At a glance
MPLX LP is worth $58.92B. Revenue grew 8.9% to $13.00B in fiscal 2025, with 37.8% kept as profit; over 5 years it has grown 11.4% a year. It pays no dividend; it spent $1.85B buying back its shares over FY2021–FY2025. The stock returned +23.7% over the past year with dividends reinvested and +23.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 64.6% in the 2020 crash (S&P 500: 33.7%) and 18.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 2 months after the lows.
The business in plain English
MPLX LP owns and runs “midstream” energy assets: the pipelines, storage, terminals and processing plants that link oil and gas wells to refineries and end markets across the United States. It is a master limited partnership (MLP), a partnership whose units trade on the NYSE like shares. MPC formed MPLX in 2012 and, as of December 31, 2025, owned its general partner (the entity that manages it) and about 64% of its common units.
Revenue was about $13.0 billion in fiscal 2025, split almost evenly between two segments. Crude Oil and Products Logistics (50.6%) moves and stores crude oil, fuels and renewables. It uses 14,853 miles of pipelines (some jointly owned), 88 terminals, storage caverns, an inland marine business and logistics assets at 13 refineries. It earns tariffs (fees for moving product) and storage fees. About 88% of this segment's revenue came from MPC.
Natural Gas and NGL Services (49.4%) collects gas at the wellhead and removes impurities. It also separates out natural gas liquids (NGLs) such as ethane and propane. Its customers include producers in the Marcellus, Permian, Utica and Bakken regions. Overall, MPC provided 48% of 2025 revenues and other income. Much of that business runs on long-term, fee-based contracts with minimum volume commitments. These generally require a customer to pay for an agreed volume even if it ships less.
Price history
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MPLX +23.7% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Crude Oil and Products Logistics | $6.58B | 50.6% |
| Natural Gas & NGL Services | $6.42B | 49.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $3.31B, up 10.3% from a year earlier, and net income was $1.08B (+2.8%).
- For fiscal 2025, revenue was $13.00B (+8.9% year over year; +11.4% a year from FY2020 to FY2025) with a 37.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.4% good |
|---|---|
| Operating margin | 45.7% good |
| Free cash flow margin | 31.6% good |
| Return on assets (FY2025) | 11.4% good |
| Net cash (cash minus debt) | $-24.61B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $7.57B | $-720.0M | $3.34B |
| FY2021 | $10.03B | $3.08B | $4.38B |
| FY2022 | $11.61B | $3.94B | $4.21B |
| FY2023 | $11.28B | $3.93B | $4.46B |
| FY2024 | $11.93B | $4.28B | $4.89B |
| FY2025 | $13.00B | $4.91B | $4.10B |
Valuation snapshot
| Market value | $58.92B |
|---|---|
| P/E ratio | — |
| Dividend yield | 7.43% |
Rank among 1514 US companies
Market value at each year end
MPLX LP’s market value went from $38.38B at the end of 2016 to $58.92B on Oct 27, 2026, up 54%; since the end of 2025 it is up 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 27, 2026 | $58.92B | +8.5% |
| 2025 | $54.28B | +11.3% |
| 2024 | $48.76B | +32.6% |
| 2023 | $36.76B | +11.6% |
| 2022 | $32.95B | +9.2% |
| 2021 | $30.18B | +34.0% |
| 2020 | $22.52B | -16.4% |
| 2019 | $26.95B | -19.8% |
| 2018 | $33.59B | -14.6% |
| 2017 | $39.32B | +2.5% |
| 2016 | $38.38B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MPLX price data to Oct 27, 2026 | +15.3% | +23.7% | +27.6% | +23.9% | +15.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +15.3% |
| 2025 | +20.5% |
| 2024 | +41.8% |
| 2023 | +22.5% |
| 2022 | +21.3% |
| 2021 | +53.9% |
| 2020 | -1.8% |
| 2019 | -8.2% |
| 2018 | -8.4% |
| 2017 | +9.1% |
| 2016 | -6.2% |
| 2015 | -44.9% |
| 2014 | +69.0% |
| 2013 | +47.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.8% over that stretch · deepest drop along the way 64.6%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 10.5% over that stretch · deepest drop along the way 18.4%, back to its old high 2.1 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
ETFs with the most weight in MPLX
| AMZA InfraCap MLP ETF | 13.1% |
| AMLP Alerian MLP ETF | 12.01% |
| MLPA Global X MLP ETF | 11.79% |
| TPZ Tortoise Essential Energy Fund | 6.78% |
| UMI USCF Midstream Energy Income Fund ETF | 6% |
| EMLP First Trust North American Energy Infrastructure Fund | 5.01% |
| ABLD Abacus FCF Real Assets Leaders ETF | 4.92% |
| EIPX FT Energy Income Partners Strategy ETF | 4.88% |
What could go wrong
- Heavy dependence on its sponsor, MPC. MPC supplied 48% of total revenues and other income in fiscal 2025. If MPC cuts volumes, runs into financial trouble or suspends contracts in certain circumstances, MPLX's revenue and distributions would suffer.
- Limited say for ordinary unitholders. MPC owns the general partner, which owes unitholders only limited, contract-based duties and may favor MPC's interests. Unitholders have very limited voting rights and can't easily remove the general partner.
- Lower oil and gas production in its regions. MPLX relies on producers in areas such as the Marcellus and Permian to keep drilling. A significant drop in oil and gas output, or volumes below its estimates, could cut revenue and cash flow.
- Partnership taxes are more complicated. Unitholders owe tax on their share of income even without receiving cash. They may need to file in other states. Tax-exempt holders, including some retirement accounts, face special issues. Tax rules could also change.
- Large debt load and interest rates. MPLX had about $25.6 billion of debt and $1.0 billion of cash as of June 30, 2026. Higher interest rates could raise borrowing costs, weigh on the unit price and squeeze distributions.
- Payouts are not guaranteed. Payouts depend on cash left after expenses, reserves and substantial reimbursements to MPC. MPLX can also issue new units without unitholder approval, diluting existing owners.
Recent events
- Executive or board change; Other company announcement
- Other company announcement
- Quarterly results released
- Quarterly results released
- Major agreement signed; Major agreement ended; Quarterly results released; New debt or financial obligation
- Executive or board change
- Other company announcement
- Quarterly results released
- Executive or board change
- Executive or board change; Other company announcement
For income and retirement investors
MPLX pays quarterly cash “distributions,” the partnership version of dividends. Its partnership agreement requires it to pay out all available cash. The yield was 7.43% as of October 27, 2026, and MPLX paid $1.0765 per unit on February 17, 2026. Payouts are not guaranteed: they depend on cash left after expenses, reserves and reimbursements to MPC. MPLX also repurchased about $1.85 billion of units from fiscal 2021 through 2025. Even so, the unit count fell only 0.6% from October 2021 to July 2026.
Past downturns hit the units unevenly. In the 2020 COVID crash they fell 64.6% from February 19 to March 18, 2020, then took about eight months to recover. During the 2022 bear market they gained 10.5% while the broader market fell, with a worst dip of 18.4%. The deepest drop in their 14-year price history was 85.7%. A single partnership like MPLX carries more risk than a diversified fund.
Questions investors ask
How does MPLX make money?
MPLX charges fees to move, store and process oil, fuels and natural gas. Its Crude Oil and Products Logistics segment, 50.6% of fiscal 2025 revenue, collects tariffs for shipping crude oil and fuels through its pipelines, plus storage fees. Its Natural Gas and NGL Services segment, 49.4%, gathers and processes gas and separates out liquids such as propane. It also records product sales on some volumes it takes ownership of. MPC, its sponsor, provided 48% of total revenues and other income in 2025.
Does MPLX pay a dividend?
Yes. As a partnership, MPLX pays quarterly cash distributions, which work like dividends. It paid $1.0765 per unit on February 17, 2026, and the yield was 7.43% as of October 27, 2026. Its partnership agreement requires it to distribute all available cash, which could limit its ability to grow and make acquisitions. Distributions are not guaranteed: they depend on cash left after expenses, reserves and reimbursements to MPC.
Who owns MPLX?
MPC, the company that formed MPLX in 2012, controls it. As of December 31, 2025, MPC owned MPLX's general partner, the entity that manages the partnership, and about 64% of its common units. Public investors hold the rest. That gives MPC wide influence. MPLX's annual report warns that MPC has conflicts of interest, may favor its own interests and may compete with MPLX. Unitholders, meanwhile, have very limited voting rights.
How are MPLX units taxed?
Differently from regular stocks. MPLX is a partnership, so each unitholder is taxed on a share of the partnership's income, even if no cash is distributed. Partnerships generally report this on a Schedule K-1 tax form. Unitholders may also owe tax and need to file returns in states where they don't live. MPLX's annual report adds that tax-exempt holders, which can include retirement accounts, and non-U.S. holders face special tax issues. Partnership tax rules could also change, possibly retroactively.
How has MPLX stock performed over the long term?
Returns have been strong over the past five years but uneven over longer periods. As of October 27, 2026, MPLX units returned about 23.9% a year over five years and 15.5% a year over ten years. Earlier years were rougher: the units lost 44.9% in 2015 and fell every year from 2018 through 2020. They then gained every year from 2021 through 2025. They were up 15.3% for 2026 through October 27, a partial year. Past returns don't predict future results.