Jun 2026 (Q2 FY26) — Aug 4, 2026
MPLX Q2 FY26 — Strong Project Execution Drives Mid-Single-Digit EBITDA Growth
Read the full callMPLX (MPLX) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
MPLX earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,312 | +10.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 41.6 | −1.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
5 of 5 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Northeast natural gas processing and NGL fractionation capacity (Harmon Creek III) | Northeast gas processing capacity of 8.1 Bcf/d and fractionation capacity of 800,000 bbl/d once Harmon Creek III is online in the second half of 2026 | Sep 2024 | And in August, the Harmon Creek III processing plant is beginning operations in line with our strategy to add processing capacity on a just-in-time basis. This increases our total processing capacity to 8.1 billion cubic feet per day and deethanization capacity to over 800,000 barrels per day. | Achieved |
| MPLX full-year 2026 capital plan | 2026 capital plan of $2.4 billion | Dec 2025 | MPLX is increasing its 2026 capital spending outlook by $500 million to $2.9 billion. The increase primarily reflects the accelerated execution of our ongoing Gulf Coast fractionation project, pulling forward capital we previously expected to deploy in early '27. | Revised Up |
| BANGL Pipeline mainline expansion capacity | BANGL mainline expansion to 300,000 barrels per day, expected online in the second half of 2026 | Dec 2024 | the expansion of our BANGL Pipeline to 300,000 barrels per day is also expected online in the fourth quarter, providing critical takeaway capacity as in-basin NGL volumes grow. | On Track |
17 of MPLX LP's 22 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 19 more targets are in the full ledger.
Claimed
- Adjusted EBITDA increased 5% year-over-year to $1.8 billion, more than overcoming the Rockies asset divestiture.
- Returned over $1.1 billion to unitholders in Q2 FY26.
- Delaware Basin processing system exited the quarter at 86% utilization, with Secretariat I plant in service.
- Marcellus processing utilization reached 96%, leading to record volumes.
- Pipeline volumes in Crude Oil and Products Logistics segment increased 4% year-over-year.
Qualified
- Crude Oil and Products Logistics segment experienced lower crude pipeline throughputs due to planned MPC turnaround activity.
- Higher operating expenses in Crude Oil and Products Logistics segment due to seasonality of planned maintenance and project spending.
- Anticipated incremental takeaway capacity constraints for natural gas in the Permian Basin in the future.
Price
$58.18 +0.03% · +$0.02
Performance +18.9% 1Y
1Y: $48.92 on 17 Oct 2025 → $58.18. High $60.51 (4 Aug 2026), low $48.92 (17 Oct 2025).
- Previous close
- $58.16
- 52-week range
- $49.61 – $60.51
- One year
- +17.25%
Overview
- Symbol
- MPLX
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
5 of 5 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Northeast natural gas processing and NGL fractionation capacity (Harmon Creek III) | Northeast gas processing capacity of 8.1 Bcf/d and fractionation capacity of 800,000 bbl/d once Harmon Creek III is online in the second half of 2026 | Sep 2024 | And in August, the Harmon Creek III processing plant is beginning operations in line with our strategy to add processing capacity on a just-in-time basis. This increases our total processing capacity to 8.1 billion cubic feet per day and deethanization capacity to over 800,000 barrels per day. | Achieved |
| MPLX full-year 2026 capital plan | 2026 capital plan of $2.4 billion | Dec 2025 | MPLX is increasing its 2026 capital spending outlook by $500 million to $2.9 billion. The increase primarily reflects the accelerated execution of our ongoing Gulf Coast fractionation project, pulling forward capital we previously expected to deploy in early '27. | Revised Up |
| BANGL Pipeline mainline expansion capacity | BANGL mainline expansion to 300,000 barrels per day, expected online in the second half of 2026 | Dec 2024 | the expansion of our BANGL Pipeline to 300,000 barrels per day is also expected online in the fourth quarter, providing critical takeaway capacity as in-basin NGL volumes grow. | On Track |
Claimed
- Adjusted EBITDA increased 5% year-over-year to $1.8 billion, more than overcoming the Rockies asset divestiture.
- Returned over $1.1 billion to unitholders in Q2 FY26.
- Delaware Basin processing system exited the quarter at 86% utilization, with Secretariat I plant in service.
- Marcellus processing utilization reached 96%, leading to record volumes.
- Pipeline volumes in Crude Oil and Products Logistics segment increased 4% year-over-year.
Qualified
- Crude Oil and Products Logistics segment experienced lower crude pipeline throughputs due to planned MPC turnaround activity.
- Higher operating expenses in Crude Oil and Products Logistics segment due to seasonality of planned maintenance and project spending.
- Anticipated incremental takeaway capacity constraints for natural gas in the Permian Basin in the future.
The full ledger
Open MPLX LP’s full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
MPLX Q1 FY26 — Strong EBITDA and Project Execution Drive Confidence in Future Growth
Read the full callDec 2025 (Q4 FY25) — Feb 3, 2026
MPLX Q4 FY25 — Strong Capital Deployment and Distribution Growth
Read the full callEvery analysed call
MPLX earnings calls (MPLX)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,972 | 3,063 | 3,124 | 3,003 | 3,619 | 3,252 | 3,038 | 3,312 |
| Expenses | 1,697 | 1,720 | 1,758 | 1,710 | 1,818 | 1,769 | 1,824 | 1,934 |
| Operating profit | 1,275 | 1,343 | 1,366 | 1,293 | 1,801 | 1,483 | 1,214 | 1,378 |
| Operating margin | 42.9% | 43.9% | 43.7% | 43.1% | 49.8% | 45.6% | 40.0% | 41.6% |
| Profit before tax | 1,049 | 1,114 | 1,137 | 1,059 | 1,558 | 1,206 | 923 | 1,089 |
| Tax rate | 0.2% | 0.5% | 0.1% | 0.1% | 0.2% | — | 0.1% | 0.2% |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Total liabilities | 20,590 | 22,849 | 22,429 | 22,490 | 22,151 | 22,945 | 23,501 | 28,477 |
| Fixed assets | 21,525 | 22,145 | 21,218 | 20,042 | 18,848 | 19,264 | 19,154 | 21,698 |
| Total assets | 39,325 | 40,430 | 36,414 | 35,507 | 35,665 | 36,529 | 37,511 | 43,005 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,071 | 4,082 | 4,521 | 4,911 | 5,019 | 5,397 | 5,946 | 5,909 |
| Cash from investing | -2,878 | -3,063 | -1,262 | -518 | -956 | -1,252 | -1,995 | -4,856 |
| Cash from financing | -117 | -1,089 | -3,259 | -4,395 | -3,838 | -3,335 | -3,480 | -435 |
| Capital expenditure | -2,111 | -2,408 | -1,183 | -529 | -806 | -937 | -1,056 | -1,808 |
| Free cash flow | 960 | 1,674 | 3,338 | 4,382 | 4,213 | 4,460 | 4,890 | 4,101 |
MPLX revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Natural Gas and NGL Services | — | — | 53% | 49% | 51% | 49% | 50% | 53% | +19.7% |
| Crude Oil and Products Logistics | — | — | 47% | 51% | 49% | 51% | 50% | 47% | +2.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
MPLX operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Processing utilization Marcellus | 92%Marcellus processing utilization was 92% in the quarter, reflecting the ramp of our Harmon Creek II processing plant.Source: earnings call transcript | 92%Marcellus processing utilization was 92% in the quarter, reflecting continued strong producer activity in the region.Source: earnings call transcript | 95%Marcellus processing utilization was 95% for the quarter, reflecting robust producer activity in the region.Source: earnings call transcript | 97%Marcellus processing utilization was 97% for the quarter, nearing capacity as Harmon Creek II is positioned to come online on a just-in-time basis later this year.Source: earnings call transcript | 94%Marcellus processing utilization was 94% for the quarter, demonstrating the need for incremental capacity as Harmon Creek III is positioned to come online on a just-in-time basis in the third quarter.Source: earnings call transcript | 96%In the Northeast, Marcellus processing utilization of 96% in the quarter led to record volumes across our system, while strong production activity in the Utica supported processing utilization of 73%.Source: earnings call transcript | +2 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
60 filings between Nov 14, 2025 and Aug 14, 2026.
Open market
decisions to buy or sellNobody bought or sold MPLX on the open market in this window. The filings below are 41 awards and 19 tax withholdings.
Compensation
not trading decisions- 41
- Award — granted as compensation
- 19
- Tax withheld — shares kept back by the company to cover tax
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 14, 2026 | SEMPLE FRANK M Director | Award | 1,073 | $0 |
| Aug 14, 2026 | HELMS CHRISTOPHER A Director | Award | 1,337 | $0 |
| Aug 14, 2026 | STICE J MICHAEL Director | Award | 983 | $0 |
| Aug 14, 2026 | Peiffer Garry L. Director | Award | 1,232 | $0 |
| Aug 14, 2026 | Walker Ray N JR Director | Award | 82 | $0 |
| Aug 14, 2026 | SURMA JOHN P Director | Award | 1,563 | $0 |
| Aug 14, 2026 | Breves Christine S Director | Award | 219 | $0 |
| May 15, 2026 | SEMPLE FRANK M Director | Award | 1,194 | $0 |
| May 15, 2026 | STICE J MICHAEL Director | Award | 1,098 | $0 |
| May 15, 2026 | SURMA JOHN P Director | Award | 1,656 | $0 |
| May 15, 2026 | Breves Christine S Director | Award | 277 | $0 |
| May 15, 2026 | HELMS CHRISTOPHER A Director | Award | 1,415 | $0 |
| May 15, 2026 | Peiffer Garry L. Director | Award | 1,304 | $0 |
| May 15, 2026 | Walker Ray N JR Director | Award | 78 | $0 |
| Apr 30, 2026 | Peiffer Garry L. Director | Award | 2,696 | $0 |
| Apr 30, 2026 | HELMS CHRISTOPHER A Director | Award | 2,696 | $0 |
| Apr 30, 2026 | SEMPLE FRANK M Director | Award | 3,029 | $0 |
| Apr 30, 2026 | STICE J MICHAEL Director | Award | 3,029 | $0 |
| Apr 30, 2026 | Breves Christine S Director | Award | 2,696 | $0 |
| Apr 30, 2026 | SURMA JOHN P Director | Award | 3,029 | $0 |
| Apr 30, 2026 | Walker Ray N JR Director | Award | 2,696 | $0 |
| Mar 2, 2026 | Mannen Maryann T. Chairman, President & CEO | Tax withheld | 3,404 | $201.6K |
| Mar 2, 2026 | Mannen Maryann T. Chairman, President & CEO | Tax withheld | 6,409 | $379.5K |
| Mar 2, 2026 | Benson Molly R Chief Legal Ofc & Corp Sec | Tax withheld | 614 | $36.4K |
| Mar 2, 2026 | Mannen Maryann T. Chairman, President & CEO | Tax withheld | 3,407 | $201.8K |
| Mar 2, 2026 | Floerke Gregory Scott Exec. VP and COO | Tax withheld | 797 | $47.2K |
| Mar 2, 2026 | Floerke Gregory Scott Exec. VP and COO | Tax withheld | 1,100 | $65.1K |
| Mar 2, 2026 | Benson Molly R Chief Legal Ofc & Corp Sec | Tax withheld | 998 | $59.1K |
| Mar 2, 2026 | Benson Molly R Chief Legal Ofc & Corp Sec | Tax withheld | 1,240 | $73.4K |
| Mar 2, 2026 | HAGEDORN CARL KRISTOPHER Exec VP & Chief Fin Ofc | Tax withheld | 422 | $25.0K |
| Mar 2, 2026 | Lyon Shawn M Senior VP, Log. & Storage | Tax withheld | 1,033 | $61.2K |
| Mar 2, 2026 | Lyon Shawn M Senior VP, Log. & Storage | Tax withheld | 798 | $47.3K |
| Mar 2, 2026 | Floerke Gregory Scott Exec. VP and COO | Tax withheld | 995 | $58.9K |
| Mar 2, 2026 | Lyon Shawn M Senior VP, Log. & Storage | Tax withheld | 920 | $54.5K |
| Mar 2, 2026 | HAGEDORN CARL KRISTOPHER Exec VP & Chief Fin Ofc | Tax withheld | 663 | $39.3K |
| Mar 2, 2026 | HAGEDORN CARL KRISTOPHER Exec VP & Chief Fin Ofc | Tax withheld | 916 | $54.2K |
| Mar 1, 2026 | HAGEDORN CARL KRISTOPHER Exec VP & Chief Fin Ofc | Award | 4,930 | $0 |
| Mar 1, 2026 | Mannen Maryann T. Chairman, President & CEO | Award | 52,817 | $0 |
| Mar 1, 2026 | Floerke Gregory Scott Exec. VP and COO | Award | 5,986 | $0 |
| Mar 1, 2026 | Lyon Shawn M Senior VP, Log. & Storage | Award | 5,986 | $0 |
| Mar 1, 2026 | Khoury Maria A Director | Award | 8,451 | $0 |
| Mar 1, 2026 | Benson Molly R Chief Legal Ofc & Corp Sec | Award | 8,803 | $0 |
| Feb 17, 2026 | Walker Ray N JR Director | Award | 32 | $0 |
| Feb 17, 2026 | SURMA JOHN P Director | Award | 1,505 | $0 |
| Feb 17, 2026 | Breves Christine S Director | Award | 218 | $0 |
| Feb 17, 2026 | STICE J MICHAEL Director | Award | 982 | $0 |
| Feb 17, 2026 | SEMPLE FRANK M Director | Award | 1,072 | $0 |
| Feb 17, 2026 | Peiffer Garry L. Director | Award | 1,181 | $0 |
| Feb 17, 2026 | HELMS CHRISTOPHER A Director | Award | 1,285 | $0 |
| Dec 12, 2025 | Benson Molly R Chief Legal Ofc & Corp Sec | Tax withheld | 306 | $16.8K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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