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MPLX FINANCIAL STATEMENTS

MPLX LP — balance sheet, income statement and cash flow trends

MPLXMPLX LP

🇺🇸 USA · US · Energy · Oil & Gas Midstream

Value itDuel
PriceFinancialsPeers

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
05 B10 B202120222023202420252026

Profit Funnel

Q1 2026 · TTM
Revenue12.4 B $Gross Profit6.1 B $ · 49%Operating Income5.4 B $ · 44%Pre-tax Income4.7 B $ · 38%Net Income4.7 B $ · 38%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue12.4 B $+10.5%
Gross Profit6.1 B $+22.6%
Operating Income5.4 B $+0.8%
EBITDA7.2 B $+7.1%
Net Income4.7 B $+5.9%

Peer Comparison· Oil & Gas Midstream

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
MPLX10.5%49.0%58.3%38.0%
Industry median9.4%40.8%44.7%17.6%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
020 B40 B202120222023202420252026

Capital Structure

Q1 2026
Total Assets42.9 B
  • Equity14.1 B $33%
  • Current Liabilities3.2 B $7%
  • Long-term Liabilities25.4 B $60%

Key Figures

YoY change
Total Assets42.9 B $+10.2%
Total Liabilities28.6 B $+15.0%
Total Equity14.1 B $+1.7%
Cash & ST Investments1.5 B $-40.6%
Total Debt26.1 B $+14.0%
Net Debt24.6 B $+20.8%

Peer Comparison· Oil & Gas Midstream

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
MPLX1.10185.7%3.4132.8%
Industry median1.26102.3%3.3433.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
02 B4 B6 B202120222023202420252026

Cash Flow Bridge

Q1 2026 · TTM
02.5 B5 B6 B $Operating-5 B $Investing-2.8 B $Financing-1.8 B $Net Change

Key Figures

YoY change
Operating Cash Flow6 B $+1.8%
Capital Expenditures2.2 B $+102.1%
Free Cash Flow5 B $+3.2%
Dividends Paid-5.1 B $-238.1%

Peer Comparison· Oil & Gas Midstream

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
MPLX48.6%40.3%17.4%127.9%
Industry median36.3%9.5%17.1%182.4%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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