MPLX financial statements

The full income statement, balance sheet, and cash-flow statement for MPLX LP Common Units Representing Limited Partner Interests (MPLX), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 1.02B2024-09 1.02B2024-12 1.02B2025-03 1.02B2025-06 1.02B2025-09 1.02B2025-12 1.02B2026-03 1.01B2026-06 1.01B-0.7% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	13.0B YoY+8.9%	11.9B YoY+5.8%	11.3B YoY-2.9%	11.6B YoY+15.8%	10.0B YoY+45.4%
Lease income	—	—	—	327M YoY-13.0%	376M YoY-5.5%
Noninterest income	—	—	—	—	8.02B YoY+16.3%
Selling, general & administrative	446M YoY+4.4%	427M YoY+12.7%	379M YoY+13.1%	335M YoY-5.1%	353M YoY-6.6%
General & administrative	446M YoY+4.4%	427M YoY+12.7%	379M YoY+13.1%	335M YoY-5.1%	353M YoY-6.6%
Restructuring	—	—	—	0.00	0.00 YoY-100.0%
Operating income	5.94B YoY+12.4%	5.29B YoY+7.9%	4.90B YoY-0.2%	4.91B YoY+23.0%	3.99B YoY+1791.9%
Interest expense	983M YoY+6.7%	921M YoY-0.2%	923M YoY-0.2%	925M	—
Interest & investment income	68.0M YoY-28.4%	95.0M YoY+120.9%	43.0M YoY+975.0%	4.00M	—
Other non-operating income	—	—	—	—	-86.0M YoY-38.7%
Equity-method income	697M YoY-13.1%	802M YoY+33.7%	600M YoY+26.1%	476M YoY+48.3%	321M YoY+134.3%
Pre-tax income	4.96B YoY+13.6%	4.37B YoY+9.8%	3.98B YoY-0.2%	3.99B YoY+28.0%	3.11B YoY+554.5%
Income tax	—	10.0M YoY-9.1%	11.0M YoY+37.5%	8.00M YoY+700.0%	1.00M YoY-50.0%
	4.95B YoY+13.7%	4.36B YoY+10.9%	3.93B YoY-0.4%	3.94B YoY+28.2%	3.08B YoY+527.4%
Income from continuing operations	4.91B YoY+13.8%	4.32B YoY+9.9%	3.93B YoY-0.4%	3.94B YoY-1.2%	3.99B YoY+1791.9%
Net income to non-controlling interest	40.0M YoY+0.0%	40.0M YoY+5.3%	38.0M YoY+11.8%	34.0M YoY-2.9%	35.0M YoY+6.1%
Net income to common	4.91B YoY+14.7%	4.28B YoY+12.4%	3.81B YoY+0.4%	3.79B	—
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.99B YoY+21.9%	3.28B YoY+16.7%	2.81B YoY+47.4%	1.91B YoY+26.4%	1.51B YoY-0.5%
Cash & equivalents	2.14B YoY+40.7%	1.52B YoY+44.9%	1.05B YoY+340.3%	238M YoY+1730.8%	13.0M YoY-13.3%
Accounts receivable	735M YoY+2.4%	718M YoY-12.8%	823M YoY+11.7%	737M YoY+12.7%	654M YoY+44.7%
Other current assets	51.0M YoY+75.9%	29.0M YoY-3.3%	30.0M YoY-43.4%	53.0M	—
	43.0B YoY+14.6%	37.5B YoY+2.7%	36.5B YoY+2.4%	35.7B YoY+0.4%	35.5B YoY-2.5%
Property, plant & equipment	21.7B YoY+13.3%	19.2B YoY-0.6%	19.3B YoY+2.2%	18.8B YoY-6.0%	20.0B YoY-5.5%
Operating lease right-of-use	276M YoY+1.1%	273M YoY+3.4%	264M YoY-6.7%	283M	—
Goodwill	8.76B YoY+14.5%	7.64B YoY+0.0%	7.64B YoY+0.0%	7.64B YoY-0.2%	7.66B YoY+0.0%
Intangible assets	1.40B YoY+169.7%	518M YoY-20.8%	654M YoY-7.2%	705M YoY-15.2%	831M YoY-13.3%
Other non-current assets	1.13B YoY+13.2%	994M YoY+0.4%	990M YoY+3.2%	959M YoY+1498.3%	60.0M YoY+25.0%
	3.25B YoY+0.4%	3.23B YoY+23.3%	2.62B YoY+9.3%	2.40B YoY-28.3%	3.35B YoY+60.5%
Accounts payable	108M YoY-26.5%	147M YoY-3.9%	153M YoY-31.7%	224M YoY+30.2%	172M YoY+13.2%
Accrued liabilities	254M YoY-13.9%	295M YoY-1.7%	300M YoY+11.5%	269M YoY-25.9%	363M YoY+87.1%
Deferred revenue	—	—	—	0.00	—
Short-term & current debt	1.50B YoY-11.3%	1.69B YoY+49.2%	1.14B YoY+14.9%	988M YoY+98.0%	499M YoY+65214.1%
Current lease liability	53.0M YoY+17.8%	45.0M YoY+0.0%	45.0M YoY-2.2%	46.0M YoY-22.0%	59.0M YoY-6.3%
Other current liabilities	—	—	—	166M YoY-5.7%	176M YoY+17.3%
	28.5B YoY+21.2%	23.5B YoY+2.4%	22.9B YoY+3.6%	22.2B YoY-1.5%	22.5B YoY+0.3%
Long-term debt	24.2B YoY+25.4%	19.3B YoY-0.2%	19.3B YoY+2.6%	18.8B YoY+4.1%	18.1B YoY-6.7%
Deferred revenue (non-current)	119M YoY-62.5%	317M	0.00 YoY-100.0%	2.00M YoY-60.0%	5.00M YoY-98.4%
Non-current lease liability	217M YoY+0.0%	217M YoY+2.8%	211M YoY-8.3%	230M YoY+12.2%	205M YoY-16.0%
Finance lease liability (total)	6.00M YoY+0.0%	6.00M YoY+0.0%	6.00M YoY-25.0%	8.00M YoY-11.1%	9.00M YoY-18.2%
Deferred tax liabilities	—	—	—	—	10.0M YoY-16.7%
Accumulated other comprehensive income	5.00M YoY+266.7%	-3.00M YoY+25.0%	-4.00M YoY+50.0%	-8.00M YoY+52.9%	-17.0M YoY-13.3%
Total liabilities & equity	43.0B YoY+14.6%	37.5B YoY+2.7%	36.5B YoY+2.4%	35.7B YoY+0.4%	35.5B YoY-2.5%
	1.02B YoY-0.7%	1.02B YoY+1.2%	1.01B YoY+1.0%	1.00B YoY-1.3%	1.01B YoY-2.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.91B YoY-0.6%	5.95B YoY+10.2%	5.40B YoY+7.5%	5.02B YoY+2.2%	4.91B YoY+8.6%
Deferred income taxes	7.00M YoY+250.0%	2.00M YoY-33.3%	3.00M YoY+0.0%	3.00M YoY+250.0%	-2.00M YoY-100.0%
Change in receivables	-48.0M YoY+73.3%	-180M YoY-1185.7%	-14.0M YoY+0.0%	-14.0M YoY-107.0%	199M YoY+421.0%
Change in inventory	26.0M YoY+30.0%	20.0M YoY+5.3%	19.0M YoY+280.0%	5.00M YoY-79.2%	24.0M YoY+100.0%
Other operating activities	-1.00M YoY-120.0%	5.00M YoY+112.8%	-39.0M YoY-244.4%	27.0M YoY+3.8%	26.0M YoY+766.7%
	-4.86B YoY-143.4%	-2.00B YoY-59.3%	-1.25B YoY-31.0%	-956M YoY-84.6%	-518M YoY+59.0%
Capital expenditure	1.81B YoY+71.2%	1.06B YoY+12.7%	937M YoY+16.3%	806M YoY+52.4%	529M YoY-55.3%
Free cash flow	4.10B YoY-16.1%	4.89B YoY+9.6%	4.46B YoY+5.9%	4.21B YoY-3.9%	4.38B YoY+31.3%
Acquisitions	3.32B YoY+433.1%	622M YoY+152.8%	246M YoY+778.6%	28.0M	0.00
Other investing activities	-8.00M	0.00	0.00	0.00	0.00 YoY+100.0%
	-435M YoY+87.5%	-3.48B YoY-4.3%	-3.33B YoY+13.1%	-3.84B YoY+12.7%	-4.39B YoY-34.9%
Long-term debt issued	6.54B YoY+301.3%	1.63B YoY+2.6%	1.59B YoY-53.0%	3.38B YoY-19.1%	4.17B YoY-38.7%
Long-term debt repaid	2.46B YoY+114.1%	1.15B YoY+15.0%	1.00B YoY-54.5%	2.20B YoY-62.2%	5.82B YoY-9.2%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	400M YoY+22.7%	326M	0.00 YoY-100.0%	491M YoY-22.1%	630M YoY+1809.1%
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	-5.00M YoY+16.7%	-6.00M YoY-200.0%	-2.00M YoY+50.0%	-4.00M YoY-100.0%	-2.00M YoY+80.0%
Interest paid	913M YoY-2.9%	940M YoY+5.3%	893M YoY+9.8%	813M YoY+0.1%	812M YoY-1.1%
Income taxes paid	7.00M YoY+16.7%	6.00M YoY-14.3%	7.00M YoY+133.3%	3.00M YoY-25.0%	4.00M YoY+100.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	54.2B YoY+10.7%	48.9B YoY+33.1%	36.8B YoY+11.6%	32.9B YoY+9.7%	30.0B YoY+33.7%
P/E	10.9× YoY-2.6%	11.2× YoY+10.3%	10.2× YoY+22.3%	8.3× YoY-14.7%	9.8×
P/S	4.2× YoY+1.6%	4.1× YoY+22.4%	3.3× YoY+18.8%	2.8× YoY-5.8%	3.0× YoY-8.0%
P/B	5.9× YoY+10.7%	5.3× YoY+33.1%	4.0× YoY+11.6%	3.6× YoY+9.7%	3.2× YoY+33.7%
P/FCF	13.2× YoY+32.0%	10.0× YoY+18.2%	8.5× YoY+7.9%	7.8× YoY+14.5%	6.9× YoY+1.8%
	9.1% YoY+2.7%	8.9% YoY-9.3%	9.8% YoY-18.3%	12.0% YoY+17.2%	10.2%
	7.6% YoY-24.3%	10.0% YoY-15.4%	11.8% YoY-7.4%	12.8% YoY-12.6%	14.6% YoY-1.8%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: MPLX's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MPLX filings on SEC EDGAR → Not investment advice.