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MPLX

MPLX Q4 2025 Earnings

Reported Feb 3, 2026 at 6:35 AM ET · SEC Source

Q4 25 EPS

$1.17

BEAT +10.38%

Est. $1.06

Q4 25 Revenue

$2.89B

vs S&P Since Q4 25

+1.4%

BEATING MARKET

MPLX +5.9% vs S&P +4.5%

Full Year 2025 Results

FY 25 EPS

$4.82

FY 25 Revenue

$11.47B

Market Reaction

Did MPLX Beat Earnings? Q4 2025 Results

MPLX delivered a standout fourth quarter, posting earnings per unit of $1.17 against a consensus estimate of $1.06, a beat of 10.38%, as the midstream partnership continued to convert infrastructure scale into steady cash generation. Revenue of $2.89… Read more MPLX delivered a standout fourth quarter, posting earnings per unit of $1.17 against a consensus estimate of $1.06, a beat of 10.38%, as the midstream partnership continued to convert infrastructure scale into steady cash generation. Revenue of $2.89 billion edged up 1.9% year-over-year, a modest headline figure that understates the earnings quality beneath it. The primary driver was strength in the Crude Oil and Products Logistics segment, where adjusted EBITDA climbed $52.00 million year-over-year to $1.18 billion, aided by a favorable FERC tariff ruling issued in November and higher pipeline rates. Full-year net income attributable to MPLX reached $4.91 billion, up from $4.32 billion in 2024, and the partnership raised its quarterly distribution to $1.08 per unit from $0.96 a year ago. With Barclays maintaining a Buy rating on the units, investor attention is now turning to MPLX's $2.70 billion 2026 capital plan, 90% weighted toward Natural Gas and NGL Services, as management targets mid-single digit adjusted EBITDA growth anchored in the Permian and Marcellus basins.

Key Takeaways

  • • FERC tariff ruling in November provided $37 million benefit to Crude Oil and Products Logistics segment
  • • Higher pipeline tariff rates in Crude Oil and Products Logistics
  • • Contributions from recently acquired assets including Northwind Midstream
  • • Higher natural gas gathering and processing volumes
  • • Divestiture of non-core Rockies gathering and processing assets reduced Natural Gas and NGL Services EBITDA by $23 million

MPLX Forward Guidance & Outlook

MPLX's 2026 capital spending outlook is $2.7 billion, consisting of $2.4 billion of growth capital and $300 million of maintenance capital. Natural Gas and NGL Services investments account for 90% of growth capital spending. The partnership is expanding its Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects, and investing in Permian and Marcellus processing capacity. Management targets mid-single digit adjusted EBITDA growth in 2026, anchored in the Permian and Marcellus basins. Key project timelines include Secretariat I commissioning in January 2026 with ramp through the year, Harmon Creek III expected in Q3 2026, Blackcomb Pipeline in Q4 2026, Bay Runner Pipeline in Q3 2026, and Gulf Coast fractionators expected in 2028 and 2029. The stability of cash flows supports leverage in the range of 4.0x.

24/7 Wall St

MPLX YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

“In 2025, we invested to grow our natural gas and NGL value chains and returned more than $4 billion to unitholders. In 2026, we are executing growth anchored in the Permian and Marcellus basins, advancing our strategic initiatives and commitment to durable distribution growth. These opportunities will meet growing demand for natural gas and NGLs, enhance our value chains, and support mid-single digit adjusted EBITDA growth.”

— Maryann Mannen, Q4 2025 Earnings Press Release

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