MPLX
MPLX · NYSEPipe Lines (No Natural Gas) · Fiscal year ends Dec 31
MPLX reported revenue of $9.7B in the fiscal year ended Dec 2025, up 5.8% from the year before. Operating income was $5.9B, an operating margin of 61.1%, and net income was $5B. Operating cash flow of $5.9B less capital expenditure of $1.8B left free cash flow of $4.1B. Net debt was $23.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $8B | $8.9B | $8.7B | $9.2B | $9.7B |
| Operating income | $4B | $4.9B | $4.9B | $5.3B | $5.9B |
| Interest expense | – | $852M | $912M | $963M | $1.1B |
| Pre-tax income | $3.1B | $4B | $4B | $4.4B | $5B |
| Income tax | $1M | $8M | $11M | $10M | – |
| Net income | $3.1B | $3.9B | $3.9B | $4.4B | $5B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $13M | $238M | $1B | $1.5B | $2.1B |
| Receivables | $654M | $737M | $823M | $718M | $735M |
| Current assets | $1.5B | $1.9B | $2.8B | $3.3B | $4B |
| Net PP&E | $20B | $18.8B | $19.3B | $19.2B | $21.7B |
| Goodwill | $7.7B | $7.6B | $7.6B | $7.6B | $8.8B |
| Total assets | $35.5B | $35.7B | $36.5B | $37.5B | $43B |
| Payables | $172M | $224M | $153M | $147M | $108M |
| Deferred revenue | $281M | $0 | $479M | $514M | $241M |
| Current liabilities | $3.3B | $2.4B | $2.6B | $3.2B | $3.2B |
| Short-term debt | $499M | $988M | $1.1B | $1.7B | $1.5B |
| Long-term debt | $18.1B | $18.8B | $19.3B | $19.3B | $24.2B |
| Total liabilities | $22.5B | $22.2B | $22.9B | $23.5B | $28.5B |
| Backlog (remaining obligations) | $10B | $8.7B | $8.5B | $7.4B | $5.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4.9B | $5B | $5.4B | $5.9B | $5.9B |
| Capital expenditure | $529M | $806M | $937M | $1.1B | $1.8B |
| Free cash flow | $4.4B | $4.2B | $4.5B | $4.9B | $4.1B |
| Acquisitions | $0 | $28M | $246M | $622M | $3.3B |
| Share buybacks | $630M | $491M | $0 | $326M | $400M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.3% | −2.1% | 5.2% | 5.8% |
| Operating income growth (YoY) | – | 23.0% | −0.2% | 7.9% | 12.4% |
| Operating margin | 49.8% | 55.0% | 56.1% | 57.5% | 61.1% |
| Net margin | 38.4% | 44.2% | 45.0% | 47.4% | 50.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.4% | 14.8% | 14.5% | 15.4% | 14.9% |
| Free cash flow margin | 54.6% | 47.2% | 51.1% | 53.2% | 42.2% |
| Cash conversion (CFO ÷ net income) | 1.60x | 1.27x | 1.37x | 1.36x | 1.19x |
| Receivable days | 30 | 30 | 34 | 29 | 28 |
| Interest cover | – | 5.76x | 5.37x | 5.49x | 5.54x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $18.6B | $19.6B | $19.4B | $19.4B | $23.5B |
| Current ratio | 0.45x | 0.79x | 1.07x | 1.01x | 1.23x |
Recent filings
More in Pipe Lines (No Natural Gas)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.