Revenue grew 5.2% year-over-year to $3.0B in 2026Q1, while gross margins expanded significantly to 86.8% compared to 44.2% in early 2024.
| 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 | 12.54B | 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 % | 12.11% | 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 | 5.02B | 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 | 7.52B | 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 % | 59.95% | 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 | 1.88B | 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 | 448M | 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 | 2M | 137M | -898M | -716M | -957M | -290M | 3.16B | 901M | -270M | -122M | 161M | -52M | -36M | -17M | -8.4M | -1.8M |
| Operating Income | 5.64B | 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 % | 44.94% | 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 | 7.02B | 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 % | 55.96% | 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 % | 4.84% | -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) | 1.38B | 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 | 4.6B | 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 | -754M | -983M | -921M | -923M | -925M | -879M | -896M | -915M | -714M | -354M | -261M | -35M | -5M | -1.1M | 1.1M | 2.1M |
| Interest Income | 32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K | 1.3M | 2.3M |
| Interest Expense | 786M | 983M | 921M | 923M | 925M | 879M | 896M | 915M | 661M | 354M | 211M | 35M | 4.1M | 1.4M | 200K | 200K |
| Other Income/Expense | -890M | 198M | -921M | -923M | -925M | -879M | -896M | -915M | -714M | -354M | -261M | 44M | -5M | -1.1M | 1.1M | 2.1M |
| Pretax Income | 4.75B | 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 % | 37.84% | 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 | 8M | 8M | 10M | 11M | 8M | 1M | 2M | 0 | 8M | 1M | -12M | 1M | 1M | -200K | 300K | 100K |
| Effective Tax Rate % | 0.17% | 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 | 4.71B | 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 % | 37.54% | 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 % | 6.08% | 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) | 4.74B | 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 | 226M | 227M | 231M | 235M | 34M | 241M | 245M | 249M | 156M | 146M | 1.03B | 832M | -654M | 467.9M | 535.7M | 0 |
| EPS (Diluted) | 4.63 | 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 % | 7.18% | 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 | 1.02B | 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 | 1.02B | 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% | - |
Parent-subsidiary concentration risk
As reported in recent financial statements, MPLX maintained a steady top-line trajectory with revenue reaching $3.0B in 2026Q1, reflecting a 5.2% year-over-year growth rate that underscores the resilience of its fee-based business model despite broader regional production volatility within the Marcellus and Utica shale basins.
The revenue profile appears anchored by minimum volume commitments that provide a defensive floor against commodity price swings. While growth remains modest, the consistency of these figures suggests that the company's integration with Marathon Petroleum provides a reliable demand base that mitigates the cyclicality typically seen in midstream gathering and processing operations.
Based on the provided income statement data, MPLX demonstrated significant profitability with a gross margin of 86.8% in 2026Q1, a notable expansion from the 44.2% levels observed in early 2024, suggesting improved operational efficiency or a favorable shift in the underlying service mix for the company.
The substantial expansion in gross margins warrants further investigation into whether this reflects permanent cost-saving initiatives or temporary accounting adjustments. Investors should monitor if these elevated margins are sustainable, as they currently position the firm at the upper end of its peer group in terms of operational profitability.
According to the latest quarterly filings, MPLX maintained an operating margin of 40.0% in 2026Q1, illustrating a disciplined approach to managing SG&A expenses, which remained tightly controlled at $114.0M despite the company's extensive infrastructure footprint and the complexities of its integrated logistics and storage operations.
The ability to keep overhead costs relatively flat while scaling revenue indicates a high degree of operating leverage inherent in the midstream model. This efficiency suggests that incremental throughput across the existing pipeline network likely flows directly to the bottom line with minimal additional administrative burden.
While MPLX reports strong net margins of 30.3% as of 2026Q1, the heavy reliance on Marathon Petroleum for volume commitments may mask underlying competitive weaknesses, as the company's performance is inextricably linked to the refining utilization rates and strategic capital allocation decisions of its parent entity.
Short-term observers might argue that the current profitability is less a result of market-driven competitive success and more a function of captive internal contracts. This structural dependency warrants caution, as any strategic pivot by the parent company could disproportionately impact MPLX's future revenue durability and cash flow stability.
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.