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MPLX Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Achieved adjusted EBITDA of $7.0 billion for 2025, reflecting a 6.7% three-year CAGR and strong operational execution, including increased Marcellus processing utilization to 97%.
Reported full-year 2025 net income of $4.9 billion and returned $4.4 billion to unitholders through a 12.5% distribution increase and unit repurchases.
Invested $5.5 billion in growth projects, focusing on high-growth regions and value chains in natural gas and NGLs.
Divested non-core gathering and processing assets, improving portfolio resilience and competitiveness.
Announced a 2026 organic growth capital plan of $2.4 billion, targeting mid-single digit adjusted EBITDA growth.
Financial highlights
Fourth-quarter 2025 adjusted EBITDA was $1,804 million, up from $1,762 million in Q4 2024, with distributable cash flow of $1,417 million, down 4% year-over-year.
Full-year distributable cash flow was $5.8 billion, and adjusted free cash flow was $1.0 billion, down from $3.9 billion in 2024.
Distribution per common unit for Q4 2025 was $1.0765, with a coverage ratio of 1.3x.
Ended the quarter with $2.1 billion in cash and cash equivalents.
Leverage ratio increased to 3.7x at year-end 2025 from 3.1x in 2024.
Outlook and guidance
2026 capital spending outlook is $2.7 billion, with $2.4 billion for growth and $300 million for maintenance.
90% of growth capital is allocated to natural gas and NGL services, focusing on Permian and Marcellus basins.
Strategic initiatives are expected to drive mid-single digit adjusted EBITDA growth, with distribution growth of 12.5% expected for two more years.
Major 2026 projects include Gulf Coast fractionation, Delaware basin sour gas treating, Secretariat II processing, and Marcellus gathering expansion.
Anticipates 2026 growth to exceed 2025, with mid-single-digit EBITDA growth expected in 2027.
Can M&A extend distribution growth beyond 2027?
What underpins mid-teens project return confidence?
What criteria guide future asset divestitures?
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8% margin reached, 4% organic growth, and digital risk intelligence expansion underway.
Next MPLX earnings date
Q1 20265 May, 2026
MPLX
Next MPLX earnings date
Q1 20265 May, 2026
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Frequently asked questions
MPLX LP owns and operates midstream energy infrastructure and logistics assets primarily in the United States. It operates in two segments, Logistics and Storage, and Gathering and Processing. The Logistics and Storage segment offers fee-based services for transporting, storing, terminaling, and exporting crude oil, refined petroleum products, condensate, natural gas liquids (NGLs), and other hydrocarbon-based products through pipelines, terminals facilities, independent storage facilities, marine vessels, rail cars and trucks; and for petrochemical products such as aromatics.
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