Revenue growth is volatile, swinging from -0.8% in 2026Q1 to 18.8% in 2026Q2, with gross margin expanding to 56.9% in 2026Q2 from 41.0% in the prior quarter, indicating strong operating leverage.
MPLX Lp (MPLX) annual income statement — 15-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 12.89B | 11.82B | 10.9B | 10.43B | 10.54B | 9.57B | 8.4B | 8.63B | 6.65B | 3.69B | 3.01B | 1.03B | 747M | 463M | 442.2M | 396.9M |
| Revenue Growth % | 14.17% | 8.37% | 4.5% | -1.02% | 10.09% | 14.02% | -2.71% | 29.77% | 80.22% | 22.62% | 191.1% | 38.42% | 61.34% | 4.7% | 11.41% | - |
| Cost of Goods Sold | 6.17B | 6.47B | 6.09B | 5.87B | 6.25B | 5.52B | 4.65B | 4.97B | 3.88B | 2.38B | 1.94B | 580M | 457M | 280M | 257.6M | 228.2M |
| COGS % of Revenue | - | 54.77% | 55.82% | 56.27% | 59.31% | 57.65% | 55.41% | 57.53% | 58.3% | 64.51% | 64.42% | 56.09% | 61.18% | 60.48% | 58.25% | 57.5% |
| Gross Profit | 6.72B | 5.34B | 4.82B | 4.56B | 4.29B | 4.05B | 3.75B | 3.67B | 2.77B | 1.31B | 1.07B | 454M | 290M | 183M | 184.6M | 168.7M |
| Gross Margin % | 52.17% | 45.23% | 44.18% | 43.73% | 40.69% | 42.35% | 44.59% | 42.47% | 41.7% | 35.49% | 35.58% | 43.91% | 38.82% | 39.52% | 41.75% | 42.5% |
| Gross Profit Growth % | - | 10.96% | 5.57% | 6.39% | 5.77% | 8.28% | 2.15% | 32.16% | 111.76% | 22.32% | 135.9% | 56.55% | 58.47% | -0.87% | 9.43% | - |
| Operating Expenses | 1.19B | 583M | -471M | -337M | -622M | 63M | 3.53B | 1.29B | 46M | 119M | 388M | 73M | 45M | 36M | 41.4M | 36.7M |
| OpEx % of Revenue | - | 4.93% | -4.32% | -3.23% | -5.9% | 0.66% | 42.08% | 14.93% | 0.69% | 3.22% | 12.89% | 7.06% | 6.02% | 7.78% | 9.36% | 9.25% |
| Selling, General & Admin | 449M | 446M | 427M | 379M | 335M | 353M | 378M | 388M | 291M | 241M | 193M | 104M | 64.8M | 53.7M | 49.8M | 67.5M |
| SG&A % of Revenue | - | 3.77% | 3.92% | 3.63% | 3.18% | 3.69% | 4.5% | 4.49% | 4.37% | 6.53% | 6.41% | 10.06% | 8.67% | 11.6% | 11.26% | 17.01% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 137M | -898M | -716M | -957M | -290M | 3.16B | 901M | -270M | -122M | 161M | -52M | -36M | -17M | -8.4M | -1.8M |
| Operating Income | 5.53B | 4.76B | 5.29B | 4.9B | 4.91B | 3.99B | 211M | 2.38B | 2.73B | 1.19B | 683M | 381M | 245M | 147M | 143.2M | 132M |
| Operating Margin % | 42.91% | 40.3% | 48.5% | 46.96% | 46.59% | 41.69% | 2.51% | 27.54% | 41.01% | 32.27% | 22.69% | 36.85% | 32.8% | 31.75% | 32.38% | 33.26% |
| Operating Income Growth % | - | -9.95% | 7.92% | -0.22% | 23.02% | 1791.94% | -91.12% | -12.87% | 129.05% | 74.38% | 79.27% | 55.51% | 66.67% | 2.65% | 8.48% | - |
| EBITDA | 6.96B | 6.11B | 6.57B | 6.11B | 6.14B | 5.28B | 1.59B | 3.63B | 3.6B | 1.87B | 1.27B | 470M | 295.2M | 195.9M | 182.6M | 168.3M |
| EBITDA Margin % | 53.95% | 51.73% | 60.26% | 58.59% | 58.26% | 55.13% | 18.91% | 42.06% | 54.04% | 50.77% | 42.33% | 45.45% | 39.52% | 42.31% | 41.29% | 42.4% |
| EBITDA Growth % | 5.81% | -6.97% | 7.49% | -0.46% | 16.33% | 232.43% | -56.27% | 1% | 91.84% | 47.1% | 171.06% | 59.21% | 50.69% | 7.28% | 8.5% | - |
| D&A (Non-Cash Add-back) | 1.42B | 1.35B | 1.28B | 1.21B | 1.23B | 1.29B | 1.38B | 1.25B | 867M | 683M | 591M | 89M | 50.2M | 48.9M | 39.4M | 36.3M |
| EBIT | 5.91B | 5.94B | 5.31B | 4.87B | 4.83B | 3.91B | 149M | 2.32B | 2.61B | 1.14B | 633M | 369M | 244M | 146M | 144.4M | 134.3M |
| Net Interest Income | -1.1B | -983M | -921M | -923M | -925M | -879M | -896M | -915M | -714M | -354M | -261M | -35M | -5M | -1.1M | 1.1M | 2.1M |
| Interest Income | 35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K | 1.3M | 2.3M |
| Interest Expense | 1.14B | 983M | 921M | 923M | 925M | 879M | 896M | 915M | 661M | 354M | 211M | 35M | 4.1M | 1.4M | 200K | 200K |
| Other Income/Expense | -755M | 198M | -921M | -923M | -925M | -879M | -896M | -915M | -714M | -354M | -261M | 44M | -5M | -1.1M | 1.1M | 2.1M |
| Pretax Income | 4.78B | 4.96B | 4.37B | 3.98B | 3.99B | 3.11B | -685M | 1.46B | 1.84B | 837M | 246M | 159M | 178M | 145.9M | 144.3M | 134.1M |
| Pretax Margin % | 37.05% | 41.97% | 40.05% | 38.12% | 37.81% | 32.51% | -8.16% | 16.94% | 27.69% | 22.68% | 8.17% | 15.38% | 23.83% | 31.51% | 32.63% | 33.79% |
| Income Tax | 9M | 8M | 10M | 11M | 8M | 1M | 2M | 0 | 8M | 1M | -12M | 1M | 1M | -200K | 300K | 100K |
| Effective Tax Rate % | 0.19% | 0.16% | 0.23% | 0.28% | 0.2% | 0.03% | -0.29% | 0% | 0.43% | 0.12% | -4.88% | 0.63% | 0.56% | -0.14% | 0.21% | 0.07% |
| Net Income | 4.74B | 4.91B | 4.32B | 3.93B | 3.94B | 3.08B | -720M | 1.03B | 1.82B | 794M | 233M | 156M | 121M | 78M | 13.1M | 134M |
| Net Margin % | 36.75% | 41.57% | 39.59% | 37.65% | 37.42% | 32.14% | -8.57% | 11.97% | 27.33% | 21.51% | 7.74% | 15.09% | 16.2% | 16.85% | 2.96% | 33.76% |
| Net Income Growth % | 9.91% | 13.78% | 9.9% | -0.41% | 28.18% | 527.36% | -169.7% | -43.18% | 128.97% | 240.77% | 49.36% | 28.93% | 55.13% | 495.42% | -90.22% | - |
| Net Income (Continuing) | 4.77B | 4.95B | 4.36B | 3.97B | 3.98B | 3.11B | -687M | 1.46B | 2.01B | 836M | 434M | 333M | 239M | 146M | 144M | 134M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -84M | 0 | 0 | 0 | 0 |
| Minority Interest | 225M | 227M | 231M | 235M | 34M | 241M | 245M | 249M | 156M | 146M | 1.03B | 832M | -654M | 467.9M | 535.7M | 0 |
| EPS (Diluted) | 4.67 | 4.82 | 4.21 | 3.82 | 3.75 | 2.86 | -0.80 | 1.03 | 2.39 | 1.06 | 0.00 | 1.01 | 1.55 | 1.05 | 0.17 | 3.63 |
| EPS Growth % | 10.45% | 14.49% | 10.21% | 1.87% | 31.12% | 457.5% | -177.67% | -56.9% | 125.47% | - | -99.7% | -34.84% | 47.62% | 517.65% | -95.32% | - |
| EPS (Basic) | - | 4.82 | 4.21 | 3.83 | 3.75 | 2.86 | -0.80 | 1.03 | 2.39 | 1.07 | 0.00 | 1.02 | 1.55 | 1.05 | 0.17 | 3.63 |
| Diluted Shares Outstanding | 1.01B | 1.02B | 1.02B | 1B | 1.01B | 1.03B | 1.05B | 907M | 761M | 388M | 338M | 98M | 74.4M | 74M | 74M | 36.95M |
| Basic Shares Outstanding | 1.01B | 1.02B | 1.02B | 1B | 1.01B | 1.03B | 1.05B | 906M | 761M | 385M | 331M | 97M | 74M | 74M | 74M | 36.95M |
| Dividend Payout Ratio | - | 81.8% | 82.44% | 80.98% | 74.06% | 111.54% | - | 284.32% | 339.33% | 401.01% | 407.3% | 87.82% | 102.48% | 99.74% | 2005.34% | - |
Quick answers to the most common questions about buying MPLX stock.
For fiscal year 2025, MPLX Lp (MPLX) reported total revenue of $11.82B. This represents a 2877.3% increase compared to $396.9M in 2011.
MPLX Lp (MPLX) is profitable, generating $4.91B in net income for the fiscal year ending 2025 with a net profit margin of 41.6%.
MPLX Lp (MPLX) reported an operating income of $4.76B, resulting in an operating profit margin of 40.3%. This margin reflects the operational efficiency of the business before interest and taxes.
MPLX Lp (MPLX) generated $5.34B in gross profit for the year, representing a gross profit margin of 45.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Commodity price and volume volatility
Metrics are mathematically derived from official filings.
Volatile Growth with Recent Spike
Revenue growth swung from -0.8% in 2026Q1 to 18.8% in 2026Q2, per the latest quarterly data, suggesting a rebound driven by strategic initiatives and possibly higher volumes.
The 18.8% year-over-year revenue growth in 2026Q2 marks a sharp acceleration from the prior quarter's slight decline, indicating that the company's expansion projects are beginning to contribute. However, the trajectory has been uneven, with growth ranging from 2.3% to 30.4% over the past two years, reflecting the cyclicality of gathering and processing volumes. Investors should monitor whether this acceleration is sustainable or a one-off boost from commodity price movements.
Margin Expansion on Volume Leverage
Gross margin jumped to 56.9% in 2026Q2 from 41.0% in 2026Q1, as reported in the income statement, indicating strong operating leverage and possibly favorable product mix.
The sequential gross margin improvement of nearly 16 percentage points is substantial and suggests that incremental volumes are flowing through with minimal additional cost, a hallmark of the high-fixed-cost midstream model. Operating margin also expanded to 41.6% from 35.8%, reinforcing the leverage story. However, such volatility in margins may indicate sensitivity to commodity prices and utilization rates, warranting caution in extrapolating the latest quarter's performance.
Operating Leverage Amplifies Earnings
Operating income grew 40% in 2026Q2 versus a 18.8% revenue increase, per the latest financials, demonstrating significant operating leverage as SG&A remained flat.
SG&A expenses were essentially unchanged at $108 million despite a $400 million revenue increase, allowing operating income to scale disproportionately. This suggests that the company's cost base is largely fixed, and any incremental revenue flows through to the bottom line. The 41.6% operating margin in 2026Q2 is among the highest in the peer group, indicating efficient overhead management. However, this leverage works both ways; a downturn in volumes could compress margins just as quickly.
Net Income Boosted by Non-Operating Items
Net margin of 32.8% in 2026Q2 exceeds operating margin of 41.6%? Actually, net margin is lower, but the gap between net and operating margins is narrow, suggesting minimal non-operating drag.
The net margin of 32.8% is below the operating margin of 41.6%, indicating that non-operating expenses, likely interest and taxes, consume a portion of operating income. However, the difference is relatively small, implying that the company's earnings quality is high, with limited reliance on one-time gains. The absence of stock-based compensation in the data further supports the quality of reported earnings. Investors should still monitor the impact of equity method investments, which can introduce volatility.
COGS Drives Margin Variability
COGS as a percentage of revenue fell to 42.4% in 2026Q2 from 58.6% in 2026Q1, per the income statement, highlighting the primary cost driver's sensitivity to volumes.
The significant fluctuation in COGS relative to revenue underscores the variable nature of certain costs, likely including energy and maintenance expenses tied to throughput. SG&A remains a minor and stable component, averaging around $110 million per quarter, indicating disciplined overhead control. The primary cost risk lies in COGS, which can spike if commodity prices rise or if volumes decline, compressing margins. Management's ability to manage these costs will be crucial for sustaining profitability.
2025Q3 Marks a Peak
Revenue and operating income peaked in 2025Q3 at $3.6B and $1.8B, respectively, as per the income statement, before a sharp decline in 2026Q1, indicating a cyclical high.
The 2025Q3 quarter stands out with the highest revenue and operating income in the ten-quarter period, likely driven by strong commodity prices and high utilization. However, the subsequent drop in 2026Q1 suggests that this peak was not sustained, possibly due to seasonal or market factors. This inflection point highlights the cyclicality of the business and the importance of not extrapolating peak performance. The recovery in 2026Q2 suggests resilience, but the volatility warrants a cautious outlook.
Commodity Exposure Undermines Stability
Despite fee-based contracts, revenue growth swung from -0.8% to 18.8% within two quarters, per the income statement, exposing the business to commodity and volume volatility.
The wide swings in revenue growth and margins suggest that the company is not fully insulated from commodity price movements, contrary to the perception of stable midstream cash flows. The G&P segment, in particular, is sensitive to natural gas and NGL prices, which can fluctuate significantly. Short-sellers might argue that the market is overvaluing MPLX's stability, given the historical volatility in its financials. Additionally, the elevated leverage (debt/equity of 1.80) could amplify downside risks if cash flows weaken.