MPLX (MPLX) Q4 2025 earnings summary

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.