	$3.0M	($3.0M)	$0	($3.0M)
Deferred revenue	($74.0M)	($5.0M)	$107.0M	$108.0M
All other, net	($1.0M)	$5.0M	($16.0M)	$34.0M
Net cash provided by operating activities	$5.9B	$5.9B	$5.4B	$5.0B
Additions to property, plant and equipment	($1.8B)	($1.1B)	($937.0M)	($806.0M)
Acquisitions, net of cash acquired	($3.3B)	($622.0M)	($246.0M)	($28.0M)
Disposal of assets	$975.0M	$1.0M	$26.0M	$84.0M
Investments - acquisitions and contributions	$1.0B	$464.0M	—	—
Investments - redemptions, repayments, return of capital and sales proceeds	$293.0M	$146.0M	$3.0M	$11.0M
All other, net	$8.0M	—	—	$0
Net cash used in investing activities	($4.9B)	($2.0B)	($1.3B)	($956.0M)
Long-term debt borrowings	$6.5B	$1.6B	$1.6B	$3.4B
Long-term debt repayments	$2.5B	$1.2B	$1.0B	$2.2B
Related party debt borrowings	$50.0M	$0	$0	$3.0B
Related party debt repayments	($50.0M)	$0	$0	($4.4B)
Debt issuance costs	($63.0M)	($15.0M)	($15.0M)	($29.0M)
Unit repurchases	($400.0M)	($326.0M)	$0	($491.0M)
Redemption of Series B preferred units	$0	$0	($600.0M)	—
Distributions to noncontrolling interests	($44.0M)	($44.0M)	($41.0M)	($38.0M)
Distributions to Preferred Unitholders	($6.0M)	($44.0M)	($115.0M)	($126.0M)
Distributions to LP unitholders	($4.0B)	($3.6B)	($3.2B)	($2.9B)
Contributions from MPC	$24.0M	$35.0M	$31.0M	$44.0M
All other, net	($5.0M)	($6.0M)	($2.0M)	($4.0M)
Net cash used in financing activities	($435.0M)	($3.5B)	($3.3B)	($3.8B)
Net change in cash, cash equivalents and restricted cash	$618.0M	$471.0M	$810.0M	$225.0M
Cash, cash equivalents and restricted cash at beginning of period	$1.5B	$1.0B	$238.0M	$13.0M
Cash, cash equivalents and restricted cash at end of period	$2.1B	$1.5B	$1.0B	—

MPLX LP cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$2.0B	$922.0M	$3.7B	$2.2B
Amortization of deferred financing costs and debt discount	$15.0M	$7.0M	$23.0M	$16.0M
Depreciation and amortization	$723.0M	$358.0M	$996.0M	$650.0M
Deferred income taxes	$0	—	$1.0M	($1.0M)
Loss on disposal of assets	$2.0M	$1.0M	($1.0M)	$0
Income from equity method investments	($362.0M)	($182.0M)	($542.0M)	($356.0M)
Distributions from unconsolidated affiliates	$453.0M	$237.0M	$631.0M	$395.0M
Changes in derivative assets and liabilities	$20.0M	$64.0M	($7.0M)	($3.0M)
Current receivables	$93.0M	($24.0M)	$44.0M	$32.0M
Inventories	($28.0M)	($6.0M)	($19.0M)	($12.0M)
Current liabilities and other current assets	$125.0M	($15.0M)	($38.0M)	($5.0M)
Assets and liabilities - related parties	$2.0M	($25.0M)	$105.0M	$100.0M
Right of use assets and operating lease liabilities	$1.0M	$0	$3.0M	$1.0M
Deferred revenue	($3.0M)	($1.0M)	($52.0M)	($33.0M)
All other, net	($1.0M)	$11.0M	$4.0M	$4.0M
Net cash provided by operating activities	$3.0B	$1.3B	$4.4B	$3.0B
Additions to property, plant and equipment	($1.4B)	($575.0M)	($1.1B)	($568.0M)
Acquisitions, net of cash acquired	($14.0M)	($14.0M)	$3.3B	$237.0M
Disposal of assets	$4.0M	$4.0M	$1.0M	$1.0M
Investments - acquisitions and contributions	$441.0M	$238.0M	$776.0M	$467.0M
Investments - redemptions, repayments, return of capital and sales proceeds	$0	$0	$143.0M	$60.0M
Payment for (Proceeds from) Other Investing Activity	$4.0M	$4.0M	$108.0M	$8.0M
Net cash used in investing activities	($1.8B)	($791.0M)	($4.9B)	($1.2B)
Long-term debt borrowings	$1.5B	$1.5B	$6.5B	$2.0B
Long-term debt - repayments	($1.5B)	($1.5B)	($2.5B)	($1.7B)
Debt issuance costs	$20.0M	$15.0M	$62.0M	$20.0M
Unit repurchases	($100.0M)	($50.0M)	($300.0M)	($200.0M)
Distributions to noncontrolling interests	$22.0M	$11.0M	$33.0M	$22.0M
Distributions to Series A preferred unitholders	$0	$0	$6.0M	$6.0M
Distributions to LP unitholders	($2.2B)	($1.1B)	($2.9B)	($1.9B)
Contributions from MPC	$9.0M	$4.0M	$20.0M	$14.0M
All other, net	($2.0M)	($6.0M)	($6.0M)	($6.0M)
Net cash used in financing activities	($2.3B)	($1.2B)	$767.0M	($1.9B)
Net change in cash, cash equivalents and restricted cash	($1.1B)	($631.0M)	$246.0M	($133.0M)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	$2.1B	$2.1B	$1.5B	$1.5B
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	$1.0B	$1.5B	$1.8B	$1.4B

MPLX LP score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.