MPLX

MKT CAP:$56B

MPLX Lp

Market Cap

$56B

Energy·Oil & Gas Midstream·🇺🇸 United States·NYSE

Energy·Oil & Gas Midstream·🇺🇸·NYSE

Stock Price

$55.17+$1.30 (+2.41%)

Apr 24, 2026

Company Details

MPLX LP owns and operates midstream energy infrastructure and logistics assets primarily in the United States. It operates in two segments, Logistics and Storage, and Gathering and Processing. The company is involved in the gathering, proce...

CEO

Maryann T. Mannen

IPO Date

Oct 26, 2012

Website

www.mplx.com

Key Metrics TTM

Revenue

$10.0B

— YoY

Net Income

$118M

EPS (Diluted)

$0.17

Free Cash Flow

$4.4B

Revenue / Share

$9.84

Gross Margin

43.9%

Operating Margin

10.6%

Net Margin

1.2%

FCF Margin

43.8%

P/S

5.6x

P/E

476.0x

Earnings Reports

Q1 2025

May 5, 2026

PENDING

Q4 2024

Feb 27, 2025

$2.8BEPS $1.07

Q3 2024

Nov 5, 2024

$2.8BEPS $1.01

FY 2023

Feb 28, 2024

$10.4BEPS $3.82

Q2 2021

Aug 4, 2021

$2.3BEPS $0.66

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 17	$933M	$337M	$311M
Q1 18	$1.3B	$556M	$557M
Q1 20	$2.1B	$926M	-$2.5B
Q2 21	$2.3B	$998M	$931M
Q3 24	$2.8B	$1.2B	$1.3B
Q4 24	$2.8B	$1.3B	$1.3B

Valuation

Quarter	P/S	P/E
Q3 17	—	—
Q1 18	—	—
Q1 20	—	—
Q2 21	4.5x	—
Q3 24	5.3x	—
Q4 24	4.8x	411.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 17	$494M	$142M
Q1 18	$450M	-$5M
Q1 20	$1.0B	$630M
Q2 21	$1.4B	$1.3B
Q3 24	$1.4B	$1.1B
Q4 24	$1.7B	$1.4B

Capital Expenditures

Quarter	CapEx
Q3 17	$352M
Q1 18	$455M
Q1 20	$379M
Q2 21	$109M
Q3 24	$280M
Q4 24	$308M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 24	+197.5%	+141.3%
Q4 24	+113.2%	+93.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 17	$4M	0.4%
Q1 18	$4M	0.3%
Q1 20	$5M	0.2%
Q2 21	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q3 17	$59M
Q1 18	$69M
Q1 20	$97M
Q2 21	$87M
Q3 24	$107M
Q4 24	$104M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$42M	$0	$42M
Q2 22	$298M	$0	$298M
Q3 22	$121M	$0	$121M
Q4 22	$238M	$0	$238M
Q1 23	$393M	$0	$393M
Q2 23	$755M	$0	$755M
Q3 23	$960M	$0	$960M
Q4 23	$1.0B	$0	$1.0B
Q1 24	$385M	$0	$385M
Q2 24	$2.5B	$0	$2.5B
Q3 24	$2.4B	$0	$2.4B
Q4 24	$1.5B	$0	$1.5B
Q1 25	$2.5B	$0	$2.5B
Q2 25	$1.4B	$0	$1.4B
Q3 25	$1.8B	$1.0B	$2.8B
Q4 25	$2.1B	$0	$2.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 17	395M	—	—
Q1 18	661M	+67.3%	—
Q1 20	1.06B	+60.1%	—
Q2 21	1.03B	-2.7%	—
Q3 24	1.02B	-0.9%	+158.2%
Q4 24	1.02B	-0.1%	+54.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 17	$333.2K	3K
Q1 18	$309.8K	4K
Q1 20	$340.5K	6K
Q2 21	$123.6K	19K
Q3 24	$477.8K	6K
Q4 24	$510.8K	6K

Revenue / Employee