10-QPeriod: Q1 FY2026

MPLX LP Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 5, 2026For Securities:MPLXMPLXP

Summary

MPLX LP reported solid financial results for the first quarter of 2026, with Net income attributable to MPLX LP of $912 million, a decrease from $1,126 million in the prior year period. This decrease was primarily driven by a $214 million decline in net income, largely attributable to increased costs and expenses, including higher purchased product costs and depreciation, as well as increased net interest and other financial costs due to higher borrowings. Total revenues and other income saw a slight decrease of $86 million year-over-year, impacted by lower product-related revenue and the divestiture of Rockies operations, though partially offset by increased rental and service revenues. Despite the year-over-year decline in net income, the company demonstrated strong operational cash flow, generating $1.35 billion in net cash from operating activities. Management highlighted robust Adjusted EBITDA of $1.73 billion and Distributable Cash Flow (DCF) of $1.41 billion, enabling the return of $1.09 billion in capital to unitholders through distributions and unit repurchases. The company also announced a first-quarter 2026 distribution of $1.0765 per common unit. MPLX continues to execute its strategic priorities, including investments in growth projects and maintaining its commitment to returning capital to unitholders.

Financial Highlights

36 data points
Beta

Revenue

$3.04B

Net Income

$922.00M

30.3% Net Margin

Total Assets

$42.93B

Cash & Equivalents

$1.51B

Free Cash Flow

$772.00M

Financial Statements
Beta
Revenue$3.04B
Operating Expenses$1.82B
Operating Income$1.21B
Interest Expense$314.00M
Net Income$922.00M

Key Highlights

  • 1Net income attributable to MPLX LP for Q1 2026 was $912 million, down from $1,126 million in Q1 2025.
  • 2Total revenues and other income decreased to $3,038 million in Q1 2026 from $3,124 million in Q1 2025.
  • 3Operating cash flow remained strong, with net cash provided by operating activities at $1,347 million for Q1 2026.
  • 4Adjusted EBITDA attributable to MPLX LP was $1,729 million for Q1 2026.
  • 5Distributable Cash Flow (DCF) attributable to MPLX LP was $1,408 million for Q1 2026.
  • 6MPLX declared a cash distribution of $1.0765 per common unit for Q1 2026, totaling $1,092 million.
  • 7Total capital expenditures were $843 million for Q1 2026, with a significant portion allocated to growth projects.

Frequently Asked Questions

For the first quarter of 2026, MPLX LP reported a net income attributable to MPLX LP of $912 million. This represents a decrease compared to the $1,126 million reported for the same period in 2025.

Total revenues and other income for the first quarter of 2026 were $3,038 million, a decrease from $3,124 million in the first quarter of 2025. This was primarily due to decreased product-related revenue and the impact of the Rockies divestiture, partially offset by increases in rental and service revenues.

MPLX LP returned capital to unitholders through cash distributions and unit repurchases. The company declared a cash distribution of $1.0765 per common unit for the first quarter of 2026, totaling $1,092 million. Additionally, $50 million was spent on unit repurchases during the first quarter of 2026.

The decrease in net income was primarily driven by an increase in total costs and expenses, which rose by $66 million. Key contributing factors included higher purchased product costs, increased depreciation and amortization, and a significant increase of $62 million in net interest and other financial costs, largely due to higher borrowings in 2025 to fund acquisitions.