Filing Flows › Mplx LP (MPLX) › Q1 2025
Mplx LP (MPLX) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Mplx LP (MPLX) reported revenue of $3.1B for the first quarter 2025 (Q1 2025), +10% from a year earlier and +2% from the quarter before. Operating margin was 43.7%, net earnings $1.1B (36.0% of revenue).
Mplx LP, Q1 2025: revenue $3.1B (+10% year over year), operating margin 43.7%, net earnings $1.1B, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1B | +2% | +10% |
| Operating profit | $1.4B | +2% | +9% |
| Net earnings | $1.1B | +3% | +14% |
| Operating cash flow | $1.2B | -26% | -3% |
| Free cash flow | $641M | — | +118% |
What changed
Revenue was $3.1B in Q1 2025, up 10% year over year and up 2% from the previous quarter. Natural Gas and NGL Services was the largest line at 41% of revenue. Natural Gas and NGL Services added $0.19B year over year (up 18%), 70% of the total change.
Operating profit was $1.4B, a 43.7% margin (down 0.2 points year over year). Of the extra revenue versus a year earlier, 41% reached operating profit, below the 44% margin then. Total costs grew 10% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+11%). Net earnings were $1.1B, up 14% year over year. The effective tax rate was 0.1%.
Operating cash flow was $1.2B (down 3% year over year), 110% of net earnings. Non-cash charges added back $0.29B of depreciation. Working capital and other items used $0.18B. After net cash used in investing activities, net ($0.59B) and distributions to noncontrolling interests ($0.01B), adjusted free cash flow as the company reports it was $0.64B.
Questions
What was Mplx LP's revenue in the first quarter 2025?
Mplx LP (MPLX) reported revenue of $3.1B for the first quarter 2025 (Q1 2025), +10% from a year earlier and +2% from the quarter before.
Was Mplx LP profitable in the first quarter 2025?
Operating profit was $1.4B (43.7% of revenue) and net earnings $1.1B.
Source: Mplx LP 10-Q on SEC EDGAR.