Filing Flows › Mplx LP (MPLX) › Q2 2026 › vs Q2 2025
Mplx LP (MPLX) Q2 2026 vs Q2 2025 (year over year)
Mplx LP's revenue rose $309M (+10%) from $3.0B in Q2 2025 to $3.3B in Q2 2026. The biggest changes: Natural Gas and NGL Services +$226M (+20%); Other revenues +$50.0M (+8%); Crude Oil and Products Logistics +$33.0M (+3%). Operating margin 41.6% against 43.1% (-1.5 pts).
Mplx LP, Q2 2026: revenue $3.3B (+10% year over year), operating margin 41.6%, net earnings $1.1B, operating cash flow $1.7B. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 41.6% | 43.1% | -1.5 pts |
| Net margin | 32.5% | 34.9% | -2.4 pts |
| Free cash flow margin | 20.2% | 37.6% | -17.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Natural Gas and NGL Services | $1.4B | $1.1B | $226M | +20% |
| Crude Oil and Products Logistics | $1.2B | $1.2B | $33.0M | +3% |
| Other revenues | $697M | $647M | $50.0M | +8% |
| Revenue | $3.3B | $3.0B | $309M | +10% |
| Operating profit | $1.4B | $1.3B | $85.0M | +7% |
| Costs & expenses | $1.9B | $1.7B | $224M | +13% |
| Pre-tax earnings | $1.1B | $1.1B | $30.0M | +3% |
| Other expense, net | $289M | $234M | $55.0M | +24% |
| General & admin | $108M | $107M | $1.0M | +0.9% |
| Other operating costs | $1.8B | $1.6B | $223M | +14% |
| Net earnings | $1.1B | $1.0B | $29.0M | +3% |
| Minority interests | $10.0M | $10.0M | $0 | 0% |
| Income tax | $2.0M | $1.0M | $1.0M | +100% |
| Depreciation | $320M | $293M | $27.0M | +9% |
| Working capital & other | $305M | $395M | −$90.0M | -23% |
| Operating cash flow | $1.7B | $1.7B | −$34.0M | -2% |
| Adjusted free cash flow (company-reported) | $668M | $1.1B | −$462M | -41% |
| Net cash used in investing activities, net | $1.0B | $595M | $428M | +72% |
| Distributions to noncontrolling interests | $11.0M | $11.0M | $0 | 0% |
Questions
How much did Mplx LP's revenue grow year over year in Q2 2026?
Mplx LP's revenue rose $309M (+10%) from $3.0B in Q2 2025 to $3.3B in Q2 2026.
What drove Mplx LP's revenue change in Q2 2026?
Natural Gas and NGL Services +$226M (+20%); Other revenues +$50.0M (+8%); Crude Oil and Products Logistics +$33.0M (+3%).