MPLX LP filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 3, 2026, reporting third-quarter net income attributable to the partnership of $1.164 billion.

Key Highlights

  • Net income attributable to MPLX LP: $1.164 billion for the three months ended September 30, 2026, compared with $1.545 billion in the same period of 2025.
  • Total revenues and other income: $3.605 billion for Q3 2026, versus $3.619 billion in Q3 2025.
  • Nine-month net income attributable to MPLX LP: $3.153 billion for the nine months ended September 30, 2026, compared with $3.719 billion for the same period in 2025.
  • Earnings per unit (diluted): $1.15 for Q3 2026 versus $1.52 for Q3 2025; $3.11 for the nine months ended September 30, 2026 versus $3.65 for the same period in 2025.
  • Total assets: $44.184 billion as of September 30, 2026, up from $43.005 billion at December 31, 2025.
  • Long-term debt: $26.606 billion as of September 30, 2026, compared with $24.151 billion at December 31, 2025.
  • Common units outstanding: 1,013,027,039 as of October 29, 2026.

MPLX LP Q3 2026 Financial Results: Revenue, Income, and Balance Sheet Details

According to the filing, MPLX LP (NYSE:MPLX) reported total revenues and other income of $3.605 billion for the three months ended September 30, 2026, essentially flat compared with $3.619 billion in the year-ago period. Total costs and expenses, however, rose to $2.129 billion from $1.818 billion in Q3 2025, driven in part by higher purchased product costs of $734 million versus $493 million a year earlier. Income from operations for the quarter was $1.476 billion, down from $1.801 billion in Q3 2025. The filing noted a gain on equity method investments of $484 million in Q3 2025 with no comparable gain in Q3 2026, contributing to the year-over-year decline in operating income.

For the nine months ended September 30, 2026, the partnership reported total revenues and other income of $9.955 billion, compared with $9.746 billion for the same period in 2025. Net interest and other financial costs for the nine-month period were $880 million, up from $706 million in the prior-year period, according to the filing. Net income for the nine months was $3.183 billion versus $3.749 billion a year earlier, with net income attributable to MPLX LP at $3.153 billion compared with $3.719 billion.

On the balance sheet, the filing disclosed that cash and cash equivalents stood at $1.297 billion as of September 30, 2026, down from $2.137 billion at December 31, 2025. Equity method investments increased to $5.446 billion from $4.798 billion over the same period. Property, plant and equipment, net, rose to $23.082 billion from $21.698 billion. Long-term debt due within one year declined significantly to $2 million from $1.502 billion at year-end 2025, while long-term debt increased to $26.606 billion from $24.151 billion, reflecting changes in the debt maturity profile as reported in the filing.

What Was Disclosed

MPLX LP's 10-Q for the quarter ended September 30, 2026 disclosed quarterly and year-to-date income statements, a balance sheet as of September 30, 2026, and cash flow statements, along with notes covering acquisitions, equity method investments, debt, and related-party transactions.