Filing Flows › Mplx LP (MPLX) › Q2 2026
Mplx LP (MPLX) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 4, 2026
Mplx LP (MPLX) reported revenue of $3.3B for the second quarter 2026 (Q2 2026), +10% from a year earlier and +9% from the quarter before. Operating margin was 41.6%, net earnings $1.1B (32.5% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.3B | +9% | +10% |
| Operating profit | $1.4B | +14% | +7% |
| Net earnings | $1.1B | +18% | +3% |
| Operating cash flow | $1.7B | +26% | -2% |
| Free cash flow | $668M | — | -41% |
What changed
Revenue was $3.3B in Q2 2026, up 10% year over year and up 9% from the previous quarter. Natural Gas and NGL Services was the largest line at 42% of revenue. Natural Gas and NGL Services added $0.23B year over year (up 20%), 73% of the total change.
Operating profit was $1.4B, a 41.6% margin (down 1.5 points year over year). Of the extra revenue versus Q2 2025, 28% reached operating profit, below the 43% margin then. Total costs grew 13% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+14%). Net earnings were $1.1B, up 3% year over year. The effective tax rate was 0.2%.
Operating cash flow was $1.7B (down 2% year over year), 157% of net earnings. Non-cash charges added back $0.32B of depreciation. Working capital and other items added $0.29B. 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 $0.67B.
Questions
What was Mplx LP's revenue in the second quarter 2026?
Mplx LP (MPLX) reported revenue of $3.3B for the second quarter 2026 (Q2 2026), +10% from a year earlier and +9% from the quarter before.
Was Mplx LP profitable in the second quarter 2026?
Operating profit was $1.4B (41.6% of revenue) and net earnings $1.1B.
Source: Mplx LP 10-Q on SEC EDGAR.