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Dec 31, 2025
MPLX Q4 2025 Earnings Report
Delivered strong quarterly earnings with higher net income and solid cash generation.
Key Takeaways
MPLX reported a strong Q4 2025 with higher net income, improved adjusted EBITDA, and robust free cash flow, supported by stable midstream operations.
Net income increased year over year in the fourth quarter.
Adjusted EBITDA showed continued operational strength.
Free cash flow remained strong, supporting distributions.
Midstream volumes were stable across crude oil and natural gas systems.
Forward Guidance
MPLX expects continued growth driven by natural gas and NGL infrastructure investments in 2026.
Positive Outlook
- Organic growth capital plan aligned with demand growth.
- Expansion of Permian and Marcellus assets.
- Stable, fee-based cash flow profile.
- Strong balance sheet and liquidity position.
- Continued commitment to distribution growth.
Challenges Ahead
- Capital-intensive growth projects require sustained funding.
- Exposure to commodity-driven volume volatility.
- Regulatory and permitting risks for new projects.
- Execution risk on large-scale infrastructure builds.
- Macroeconomic uncertainty impacting energy demand.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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