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Enbridge vs Mplx LP: ENB and MPLX compared
Enbridge is the larger company: $21.1B of revenue in its latest quarter (Q3 2026) against $3.6B for Mplx LP (Q3 2026). Enbridge is growing faster (+44% against -0.4% a year earlier). Mplx LP is more profitable, with an operating margin of 40.9% against 10.1%.
Where the money goes: ENB and MPLX
Enbridge (ENB) · Q3 2026
Enbridge, Q3 2026: revenue $21.1B (+44% year over year), operating margin 10.1%, net earnings $1.4B, operating cash flow $2.7B. The chart follows the revenue to costs, profit and cash.
Mplx LP (MPLX) · Q3 2026
Mplx LP, Q3 2026: revenue $3.6B (-0.4% year over year), operating margin 40.9%, net earnings $1.2B, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Enbridge (ENB) | Mplx LP (MPLX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $21.1B | $3.6B |
| Revenue growth, Y/Y | +44% | -0.4% |
| Operating margin | 10.1% | 40.9% |
| Net earnings | $1.4B | $1.2B |
| Net margin | 6.6% | 32.3% |
| Operating cash flow | $2.7B | $1.5B |
| Free cash flow | — | $447M |
| Market value | $107.2B | $56.6B |
| P/E | 15.5× | 11.9× |
| Analysts’ mean target | $51.09 | $62.92 |
Where the revenue comes from
Enbridge
- Commodity Sales Revenue: $14.9B (70%)
- Transportation and Other Services Revenues: $4.9B (23%)
- Gas Distribution Sales: $1.3B (6%)
Mplx LP
- Natural Gas and NGL Services: $1.5B (42%)
- Crude Oil and Products Logistics: $1.3B (35%)
- Other revenues: $817M (23%)
Questions
Which is bigger, Enbridge or Mplx LP?
Enbridge is the larger company: $21.1B of revenue in its latest quarter (Q3 2026) against $3.6B for Mplx LP (Q3 2026).
Is Enbridge or Mplx LP growing faster?
Enbridge is growing faster (+44% against -0.4% a year earlier).
Which is more profitable, Enbridge or Mplx LP?
Mplx LP is more profitable, with an operating margin of 40.9% against 10.1%.
More: Enbridge earnings · how Enbridge makes money · Mplx LP earnings · how Mplx LP makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.