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Mplx LP cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$682M in Q3 2026 · $3.1B over twelve months

Operating cash flow$1.5B
Capital spending−$795M
Free cash flow+$682M
Cash / net income1.3×

Analysis

In Q3 2026, Mplx LP generated $1.5B of operating cash flow and spent $795M on capital projects, leaving free cash flow of $682M. That is $223M less than in Q3 2025 ($905M).

Over the twelve months to Sep 30, 2026, operating cash flow was $6.0B; the largest uses were other financing ($4.4B), capital spending ($2.9B), buybacks ($250M); besides operations, cash came from net borrowing (+) / repaid (−) ($954M), other investing ($120M); the cash balance fell by $468M.

Operating cash flow was $1.5B against net income of $1.2B — 1.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$335M, receivables −$116M, payables +$84.0M.

Free cash flow

Mplx LP: free cash flow by quarterMplx LP: free cash flow by quarter$1.4BQ4 2024$979MQ1 2025$1.4BQ2 2025$905MQ3 2025$782MQ4 2025$772MQ1 2026$877MQ2 2026$682MQ3 2026
Operating cash flow less capital spending.
Mplx LP: operating cash flow against capital spendingMplx LP: operating cash flow against capital spendingOperating cash flowCapital spending$1.7B$308MQ4 2024$1.2B$267MQ1 2025$1.7B$301MQ2 2025$1.4B$526MQ3 2025$1.5B$714MQ4 2025$1.3B$575MQ1 2026$1.7B$825MQ2 2026$1.5B$795MQ3 2026
Latest (Q3 2026): Operating cash flow $1.5B, Capital spending $795M.

Capital allocation, year by year

Mplx LP: where the cash came from (up) and went (down), by fiscal yearMplx LP: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $4.9BFY2021: Net borrowing $2.5BFY2021: Capital spending −$529MFY2021: Buybacks −$630M$7.4BFY2021FY2022: Operating cash flow $5.0BFY2022: Net borrowing $1.2BFY2022: Capital spending −$806MFY2022: Acquisitions −$28.0MFY2022: Buybacks −$491M$6.2BFY2022FY2023: Operating cash flow $5.4BFY2023: Net borrowing $587MFY2023: Capital spending −$937MFY2023: Acquisitions −$246M$6.0BFY2023FY2024: Operating cash flow $5.9BFY2024: Net borrowing $478MFY2024: Capital spending −$1.1BFY2024: Acquisitions −$622MFY2024: Buybacks −$326M$6.4BFY2024FY2025: Operating cash flow $5.9BFY2025: Net borrowing $4.1BFY2025: Capital spending −$1.8BFY2025: Acquisitions −$3.3BFY2025: Buybacks −$400M$10.0BFY2025
Over these 5 years operating cash flow totalled $27.2B; the largest uses were capital spending ($5.1B) and acquisitions ($4.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debt$28.1B
Net debt$26.8B
Due within a year$1.5B

Mplx LP funds itself: free cash flow was $3.1B over the last twelve months, and $1.3B of cash and investments stands against $28.1B of debt ($1.5B due within a year, 0.9× covered by cash).

Mplx LP: debt maturities by year (FY2025)Mplx LP: debt maturities by year (FY2025)$1.5BYear 1$2.0BYear 2$1.2BYear 3$750MYear 4$1.5BYear 5
Principal due in each year as disclosed in the annual report, against $1.3B of cash and investments now.

Where the cash came from and went

Mplx LP: sources (+) and uses (−) of cash, Q3 2026Mplx LP: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.5BOther financing−$1.1BNet borrowing (+) / repaid (−)$975MCapital spending−$795MCash drawn (+) / kept (−)−$266MOther investing−$239MBuybacks−$50.0MPartners−$11.0M
Mplx LP: sources (+) and uses (−) of cash, TTM to Q3 2026Mplx LP: sources (+) and uses (−) of cash, 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 profit to cash

Mplx LP: net income to operating cash flow, Q3 2026Mplx LP: net income to operating cash flow, Q3 2026Net income$1.2BDepreciation & amortization$335MReceivables−$116MInventory−$4.0MPayables$84.0MDeferred revenue−$2.0MOther operating capital$3.0MOperating cash flow$1.5B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.5B−$795M—−$50.0M$975M−$266M$682M
Q2 2026$1.7B−$825M—−$50.0M—$475M$877M
Q1 2026$1.3B−$575M$14.0M−$50.0M−$21.0M$631M$772M
Q4 2025$1.5B−$714M—−$100M—−$372M$782M
Q3 2025$1.4B−$526M−$3.1B−$100M$3.8B−$379M$905M
Q2 2025$1.7B−$301M—−$100M−$1.2B$1.1B$1.4B
Q1 2025$1.2B−$267M−$237M−$100M$1.5B−$1.0B$979M
Q4 2024$1.7B−$308M—−$100M−$1.1B$907M$1.4B

Mplx LP: income statement and cash flow

Mplx LP, Q3 2026: revenue $3.6B (-0.4% year over year), operating margin 40.9%. The chart follows the revenue to costs, profit and cash.

Mplx LP: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.