Q4 25 EPS
$1.17
BEAT +13.61%
Est. $1.03
Q4 25 Revenue
$2.89B
MISS 8.85%
Est. $3.18B
vs S&P Since Q4 25
-2.0%
TRAILING MARKET
MPLX +6.3% vs S&P +8.3%
Full Year 2025 Results
FY 25 EPS
$4.82
FY 25 Revenue
$11.47B
Market Reaction
Did MPLX Beat Earnings? Q4 2025 Results
MPLX LP posted a solid fourth quarter to cap a busy 2025, reporting earnings of $1.17 per unit on revenue of $2.89 billion as the partnership navigated an active year of acquisitions and infrastructure buildout. Net income attributable to MPLX climbe… Read more MPLX LP posted a solid fourth quarter to cap a busy 2025, reporting earnings of $1.17 per unit on revenue of $2.89 billion as the partnership navigated an active year of acquisitions and infrastructure buildout. Net income attributable to MPLX climbed to $1.19 billion from $1.10 billion in the year-ago period, while adjusted EBITDA reached $1.80 billion, up from $1.76 billion a year earlier. The primary driver of the quarterly improvement was a $52 million gain in the Crude Oil and Products Logistics segment, bolstered by a $37 million benefit from a November FERC tariff ruling and higher rates. Full-year adjusted EBITDA reached $7.02 billion, reflecting contributions from the $2.40 billion Northwind Midstream acquisition and other strategic deals that pushed leverage to 3.7x by year-end. Looking ahead, MPLX outlined $2.70 billion in 2026 capital spending, weighted 90% toward Natural Gas and NGL Services, with management targeting mid-single digit adjusted EBITDA growth anchored in Permian and Marcellus expansion.
Key Takeaways
- • FERC tariff ruling benefit of $37 million in Crude Oil and Products Logistics segment
- • Higher pipeline tariff rates
- • Contributions from recently acquired assets including Northwind Midstream
- • Higher natural gas gathering and processing volumes in Marcellus and Southwest operations
- • Divestiture of non-core Rockies gathering and processing assets reduced Natural Gas and NGL Services results by $23 million
- • Lower NGL prices negatively impacted Natural Gas and NGL Services segment
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
MPLX Earnings Trends
MPLX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MPLX EPS Trend
Earnings per share: estimate vs actual
MPLX Revenue Trend
Quarterly revenue: estimate vs actual
MPLX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $1.08 | $0.90 | -16.63% | $3.04B | -1.78% |
| Q4 25 BEAT FY | $1.03 | $1.17 | +13.61% | $2.89B | -8.85% |
| FY Full Year | — | $4.82 | — | $11.47B | — |
| Q3 25 BEAT | $1.09 | $1.52 | +40.01% | $2.91B | -8.03% |
| Q2 25 MISS | $1.08 | $1.03 | -4.80% | $2.79B | -11.18% |
| Q1 25 MISS | $1.15 | $1.10 | -4.35% | $2.89B | -8.75% |