Filing Flows › Mplx LP (MPLX) › Q4 2025
Mplx LP (MPLX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Mplx LP (MPLX) reported revenue of $3.3B for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -10% from the quarter before. Operating margin was 45.6%, net earnings $1.2B (36.7% of revenue).
Mplx LP, Q4 2025: revenue $3.3B (+6% year over year), operating margin 45.6%, net earnings $1.2B, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.3B | -10% | +6% |
| Operating profit | $1.5B | -18% | +10% |
| Net earnings | $1.2B | -23% | +9% |
| Operating cash flow | $1.5B | +5% | -11% |
| Free cash flow | $782M | -14% | -43% |
What changed
Revenue was $3.3B in Q4 2025, up 6% year over year and down 10% from the previous quarter. Crude Oil and Products Logistics was the largest line at 39% of revenue.
Operating profit was $1.5B, a 45.6% margin (up 1.8 points year over year). Of the extra revenue versus a year earlier, 74% reached operating profit, above the 44% margin then. Total costs grew 3% against revenue growth of 6%. Net earnings were $1.2B, up 9% year over year. The effective tax rate was 0.2%.
Operating cash flow was $1.5B (down 11% year over year), 124% of net earnings. Working capital and other items added $0.29B. Capital expenditures of $0.71B left free cash flow of $0.78B.
Questions
What was Mplx LP's revenue in the fourth quarter 2025?
Mplx LP (MPLX) reported revenue of $3.3B for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -10% from the quarter before.
Was Mplx LP profitable in the fourth quarter 2025?
Operating profit was $1.5B (45.6% of revenue) and net earnings $1.2B.
Source: Mplx LP 10-K on SEC EDGAR.