Also trades as: MPLXP (NYSE) · $vol 118M

$58.11

-0.54 (-0.92%)

Weekly Expected Move ±2.4%

$56 $58 $59 $61 $62

NYSE · Energy · Oil & Gas Midstream · Tech Score Buy · Power 64 · $58.9B mcap · 363M float · 0.379% daily turnover · Short 63% of daily vol

Credit Risk of going bust: lower than 87% of companies Debt: 30.5% of company value Bonds: $684.1M held by 578 funds, 99 bp over Treasuries → details ▾

Of US companies ranked in the safest four tenths, about 1 in 3,500 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $1.03 (down 98%), MPLX Lp would be worth roughly what it owes.
Total debt $25.89B against a stock market value of $58.92B.
Distance to default 12.24 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $13.45B (short-term plus half of long-term), stock volatility 17.0%; Altman Z'' 1.38. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

Revenue Segmentation

By Product / Service

Revenue by Segment (5-Year Trend)

Income Trends

Revenue

$11.8B +8.4% ▲

5Y CAGR: +7.1%

Gross Profit

$5.3B +11.0% ▲

5Y CAGR: +7.4%

Operating Income

$4.8B -9.9% ▼

5Y CAGR: +86.5%

Net Income

$4.9B +13.8% ▲

EPS (Diluted)

$4.82 +14.5% ▲

EBITDA

$7.3B +10.6% ▲

5Y CAGR: +36.7%

Profit Margins

Year-over-Year Growth

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$9.6B	$10.5B	$10.4B	$10.9B	$11.8B
YoY Growth	+14.0%	+10.1%	-1.0%	+4.5%	+8.4%
Cost of Revenue	$5.5B	$6.3B	$5.9B	$6.1B	$6.5B
Gross Profit	$4.1B	$4.3B	$4.6B	$4.8B	$5.3B
Gross Margin	42.3%	40.7%	43.7%	44.2%	45.2%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$353M	$335M	$379M	$427M	$446M
Operating Expenses	$63M	-$622M	-$337M	-$471M	$583M
Operating Income	$4.0B	$4.9B	$4.9B	$5.3B	$4.8B
Operating Margin	41.7%	46.6%	47.0%	48.5%	40.3%
Interest Expense	$879M	$925M	$923M	$921M	$983M
Income Before Tax	$3.1B	$4.0B	$4.0B	$4.4B	$5.0B
Tax Expense	$1M	$8M	$11M	$10M	$8M
Net Income	$3.1B	$3.9B	$3.9B	$4.3B	$4.9B
Net Margin	32.1%	37.4%	37.6%	39.6%	41.6%
EPS (Diluted)	$2.86	$3.75	$3.82	$4.21	$4.82
EBITDA	$5.2B	$6.1B	$6.1B	$6.6B	$7.3B
Shares Outstanding	1.03B	1.01B	1.00B	1.02B	1.02B

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$2.8B	$2.8B	$2.9B	$2.8B	$3.6B	$3.1B	$2.9B	$3.3B
Cost of Revenue	$1.6B	$1.6B	$1.6B	$1.6B	$1.4B	$1.6B	$1.7B	$1.4B
Gross Profit	$1.2B	$1.3B	$1.3B	$1.2B	$2.2B	$1.5B	$1.2B	$1.9B
Gross Margin	43.9%	44.2%	44.1%	43.7%	60.8%	47.3%	41.0%	56.9%
R&D Expenses	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$107M	$104M	$112M	$107M	$126M	$101M	$114M	$108M
Operating Expenses	-$57M	-$87M	-$92M	-$76M	$400M	$137M	$150M	$507M
Operating Income	$1.3B	$1.3B	$1.4B	$1.3B	$1.8B	$1.3B	$1.0B	$1.4B
Operating Margin	45.9%	47.3%	47.3%	46.4%	49.8%	42.9%	35.8%	41.6%
Interest Expense	$246M	$241M	$235M	$250M	$259M	$277M	$310M	$289M
Income Before Tax	$1.0B	$1.1B	$1.1B	$1.1B	$1.6B	$1.2B	$923M	$1.1B
Tax Expense	$2M	$5M	$1M	$1M	$3M	$3M	$1M	$2M
Net Income	$1.0B	$1.1B	$1.1B	$1.0B	$1.5B	$1.2B	$912M	$1.1B
Net Margin	37.4%	38.7%	39.0%	37.6%	42.7%	38.5%	31.9%	32.8%
EPS (Diluted)	$1.01	$1.07	$1.10	$1.03	$1.52	$1.17	$0.90	$1.06
EBITDA	$1.6B	$1.7B	$1.7B	$1.6B	$2.2B	$1.8B	$1.6B	$1.7B
Shares Outstanding	1.02B	1.02B	1.02B	1.02B	1.02B	1.02B	1.02B	1.01B

MPLX NYSE