MPLX LP
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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8. Net Income Per Limited Partner Unit
- Net Income Per Limited Partner Unit
Net income per unit applicable to common limited partner units is computed by dividing net income attributable to MPLX LP less income allocated to participating securities by the weighted average number of common units outstanding.
During the years ended December 31, 2025, 2024 and 2023, MPLX had participating securities consisting of common units, certain equity-based compensation awards, Series A preferred units, and Series B preferred units as well as dilutive potential common units related to certain equity-based compensation awards. Potential common units that were anti-dilutive, and therefore omitted from the diluted earnings per unit calculation for the years ended December 31, 2025, 2024 and 2023, were less than 1 million.
| (In millions, except per unit data) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Net income attributable to MPLX LP(1): | $4,912 | $4,317 | $3,928 |
| Less: Distributions declared on Series A preferred units | — | 27 | 94 |
| Distributions declared on Series B preferred units | — | — | 5 |
| Distributed and undistributed earnings allocated to other participating securities | 3 | 9 | 16 |
| Impact of redemption of Series B preferred units | — | — | 5 |
| Net Income available to common unitholders | $4,909 | $4,281 | $3,808 |
| Weighted average units outstanding: | |||
| Basic | 1,019 | 1,016 | 1,001 |
| Diluted | 1,019 | 1,017 | 1,002 |
| Net income attributable to MPLX LP per limited partner unit: | |||
| Basic | $4.82 | $4.21 | $3.80 |
| Diluted | $4.82 | $4.21 | $3.80 |
(1)Allocation of net income attributable to MPLX LP assumes all earnings for the period have been distributed based on the distribution priorities applicable to the period.
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