Operational cash flow remains strong with an OCF/NI ratio of 1.46 in 2026Q1, consistently supporting high free cash flow margins that frequently exceed 40%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 6.01B | 5.91B | 5.95B | 5.4B | 5.02B | 4.91B | 4.52B | 4.08B | 2.83B | 1.91B | 1.29B | 239M | 246.8M | 212.2M | 190.6M | 181.9M |
| Operating CF Margin % | - | 50% | 54.53% | 51.73% | 47.61% | 51.29% | 53.83% | 47.29% | 42.48% | 51.67% | 42.79% | 23.11% | 33.04% | 45.83% | 43.1% | 45.83% |
| Operating CF Growth % | 9.48% | -0.62% | 10.17% | 7.53% | 2.2% | 8.63% | 10.75% | 44.44% | 48.19% | 48.06% | 438.91% | -3.16% | 16.31% | 11.33% | 4.78% | - |
| Net Income | 4.71B | 4.95B | 4.36B | 3.93B | 3.98B | 3.11B | -687M | 1.46B | 1.83B | 836M | 258M | 157M | 178.1M | 146.1M | 144M | 134M |
| Depreciation & Amortization | 1.02B | 1.35B | 1.28B | 1.21B | 1.23B | 1.29B | 1.38B | 1.25B | 766M | 683M | 546M | 89M | 50.2M | 48.9M | 39.4M | 36.3M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22M | 32M | 20M | 15M | 5M | 4M | 2M | 1.2M | 0 |
| Deferred Taxes | 8M | 7M | 2M | 3M | 3M | -2M | -1M | -2M | 8M | -1M | -17M | 2M | 0 | 100K | -100K | -200K |
| Other Non-Cash Items | -56M | -466M | 58M | 123M | -313M | 357M | 3.63B | 1.48B | 97M | 79M | 61M | 16M | -100K | -5.9M | -8.9M | -800K |
| Working Capital Changes | 295M | 65M | 246M | 130M | 121M | 157M | 204M | -108M | -41M | 147M | 89M | -38M | 18.6M | 23M | 15.9M | 12.6M |
| Change in Receivables | 148M | 48M | 180M | 14M | 14M | -199M | 62M | 17M | -104M | 8M | -52M | -29M | 2M | 5M | -2M | -1M |
| Change in Inventory | -20M | -26M | -20M | -19M | -5M | -24M | -12M | -9M | -5M | -3M | -8M | 1M | 900K | 1.3M | -1M | 900K |
| Change in Payables | 0 | -12M | 5M | -40M | -33M | 0 | 36M | -59M | 88M | 48M | 102M | 0 | 0 | 0 | 0 | 11.2M |
| Cash from Investing | -5.05B | -4.86B | -2B | -1.25B | -956M | -518M | -1.26B | -3.06B | -2.69B | -2.31B | -1.21B | -1.5B | -75.1M | -113.6M | 87.4M | -218.7M |
| Capital Expenditures | -1.54B | -1.81B | -1.06B | -937M | -806M | -529M | -1.18B | -2.41B | -1.92B | -1.41B | -1.21B | -264M | -78.6M | -106.5M | -135.6M | -49.8M |
| CapEx % of Revenue | 12.29% | 15.3% | 9.68% | 8.98% | 7.65% | 5.52% | 14.09% | 27.9% | 28.85% | 38.23% | 40.07% | 25.53% | 10.52% | 23% | 30.66% | 12.55% |
| Acquisitions | -3.67B | -4.03B | -940M | -246M | -245M | -151M | -266M | -707M | -792M | -1.01B | -87M | -1.23B | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 48M | 983M | 1M | 29M | 95M | 162M | 187M | 52M | 25M | 8M | 4M | -2M | 3.5M | -7.1M | 1.3M | 0 |
| Cash from Financing | -2.76B | -435M | -3.48B | -3.33B | -3.84B | -4.39B | -3.26B | -1.09B | -73M | 171M | 115M | 1.27B | -198.5M | -261.2M | -61.4M | 36.7M |
| Debt Issued (Net) | 2.6B | 4.08B | 479M | 588M | -302M | -196M | -223M | 1.84B | 6.14B | 2.88B | -886M | 57M | 634M | -1M | -700K | -600K |
| Equity Issued (Net) | 0 | -400M | -326M | -600M | -491M | -630M | -33M | 0 | 0 | 458M | 0 | 0 | 0 | 0 | 204.4M | 0 |
| Dividends Paid | -4.03B | -4.02B | -3.6B | -3.3B | -3.05B | -3.57B | -3.01B | -3.04B | -6B | -3.23B | -974M | -137M | -103.1M | -77.8M | -262.7M | 0 |
| Share Repurchases | 0 | -400M | -326M | -600M | -491M | -630M | -33M | 0 | 0 | -25M | -25M | 0 | 0 | 0 | -202.7M | 0 |
| Other Financing | -1.33B | -88M | -30M | -27M | 2M | 4M | 3M | 106M | -22M | -205M | 1.78B | 1.35B | -704.5M | -182.2M | -2.4M | 37.3M |
| Net Change in Cash | -1.79B | 618M | 471M | 810M | 225M | -2M | 0 | -70M | 67M | -229M | 191M | 16M | -26.8M | -162.6M | 216.6M | -100K |
| Free Cash Flow | 4.99B | 4.1B | 4.89B | 4.46B | 4.21B | 4.38B | 3.34B | 1.67B | 907M | 496M | 82M | -25M | 168.2M | 105.7M | 55M | 132.1M |
| FCF Margin % | 39.77% | 34.7% | 44.85% | 42.74% | 39.97% | 45.77% | 39.75% | 19.39% | 13.63% | 13.44% | 2.72% | -2.42% | 22.52% | 22.83% | 12.44% | 33.28% |
| FCF Growth % | 3.21% | -16.13% | 9.64% | 5.86% | -3.86% | 31.28% | 99.4% | 84.56% | 82.86% | 504.88% | 428% | -114.86% | 59.13% | 92.18% | -58.36% | - |
| FCF per Share | 4.90 | 4.02 | 4.81 | 4.45 | 4.17 | 4.27 | 3.18 | 1.85 | 1.19 | 1.28 | 0.24 | -0.26 | 2.26 | 1.43 | 0.74 | 3.57 |
| FCF Conversion (FCF/Net Income) | 1.06x | 1.20x | 1.38x | 1.37x | 1.27x | 1.60x | -6.28x | 3.95x | 1.55x | 2.40x | 5.53x | 1.53x | 2.04x | 2.72x | 14.55x | 1.36x |
| Interest Paid | 636M | 913M | 940M | 893M | 813M | 812M | 821M | 835M | 568M | 263M | 213M | 13M | 3M | 0 | 0 | 200K |
| Taxes Paid | 4M | 7M | 6M | 7M | 3M | 4M | 2M | 1M | 1M | 3M | 4M | 0 | 0 | 100K | 200K | 300K |
Parent-subsidiary concentration risk
According to the provided cash flow data, MPLX consistently generates operating cash flow in excess of net income, with an OCF/NI ratio averaging well above 1.0, which suggests that the company's reported earnings are supported by high-quality, cash-generative operations rather than non-cash accounting accruals.
The persistent gap where operating cash flow exceeds net income indicates that non-cash charges, primarily depreciation, are significant but do not impair the underlying cash-generating capacity of the assets. This relationship suggests that the business model is highly effective at converting accounting profits into tangible liquidity, providing a reliable foundation for distribution payments.
As reported in financial statements, MPLX has maintained a robust free cash flow trajectory, with quarterly FCF margins frequently exceeding 40%, demonstrating the company's ability to fund its capital requirements while simultaneously supporting significant distributions to unitholders through its integrated logistics and storage infrastructure.
The stability of free cash flow suggests that the company's fee-based revenue structure effectively insulates it from the volatility typically seen in the midstream sector. Investors should monitor whether the recent dip in FCF margin to 25.4% in 2026Q1 represents a temporary increase in capital intensity or a shift in the broader cash flow profile.
Based on reported figures, MPLX has managed its capital expenditure relative to revenue with discipline, maintaining a CapEx/Rev ratio that generally stays below 15%, which implies that the company is successfully balancing necessary maintenance of its pipeline network with targeted growth investments in key basins.
The recent uptick in capital intensity to 18.9% in 2026Q1 warrants further investigation to determine if this reflects a strategic pivot toward new growth projects or merely the timing of maintenance cycles. The ability to keep capital intensity low is critical for sustaining the high free cash flow margins that underpin the company's distribution policy.
As evidenced by historical cash flow statements, MPLX has prioritized returning capital to unitholders through substantial dividend payments, while the recent accumulation of cash reserves suggests a potential shift toward more opportunistic capital deployment or further strengthening of the balance sheet against future market volatility.
The company's history of balancing dividend payouts with periodic share repurchases suggests a management team focused on total return for unitholders. The current cash position appears to provide significant flexibility, though investors should monitor whether this capital is deployed toward accretive acquisitions or returned to investors via special distributions.
Quick answers to the most common questions about buying MPLX stock.
MPLX Lp (MPLX) generated $5.91B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MPLX Lp (MPLX) generated $4.10B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
MPLX Lp (MPLX) spent $1.81B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, MPLX Lp (MPLX) returned $4.02B to shareholders via cash dividends and spent $400.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.