MPLX LP (MPLX) Cash Flow Statement
Where MPLX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $5.91B −0.6% vs 2024
- Capital expenditures
- $1.81B 15.3% of revenue
- Free cash flow
- $4.10B 34.7% margin
- Returned to shareholders
- $4.42B 108% of free cash flow
- Change in cash
- $618.0M cash at year-end $2.14B
Drawn to scale: where the cash came from and how it was used. Hover for values.
MPLX operating cash flow, capex and free cash flow
MPLX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.29B2016 | $5.91B2025 | +18.4%/yr | |
| Capital expenditures | $1.21B2016 | $1.81B2025 | +4.6%/yr | |
| Free cash flow | $82.0M2016 | $4.10B2025 | +54.4%/yr | |
| Free cash flow margin | 2.7%2016 | 34.7%2025 | +32.0 pts | |
| Operating cash flow / net income | 4.992016 | 1.192025 | −3.80 | |
| Stock-based compensation | $15.0M2016 | −$2.47B2023 | — | |
| Dividends paid | $974.0M2016 | $4.02B2025 | +17.1%/yr | |
| Share buybacks (net) | $25.0M2016 | $400.0M2025 | +36.1%/yr | |
| Capex / revenue | 40.1%2016 | 15.3%2025 | −24.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MPLX cash flow by activity
MPLX net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MPLX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $4.95B | $4.36B | $3.93B | $3.98B | $3.11B | −$687.0M | $1.46B | $1.83B | $836.0M | $258.0M |
| Depreciation & amortization | $1.35B | $1.28B | $1.21B | $1.23B | $1.29B | $1.38B | $1.25B | $867.0M | $683.0M | $591.0M |
| Stock-based compensation | — | — | −$2.47B | — | $216.0M | $3.56B | $1.43B | $32.0M | $20.0M | $15.0M |
| Change in working capital | $65.0M | $246.0M | $130.0M | $121.0M | $202.0M | $204.0M | −$108.0M | −$41.0M | $147.0M | $89.0M |
| Other non-cash items | −$459.0M | $60.0M | $2.60B | −$310.0M | $94.0M | $63.0M | $48.0M | $134.0M | $221.0M | $335.0M |
| Cash from operating activities | $5.91B | $5.95B | $5.40B | $5.02B | $4.91B | $4.52B | $4.08B | $2.83B | $1.91B | $1.29B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.81B | −$1.06B | −$937.0M | −$806.0M | −$529.0M | −$1.18B | −$2.41B | −$1.92B | −$1.41B | −$1.21B |
| Investments (net) | — | −$2.00B | −$1.01B | −$956.0M | −$518.0M | −$143.0M | −$689.0M | −$325.0M | −$655.0M | −$10.0M |
| Acquisitions & other investing | −$3.05B | $1.06B | $692.0M | $806.0M | $529.0M | $64.0M | $34.0M | −$442.0M | −$241.0M | $4.0M |
| Cash from investing activities | −$4.86B | −$2.00B | −$1.25B | −$956.0M | −$518.0M | −$1.26B | −$3.06B | −$2.69B | −$2.31B | −$1.21B |
| Financing activities | ||||||||||
| Dividends paid | −$4.02B | −$3.60B | −$3.30B | −$3.05B | −$3.57B | −$3.01B | −$3.04B | −$6.00B | −$3.23B | −$974.0M |
| Share repurchases & issuance (net) | −$400.0M | −$326.0M | −$600.0M | −$491.0M | −$630.0M | −$33.0M | $30.0M | −$6.0M | −$25.0M | −$25.0M |
| Net borrowing (repayment) | $4.08B | $479.0M | $588.0M | −$302.0M | −$196.0M | −$223.0M | $9.17B | $5.95B | $2.85B | $434.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$88.0M | −$30.0M | −$27.0M | $2.0M | $4.0M | $3.0M | −$7.25B | −$11.0M | $573.0M | $680.0M |
| Cash from financing activities | −$435.0M | −$3.48B | −$3.33B | −$3.84B | −$4.39B | −$3.26B | −$1.09B | −$73.0M | $171.0M | $115.0M |
| Summary | ||||||||||
| Net change in cash | $618.0M | $471.0M | $810.0M | $225.0M | −$2.0M | −$2.0M | −$70.0M | $67.0M | −$229.0M | $191.0M |
| Cash at end of period | $2.14B | $1.52B | $1.05B | $238.0M | $13.0M | $15.0M | $15.0M | $76.0M | $5.0M | $234.0M |
| Free cash flow | $4.10B | $4.89B | $4.46B | $4.21B | $4.38B | $3.34B | $1.67B | $907.0M | $496.0M | $82.0M |
| Free cash flow margin | 34.7% | 44.8% | 42.7% | 40.0% | 45.8% | 39.7% | 19.4% | 14.9% | 13.4% | 2.7% |
| Capex / revenue | 15.3% | 9.7% | 9.0% | 7.6% | 5.5% | 14.1% | 27.9% | 31.6% | 38.2% | 40.1% |
| Operating cash flow / net income | 1.19 | 1.36 | 1.37 | 1.26 | 1.58 | — | 2.79 | 1.54 | 2.28 | 4.99 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.09B | $911.0M | $1.20B | $1.55B | $1.06B | $1.14B | $1.10B | $1.04B | $1.19B | $1.01B | $1.14B | $928.0M |
| Depreciation & amortization | $365.0M | $358.0M | $355.0M | $346.0M | $324.0M | $326.0M | $324.0M | $322.0M | $320.0M | $317.0M | $306.0M | $301.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −$555.0M | — |
| Change in working capital | $252.0M | −$60.0M | $22.0M | −$40.0M | $313.0M | −$230.0M | $186.0M | −$37.0M | $170.0M | −$71.0M | $90.0M | −$47.0M |
| Other non-cash items | −$2.0M | $138.0M | −$84.0M | −$430.0M | $41.0M | $14.0M | $66.0M | $93.0M | −$111.0M | $30.0M | $507.0M | $62.0M |
| Cash from operating activities | $1.70B | $1.35B | $1.50B | $1.43B | $1.74B | $1.25B | $1.68B | $1.42B | $1.56B | $1.29B | $1.49B | $1.24B |
| Investing activities | ||||||||||||
| Capital expenditures | −$825.0M | −$575.0M | −$714.0M | −$568.0M | −$301.0M | −$267.0M | −$308.0M | −$280.0M | −$213.0M | −$255.0M | −$275.0M | −$230.0M |
| Investments (net) | $0 | $0 | — | −$3.73B | −$602.0M | −$601.0M | −$349.0M | −$536.0M | −$114.0M | −$996.0M | −$525.0M | −$236.0M |
| Acquisitions & other investing | −$203.0M | −$216.0M | $792.0M | $568.0M | $301.0M | $267.0M | $308.0M | $280.0M | $213.0M | $255.0M | $272.0M | $230.0M |
| Cash from investing activities | −$1.03B | −$791.0M | $78.0M | −$3.73B | −$602.0M | −$601.0M | −$349.0M | −$536.0M | −$114.0M | −$996.0M | −$528.0M | −$236.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.09B | −$1.09B | −$1.09B | −$1.95B | −$976.0M | −$978.0M | −$980.0M | −$873.0M | −$874.0M | −$876.0M | −$877.0M | −$799.0M |
| Share repurchases & issuance (net) | −$50.0M | −$50.0M | −$100.0M | $200.0M | −$100.0M | −$100.0M | −$100.0M | −$76.0M | −$75.0M | −$75.0M | $0 | $0 |
| Net borrowing (repayment) | $0 | −$16.0M | $0 | $3.80B | −$1.20B | $1.48B | −$1.15B | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$7.0M | −$28.0M | −$7.0M | −$135.0M | −$5.0M | −$29.0M | −$3.0M | −$5.0M | $1.61B | −$7.0M | $1.0M | −$4.0M |
| Cash from financing activities | −$1.15B | −$1.19B | −$1.20B | $1.91B | −$2.28B | $370.0M | −$2.23B | −$954.0M | $665.0M | −$958.0M | −$876.0M | −$803.0M |
| Summary | ||||||||||||
| Net change in cash | −$475.0M | −$631.0M | $372.0M | −$388.0M | −$1.15B | $1.01B | −$907.0M | −$75.0M | $2.12B | −$663.0M | $88.0M | $205.0M |
| Cash at end of period | $1.03B | $1.51B | $2.14B | $998.0M | $1.39B | $2.53B | $1.52B | $2.43B | $2.50B | $385.0M | $1.05B | $960.0M |
| Free cash flow | $877.0M | $772.0M | $782.0M | $2.00B | $1.44B | $979.0M | $1.37B | $1.14B | $1.35B | $1.04B | $1.22B | $1.01B |
| Free cash flow margin | 26.5% | 27.0% | 25.3% | 55.2% | 51.5% | 33.9% | 48.1% | 40.9% | 50.4% | 39.8% | 45.5% | 37.4% |
| Capex / revenue | 24.9% | 20.1% | 23.1% | 15.7% | 10.8% | 9.2% | 10.8% | 10.1% | 7.9% | 9.8% | 10.3% | 8.5% |
| Operating cash flow / net income | 1.57 | 1.48 | 1.24 | 0.92 | 1.64 | 1.10 | 1.52 | 1.36 | 1.32 | 1.27 | 1.30 | 1.34 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MPLX cash generation
In fiscal 2025 (ended December 31, 2025), MPLX generated $5.9 billion of cash from operations (down 0.6%) and spent $1.8 billion on capital expenditures, leaving free cash flow of $4.1 billion, 34.7% of revenue. It returned $4.4 billion to shareholders through dividends ($4.0 billion) and net share buybacks ($400.0 million). Cash and equivalents rose by $618.0 million over the year.
Related: MPLX income statement, MPLX balance sheet, MPLX dividend history. See the MPLX stock overview for the latest quote and news.
MPLX cash flow FAQ
What is MPLX's free cash flow?
MPLX's free cash flow was $4.1 billion in fiscal 2025: $5.9 billion of operating cash flow minus $1.8 billion of capital expenditures It was $4.9 billion a year earlier..
How much cash does MPLX generate from operations?
MPLX generated $5.9 billion of cash from operating activities in fiscal 2025, 1.19 times its net income of $5.0 billion.
How much does MPLX spend on capital expenditures?
MPLX spent $1.8 billion on capital expenditures in fiscal 2025, 15.3% of revenue, compared with $1.1 billion the year before.
How much stock does MPLX buy back?
MPLX spent $400.0 million on net share repurchases in fiscal 2025.
How much does MPLX pay in dividends?
MPLX paid $4.0 billion in dividends in fiscal 2025, 98.1% of free cash flow.