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MPLX MPLX Operating margin

Operating margin at other companies

Enterprise Products Partners logo
Enterprise Products PartnersEPD
14.4%+1.6pp
Energy Transfer logo
Energy TransferET
10.3%-1.0pp
Kinder Morgan logo
Kinder MorganKMI
28.7%+0.9pp
Oneok logo
OneokOKE
16.9%-3.7pp
TRG
Targa ResourcesTRGP
21.9%+6.1pp
Marathon Petroleum logo
Marathon PetroleumMPC
6.7%+2.5pp

Other financials

Income statement

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Revenue$3.0B-2.8%
Operating income$1.2B-11.1%
Net income$922.0M-18.8%
EPS (diluted)$0.90-18.2%

Balance sheet

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Cash & equivalents$1.5B-40.6%
Total debt$267.0M-5.3%
Total assets$42.9B+10.2%

Cash flow

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Operating cash flow$1.3B+8.1%
CapEx$575.0M+115%
Free cash flow$772.0M-21.1%

Valuation

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Market cap$57.68B+5.9%
Enterprise value$56.44B+8.1%
P/E12.2×0.0×
P/S4.5×0.0×

Profitability

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Net margin36.7%0.0pp
FCF margin30.2%-9.4pp

Returns & leverage

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Current ratio1.1×0.0×

Where this comes from

Calculated from MPLX’s reported figures.

Based on trailing twelve months.

The official record: MPLX’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is MPLX's operating margin?
MPLX (MPLX) reported operating margin of 44.8% in Q1 2026.
How has MPLX's operating margin changed year-over-year?
MPLX's operating margin increased by 1.4% year-over-year, from 44.2% to 44.8%.
What is the long-term trend for MPLX's operating margin?
Over 4 years (2021 to 2025), MPLX's operating margin has grown at a 13.5% compound annual growth rate (CAGR), from 107.5% to 178.7%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.