Filing Flows › Mplx LP (MPLX) › Q3 2025
Mplx LP (MPLX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Mplx LP (MPLX) reported revenue of $3.6B for the third quarter 2025 (Q3 2025), +22% from a year earlier and +21% from the quarter before. Operating margin was 49.8%, net earnings $1.5B (42.7% of revenue).
Mplx LP, Q3 2025: revenue $3.6B (+22% year over year), operating margin 49.8%, net earnings $1.5B, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.6B | +21% | +22% |
| Operating profit | $1.8B | +39% | +41% |
| Net earnings | $1.5B | +47% | +50% |
| Operating cash flow | $1.4B | -18% | +1% |
| Free cash flow | $905M | -37% | -19% |
What changed
Revenue was $3.6B in Q3 2025, up 22% year over year and up 21% from the previous quarter. Natural Gas and NGL Services was the largest line at 35% of revenue. Natural Gas and NGL Services added $0.07B year over year (up 6%), 11% of the total change.
Operating profit was $1.8B, a 49.8% margin (up 6.9 points year over year). Of the extra revenue versus a year earlier, 81% reached operating profit, above the 43% margin then. Total costs grew 7% against revenue growth of 22%. The fastest-growing cost line was General & admin (+18%). Net earnings were $1.5B, up 50% year over year. The effective tax rate was 0.2%.
Operating cash flow was $1.4B (up 1% year over year), 92% of net earnings. Non-cash charges added back $0.31B of depreciation. Working capital and other items used $0.43B. Capital expenditures of $0.53B left free cash flow of $0.91B.
Questions
What was Mplx LP's revenue in the third quarter 2025?
Mplx LP (MPLX) reported revenue of $3.6B for the third quarter 2025 (Q3 2025), +22% from a year earlier and +21% from the quarter before.
Was Mplx LP profitable in the third quarter 2025?
Operating profit was $1.8B (49.8% of revenue) and net earnings $1.5B.
Source: Mplx LP 10-Q on SEC EDGAR.