Filing Flows › Mplx LP (MPLX) › Q1 2026
Mplx LP (MPLX) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Mplx LP (MPLX) reported revenue of $3.0B for the first quarter 2026 (Q1 2026), -3% from a year earlier and -7% from the quarter before. Operating margin was 40.0%, net earnings $911M (30.0% of revenue).
Mplx LP, Q1 2026: revenue $3.0B (-3% year over year), operating margin 40.0%, net earnings $911M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.0B | -7% | -3% |
| Operating profit | $1.2B | -18% | -11% |
| Net earnings | $911M | -24% | -19% |
| Operating cash flow | $1.3B | -10% | +8% |
| Free cash flow | $549M | — | -14% |
What changed
Revenue was $3.0B in Q1 2026, down 3% year over year and down 7% from the previous quarter. Crude Oil and Products Logistics was the largest line at 39% of revenue. Natural Gas and NGL Services lost $0.12B year over year (down 10%), 144% of the total change.
Operating profit was $1.2B, a 40.0% margin (down 3.8 points year over year). Total costs grew 4% against a revenue fall of 3%. Net earnings were $0.91B, down 19% year over year. The effective tax rate was 0.1%.
Operating cash flow was $1.3B (up 8% year over year), 146% of net earnings. Non-cash charges added back $0.32B of depreciation. Working capital and other items added $0.11B. After net cash used in investing activities, net ($0.79B) and distributions to noncontrolling interests ($0.01B), adjusted free cash flow as the company reports it was $0.55B.
Questions
What was Mplx LP's revenue in the first quarter 2026?
Mplx LP (MPLX) reported revenue of $3.0B for the first quarter 2026 (Q1 2026), -3% from a year earlier and -7% from the quarter before.
Was Mplx LP profitable in the first quarter 2026?
Operating profit was $1.2B (40.0% of revenue) and net earnings $911M.
Source: Mplx LP 10-Q on SEC EDGAR.