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Mplx LP (MPLX) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Mplx LP (MPLX) Q3 2026 earnings results →

Q3 2026 Revenue down 0% year over year to $3.6B · 32¢ of every $1 of revenue kept as net profit · operating margin 40.9%

Mplx LP made $3.6B in Q3 2026 (-0.4% Y/Y): Natural Gas and NGL Services $1.5B, Crude Oil and Products Logistics $1.3B, Other revenues $817M. Operating margin 40.9%, net earnings $1.2B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$3.6B
Year over year-0.4%
Operating margin40.9%
Net earnings$1.2B
Operating cash flow$1.5B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

Mplx LP Q3 2026 revenue breakdown: Sankey diagram of revenue (Natural Gas and NGL Services, Crude Oil and Products Logistics, Other revenues), costs, profit and cash flow
Mplx LP Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $3.6B in Q3 2026, roughly flat year over year and up 9% from the previous quarter. Natural Gas and NGL Services was the largest line at 42% of revenue.

Operating profit was $1.5B, a 40.9% margin (down 8.8 points year over year). Total costs grew 17% against flat revenue. The fastest-growing cost line was Other operating costs (+18%). Net earnings were $1.2B, down 25% year over year. The effective tax rate was 0.2%.

Operating cash flow was $1.5B (up 3% year over year), 126% of net earnings. Non-cash charges added back $0.34B of depreciation. After net cash used in investing activities, net ($1.0B) and distributions to noncontrolling interests ($0.01B), adjusted free cash flow as the company reports it was $0.45B.

Quarterly history

Mplx LP revenue by quarterMplx LP revenue by quarter$3.1BQ1 2025$3.0BQ2 2025$3.6BQ3 2025$3.3BQ4 2025$3.0BQ1 2026$3.3BQ2 2026$3.6BQ3 2026
Mplx LP net earnings by quarterMplx LP net earnings by quarter$1.1BQ1 2025$1.0BQ2 2025$1.5BQ3 2025$1.2BQ4 2025$911MQ1 2026$1.1BQ2 2026$1.2BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 3, 2026$3.6B-0.4%40.9%$1.2B$1.5B
Q2 202610-QAug 4, 2026$3.3B+10%41.6%$1.1B$1.7B
Q1 202610-QMay 5, 2026$3.0B-3%40.0%$911M$1.3B
Q4 202510-KFeb 26, 2026$3.3B+6%45.6%$1.2B$1.5B
Q3 202510-QNov 4, 2025$3.6B+22%49.8%$1.5B$1.4B
Q2 202510-QAug 5, 2025$3.0B-2%43.1%$1.0B$1.7B
Q1 202510-QMay 6, 2025$3.1B+10%43.7%$1.1B$1.2B

Charts

Mplx LP: revenue growth, year over year and quarter over quarterMplx LP: revenue growth, year over year and quarter over quarterY/YQ/Q+10%Q1 2025-2%-4%Q2 2025+22%+21%Q3 2025+6%-10%Q4 2025-3%-7%Q1 2026+10%+9%Q2 20260%+9%Q3 2026
Latest (Q3 2026): Y/Y 0%, Q/Q +9%.
Mplx LP: where the cash came from (+) and went (−), TTM to Q3 2026Mplx LP: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$6.0BOther financing−$4.4BCapital spending−$2.9BNet borrowing (+) / repaid (−)$954MCash drawn (+) / kept (−)$468MBuybacks−$250MOther investing$120MAcquisitions$14.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Mplx LP: profit against cash, quarter by quarterMplx LP: profit against cash, quarter by quarterNet incomeOperating cash flow$1.1B$1.7BQ4 2024$1.1B$1.2BQ1 2025$1.1B$1.7BQ2 2025$1.6B$1.4BQ3 2025$1.2B$1.5BQ4 2025$922M$1.3BQ1 2026$1.1B$1.7BQ2 2026$1.2B$1.5BQ3 2026
Latest (Q3 2026): Net income $1.2B, Operating cash flow $1.5B.
Mplx LP: long-term debt falling due (FY2025)Mplx LP: long-term debt falling due (FY2025)$1.5B2026$2.0B2027$1.2B2028$750M2029$1.5B2030
Cash $2.1B, short-term investments —, long-term debt — at 2025-12-31.
Mplx LP in its industry: growth against margin (7 companies, SIC 4610)Mplx LP in its industry: growth against margin (7 companies, SIC 4610)revenue growth, year over year →↑ operating marginmedian +42%median 14%PAGPPAAENBDINOGELDKLMPLX (0%, 41%)
Pipe Lines (No Natural Gas); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Mplx LP

We are a diversified, large-cap master limited partnership formed by MPC in 2012 (as our sponsor) that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services. Our assets include a network of crude oil and refined product pipelines; an inland marine business; light-product, asphalt, heavy oil and marine terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; crude oil and natural gas gathering systems and pipelines; as well as natural gas and NGL treating, processing and fractionation facilities. Our assets are positioned throughout the United States. The business consists of two segments based on the product-based value chain each supports: Crude Oil and Products Logistics and Natural Gas and NGL Services.

In its own words, from its 10-K, filed Feb 26, 2026.

Mplx LP against its Pipe Lines (No Natural Gas) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -0.4% against the peers' median +42%. Operating margin: 40.9% against the peers' median 14.4%.

CompanyQuarterRevenueY/YOp. margin
MPLX Mplx LPQ3 2026$3.6B-0.4%40.9%
PAGP Plains GP Holdings LPQ2 2026$17.7B+66%2.2%
PAA Plains All American Pipeline LPQ3 2026$15.2B+31%3.4%
ENB EnbridgeQ3 2026$15.1B+44%10.1%
DINO HF SinclairQ3 2026$10.9B+50%24.6%
GEL Genesis Energy LPQ3 2026$449M+8%15.4%
DKL Delek Logistics Partners, LPQ3 2026$372M+42%14.4%

Source: Mplx LP 10-Q on SEC EDGAR · CIK 1552000 · Pipe Lines (No Natural Gas)

Guidance and outlook

Mplx LP: what its forward-looking statements are about (10-Q filed 2026-11-03)Mplx LP: what its forward-looking statements are about (10-Q filed 2026-11-03)Capital spending4Other3Financing3Demand2Deals1Margins1Legal & regulation1
15 statements; tone +0.40 (−1 all cautious, +1 all confident); 5 hedged.
Mplx LP: outlook statements against the filing beforeMplx LP: outlook statements against the filing beforeConfident7Cautious1

13F: who owns MPLX and who is buying

Largest holders of MPLX (13F)Largest holders of MPLX (13F)Alps Advisors$1.6BInvesco$1.0BBlackstone$730MGoldman Sachs Group$638MTortoise Capital Advisors, L.L.C.$591MMirae Asset Global ETFS Holdings$451MKayne Anderson Capital Advisors LP$330MEnergy Income Partners, LLC$303MMorgan Stanley$297MUBS Group AG$296M
Funds' net buying of MPLX by quarter (13F)Funds' net buying of MPLX by quarter (13F)−$104M2024-09$28.0M2024-12−$8.3M2025-03$69.5M2025-06−$331M2025-09−$1.6B2025-12$1.5B2026-03−$310M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MPLX

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：Mplx LP（MPLX）财报

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