MPLX LP
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
MPLX$56.71-0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
MPLX LP
| (In millions) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Operating activities: | |||
| Net income | $4,952 | $4,357 | $3,966 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Amortization of deferred financing costs and debt discount | 30 | 54 | 55 |
| Depreciation and amortization | 1,351 | 1,283 | 1,213 |
| Deferred income taxes | 7 | 2 | 3 |
| Gain on equity method investments | (484) | (20) | (92) |
| (Gain)/loss on disposal of assets | (161) | 3 | (14) |
| Income from equity method investments | (697) | (802) | (600) |
| Distributions from unconsolidated affiliates | 864 | 826 | 736 |
| Change in fair value of derivatives | (17) | (3) | — |
| Changes in: | |||
| Current receivables | 48 | 180 | 14 |
| Inventories | (26) | (20) | (19) |
| Current liabilities and other current assets | (12) | 5 | (17) |
| Assets and liabilities - related parties | 126 | 84 | 84 |
| Right of use assets and operating lease liabilities | 3 | (3) | — |
| Deferred revenue | (74) | (5) | 107 |
| All other, net | (1) | 5 | (39) |
| Net cash provided by operating activities | 5,909 | 5,946 | 5,397 |
| Investing activities: | |||
| Additions to property, plant and equipment | (1,808) | (1,056) | (937) |
| Acquisitions, net of cash acquired | (3,316) | (622) | (246) |
| Disposal of assets | 975 | 1 | 26 |
| Investments - acquisitions and contributions | (1,008) | (464) | (98) |
| Investments - redemptions, repayments, return of capital and sales proceeds | 293 | 146 | 3 |
| All other, net | 8 | — | — |
| Net cash used in investing activities | (4,856) | (1,995) | (1,252) |
| Financing activities: | |||
| Long-term debt borrowings | 6,541 | 1,630 | 1,589 |
| Long-term debt repayments | (2,464) | (1,151) | (1,001) |
| Related party debt borrowings | 50 | — | — |
| Related party debt repayments | (50) | — | — |
| Debt issuance costs | (63) | (15) | (15) |
| Unit repurchases | (400) | (326) | — |
| Redemption of Series B preferred units | — | — | (600) |
| Distributions to noncontrolling interests | (44) | (44) | (41) |
| Distributions to Series A preferred unitholders | (6) | (44) | (94) |
| Distributions to Series B preferred unitholders | — | — | (21) |
| Distributions to LP unitholders | (4,018) | (3,559) | (3,181) |
| Contributions from MPC | 24 | 35 | 31 |
| All other, net | (5) | (6) | (2) |
| Net cash used in financing activities | (435) | (3,480) | (3,335) |
| Net change in cash, cash equivalents and restricted cash | 618 | 471 | 810 |
| Cash, cash equivalents and restricted cash at beginning of period | 1,519 | 1,048 | 238 |
| Cash, cash equivalents and restricted cash at end of period | $2,137 | $1,519 | $1,048 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.